Huobi Review

Pros Explained

1. High trading volume: Huobi has a high trading volume, which makes it easy to buy and sell cryptocurrencies quickly and at a fair price.
2. Wide range of cryptocurrencies: The exchange supports a wide range of cryptocurrencies, making it easy for traders to diversify their portfolios.
3. User-friendly interface: Huobi’s trading platform is easy to navigate and use, even for novice traders.
4. Robust security: Huobi has strong security features, including two-factor authentication, SSL encryption, and cold storage for storing user funds.
5. Mobile app: Huobi has a mobile app for trading on the go, which makes it easy to manage your portfolio from anywhere.

Cons Explained

1. Limited payment options: Huobi has limited payment options, with only bank transfers and a few other payment methods accepted.
2. Restricted in some countries: Huobi is not available in some countries due to regulatory restrictions.
3. Limited customer support: Huobi’s customer support can be slow to respond to inquiries, which can be frustrating for users who need help quickly.
4. High withdrawal fees: Huobi charges high withdrawal fees for some cryptocurrencies, which can eat into profits for traders who need to move funds off the exchange.
5. Margin trading risks: Margin trading on Huobi can be risky for inexperienced traders, as it involves borrowing funds to trade with leverage, which can result in significant losses.

 

Introduction

Huobi is a global cryptocurrency exchange that was founded in 2013 in China. It is one of the largest cryptocurrency exchanges in the world, with a daily trading volume of billions of dollars. Huobi offers a wide range of trading services, including spot trading, margin trading, futures trading, and more. The exchange also provides a range of cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin, and others. Huobi has expanded its services to over 170 countries and regions, with offices in Singapore, Japan, the United States, and other locations.

Huobi’s platform is user-friendly and easy to navigate, making it suitable for novice traders as well as experienced traders. Additionally, the exchange has a mobile app that allows traders to manage their portfolios on the go. Huobi has implemented various security features to protect user funds, including two-factor authentication, SSL encryption, and cold storage for storing user funds.

Overall, Huobi has established itself as a reliable and trusted cryptocurrency exchange, serving millions of users worldwide. The exchange is committed to providing a secure and easy-to-use platform for buying, selling, and trading cryptocurrencies.

 

Company Overview

Huobi is a global cryptocurrency exchange that was founded in 2013 in China by Leon Li. The exchange has grown rapidly to become one of the largest cryptocurrency exchanges in the world, with a daily trading volume of billions of dollars. Huobi offers a wide range of trading services, including spot trading, margin trading, futures trading, and more. The exchange also supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others.

Huobi has expanded its services to over 170 countries and regions, with offices in Singapore, Japan, the United States, and other locations. The exchange is committed to providing a secure and easy-to-use platform for buying, selling, and trading cryptocurrencies. Huobi has implemented various security features to protect user funds, including two-factor authentication, SSL encryption, and cold storage for storing user funds.

The company has raised over $300 million in funding and has formed partnerships with various organizations in the blockchain and cryptocurrency industry. Huobi is also actively involved in research and development of blockchain technology, with a focus on building innovative solutions to address industry challenges.

Overall, Huobi has established itself as a reliable and trusted cryptocurrency exchange, serving millions of users worldwide. The company continues to expand its services and offerings, with a focus on providing the best possible trading experience for its users.

 

Cryptocurrencies Available on Huobi Global

Huobi Global supports trading for more than 400 cryptocurrencies and regularly adds new assets to the platform. Here’s a look at some of the most popular digital currencies and tokens you can currently trade on the platform: 

• Bitcoin (BTC)
• Dogecoin (DOGE)
• Ethereum (ETH)
• Litecoin (LTC)
• Monero (XMR)
• Huobi Token (HT)
• Cronos (CRO)
• Polkadot (DOT)
• Tron (TRX)
• Uniswap (UNI)
• Zcash (ZEC)

 

Trading Experience

Huobi offers a user-friendly and intuitive trading experience for both novice and experienced traders. The exchange provides a wide range of trading services, including spot trading, margin trading, and futures trading.

The spot trading interface on Huobi is easy to navigate, with real-time price charts, market depth, and order book information. Traders can buy and sell cryptocurrencies using various trading pairs, including fiat currencies like USD, EUR, and JPY. Huobi also offers advanced trading features such as limit orders, stop-loss orders, and market orders.

Huobi’s margin trading platform allows users to borrow funds to trade with leverage, enabling traders to maximize their profits. Margin trading carries risks, however, and traders should be familiar with the risks before engaging in this type of trading.

For futures trading, Huobi offers both perpetual swaps and quarterly futures contracts. Traders can use leverage to increase their profits, and the exchange offers a range of trading tools and features to help traders manage their risk.

Overall, Huobi offers a robust and user-friendly trading experience for cryptocurrency traders. The exchange’s platform is easy to use, and the variety of trading services and features makes it a popular choice for both novice and experienced traders. Additionally, Huobi offers strong security features, including two-factor authentication and cold storage, to protect user funds.

