Bitcoin Forum

Bitdepositary CEO Tobias has alleged that hotbit exchange is a scam , he said it has fake volume and the bot keep dumping every coins listed on it's platform.. Bitdepositary Q-ratio ICO is founded to fight scam, a letter has been written by them to delist hotbit on coinmarketcap.
What is your experience about hotbit?  Is it really a scam exchange?

After searching a little bit, I found some people saying  (https://www.forexbrokerz.com/brokers/hotbit-review)the same thing about Hotbit having phantom transaction and manipulating the trading volume etc.

I'm not sure If one could label an exchange as a scam for manipulating the price because from the way I see it, that's what all exchanges are doing right now. Just because CEO's haven't spoken about it before doesn't mean It's not real.

I won't do a deep research about it but when someone tells bad thing about it, it's already a red flag to me.

I'll stop using and depositing coins there, others review are important to me and if its not only one review then that convinces me easily but not all the time.

Dont have much experience on using Hotbit since im not really fan of using smaller or unknown exchange on the very first place.I do always select the best and reputable ones.
Regarding on the issue if a certain Token CEO complaints on such behavior of such exchange like price manipulation or affect because of bots then it do already signifies that this exchange
is no good.If they do delist out their token voluntarily because of such situation or case then i do see that the project is really serious and they dont like for their tokens to be mainly affected with those
shady stuff.

Oh really so all exchange manipulate volume and prices of all coins listed on their exchange?  Even the big ones like Binance and bittrex? Well if this is true, then we all have to be very careful and don't leave tokens on exchanges wallet,  just deposit, trade and withdraw immediately to your mew..

beside of my experience hotbit exchange very well because hotbit responsibility. in the case of high and low prices it's specify by that project. for that problem i don't know about that issue. in my opinion just value in general.

This isn't actually new from exchange.
I once used hotbit and the volume is really overwhelmed and so it might be the bots but overall my transaction went smoothly thus nothing was shady.

However it might be the bots who dumped the price, considering there the tokens are not yet distributed.

Is that true about what you said, I yesterday traded on a hotbit exchange, but it's safe there are no obstacles.
if now the truth is true this will be the latest knowledge about the market

I have stopped using it and the deposit there, will never come back. The news that it cheated was too obvious

unfortunately it is true. such exchanges exist and such projects continue to be created. so be careful and use only trusted sources and the exchange, as there may be negative consequences for you

I have never had a problem with Hotbit so far, if this is true of course I will stay away and stop using this exchange.
security must be a priority, I think it must choose a trusted exchange.

After reading this discussion: https://www.reddit.com/r/holochain/comments/8hog3t/hotbit_exchange_safe/

I'll be away from that exchange, why you have to use that type of exchange if you can use those reputable exchanges? though they aren't decentralized but they have a reputation to protect from its users so you better stay away from them.

Read that discussion and read those people that don't recommend it.

This has always been valid regardless whether the platform you're using is manipulating the price or not. You shouldn't use an exchange for anything but trading because you don't control your private keys.

You better know that in crypto and bitcoin world there are two types of exchange site platform, those are centralize and decentralize exchange.
What are the centralize exchange these are the platform requiring KYC or has an activation of 2FA one of the example for this are Binance, Bittrex, Kucoin, and more. While in decentralize exchange are Idex, Etherdelta, Forkdelta, and etc. So if I were you, better go in the centralize exchange than decentralize trading platform. So if Hotbit will be delist it means they didn't meet the minimum quota volume market for a couple of weeks that could be the reason I think.

I don't know about hotbit and I never heard of it too. I just usually use the platform exchange which I knew it has a high volume in the market.
Just like okex, houbi, binance and coinbene but not hotbit. I think hotbit has a low volume in the market or it could be that its been a weeks maybe didn't reach the quota or don't have a capability anymore to sustain the expenses weekly need to pay at the coinmarket in my opinion.

The fake volume on hotbit is downright hilarious.

Watch the ETH/BTC market.  Fake orders from 3 to 11 ETH are made every 6 seconds or so.  The order book never changes.

I assume hotbit is located in some third-world ****hole because in a regulated country they would never be able to get away with this ****.

Hotbit IS USING fake volume. You could check it yourself relatively cheap. Deposit any coin with volume there and the post a sell order at last trade price. Fake trades will continue but with a lower than your price and your order will remain unfilled. You could repeat it again with the newest and lowest last trade price. The effect will be the same.

But it's not only Hotbit. I know over a dozen exchanges with fake volume like that and I'm avoiding it all.

you are not a trader so your experience is lacking in reviewing an exchange.
security is a good reason, but how do you review it while you never use this exchange. ;D

the rumor could be true but still we should give them the benefit of the doubt unless if proven guilty, just stay away from that exchange so you wont get scam right under your nose, prevention is better than cure as many say. Theres still a lot of legitimate crypto exchanges out there, explore them all

I still have assets there, so far I have no serious problems. I don't panic and stay calm. use the right mechanism so that we can check the truth of this news. do not be easy to believe.

Just a random shit post don't mind it. :D

I don't even heard that exchange but wonders why people need to use that exchange where there are lot of reputed exchanges available for us to use,is there any particular coins was listed on that exchange only?

I hope you can bring more evidence so that we can better understand it. As far as I know, all the floors are used to do it (fake volumes), I hope I am wrong.

SOme of the exchanges are doing it and one some exchanges it were created internally by doing fake trades.So we don't need exchange to understnad these things and you only have the option of using that exchange then research deep and find it is legit or not.Or else just choose the better one.

I had some experience using Hotbit exchange. I'm not sure if they were bots or not, but every time i put a buy or sell orders someone within a few seconds were placing a little bit higher/lowers bids.

I don't use exchange that is not popular and has no high volume too in the market. Its too risky to trade in that kind of platform. And if hotbit is delist at coinmarketcap it means hotbit didn't meet the quota which they need to hit weekly. So it is still good and safe to trade in the exchange platform that are always belong on top 30 exchange at the coinmarketcap.

it's better to use well-known exchange services (like changenow) instead of such scam exchanges