Among all the exchanges making exceptional success with traders, Huobi comes within the first three choices of users. There are several reasons for the same. Starting from its higher trade volume to offering a wide selection of cryptos and fiat exchanges to the users. Apart from that, the exchange also has greater liquidity than most of the exchanges. The platform is headquartered in Singapore. Also, Huobi does not call itself a crypto exchange, however, prefers to be known as digital currency exchange. Mostly because they do offer ICO tokens and will definitely bring more options when developments around digital assets would grow further.
Apart from Singapore, Huobi is also stationed in the USA, South Korea, and Hong Kong with plans to reach Japan as well. In terms of dedication to bring most out of the blockchain niche, the company has even started its own cryptocurrency token, HT. This is developed on the Ethereum blockchain. The company never made HT a part of the ICO. However, these tokens are given to users through some loyalty schemes. And, these can be further used by the users for paying a service fee.
In this review, we would highlight the exchange platform’s features, limits, fees, supported cryptos and currencies and other aspects of Huobi. Also, we would talk about certain limitations that you must be aware of when choosing this platform for transacting using digital coins.
What are the Features of the Huobi Platform?
Unlike many other crypto exchanges that do not offer a complete overview of the analysis of the asset and leave users seeking for more information, Huobi exchange ensures to provide comprehensive and in-depth research of each asset. Using the impressive design and hight advanced visual analysis, the exchange helps process information faster.
The analysis includes price feeds, graphs, charts, and a lot more ways to offer a quick research pattern to the traders. You can seek market depth data details as well as individual crypto profiles through their trading interface.
What makes this platform so desirable is that it is for all kinds of users. While keeping in-depth research its focus for experienced users, the platform also tends to be easier to understand for novice traders. Hence, helping every level of users take advantage of this fascinating exchange.
Another important perk of using Huobi is that users can access it on multiple platforms including Android, MAC, iOS as well as Windows. Doesn’t that make this platform easily accessible to all users? Plus, it also includes the ‘Smart chain’ analysis along with the research services. With the help of these services, users can gain complete insight of the blockchain assets compared with 50 indicators.
Sign UP and Verification for Huobi Platform
As expected, the signup process remains the same as with other platforms. You must click on the signup button available on the Huobi website and complete the process ending with an OTP verification. First, you must enter all your details, such as name, nationality, email, preferred password, etc. You can also use your phone number instead of the email address. An OTP will be sent to your email or phone number. Once you verify your details, you will be signed up to the platform.
When it comes to verification of your identity, you may feel the platform a bit more demanding than any other exchange out there. Once you are done with your email verification, the platform prompts users for entering their exact name as it’s provided in their bank details connected with the Huobi account. Wait there! We are not done here.
You do need to verify your nationality too. There is a drop-down menu available for choosing your country of nationality. If you are not from China, you only have one option, i.e., a passport for verifying your nationality. However, for Chinese residents, there are more choices of adding different identification proofs.
After you complete the nationality verification successfully, you are good to go.
When it comes to trading crypto to crypto, the base fee is 0.2% for takers and makers. However, with an increase in trading volume, these fees are further reduced and can be negotiable for trades over 500 million.
In the case of rates between fiat to crypto, the fee mostly depends on the currencies you are dealing with. For instance, there is no maker of taker fees for trading between CNY – BTC/ETH. On the other hand, there is a maker fee of 0.2% for trading between CNY – EOS/HT/XRP, LTC. But the taker's fee is 0% for this same trade.
Similarly, the deposit and withdrawal fee would also depend on a lot of factors. When depositing or withdrawing cryptocurrencies, network fee comes into play. In the case of fiat currencies, the fee will depend on the payment method and the currency chosen.
To find out your specific withdrawal limit, you can log in to your account and check the withdrawal screen. This would depend on the cryptocurrency or fiat currency you wish to withdraw into as well as your account status (Verified and Non-Verified).
While deposit won’t take much longer. And, it processed almost instantly. However, the withdrawal will depend on the cryptocurrency you choose to withdraw. Also, there is more confirmation needed to approve your withdrawal.
