Huobi Exchange // Condensed Review β Pros and Cons
Operating in the crypto space since 2013, Huobi (huobi.com) is one of the largest cryptocurrency exchanges catering mostly to Asian traders but have expanded worldwide in recent years. After some branding adjustments, today this cryptocurrency exchange is known as Huobi Global.
Huobi Exchange offers an attractive platform to trade cryptocurrency with a wide support for many altcoins and a large variety of stablecoins, alongside its own invention, the HUSD, which is a USD-backed stablecoin. Huobi Global also has a token called the Huobi Token, or HT. They try to make HT as a utility token and are working hard to promote usage of it for competitions, fee discounts, voting rights, and more.
Over the years Huobi has expanded volume to become the worldβs 4th largest cryptocurrency exchange and have established offices in Japan, Hong Kong, South Korea, and Singapore. They have grown to over 1,300 employees. In 2020 they moved Huo bi Global from Singapore HQ to the Republic of Seychelles.
In this Huobi review, we will give you an overview of how to make the most of this platform. Letβs begin!
Register a free account at Huobi
Huobi Restricted Countries/Regions
Is Huobi a safe cryptocurrency exchange?
Huobi focuses on customer security and safety, in addition to providing a reliable and secure platform for trading. It uses offline cold storage, multi-layer verification processes, and technical collaborations with Goldman Sachs and other industry specialists. Huo bi has also developed a decentralized exchange structure that can reduce the impact of Dedicated Denial of Service (DDoS) attacks on their infrastructure.
Even though Huobi presents a lucrative target for attackers, Huobi has never been hacked. Therefore, it is clear that this exchange takes threats very seriously and does everything in their power to protect users.
Available Cryptocurrencies at Huobi
As one of the largest exchanges in the world, Huobi does not disappoint. At its peak, Huobi supports the buying and selling of over 350+ coins. Some of the most popular coins are:
Bitcoin, Ethereum, Dogecoin, Ripple, Polkadot, Filecoin, Litecoin, BitTorrent, EOS, Monero, Zcash, Cardano, SushiSwap, Qtum, Dash, Stellar, Storj, and over 300 more!
Huobi Services
Huobi, as one of the top exchanges in the world, has a plethora of services focused on cryptocurrency. They have unique products such as C2C lending, options, and OTC trading, but letβs explore the major crypto services below that are most suitable for a regular trader like you.
Huobi Cryptocurrency Exchange
The Huo bi Exchange is massive, with over 350 coins available for purchase and trading. Feel free to take advantage of the professional tools and charts that you can use to correctly make the correct choice for your coins and tokens.
Huobi Cryptocurrency Margin Trading
For traders who like to trade with leverage, Huobi has a separate platform for you to do just that. To access trading products in the margin trading platform, you can select from the βSpot Tradingβ menu in the header.
In order to trade on the margin, you have to first make sure that you have funds in place as collateral for the trades. In terms of the leverage that is allowed on the Huobi exchange, this will differ for each coin. But, as an example, the leverage on BTC is 3x.
Margin trading on Huobi is a relatively attractive way for you to enhance your returns with borrowed money. Once you have taken out the loan, you will be charged an interest on the outstanding position. The daily rate of loaning USDT is 0.1% and the daily rate of loaning BCH, ETH, LTC, ETC, DASH, XRP, EOS, OMG, ZEC is 0.02%.
Huobi Cryptocurrency Futures Trading
If you wish to progress with more advanced trading, then definitely check out the Huobi Futures trading platform. The interface is almost identical to the Huobi exchange screen, so be careful.
With the futures instruments, you can leverage your trades at 1X, 5X, 10X, and 20X. You can do this on 9 different cryptocurrency assets including Bitcoin, Ethereum, EOS, Litecoin, Bitcoin Cash, XRP, Etheruem Classic, Tron, and BSV. In terms of expiry dates, they have weekly, bi-weekly, and quarterly expiration, with settlement happening every Friday.
