Q&A on Deposit and Withdrawal

Q：Could I withdraw without KYC, or what is the withdrawal limits for different KYC?

A：The Max withdrawal amount is 10 BTC per day for each account. If you want to increase limits, then you need to make KYC authentication (there is no withdrawal limit per day when you complete the Identity Authentication). Of course, you can choose don’t progress the KYC Authentication, you just need to make sure that your withdrawal amount is no more than 10 BTC per day and your account will also not have any effect. KYC is not required on Hotbit when withdrawing, users need to bind Google verification, sms verification, email verification, any two of the three authenticators to withdraw. If you have bound three verification methods, you need to fill in all the bound verification codes for withdrawal. Btw, the new user only can withdraw when they complete the registration after 24 hours.

Q：How long will deposit and withdraw take?

A：All deposit and withdrawal transactions are processed automatically on Hotbit platform. 

Please pay attention that the exact time required for transaction confirmation process depends on the status of network. Sometimes, the transaction confirmation process might take much longer than expected. You can check the status on [Deposits History] and [Withdrawals History]  section.

If deposit and withdrawal issue haven't been solved for a long time, please submit a ticket and our customer service staff will contact you as soon as possible.

Q：Is there a minimum and maximum limit for withdrawals? And how to check the withdrawal fee?

A：You could click here to check the minimum Volume of withdrawal and the withdrawal transaction fees. If you have balance, you can also check the withdrawal transaction fee on the withdrawal page. Generally, there is no maximum withdrawal limit. If there is a maximum limit, there will be a text prompt when the withdrawal amount exceeds the maximum limit. The details are subject to the page data.

Q：Is there a minimum and maximum limit for deposits? Is there a deposit fee needed when depositing?

A：Generally, the minimum deposit limit, the maximum deposit limit and the deposit fee will be marked on deposit page. If the page is not marked, it means that there is no limit or deposit fee.

Q：What is Address Remark/Label? What should I fill in for it?

A：The Remarks is customized so that you could memorize the wallet address. If you want to withdraw token from Hotbit, you need to fill in some words in the Remarks such as your name,your wallet name etc.(E.g. my own address, my exchange BTC address, my wallet address Etc.)

Q：Why is it prompted that the balance is insufficient or assets are locked when I withdraw?

A：You can only withdraw your available balance at most.

If you need to withdraw the total balance, please first check whether you have unfilled pending orders. After canceling the pending orders, the assets that were originally locked will be returned to your account;

if you do not have unfilled pending orders, you may have failed or verifying withdrawals which cause your asset to be locked, please submit a ticket and contact customer service to check your withdrawal. After the withdrawal problem is resolved, you can check the total balance again then withdraw again.

Q：How to add an address ,edit or delete the bound withdrawal address?

A：Currently, Hotbit only supports users to operate by themselves.

Users can enter the web page-[Account]-[Address Management] to edit or delete the withdrawal address (APP: click the "+" button on the withdrawal page and enter the address management page)

Q：What is Memo(Tag/PublicKey/Description/Payment ID)? Where can I get the Memo when withdrawing?

A：Due to the particularity of some currencies, you need to fill in Memo (Tag/PublicKey/Description/Payment ID) when transferring token to most centralized exchanges, so that the transferred assets can be located in the corresponding account assets. It is an additional address function necessary to identify the recipient of a transaction other than the wallet address.

Generally speaking, Memo is not required for withdrawal to the wallet.

If the withdrawal page does not require filling in Memo, then you can only withdraw token to the receiving platform where is no memo;

If the withdrawal page requires you to fill in Memo, and the receiving platform also has Memo, you must fill in the corresponding Memo. If the other platform does not have Memo, you can operate on the web page. Leave it blank (do not fill in any text). If the web page still requires you to fill in Memo, you can only withdraw to the receiving platform address that contains Memo.

Q：Why does the system tell me "The address is invalid"

A：If the system detects that you have entered the wrong format, it will notify you that the "address is invalid". In this case, please check the receiving address and withdrawal network to ensure that the information you entered is correct.
Tip: It is strongly recommended to always use the copy and paste function or scan the provided QR code to enter the address instead of manually entering it. If you enter the wrong address, your assets may not be retrieved.

Q：When I am trying to withdraw but it keeps getting insufficient fund error even I have enough fund. How can I withdraw?

A：Make sure there is sufficient balance in the funding account. If user would like to withdraw asset, he needs to transfer asset from other account to funding account first, then he could withdraw. You could refer to Funding account introduction for more details.

Q: Why didn't I receive my deposit?

A: Transferring assets through blockchain to Hotbit account is divided into three steps: withdraw from the sending platform / sending from wallet - block confirmation - complete in the deposit history of Hotbit account, then the asset is successfully arrive at Hotbit account.

If the withdrawal status on the sending platform is "completed" or "successful", it means that the transfer has been successfully sent to the blockchain from the platform, but it does not mean that the transfer has also been successfully credited in the receiving platform.

According to the characteristics of different blockchains, every transfer in blockchain will take a certain time to be confirmed then sent to the receiving platform. Different blockchains require different confirmation numbers. For example: 

• BTC deposit requires 2 blockchain confirmations before it is complete.
• BTC assets in processing deposit will be temporarily frozen. Once the blockchain confirmation reaches 2, the assets will be unfrozen and user can withdraw or trade it.

Unpredictable blockchain congestion often occurs due to too many transfers in a short time, which will affect the arriving time of transfer. You can use the transaction ID (txid) to check the transfer status in the blockchain.

Q: Why didn't I receive my deposit? (Because of the node reason)

A: Before every mainnet chain is connected, exchanges will create their own nodes to ensure that all data on the chain are received in real time so that the system can accurately process deposits and withdrawals for users. Therefore, when Hotbit node of the deposited coins/tokens is delayed, user's deposit will not be automatically credited. 
For example, in extreme market conditions, a large number of users deposit using the same chain, and when the numbers of deposits is at the high peak, it may cause node delay, so a maintenance is urgently required. In this case, the maintenance usually can be completed within 12 hours, then user's deposit will be complete in succession.

When Hotbit's node of a chain has an abnormal connection with the blockchain or needs to be upgraded to the latest version according to official instructions, the user's deposits will not be automatically credited. 
In this situation, the problem usually requires a long processing time. It involves communication and confirmation with the relevant project team. Moreover, due to the uncertainty of the blockchain (such as height rollback), deposit orders in this case cannot be manually complete by submitting support ticket. They will be successful until the node problem is solved.

Q: According to the data on blockchain, why the assets I deposited was transferred automatically to another address even though it was credited in my account? 

The same with Binance, Coinbase and other exchanges, Hotbit is a centralized exchange. The Hotbit accounts created by user will be automatically matched deposit addresses. After user's deposit is confirmed by blockchain, the corresponding assets will credit in the user's Hotbit account. Then, the system will automatically transfer the asset from user's deposit address to Hotbit's hot wallet using automatic program (this is the reason why some users find their assets are automatically transferred to another address referring the information on chain), so as to provide more efficient and fast withdrawal service for all users. Therefore, users do need to worry about their assets. If user have any questions, please contact us by submitting the support ticket.

Related guidelines：Frequently Asked Questions on Incorrect Deposits