Huobi Exchange Review 2024: Account Setup, Trading Options, Fees, Security, and More

Selecting a trustable cryptocurrency exchange has become harder ever since the FTX crash. However, today we will review one of the oldest, safest crypto exchanges in Asia – Huobi. Let us analyze the pros, cons, features, ratings, and security of Huobi Exchange.  

Overview

Introduction

Huobi, one of the leading cryptocurrency exchanges, was established by CEO Leon Li in 2013. It has its headquarters in Seychelles with service centres across Asia. It has a mission to empower financial services globally, and operates in more than 130 countries, facilitating a current market cap of $184.46M USD, & 24-hour trading volume of $17.92M USD. However, discussions have prevailed about Leon Li who was alleged to have potentially sold approximately 60% of his investment in Huobi, a transaction that was valued between $2 and $3 billion.

I chose Huobi exchange for crypto trading primarily because of its easy accessibility, allowing users to trade seamlessly through its online platform and mobile app without cumbersome paperwork, coupled with its high security measures to protect against hacking and its low trading fees, providing an attractive environment for profitable trading.

Account Setup and Verification

Step 1: Go to the official site of Huobi and click on the “Sign Up” option.

Step 2: Register by entering your name, email address, mobile number, and creating a password.

Step 3: Confirm your email ID through the verification link sent to your  inbox.

Step 4: Use your newly created username and password to login to Huobi.

Step 5: Click on “Verification” on the profile tab.

Step 6: Upload a government-issued photo ID and update the necessary information.

Step 7: Wait for the verification process to be completed, which should be within 24 hours. If it takes longer than 3 days, you can contact support for assistance.

User Interface and Experience

The exchange platform is really advanced and compares well with top trading platforms from regular financial markets. But, for beginners, the many products and services offered on the Huobi platform might feel like a lot to take in at first. However, it neatly organises things like prices, charts, and information about different cryptocurrencies. Even the smaller altcoins and tokens in the HADAX market get the same professional treatment.

You can use it on your computer or your phone. Plus, it has a handy feature called ‘Smartchain’ that gives you insights and research on lots of different Blockchain assets.

Assets and Trading Options

More than 700 cryptocurrencies and 1170+ markets (crypto trading pairs) are available on Huobi. Listed below are some of the popular cryptocurrencies available:

• Huobi (HT)
• Bitcoin (BTC)
• Ethereum (ETH)
• Tron (TRX)
• Huobi USD (HUSD)
• Axie Infinity (AXS)
• ApeCoin (APE)
• Dogecoin (DOGE)
• Filecoin (FIL)
• MANA
• Uniswap (UNI)
• Zcash (ZEC)
• Litecoin (LTC)
• Chainlink (LINK)
• Aptos (APT)
• Tether (USDT) 

Only verified accounts on Huobi Global can make fiat deposits. The most popular trading pairs on Huobi include Bitcoin (BTC), Ethereum (ETH), Huobi Token (HT), Huobi Dollar (HUSD), Tether (USDT), and USD Circle (USDC). Huobi describes itself as a platform where you can trade regular money for cryptocurrencies (fiat-to-crypto) and also trade one cryptocurrency for another (crypto-to-crypto).

Fees and Costs

Huobi Pro supported withdrawals/deposits in Fiat Yuan and USD before the crackdown of the Chinese government, But, now transactions are done only in cryptocurrencies. As a result, there are no associated fees. The trading fees are competitive with a fiat rate of 0.2% for takers as well as makers. This can decrease to as low as 0.1% depending on trading volumes. In short, the fee structure of Huobi is widely regarded as an excellent value.

Security and Safety

Huobi has a record of high level security for its users, holding client funds in multi-signature cold wallets and keeping a 20,000 BTC Security Reserve Fund for addressing extreme security incidents. Nevertheless, Huobi has also encountered challenges. It operates as an unregulated entity in the Seychelles which leads to potential lack of licences in specific jurisdictions. For example, Huobi had to close the users’ accounts in November 2021 for regulatory compliance issues. However, it has received regulatory approval for establishing its crypto spot trading business in Gibraltar, and there it holds a DLT – Distributed Ledger Technology provider licence from Gibraltar Financial Services Commission (GFSC). This measure enables Huobi to offer its crypto trading services through a regulated entity.

Customer Support and Resources

Huobi offers customer support via its

• support centre,
• help tickets, 
• email, and 
• live chat

The exchange’s complexity and regulatory hurdles have been a major drawback in its user satisfaction. The reviews on various online platforms are an indication that users experience challenges with fund withdrawals, they are unsatisfied with customer service encounters, and have faced inconsistencies such as allowing GBP deposits but restricting trading for UK-based users.

Regulatory Compliance and Legitimacy

It’s essential to know that Huobi operates mostly without international regulations. Based in Seychelles, it’s not licensed, which means it may not be allowed in many countries. Traders who prefer regulated platforms should keep this in mind when using Huobi, as it might not be available in your country.

Huobi isn’t accessible in the US, but it has a separate platform called HBUS, which serves as its US partner. Traders using HBUS only need to pay a 0.1% trade fee. However, it’s important to note that using a VPN to access Huobi Global in the US isn’t allowed.

Huobi is available in various countries worldwide, including Australia, Tonga, Oman, Bahamas, Kuwait, Belarus, Jamaica, Chile, Nepal, Canada, Japan, Maldives, and more. Additionally, Huobi operates offices and trading centers in places like Hong Kong, the United States, Korea, Japan, and several other countries.

Community Sentiment and Reputation

Huobi Global stands out as a top crypto exchange with ample trading activity, especially in pairs like BTC/USDT and ETH/USDT. It offers opportunities for users to earn significant yields by depositing funds, and with a decade of experience, managing billions of dollars and catering to millions of users, it has built a strong reputation for security and strict risk management to safeguard your assets.

Pros and Cons Summary

Advantages

• Easy and accessible interface
• Large number of cryptocurrencies
• High cybersecurity
• Learning modules available in regional languages
• Has deep liquidity

Disadvantages

• Fiat deposits/withdrawals not supported
• Account registration process is lengthy
• Accusation of wash-trading 
• Derivatives trading unavailable
• Cryptos not insured

Conclusion and Recommendation

In conclusion, Huobi emerges as an eminent competitor in the cryptocurrency exchange market, offering a comprehensive platform with a wide array of crypto trading options and a satisfactory selection of cryptocurrencies. In spite of its strengths in user interface, cybersecurity, and liquidity, Huobi encounters its challenges when it comes to regulatory compliance and customer satisfaction. The absence of fiat support, regulatory hurdles, and reported issues with customer service and fund withdrawals have substantially brought down the quality of user experiences. However, Huobi thrives to evolve, recently obtaining regulatory approval in Gibraltar, which in addition, may improve its current standing in the eyes of regulators as well as users alike.