As the cryptocurrency market is growing, many exchange services have entered the arena. Each presents a different mix of fees, trading pairs, geographical limitations, and user interfaces. So now let’s discuss one of the largest Chinese exchange platforms, Huobi Global in this Huobi exchange review.
Huobi Exchange Review
QUICK NAVIGATION :
- About Huobi Pro Exchange
- Huobi Pro Exchange History
- Why Huobi?
- Huobi Account Verification
- Fee Structure
- Huobi Exchange Trading
- How to Access Huobi Pro Exchange
About Huobi Pro Exchange
Huobi is an advanced digital currency trading platform. It is operated by HBUS Holdco, Inc. (“HBUS”), a U.S. company and strategic partner of Huobi Global. Huobi wants to be regarded as one of the world’s largest digital asset trading and management service providers instead of only a cryptocurrency exchange. Users can exchange crypto for crypto, including the USDT token.
Huobi claims to have reached a record amount of 380,000 BTC traded daily on February 25, 2014. this crypto exchange has the mission to make the whole financial vertical more efficient and accessible to everyone.
The global exchange has developed its own token – Token Huobi (HT).
Huobi Pro Exchange History
Huobi was founded in 2013 by Leon Li after raising a $10 million venture capital investment from Sequoia Capital. In September 2017, China banned bitcoin exchanges. Huobi officially shifted to Korea with a new headquarters in Seoul, South Korea. The portal has its offices in the US, Korea, Japan, Hong Kong, Singapore, and another 130 countries located across the world.
Earlier to the ban, Huobi was only concentrating on the Chinese market. When China was out of the crypto market, Huobi had to reinvent itself. Huobi began to globalize its platform.
The China office, however, continues to operate not as an exchange but as a blockchain consulting and research firm.
Huobi is a multi-purpose cryptocurrency exchange with a variety of Altcoins and ERC20 tokens paired across BTC, ETH, USDT and Huobi’s own token, HT. This exchange page can Buy and Sell BTC, ETH, USDT and EOS coins.
Huobi’s UI is user-friendly, clean, and perfectly designed with all the basic requirements for a crypto-trader. The charting software comes with TradingView
Trading on Huobi global is quite liquid. Funds can be withdrawn quickly into your wallet.
Huobi Account Verification
Like any other exchange platform, Huobi also requires traders to create an account, and this account needs to be verified. The verification process is taxing as compared to other platforms.
The website is in Chinese but foreign traders can register. You have to provide personal information and complete the email verification process. There is a name verification process. The account name should match with the bank account. After this verification, there is a nationality verification. The user has to submit a photo along with his identity card.
The exchange accepts two FIAT currencies – Chinese Yuan (CNY) and US dollar (USD) along with two digital currencies – Bitcoin (BTC) and Litecoin (LTC).
Huobi Fee Structure
- Trading Fees – Huobi charges 0.2% trading fee on any coin pairs.
- Taker/Maker Fees – As in any exchange platform, Taker fees are charged when liquidity is removed from the exchange’s order book while Maker fees are charged when adding liquidity to Huobi’s order book. Huobi has set a flat 0.2% for all trading coin pairs.
- Discount Fees – Huobi offers 10-50% discount fees to VIP traders. VIP status depends on no.of Huobi Token in the account.
- Deposit Fees – Huobi does not levy any fees on Deposit.
Huobi Exchange Trading
The global exchange offers the following order types:
- Market order
- Limit order
- Stop Limit order
Margin trading is available for BTC and LTC with 5x leverage and a 24-hours fee of 0.1 percent.
How to Access 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.
Huobi working on a public blockchain- Huobi Chain. The public blockchain would enable the real economy and promote the development of the digital economy. And also promote “publicity, transparency and co-construction” in the digital world.
As per the roadmap in the whitepaper, a working version of the blockchain might go live in the fourth quarter of 2019. The paper says that Huobi’s developers will collaborate with industry experts. Moreover, this will help it to make significant progress on the project over 2019.
Features of Huobi Chain
Huobi Chain plans to adopt a double-chain architecture on the blockchain. Moreover, the two parts are:
- H Exchange Chain – this will provide payment and settlement functions, such as placing orders, matching, depth and other functions.
- H Contract Chain – this will support smart contracts.
As per the recent update, Huobi Chain became open-source this November.
- Dec 15, 2019: Huobi Global’s US branch stopped the operations in the US location citing a lack of user interest.
- Nov 5, 2019: Huobi Global Ceases US User Accounts as Huobi.US will provide support for US clients.
- Sep 18, 2019: Huobi Launches Huobi Argentina with Fiat (ARS) Gateway
Our Take on Huobi – Conclusion
It continues being one of the safest exchanges and with greater liquidity of the market its main new characteristics are,
- Mobile application for Android and Ios.
- Optimum security level
- Increase of negotiation pairs.
- Offers negotiation by a margin.
- It has new banking associations in Russia.
- In the United States personal contract that offered financial solutions in banks.
In general, this is one of the exchanges that remained constant, although in the past it has been accused of inflating values for personal benefit. Huobi exchange is growing and expanding its services into many countries. Also, HuoBi working on its progressive way.