Huobi is very much open about its security measures and ensures that users understand how efficient is their system. That is why, the exchange flaunts the ways it makes sure that the assets are completely safe, when in the exchange’s ecosystem.
As expected, the exchange is highly developed and employs advanced measures to put security above everything else. It has cybersecurity plans to protect traders from any possible online threats. Plus, Huobi is developed using an advanced distributed system architecture. The good news is that 98% of assets at Huobi are stored in multi-signature cold storage wallets.
Hence, these assets aren’t available online. Which means that the online hackers won’t ever get to these assets. Since its inception, the exchange is running smoothly and so far, there have been no instances proving that the security isn’t tight.
Above all, Huobi manages the wallet 24 by 7 on their continuous watch. This is to make sure that the team can act right away in case of any suspected breach. Making the entire arrangement as secure as possible, without leaving any loose ends for the hackers.
Supported Digital Assets
Huobi definitely does not wish to stay limited to just a few users. It has a flexible selection of fiat as well as cryptocurrencies for its users. One can trade using various fiat currencies including but not limited to USD, GBP, BRL, KHR, EUR, INR, AUD, CAD, CNY, and NZD. Apart from these, there are 15 more fiat currencies supported by the exchange.
The support for cryptocurrencies is even higher. There are approximately 234 cryptocurrencies currently traded on this exchange.
Is Huobi Exchange Safe to Use?
Mostly there are three considerations one must focus on when assessing the reliability of a crypto exchange. Here is what you can expect from Huobi and find out if it's safe to trade using this platform or not.
Incorporation and Regulation: Huobi Global incorporation is from Seychelles. Although the company is very transparent about its details of registration and regulation, the laws may not comply with your jurisdiction. Hence, when you are trading through Huobi, you must act responsibly and ensure that you very much comply with laws falling under your jurisdiction. This is true for all the traders using Huobi for trading with cryptocurrencies and other assets.
Reliability: Huobi is a reliable exchange. This is because it stresses on the verification process more than any other counterparts available online. With a lengthy verification process, it ensures that the users reveal their identity through proper documentation. Although users can trade without verifying their identity, they must be ready to limit their daily withdrawals with a huge margin. Which gives more reasons to the users to go with the verified accounts.
High Security: As discussed above, Huobi has ensured that the security features are impeccable. With high security and 24 by 7 watch, the exchange has been able to run without any issues since its inception. It started its operation in 2013, and to date, there has not been any breach to the platform. This talks much about the seriousness of the company towards maintaining unmatched security for the assets and the traders.
Please note that fees may vary based on your country or purchase amount.
Trusted and safe to use
Over 5 million users
Holds over 450 000 users Bitcoins
Buy Bitcoin via debit/credit card
Buy bitcoin via SEPA transfer
Support over 130 countries
Up to 8% fee to buy Bitcoin with a debit card
High trading fee: 0.4 - 0,03%
Buy crypto via bank wire not available
No Staking bonuses
Is Huobi a trusted exchange to use?
Huobi has been around since 2013 and has a 2-5bln trading volume. Definitely one of the most trusted exchange for buy bitcoin.
Huobi compared with other exchanges
Compare Huobi with other good crypto exchanges where to buy Bitcoin safely, trusted, and with the good price.
It has more than 12 million daily users
Caters to over 10 to 12 billion daily trading volume
The lowest trading fee of 0.1 - 0.2 %
It supports over 190+ cryptocurrencies
Works in over 180 countries
It has more than 5 million daily users
Scores over 2 to 5 billion trading volume daily
It supports more than 190 cryptos supported
Users can utilize its Derivative Trading which includes Future as well as SWAP markets
BitcoinFinland24 is an educational website offering users an insight into the different crypto exchanges. We do not indulge in any kind of financial consulting pertaining to crypto investments. On the other hand, we can offer some ground rules that could help you stay safe while investing in digital assets. Firstly, you must only invest the amount you can lose. Also, there are no guaranteed profits with crypto trading because of its high volatile nature. This means that the cryptos’ value can drop as well as rise suddenly. So, you must be ready to invest taking every risk into consideration.
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