Huobi Wallet
Huobi Mobile App – iOS & Android
The Huobi mobile application is ideal for traders who would like to be able to trade while they are on the go and do not have access to their computers. This is available on iOS as well as Android devices. The Huobi app is no doubt very well designed and easy to navigate. It has much of the same functionality as the web platform. Surprisingly, you can also do your account registration and KYC verifications straight from the mobile phone itself.
Huobi User Protection Fund
While protecting against the threat of a hack or loss is important, Huobi has gone one step further by creating a fund that can protect traders who are affected by a loss that is not their fault.
Huobi Exchange will use 20% of the net revenue that they generate from trading and use it to buy back Huobi Tokens (HT). These tokens will be placed in the Huobi User Protection Fund (UPF). The tokens inside this protection fund will be used solely for security purposes and for user compensation in case of theft or security breach.
Besides the UPF, this platform is also launching a Huobi Security Reserve. Huobi stated that they would be storing 20,000 Bitcoin in this reserve for insurance purposes should there be any breaches from hackers or stolen funds.
Huobi KYC Verification Requirements
Huobi Trading Fees and Limits
Transaction fees are 0.2% at Huobi. Traders are very delighted by this very straightforward fee structure for all assets, whether it is the for the Maker Fee or the Taker Fee. This is actually quite low when you are to compare it to Coinbase’s fees of 1.49%.
Moreover, Huobi offers fee discounts for traders who are part of their VIP trading group. For example, if you are a member of the VIP 1 level of this group, then you will get 10% off of your fees. This discount can improve to 50% for those who are in the VIP 5 level.
Huobi Payment Methods and Fees
Huobi is a major cryptocurrency platform, and therefore they offer a wide range of payment options to their users worldwide. Letβs discover the deposit and withdrawal methods and their associated fees.
Depositing at Huobi and Fees
Users in more than 150 countries can purchase cryptocurrencies via multiple payment methods. These methods include:
- Visa/Mastercard for 150+ countries
- Apple Pay for all countries where this is available
- POLi/PayID/BPAY/Newsagent/Australia Post for users in Australia
- iDEAL for users in the Netherlands
- Faster Payments for users in the United Kingdom
- SEPA/Sofort-Klarna for users in the European Union
- Interac for users in Canada
- and more
Deposit fees are excellent at Huobi (whether fiat or crypto), because it is $0 (or 0.00%). Frequent traders usually enjoy this major benefit of using Huobi!
Withdrawing from Huobi and Fees
Huobi is one of those exchanges that you can use without submitting KYC documents. However, this means that they will place restrictions on the amount that you are allowed to withdraw within a certain period of time.
For traders who do not wish to undergo KYC procedures, below are the minimum and maximum withdrawal limits per day for the top 5 coins (for example):
BTC – Min. per day: 0.01; Max. per day: 0.1
ETH – Min. per day: 0.01; Max. per day: 2.5
XRP – Min. per day: 20; Max. per day: 2,500
BCH – Min. per day: 0.01; Max. per day: 0.6
LTC – Min. per day: 0.1; Max. per day: 5
And for example, here are the withdrawal fees for some major coins:
Bitcoin – 0.0005
Ethereum – 0.005
XRP – 0.1
EOS – 0.1
Huobi Customer Service
What’s outstanding at Huobi is the customer support team that manages inquiries quickly and efficiently on a 24/7 basis. In fact, Huobi is one of the first exchanges that was able to implement a competent 24/7 customer service. Any questions at all, be sure to reach them via email or live chat.
Email: support@huobi.pro
Live Chat: available 24/7
Conclusion – Should I use Huobi?
Based on all of these reasons, it is easy to see why traders in Asia, the Americas, and Europe are flocking to Huobi for cryptocurrency trading. Be sure to create a free account at Huobi to test the website or app.
Register a free account at Huobi