Confused between Hotbit vs ByBit?
If yes, then you are not alone. Both exchanges are widely used and are pretty similar in many key areas.
Hence, many newbie traders get confused between these two. But even though both exchanges have a lot in common, you would still find many key differences.
That’s why to help you choose the right exchange, I have compared both exchanges for you below. So go ahead and have a look at it.
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Hotbit vs ByBit: At A Glance Comparison
Hotbit is one of the most popular crypto exchanges out there, which has been operating since 2018. The exchange offers spot and ETF trading.
Hence, it is more of a crypto investment solution than a crypto trading platform. Along with spot trading, Hotbit can also be used for lending, DeFi, POS, and other use cases.
ByBit, on the other hand, is a full-fledged crypto-exchange established back in 2018. Apart from the usual spot trading, it offers you derivatives trading with lucrative leverage.
Along with that, the exchange is also known for having one of the lowest trading fees and has many advanced crypto trading features like copy trading, bot trading, and more. Also, you can use ByBit referral code to get sign-up bonus.
Hotbit vs ByBit: Trading Markets, Products & Leverage Offered
When it comes to trading markets and other product offerings, both exchanges are far apart.
Hotbit
- Spot Trading without leverage
- ETF Trading without leverage
ByBit
- Spot Trading
- Margin trading with leverage of up to 5x
- Leveraged Tokens with leverage of up to 2x
- USDT perpetual contracts with leverage between 1x to 100x
- USDC perpetual contracts with leverage between 1x to 125x
- USDC options
- Coin-M perpetual contracts with leverage between 1x to 100x
- P2P Trading
- Copy Trading
- Bot Trading
Verdict: Without any doubt, ByBit wins this section, as the exchange has more trading markets and other features.
Hotbit vs ByBit: Supported Cryptocurrencies
Hotbit
Hotbit has over 2200+ coins or tokens listed on the exchange. Also, the exchange introduces and lists newer quality digital coins from all over the world from time to time.
As a result, users will have access to vast types of coins.
Some of the listed tokens are:
- DOT
- FIL
- SHIB
- HTB
- BTC
- ETH
ByBit
ByBit doesn’t have as many tokens as Hotbit does. Instead, you will find over 350+ crypto tokens on the exchange.
It also introduces new tokens from time to time, and you will find a combination of popular and new tokens. Some of the listed tokens are:
- BTC
- ETH
- SXP
- LINA
- MASK
- USDT
Verdict: As you can see, Hotbit supports 2200+ tokens, it clearly wins this section.
Hotbit vs ByBit: Trading Fee & Deposit/Withdrawal Fee Compared
Now coming to the most crucial question, how much does trading on these two crypto exchanges with futures costs? Here’s the answer:
Hotbit Spot Trading Fee
Unlike other exchanges, Hotbit doesn’t have a tiered fee structure. Also, it doesn’t offer you any heavy discount on trading based on certain tokens holding or tier. Instead, it charges you a standard maker and taker transaction fee.
Furthermore, Hotbit also has divided the exchange area into different areas, and each area has its own maker and taker fee. So depending on which area you are trading at, you will be paying a different maker or taker fee.
- Global Select Maker Fee: -0.5%
- Global Select Taker Fee: 0.20%
- Global Maker Fee: -0.30%
- Global Taker Fee: 0.45%
- Growing Maker Fee: -0.50%
- Growing Maker Taker: 0.65%
Hotbit Deposits & Withdrawal Fees
Hotbit doesn’t charge any fee at all for deposit transactions of any type of token.
However, if you wish to buy crypto on the exchange using a credit/debit card or other payment methods, it will be subjected to transaction fees.
For withdrawals, there are no fees. However, as you will be withdrawing crypto out of the exchange, you are subjected to network fees which are charged by the blockchain.
Unfortunately, there is no way to withdraw fiat out of the exchange as it doesn’t support P2P trading.
ByBit Spot Trading Fee
ByBit has a tiered fee structure. So you can enjoy heavy discounts on trading pay as you increase your 30 days trading volume. But you don’t get any other additional discounts. Also, it follows the same maker/taker fee model.
- Maker Fee: 0.10%
- Taker Fee: 0.10%
ByBit Futures Trading Fee
ByBit has a similar tier for futures trading fees as well, with no additional discounts. So the regular fee stands at:
- Maker Fee: 0.06%
- Taker Fee: 0.01%
USDC Options Trading Fee
- Maker Fee: 0.01%
- Taker Fee: 0.01%
ByBit Deposits & Withdrawal Fees
For crypto token deposits, there are no deposit fees.
But again, if you are buying crypto using a credit/debit card, bank transfer, or 3rd party payment methods, then it will be subjected to transaction fees.
For crypto token withdrawals, there are fees on certain currencies. Also, the fee varies from one cryptocurrency to another.
Luckily, ByBit offers you peer-to-peer trading or P2P. As a result, you can use it for free deposits and withdrawals of fiat.
Verdict: As ByBit has a straightforward fee structure with trading fee discounts, it is a clear winner.
Hotbit vs ByBit: Order Types
In terms of supported order types, both exchanges are pretty similar.
Hobit
- Limit
- Market
- Trigger Order
ByBit
- Limit
- Market
- Conditional
Verdict: As there is no difference between the order type’s availability, it is a tie between Hobit and ByBit.
Hotbit vs ByBit: KYC Requirements & KYC Limits
Hotbit
Hotbit doesn’t require you to complete your KYC (Know Your Customer) verification. In fact, it doesn’t have any limits to start trading on the exchange.
