Welcome to this guide, where we are going to look at how you can fund HotBit in the best possible way.
We are going to look at two different ways to deposit funds at hotbit so that you can have two alternatives in case you have problems with either of them, and which one is the cheapest.
But first I’ll leave you with two Hotbit tutorials in case you have any doubts about these aspects, feel free to watch these guides.
So stay with us to find out what is the best option to make a deposit on this platform.
The first way we will use is to deposit directly using HotBit, thanks to the use of third parties that this platform has built in.
To do this, go to the top menu under Buy Crypto. Here we can buy different cryptocurrencies, although my recommendation is to buy USDT. Indicate the cryptocurrency you want to buy on the right side, and the amount on the left side. In amount you can also indicate if you want to pay in dollars or euros, currently there are no more currencies available.
At the moment we only find advcash as an external platform to buy cryptocurrencies. Once you indicate the amount and the cryptocurrency, if you scroll down you can see the amount of cryptocurrency you will receive for that amount. And so calculate the commission. In this case, we have indicated $1,000, and we will receive $961.54. This means a commission of 4% approx.
Once you are happy, go down and tick the box accepting the terms and click on purchase.
Now you will be taken to a screen to make the payment with your debit/credit card, and once you have entered it, just click on purchase and that’s it. After a few minutes, the USDT or the cryptocurrency you have purchased should appear in your HotBit balance.
From Binance to HotBit
Let’s now take a look at the other option available, with a commission much lower than 4% and which I recommend you use. Especially for large quantities and amounts.
The process is to use Binance to deposit funds, and from Binance send them to HotBit. This is mainly for one reason, the low fees for depositing funds at binance, at 1.8%. And how cheap it is to send funds from binance to hotbit, with only 1 USDT commission.
If you don’t have an account with Binance to follow the steps, you can create one just below.
Deposit funds into Binance once you have created your account in your currency. I recommend using your credit card to get the deposit instantly, without having to wait for it to arrive as with wire transfer.
With our currency deposited in the balance, we need to buy USDT (Tether). Because USDT is the most used cryptocurrency on HotBiy to exchange all cryptocurrencies, as well as being fast and cheap to send from one exchange to another.
To get USDT, you have to go to market, fiat markets, and search here for your pair with the currency you have, in our case EUR/USDT. We will have to go to sell and mark the amount you want to use and exchange for USDT.
With USDT bought, go back to the main Binance dashboard. We will now go to the spot wallet and search for usdt here. If you are using their mobile app, you have to look for USDT in the spot balance. We’re going to click on withdraw/withdraw. And now you’ll see the withdrawal panel that Binance has.
We should go back to Hotbit now, and go to the top menu under wallet, deposit. Here, USDT comes as standard, which is ideal. All that’s left is to select the TRC20 (Tron) network in networks or blockchain and if we go down you can copy the address where to send USDT from Binance. If you are using the Binance mobile app, you can click on show qr code so you don’t have to pass the address between devices, and just scan the code with your address.
Now it’s back to Binance and you have to paste the HotBit address. We mark the TRC-20 (TRON) network, enter the amount and click on withdraw/withdraw. Confirm the withdrawal with the double authentication and you will have the USDT on your way to HotBit, where usually in a few minutes you will have them available to buy whatever you want on this Exchange.
In this way, we have managed to deposit funds with Hotbit without the 4% fee. In case you are depositing a small amount and you don’t care, you can use the first method, as it is simpler. But if you are depositing larger amounts, I highly recommend using the second method because of the amount you can save. Besides, you will see that it is not as complicated as it seems once you have done it.
I hope it will help you to deposit as cheaply as possible in HotBit. If you don’t have an account with Binance, remember that you can create one just below.