Crypto is a rapidly evolving world where very few platforms experience true longevity. Huobi is a trading platform that has stood the test of time, even reaching OG status. In the last decade, Huobi has solidified itself as one of the top international cryptocurrency exchange platforms in every aspect, including liquidity, traffic, and trading volume. If you’re wondering if this is a suitable exchange program for you, check out this in-depth Huobi Review.
- Operating Since 2013
- Currencies Supported 300+ cryptocurrencies
- Fees Varies
- Deposit Methods Bank transfers, international wire transfers, WeChat, Alipay, credit and debit cards
- Fiat Currencies Yes
- Verification Methods 2FA
- Margin Trading Yes
- Futures Trading Yes
Leon Li founded this trading exchange platform in 2013. It was initially based in Beijing, and when China passed a law banning cryptocurrency and ICOs, the company relocated to Seychelles. Huobi generated a staggering 2 billion in its first three months and 247 billion dollars by 2016.
Over the last decade, Huobi has become a safe and one of the most reliable places to purchase, trade, store, and sell over 300 digital currencies and more than 700 tokens. Tens of millions of users in over 195 countries take advantage of the exchange of Huobi exchange services.
A Closer Look at the Exchange
Huobi’s exchange platform has grown substantially since its initial development, becoming the number one go-to platform for traders eager to invest in the most promising Altcoins. In 2018, Huobi acquired their very own token called the Huobi token.
As you’ll learn in this Huobi review, the peer-to-peer trading exchange is ideal for users of all experience levels. Experience advanced trading features such as margin and futures trading, swaps. When you join Huobi global, you gain access to many products that allow you to buy, sell, trade, stake, and earn cryptocurrencies.
What Are the Top Features?
Huobi is accessible on all platforms, including Mac, Windows, Android, and iOS. Once you sign up and log into your account, you’ll find a list of all the assets on the platform with a summary detailing each coin’s purpose and supply information attached. This allows investors to make informed purchasing decisions, and it’s the perfect guide for individuals that are fairly new to the world of cryptocurrency.
Below are some of the most noteworthy features that we had to include in this Huobi review.
Wide Variety of Trading Pairs
As an investor, you”ll have the opportunity to trade, sell and earn all types of digital assets. Huobi boasts an impressive array of trading pairs offering users one of the largest selections of crypto on a centralized exchange platform. With access to well over 348 cryptocurrencies, you’ll never have to worry about incurring the same currency twice if you don’t want to.
Some popular crypto selections include:
- Polka Dot
Huobi adds new currencies to its markets regularly.
Advanced Margin Trading
While most exchanges integrate margin trading into their existing crypto exchange, Huobi created a separate margin trading platform. Users that prefer to trade on margin can utilize this unique feature.
User Protection Fund
Huobi launched the User Protection Fund in 2018. The Huobi User Protection Fund takes a portion of profits as an insurance policy against hacks, theft, and other unforeseen occurrences that no one has any control over. The protection fund offers a sense of security to users, knowing that they would be covered in the event of a major loss.
Institutional Trading Account
As one of the largest exchange platforms in the world, numerous professional investors and firms utilize Huobi. Therefore, the company created one of the first digital asset brokerage platforms explicitly tailored for institutions and firm-sized users. Under this unique platform, Huobi offers OTC and dark pool trading, which are private equity blocked trades for institutional investors. OTC trading allows traders to purchase coins based on specific parameters such as payment method, type of currency, and amount.
Supports a Variety of Fiat Currencies
Investors worldwide can start their cryptocurrency journey on Huobi with their easy fiat to crypto onramp system. Currently, the exchange supports over 60 currencies such as USD, EURO, AUD, and several others. You’ll find that depositing money on Huobi is super convenient since the platform gives users over 60 payment options, including bank transfers, international wire transfers, WeChat, Alipay, or a regular credit or debit card.
Flash trade is one of the most exciting features of Huobi. The Flash Trade function gives users a chance to test real-time trading volumes, allowing them to gain valuable insights before making investment decisions.
The trading bot is a fantastic tool designed for traders who don’t have time to continuously monitor market conditions to execute trades. Users can use the bot to automatically execute trades based on the predefined parameters they set.
Outlining the innovative security features is crucial for this Huobi review since users need to be sure that their investments are safe. The safety of user accounts is a top priority of Huobi. Besides the User Protection Fund, take a look at additional security measures the exchange has implemented:
Cold Storage – Huobi stores 98% of users’ digital assets offline in cold storage wallets that require multiple signatures to release. Since these wallets aren’t accessible on the internet, hackers can’t get to them.
