Since the exchange faced many issues, including its funds being frozen by government officials, there’s a question if you’ll be able to get all your money back and how. This is what our detailed Hotbit review aims to answer.
Hotbit is operating from Asia, more precisely, Hong Kong. According to our findings, the firm has another office registered in Estonia. Both of these aim to be crypto hubs with special licenses for crypto trading brokers and exchanges. However, the Hotbit regulation was nowhere to be found.
This implies that the company was not under regulatory supervision, which is possibly the reason for their issues. Namely, one of the exchange employees has been suspected of criminal law violations, which led to many senior officers being subpoenaed.
The former employee in question worked until April 2022, and on August 10th of the same year, the exchange announced that it was “suspending trading, deposit, withdrawal, and funding functions.” Ever since, their road is turbulent.
Just a couple of days before service suspension, the crypto exchange was banned by one of the prominent EU regulators, CNMV. According to Spanish authorities, the firm cannot provide investment services and other financial activities.
According to its latest announcement, Hotbit has five million users. This is undoubtedly an impressive number. Our traffic analysis shows that the majority of customers come from the following countries:
The website hotbit.io was registered in the GoDaddy WHOIS database on September 19th, 2017. After nearly six years, the company is closing its doors, leaving clients to seek withdrawals.
Another concerning thing is Hotbit’s reputation among clients. Namely, we’ve checked Trustpilot, Reddit, and other forums and found plenty of red flags.
At the time of writing, there were 464 reviews on Trustpilot, with the exchange rating bad. Almost 80% of the said reviews are 1-star, with clients reporting missing deposits, frozen wallets, declined withdrawal requests, and more.
Hotbit, like all similar exchanges, including here Cex.io, offers trading through WebTrader and a mobile app. Once you access the site through your browser on a desktop or mobile device, you can navigate to the web-based software and place trades.
In addition, you can download apps for Android and iOS and use them for account login instead. Since the services are suspended, we believe the only possibility would be funds withdrawal.
As is clear by now, Hotbit is a crypto exchange enabling trading crypto against fiat currencies. Some of the pairs are:
The commissions are fixed and don’t change based on the trading volume, which is rather odd. You’ll have to pay 0.05% for the maker and 0.2% for the taker. In addition, there are commissions for withdrawals. The leverage is 1:1, meaning you can only trade with your own money.
Unfortunately, the Hotbit Demo account is not enabled. However, the company set its minimum deposit to $1, which means you can practically test the software risk-free.
As you had a chance to learn, trading is currently impossible. If you’re keen on investing in digital coins, we advise you to find a crypto exchange or a trading brokerage with a license in your legal jurisdiction. That’s the only way to ensure fund safety.
Let’s talk about what really matters here, Hotbit withdrawal. The company allows withdrawals via crypto and fiat, through your bank card, or a wire transfer. However, note that you have to use the method you’ve already used for a deposit, as only that one counts as verified.
There’s a commission of 0.001 BTC or the equivalent in any other currency for each withdrawal. It’s pretty pricey and unfavorable, we have to admit. In addition, there have been many issues with payouts since the government froze some of the company’s funds pending criminal investigation.
Simply put, whether you will be paid in full, when, and how is uncertain.
If you have funds in your Hotbit wallet, it’s exceptionally important to file a withdrawal request immediately. This is due to the time limitation, as all funds have to be paid out by June 21st. Also, since some of the funds are frozen, you might not be able to get the total amount if you wait any longer.
In case of rejected or delayed requests, you can contact Global Fraud Protection. Our chargeback experts and CipherTrace crypto analysts can help you prepare for the legal procedure and assist with evidence collection.
Book a free consultation today, and let us help you start the process sooner rather than later!
Hotbit is an unregulated crypto exchange that’s been in the process of shutting down operations. If you have already invested, we might be able to assist you with fund recovery.
You can choose to withdraw your money via crypto or fiat currency through your bank account or a credit card.
According to the latest announcement, Hotbit withdrawal is open until June 21st, 2023.
Hotbit is an unregulated crypto exchange that’s been in the process of shutting down operations. If you have already invested, we might be able to assist you with fund recovery.
You can choose to withdraw your money via crypto or fiat currency through your bank account or a credit card.
According to the latest announcement, Hotbit withdrawal is open until June 21st, 2023.
The post Hotbit Review: How to Recover Your Money From the Exchange? appeared first on Global Fraud Protection.