With just basic email verification, you are allowed to deposit crypto, buy crypto using credit/debit cards, and trade on the exchange.
ByBit
The same goes for ByBit too. The exchange also doesn’t require you to complete your user verification. Without verifying your account, you can deposit funds using P2P trading, place trades, and withdraw.
However, if you want to buy crypto using credit/debit cards, it will then require KYC. Also, it has different KYC levels, which enhances your trading privileges.
KYC Limits
ByBit has three different KYC limits. These limits are:
- Basic: With just email verification, you will get a daily coin withdrawal limit of up to 20,000 USD and a monthly withdrawal limit of 100,000.
- Level 1: You will get a daily coin withdrawal limit of 1,000,000 USDT and a fiat top-up limit of $20K daily. Plus, it offers you unlimited P2P trading limits.
- Level 2: You will get a daily coin withdrawal limit of 2,000,000 USDT with a $100K daily fiat top-up. Also, there is unlimited P2P trading.
Verdict: As both exchanges don’t require you to complete your KYC, it is a tie. But I would still prefer using ByBit as if I even need to complete KYC, ByBit would be an easier choice.
Hotbit vs ByBit: Deposits & Withdrawal Options
Hobit
- Method 1: You can buy crypto using third-party options like Moonpay, AlchemyPay, or ADVCASH.
- Method 2: Deposit or withdraw cryptocurrencies from another crypto wallet or exchange.
ByBit
- Method 1: You can use bank transfer, credit/debit cards, or third-party payment solutions to buy crypto.
- Method 2: You can use P2P Trading for both fiat deposits and withdrawals using your local payment methods at zero cost.
- Method 3: You can deposit or withdraw cryptocurrencies from another crypto wallet or exchange.
Verdict: ByBit has more options to deposit and withdraw funds. Hence, it wins this section.
Hotbit vs ByBit: Trading & Platform Experience Comparison
Hotbit and ByBit are quite different in terms of overall trading and platform experience. And here is how they differ:
Hotbit
Hotbit has different markets like Global, Global Select, Growing, etc. These market types have their own trading fee, and it only creates confusion among newbie traders.
But apart from this, the overall user interface is pretty straightforward, and you are getting all the basic yet important features. Such as:
- Technical Chart powered by TradingView
- Trading pair details
- Easy market selection
- Window to select trading pair
- Order book
- Trade history
- Easy-to-use order form
- Open order & 24H order history
ByBit
ByBit’s trading platform is pretty straightforward. Unlike Hotbit, it doesn’t have different market types. Plus, you are getting access to all the crucial trading features. Such as:
- Multiple technical charts, including TradingView
- Order Book
- Trade History
- Trading Pair Details
- New trading pair selection
- Easy-to-use order form
- Positions, current orders, order history, trade history & closed PnL
- Mobile app
Verdict: Overall, ByBit is much easier to understand and use and has rich-in features. Hence, ByBit wins this section.
Hotbit vs ByBit: Customer Support
Hotbit
Reaching out to Hotbit’s customer support is as easy as possible. You can use the live chat window on its website to immediately connect with a live support agent.
Alternatively, you can get help via email or social media channels like Twitter to reach out to them.
ByBit
ByBit also offers its support in a similar manner. For example, you can use their live chat window to connect with a support agent.
Or you can use it to access different help guides that will immediately solve your query. You can also reach out to ByBit’s support via email or social media channels like Twitter.
Verdict: As there is no difference between how you can get help from both Hobit and ByBit, it is a tie.
Hotbit vs ByBit: Security Features
Hotbit
- Google Authentication
- SMS Authentication
- Email Authentication
- Anti-Phishing Code
- Address Management
ByBit
- Two-Factor Authentication
- Real-Time Monitoring
- Advanced-Data Protection
- Device Management
- Anti-phishing Code
- Fund Password
- Withdrawal Address Whitelist
- Withdraw via Address Book
- Triple Layer Asset Protection & Platform Security
Verdict: As you can see ByBit is offering more security features that will help you to protect your account and your funds. So it clearly wins this section.
Is Hotbit Safe & Legal To Use?
Hotbit is one of the most trusted yet legit crypto exchanges out there, with millions of users around the globe.
It has implemented different security features to safeguard your account, such as a multi-level firewall system to monitor system data.
Along with that, it also uses cold storage to protect customer funds. However, the exchange was hacked in 2021, but hackers failed to access users’ funds.
Is ByBit Safe & Legal To Use?
ByBit is among the leading cryptocurrency exchange that is absolutely safe to use. It has implemented strong measures to protect its user’s funds like 2FA and other settings.
It also keeps vast amounts of funds in cold storage.
Plus, the exchange is compiled with different jurisdictions all around the globe, and it doesn’t have any history of hacking attacks at all.
Hotbit vs ByBit Conclusion: Why not use both?
Hotbit and ByBit are both solid cryptocurrency day trading platforms in their respective fields. However, I would personally prefer ByBit over Hotbit for a number of reasons.
ByBit has different market availability, like spots, futures and options, and it comes with high leverage.
Hence, as a crypto trader, it will help you to enhance your profits. Also, it has one of the lowest trading fees in the market.
But Hotbit is not really a loser.
The exchange is a great solution if you are looking for crypto investments. The exchange also has a low trading fee, and it requires no KYC.
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Learn how does Hotbit and Bybit stack up against the competition.