Freeze your account – Users can initiate a self-freeze if they suspect unusual activity.
Two-Factor authentication – Huobi also uses the two-factor authentication system that generates a six-digit that prevents phishers and hackers from getting your password and accessing your account.
Bitcoin reserve – Huobi has a 20,000 BTC reserve in cold storage. The reserve replaces the assets of users affected by cyberattacks or scams.
Huobi Trading and Withdrawal Fees
Exchange fees can break a trader’s experience and profitability on a platform. Huobi uses a maker-taker trading fee structure. In 2019, Huobi enacted an initiative in which their crypto exchange fees would decrease substantially as trading volume increased to incentivize traders to use their platform.
Traders and makers both pay a 0.2% trading fee on the platform. This taker fee is below the industry average but slightly higher for the maker. Huobi offers a discount for users that trade in large volumes, decreasing the trading fees to 0.1%. Huobi deducts an exchange fee from the total amount traded.
Huobi fees are modest compared to popular exchange platforms like Bitstamp and Coinbase. Bitstamp trading fee is 0.25%, and Coinbase is 1.49%. Moreover, there are also a few discounts available for users that are part of the VIP trading groups. For example, Huobi administers a 10% discount on all trading fees if you belong to the first-tier VIP trading group. Users trading on level in the top tier VIP trading group can enjoy up to 50% off their trading fees.
Huobi withdrawal fees vary. The Fast Withdrawal option allows you to send tokens to anyone on the Huobi platform for free. This feature encourages users to trade within Huobi rather than send funds to other exchange platforms.
In Huobi US, the minimum withdrawal fee is $100 if you withdraw into fiat currency. There is a $5 additional charge once the withdrawal process begins, and wire fees are an additional $15. Huobi doesn’t support credit card withdrawals or deposits.
Many traders overlook the customer service aspect of an exchange platform until a problem arises. However, it’s an essential aspect that traders should consider before investing their time and money in a cryptocurrency exchange platform. After all, there is nothing more frustrating than not being able to get prompt help with problems you incur on a platform or having to scour the internet to find solutions to your problems.
Fortunately, Huobi offers a solid customer service experience. You can reach their customer support team through email, live chat, or you can submit your number on the chatbot on their website to have a representative reach out to you. They are one of the only exchange platforms to provide 24/7 chat support on mobile and desktop apps.
Huobi also has a vast library filled with articles and tutorials to teach users the ins and outs of crypto exchanges and the platform. The Huobi Learn app is an additional resource created by the company that provides a host of educational articles.
- Massive selection of cryptocurrencies
- 24/7 Live Chat Support
- Industry-low trading fees
- A platform dedicated to professional traders
- Earn commissions from referrals
- User Protection Fund
- Low taker fees
- Low withdrawal limits
- The verification process is slow
- You have to download the app or desktop application to access the customer support chat
How do I access the Huobi exchange platform?
Traders can download Huobi’s desktop app on Windows or Mac, and they also have a mobile app available for IOS and Android devices. Once you create an account, you can utilize all of the trading tools on the platform.
Is it safe to use Huobi?
You can be sure that all of your digital assets are completely safe on Huobi – no breaches have ever occurred on the platform. In addition, Huobi stores most of the users’ digital assets offline in cold storage, which means hackers can’t touch your assets.
What countries can use Huobi?
The company has offices and operation centers in Singapore, Japan, Korea, Hong Kong, the United States, and several other countries.
Can I purchase Bitcoin on Huobi?
Once you deposit fiat currency in your Huobi account, you can purchase Bitcoin and other types of cryptocurrencies.
What is the HT token?
The HT token is a blockchain-backed loyalty system exclusive to the Huobi exchange platform. It’s the only coin that Huobi has ever officially launched.
Huobi is the best exchange platform for traders who want access to various cryptocurrencies with relatively low fees. Perhaps the most enticing feature discussed in this Huobi review is the margin trading platform the company created specifically for users who prefer to trade in the margin. Users can take out loans on coins when trading on the market, unique to the cryptocurrency market.
The user interface is well laid out and super beginner-friendly. Huobi has numerous tools available that casual crypto traders and technical analysts will find helpful.
There are several security measures in place that ensure the protection of digital assets. Therefore, traders will never have to worry about scams or breaches compromising their accounts.
The great thing about Huobi is that users can choose between a regular or professional account depending on their needs and trading volume. If you’re ready to start your crypto investment journey, Huobi is a great platform to start. It’s a well-established platform with an excellent reputation.