If you’re an expert or Just started with Cryptocurrency (or thinking too), finding a good and reliable cryptocurrency exchange platform is troublesome. Coinpedia lists out all the standard crypto exchanges in the space and presents a detailed review and this review is about Huobi Exchange. This review will represent Origin, Pros and Cons, Fees, Supported coins and the other authentic details you can rely on.
- Introduction to Huobi Exchange
- Recent Updates
- Huobi Exchange Pros and Cons
- Huobi Fees
- Deposits and Withdrawals
- Supported Currencies and Payment Methods
- Huobi Accessibility
- Is Huobi Exchnage Safe?
- Huobi Tokens
- Huobi Wallet
- How to Trade on Huobi
- Huobi Pro Exchange
- Summarizing the Whole Thing!!!
Introduction to Huobi Exchange
Huobi is a Chinese cryptocurrency exchange now registered in Seychelles. It is one of the ‘Big three exchanges’ in the world claimed to reach a record of trading 380,000 BTC on February 25, 2014. The trading platform was founded by Leon Li in September 2013.
The exchange as ‘Huobi’ faced tough days when the Chinese government were very stringent on cryptocurrencies. But the exchange upgrades itself as ‘Huobi Pro’ and responded strongly.
Houbi holds over $1 billion in various assets which can be accessed over 130 countries. They offer more than 200 crypto assets to trade with higher withdrawal limits for verified customers.
Huobi also offers the customers with its own Huobi token which has additional benefits while choosing membership plans. Interestingly, the discount on trade raises with the increase in the membership level.
Huobi Labs is yet another feather on the cap of Huobi which supports the start-ups to introduce their digital asset and conduct ICO. After the ban on Bitcoin exchanges in China, Houbi stopped bitcoin withdrawals and continued to operate as Blockchain consulting and research platform.
Huobi is also compatible with android and IOS mobile phones providing more ease of trade to the users.
Huobi exchange has never faced any security breach or hacks till now.
23-04-2020: Huobi Token becomes the first token to be completely regulated by Japanese Regulators. Japan’s FSA approved Houbi Token as a compliant crypto asset to trade in the world.
14-04-2020: Huobi Group announced the launch of on-chain analytics tool Star Atlas for monitoring and identifying illicit cryptocurrency transfers.
09-04-2020: Huobi resumes its operations in the U.S. which was closed due to regulatory issues. Huobi acquired an undisclosed minority stake which is already licensed by the U.S regulators.
Huobi Exchange Pros and Cons
- Easy to use exchange for beginners with a pre-trade educational program
- Low exchange fees for trading
- Enhanced security features.
- 24/7 customer support
- Available on Windows & MAC operating systems and Android and IOs devices
- Access to a wide range of cryptocurrencies.
- Does not support Credit or Debit card payment methods
- Minimal information in English
- KYC takes time to verify
- Withdrawal limits and leverage margins are low
- Huobi charges 0(zero) taker fees for all the currencies, however, the maker fees vary.
- The trader using CNY as local currency have to pay no fees for USDT/HUSD pair, 0.1% for BTC/ETH pair and 0.2% for EOS/HT/XRP/LTC pairs
- Coming to VND local currency, Huobi does not charge any fees for USDT/HUSD pair. However, it charges 0.1% for BTC/ETH pair, 0.2% for EOS/HT/XRP/LTC pair(This is a promotional charge which is valid till 31-08-2020)
Transfer Limits on Huobi
The withdrawal limit depends on the cryptocurrency you want to withdraw and whether you have successfully verified your identity or not.
Verified customers get more benefits than the non-verified. Like minimum withdrawal amount for BTC is 0.01 and the maximum withdrawal per transaction per day is 200.
Whereas, non-verified customers will have the minimum withdrawal amount of BTC as 0.01 and maximum withdrawal amount per transaction per day is 0.1.
Huobi also has set limits depending on the order sizes.
Consider BTC/BCH pair, Huobi charges 0.001 as min amount of limit order and 10,000 as max limit.
Coming to min buy of the market order the limit is 0.001 and for maximum buy, the limit is 1000.
Lastly, minimum sell of market order has 0.001 as limit and max sell is limited to 10,000.