 

Fees

Huobi Global charges a 0.2% base fee. Huobi Token (HT) holders receive a discount on trading fees, which decreases the more HT a user has in their exchange wallet. 

 

General Tiered Fee Structure

Type	Level	30-day trading volume (BTC)	Base fee rate	HT holdings	Fee Rate (in HT)	Effective Discount
Normal use	1	< 1000 BTC	0.20%	≥10HT	0.18%	10%
Normal use	2	< 1000 BTC	0.20%	≥100HT	0.16%	20%
Normal use	3	< 1000 BTC	0.20%	≥500HT	0.12%	40%
Normal use	4	< 1000 BTC	0.20%	≥1,000HT	0.09%	55%
Normal use	5	< 1000 BTC	0.20%	≥2,000HT	0.08%	60%
Normal use	6	< 1000 BTC	0.20%	≥5,000HT	0.07%	65%

 

Professional Trader Tiered Fee Structure

For professional traders, maker fees start at 0.0362% and taker fees start at 0.0462%. Fees decrease based on HT holdings and trading volume.

Type	Level	30-day trading volume (BTC)	HT holdings	Maker	Taker
Professional Users	1	≥700 BTC	≥2,000 HT	0.0362%	0.0462%
Professional Users	2	≥1,000 BTC	≥2,000 HT	0.0294%	0.0420%
Professional Users	3	≥3,500 BTC	≥2,000 HT	0.0294%	0.0378%
Professional Users	4	≥7,000 BTC	≥2,000 HT	0.0252%	0.0336%
Professional Users	5	≥10,000 BTC	≥2,000 HT	0.0224%	0.0308%
Professional Users	6	≥15,000 BTC	≥2,000 HT	0.0210%	0.0294%
Professional Users	7	≥30,000 BTC	≥2,000 HT	0.0168%	0.0252%
Professional Users	8	≥60,000 BTC	≥2,000 HT	0.0126%	0.0210%
Professional Users	9	≥100,000 BTC	≥2,000 HT	0.0097%	0.0193%

Trading and Withdrawal Limits

In addition to its fees, Huobi also has daily trading and withdrawal limits for users. These limits increase for users who complete different verification levels. 

	Complete Registration	Complete ID Verification	Complete Advanced Verification
Exchange	Digital Assets Withdrawal Quota: 0.06 BTC/24h	Digital Assets Withdrawal Quota: 100 BTC/24h	Digital Assets Withdrawal Quota: 100 BTC/24h
P2P	Single or Total Trade Volume Quota: 156 USD (Est.)	Single Trade Volume Quota: 313 USD (Est.) or Total Trade Volume Quota: 1569 USD (Est.)	No Upper Limits
Derivatives	Not Available	No upper limits if activating all Derivatives accounts	No upper limits if activating all Derivatives accounts

 

Security

Huobi holds client funds in multi-signature cold wallets and has a 20,000 BTC Security Reserve Fund that was set up to cope with extreme security accidents, to provide a high level of security for its users. 

On the regulatory front, however, Huobi has been facing challenges. Huobi Global is incorporated as an unregulated entity in the Seychelles, which means the exchange may not be operating under a license in your jurisdiction.8 For example, Huobi announced in November 2021 that it has to close accounts of users in Singapore to comply with local laws, putting the country onto the exchange’s restricted jurisdictions list.5 

The exchange has recently received regulatory approval to set up its crypto spot trading business in Gibraltar, where it already holds a distributed ledger technology (DLT) provider license from the Gibraltar Financial Services Commission (GFSC).8 This will allow Huobi to offer its cryptocurrency buying and selling services through a regulated entity.  

 

Opening a Huobi Global Account

To sign up for an account on Huobi, you’ll need to enter an email address and a password. Next, you’ll receive a confirmation email and verify your email address. 

Once you have verified your email address, you can access the platform and explore its products and features. 

However, you’ll be subject to low trading and withdrawal limits with the basic registration. To increase those limits, you’ll need to complete ID verification by sharing a government-issued identification document.

 

Customer Service

Huobi provides customer support through a support center, help tickets, email, and live chat. However, it does not provide phone support.

 

Customer Satisfaction

The complexity of Huobi’s platform and its regulatory challenges have impacted user satisfaction.

Huobi’s 2- out of five-star Trustpilot rating highlights the exchange’s challenges with keeping its customers happy.9 Users report issues withdrawing funds, poor customer service experiences, and the platform allowing GBP deposits but then restricting UK-based users from trading. 

 

Account Management

Huobi offers a web-based platform and a mobile app available for on-the-go crypto trading. 

 

How Huobi Global Compares to Other Cryptocurrency Companies

Huobi has a strong presence in the Asian markets, establishing itself as one of the leading trading platforms with offices in Hong Kong, Singapore, South Korea, and Japan. 

Its main competitors are Binance, Bitfinex, bitFlyer, Bithumb, Coincheck, Gate.io, and KuCoin.

Following its forced exit from China, after the Chinese government banned crypto trading on the mainland, Huobi has managed to attract a more global userbase by supporting a range of fiat currencies and payment methods for crypto purchases.