Bitcoin Forum

I'm trying to withdraw eth from hotbit straight to my wallet in binance. Will it work or would my eth be stuck somewhere I can't retrieve? I've read that hotbit is not allowed to use smart contracts for deposits (such as bitstamp and uniswap) and I'm not sure if the eth address provided in binance is a smart contract one.

Both exchanges (Hotbit.io and Binance) support ETH.

You can withdraw your Ethereum (ETH) drom Hotbit.io to Binance. Your withdrawal will be charged with fee and read this page to know the minimum withdrawal from Hotbit exchange. The minimum withdrawal and fee are 0.02 ETH and 0.01 ETH. If you withdraw 0.02 ETH, the withdrawal fee will be 0.01 ETH that is 50% of your withdrawal amount.

Binance does not charge you any deposit fee

Hotbit's fee (https://www.hotbit.io/rate)
Binance's Deposit fee (https://www.binance.com/en/fee/depositFee)

He's referring to this[1]. I'm not sure what exactly they mean by smart contract transfer but just to be safe, I'd withdraw to my personal wallet first and then use Hotbit. Why would you use Hotbit anyway? Because it's the only exchange that lists your token? I'd avoid them if possible. A user also got this problem in the past[2].

[1] https://hotbit.zendesk.com/hc/en-us/articles/360003945774-The-notice-regarding-the-prohibition-of-smart-contract-bitstamp-coins-ph-uniswap-etc-transfer-to-Hotbit-
[2] https://www.reddit.com/r/CryptoCurrency/comments/ap2s5v/sending_funds_from_wirex_to_hotbit_dont/

This problem is not only on hotbit alone, it is generally on exchanges that do not support the smart contract used for a token deposited. This is one the of most common mistake today done by traders, and the blame should be on the exchanges because if they support the smart contract, their users will not have any problem, but their customers are suffering the losses. That is one of the disadvantages of using exchanges because if it is a noncustodial wallet the coin is sent to, there are what can be done to get back such tokens, but the exchanges not support such smart contract will be demanding for high amount of money for the token recovery, while maybe some exchanges will not even provide any support.

But this should not be a problem while sending to binance, the smart contract that Hotbit are supporting will surely be supported by Binance. Binance support ERC-20, BEP2 and BSC (BEP20) for ethereum deposit and withdrawal, the OP will just try to know the differences, or he should just make use of ERC-20 for the withdrawal which all exchanges are supporting so far they support ethereum.

Exchange to exchange is always possible. If you use the ETH deposit address as is from Binance, it will work (since it's the same anyway as any chain they choose).

But if withdrawing FROM Binance, make sure you choose the option for regular Ethereum chain. Don't be smart and using all the other networks like Binance Smart Chain (same address but you won't get your ETH in Hotbit!).

It is better to withdraw to your wallet address and then send it to binance. It is true that you will pay more money, but you will reduce the amount of loss if anything happens.


As for the fees that will be paid:

 - Withdrawal fees from Hotbit.io: read it here
 - Transfer fees on the network: its change based on congestion
 - Deposit fees to binance: There are no fees and mostly, but check the minimums.

Yes you are right. You are not making a decentralized exchange, but rather sending ETH native token/ other tokens from Hotbit.io to Binance on chain network address wallet. In Binance they are updating the databases (transfers are not made on Mainnet)

Yes it is possible to withdraw etherum tokens from your hotbit wallet to your binance wallet; but i would not recommend it why? because right now etherum withdrawal charges are expensive and your transaction could be cloggeed; the best withdrawal from hotbit to binance is to withdraw tron or usdt (trc20) from hotbit to binance. Then you can trade your trx back to etherum on binance.

Withdrawing to wallet is not necessary, the reason why it is said people should withdraw to wallet is because ethereum support more than ERC20 now, it also support BEP2 and BSC (BEP-20)

https://i.imgur.com/Jh1o6EA.png

The best is for user's to know the difference, but according to Hotbit, ERC-20 which is the first and most common one is supported by Hotbit. Then, OP can just click on ERC20 on Binance and copy the address and use it for the withdrawal on Hotbit. It will work as perfect.

I assume that they only restrict on depositing other token apart from Ethereum. Besides, you are withdrawing your money from Gotbit to Binance, so it is not a big issue. You can definitely withdraw your ethereum from any exchange to any Ethereum address that you have

Remember to choose ERC20 and look carefully the address. A wrong mistake will make your balance vanish.

If you don't want to face this issue and the risk then just convert it other currency which is trading at same price in both exchange and withdrawal fees also enough good. or try to withdraw a little amount of eth (more than tnx fees) and check it your self (if you afford this if lost). Because always better to lose a tinny amount instead of big.

If he only has less than 0.5 ETH, converting to the other coins will be preferable as he can buy a low coin fee such as TRX, DOGE, WAVES, or else to prevent paying a high fee of sending his ETH. But if he still insists on sending his ETH to the other wallet such as Binance, he can do that anytime he wants. But I still prefer to convert into the coin, which has a low fee, so I can sell it again when the coin arrives in the other exchange. That will save more fees for the transaction.

Exchange withdrawal is allowed as long as you are using the same chain for withdrawal. If you withdraw your ETH from hotbit to binance, it will definetly be deposited and hotbit only will charge you. Just make sure the address you are depositing to is Erc20. You can also use other chains because of network fee.

Why ERC20? ERC20 is the standard protocol for tokens under the Ethereum network.
Ethereum address is a must, Ethereum is not an ERC20 token.
The best thing to do is go to the deposit page of Binance and select Ethereum and copy the address for being safe 100%.

BSC address is an ethereum compliant address. You can use both at the same time. It's clearly explained by some articles that published by binance.
It will work as long as you are copy and paste the right address that you will get it from ethereum deposit address on your binance account.

You are withdrawing your ethereum. are you forget about this?