Deposits and Withdrawals
Huobi does not charge any fee for depositing funds into your account but withdrawal fees are charged. The withdrawal fees of the popular cryptocurrencies are
- Bitcoin – 0.001
- Bitcoin Cash – 0.0001
- Ethereum – 0.01
- Litecoin – 0.001
- Ripple – 0.1
Supported Currencies and Payment Methods
Huobi supports a wide range of cryptocurrencies like BTC, BCH, ETH, ETC, XRP, and also 220+ more.
Huobi exchange supports the following payment methods
- Bank Account
- Credit or Debit Card
- Western Union
The exchange activities can be carried on Windows and Mac operating systems. Considering on mobiles, it has both Android and IOS compatible applications
Is Huobi Exchnage Safe?
The exchange which is large and well developed as Huobi Pro, cybersecurity is the one which is highly prioritized. The safety measures include
- Email and Google 2FA on registering with Huobi. Providing a soft copy of passport is also mandatory.
- Huobi offers a decentralized structure and anti-DDOS protection system, where-in 98% of the crypto assets are stored in multi-signature cold wallets.
The exchange has not faced any serious security breach as of now, which clearly indicates the level of security Huobi provides.
How to Get Started with Huobi?
- Step 1:-
Go to the official website of Huobi Exchange. Click on the ‘Sign Up’ button.
- Step 2:-
Choose the country, enter your email address and password and click on ‘Register’
- Step 3:-
An verification mail will be sent to your email id. Click on the verification link and complete the registration process.
Huobi exchange holds their own token called ‘Huobi Token(HT)’. These tokens when held by the users, they enjoy discounted trading fees on the Huobi Pro exchange. The HTs can also be used to purchase the memberships on the exchange-the more HTs you pay, the higher the membership level and the high will be the trading fee discount.
Huobi tokens can be traded against BTC, ETH and USDT.
How to Buy Huobi Token
- Step 1:
Register your account with Huobi Pro and Enable 2-Factor Authentication
- Step 2:
Select ‘Balances’ and click ‘Deposits & Withdraw’
- Step 3:
Find the currency you want to transfer and click ‘Deposit’
- Step 4:
Click on ‘Exchange tab’ and click on currency pair you want to trade, such as ‘HT/BTC’
- Step 5:
Choose ‘Limit Order’ or ‘Market Order’.Enter the amount of HT you want to buy
- Step 6:
Review all the transaction details and Click ‘Buy HT’
Huobi wallet a professional multi-coin wallet which is based on Houbi’s combined security expertise and technology development in the field of blockchain.
The users have full control over their assets since they manage their own private keys. They support multiple security measures like multi-signature, data encryption, security isolation etc.
How to Trade on Huobi
Step 1:- Login to your Huobi account and make sure you have enough funds in your Huobi account by checking the ‘Balance’ tab
Step 2:- Click on the ‘Exchnage’ tab and the following screen appears.
Step 3:- You will have to select from the type of Buy you want to make. There are three options provided, Limit, Market and Stop Limit.
If you select Limit, Specify your price to buy or sell and click on ‘Buy’. For Market, it takes the best market price at that particular moment and for Stop-limit, enter the limit, reaching which the trade will be closed.
Step 4;- After you place your order, you can check them in the ‘Order’ tab and then click ‘Open Orders’. You will get the history of your orders. They can be cancelled also.
Huobi Pro Exchange
Huobi Exchange provides both Web platform as well as a Mobile platform. The app comes for both Android and iOS.
The only drawback is a web platform optimized for mobiles is only in the Chinese language.
The Huobi web platform has a modern feel and provides a smooth user experience, thanks to its clean layout and responsive interface.
Similarly, The app follows several steps for user authentication, with fingerprint and security patterns available.
Summarizing the Whole Thing!!!
Huobi exchange offers a smooth and secure platform for trading cryptocurrencies. It provides a wide range of cryptocurrency and tokens for the trade. At present, the registration of the people other than Chinese citizens is little lengthy but the resume of the services in the U.S and other western markets might imply ease of the process in future. Overall the trading on the Huobi Pro platform is recommended.
Houbi supports popular crypto-assets like BTC, BCH, ETH, LTC, etc and 220+ more currencies.
Huobi charges different maker fees for the different fiat currencies. Kindly refer the Huobi Fees section for more details.
Yes, Huobi is accessible on mobile with mobile apps compatible with Android and IOS platforms.
Yes, Huobi has its own Houbi Tokens which can be used for various purposes. Kindly refer ‘Huobi Token’ section for more details.