Introduction
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
Official Website
https://www.huobi.com/en-us/
Founding Year
2013
Head Quarters
Seychelles
Trading Volume
$433 Million
Trading Options
Spot, margin, derivative, crypto-to-crypto trading
Trading fees
0.20% maker and taker fees
Total listed Coins
500+
Trading Pairs
700+
Supported fiat
50+
Withdraw options
ERC TRC BEP2 BEP20 supported
Bank withdrawal Supported
Yes
Withdraw fees
Depends on cryptocurrencies
Deposit methods
Master Cards (Debit/ credit card), Bank transfer, AdvCash wallet
Restricted countries
10
Native Token
Huobi Token (HT)
Mobile app
Available on Google & Apple App Store
Support Channel
https://www.huobi.com/support/en-us/
Coinpedia rating
8/10
Security rating
8/10
User Interface
Easy to Use
Ease to set up
Very Easy
App store Rating
4.5
Play store Rating
4
Security
Highly Secured
Hacking attempts/Hacks
Never beeen hacked
KYC verification duration
3-5 days
Regulation & Compliance
Compliant
Liquidity
Highly liquid
Proof Of Reserve
https://coinstats.app/p/huobi-proof-of-reserves/
What is Huobi Exchange?
Huobi Exchange is one of the fast-growing cryptocurrency agencies founded by Leon Li in 2013 in China. Its current headquarters are at. It has got a strong presence in Asia. Huobi has offices in Japan, Hong Kong, Mainland China, and Korea, with over 1,000 employees.
Huobi offers spot trading, margin trading, derivatives trading, crypto earn programs, crypto loans, and cryptocurrency lessons for all crypto enthusiasts and traders from all levels.
Though its headquarters are in Seychelles, it is planning to move to the Caribbean, the Island of Dominica, as it is a crypto-friendly country. Huobi currently has 10 million active users in over 130+ countries with more than 500 cryptocurrencies. Huobi Global is the parent company however in Nov 2022, it got rebranded as Huobi giving it a unified brand identity all over the world.
Features
Trading platform
– The available trading methods are Spot, Margin, and derivatives trading. You have a spot trading market and a futures market for executing types of orders.
Trading fees
– Huobi charges a basic fee of 0.20%. However, for professional traders and high-volume traders, the market fee is less compared to basic transaction fees.
Staking
– Enjoy earning rewards by allowing your cryptos to staking options. The Annual Percentage Yield (APY) depends on the type of crypto you have selected
Rewards Hub
– An incentive-driven program to encourage users to start a trading account with Huobi. For each completed task like registration/ deposits, the users will stand a chance to win USDT. 2400 USDT for registration and deposits, 3000 USDT for Futures deposit, SPot trading bonus worth 182 USDT, etc
Copy trading
– An exciting feature for beginner traders where they can copy and place trades by following an expert trader. You are allowed to follow one expert trader and the site will automatically copy trade. It is recommended to close the orders before the expert closes the trade.
Crypto Loans
– Now you can avail of crypto loans by giving other cryptos as collateral. The repayment period is 30/45/90 days at an annual interest rate of 7.3%. It also provides
OTC loan
with support loan size up to 10M USDT and leverages up to 3X, 40+ loanable assets including BTC, ETH, USDT, and other mainstream tokens.
Huobi Exclusive Features
Huobi Earn
– Deposit your cryptos for a flexible/ fixed period and earn APY up to 50%. Huobi also offers a
dual investment
scheme that enables you to earn yields on your token holdings regardless of market conditions and it requires you to make trades by predicting future price movements.
Huobi Wallet
– Huobi Wallet allows you to store tokens from up to 20 chains in a single wallet. By integrating a variety of dApp interfaces, Huobi Wallet helps you manage multi-chain assets, track real-time Defi mining income, and claim rewards with just one click
Huobi Token
– It is the native cryptocurrency (ERC 20 Token) of Huobi, initially used to reward new users for the purchase of ‘point cards’. It has a supply of 500 million Huobi Tokens out of which 300 million are given away, 100 million are reserved as incentives & 100 million are used for rewards and for promotions.
Huobi Learn
– A learning section where you can read all articles related to blockchain, cryptocurrency, and everything related to the crypto world. This is a basic course for beginners.
Huobi Blog
– It deals with the latest breakthroughs in blockchain and cryptocurrency
Cryptocurrencies Available on Huobi
Huobi currently supports more than 500 cryptocurrencies and 50+ fiat currencies worldwide. Some of the popular currencies are
Huobi (HT)
Bitcoin (BTC)
Ethereum (ETH)
Tron (TRX)
Axie Infinity (AXS)
ApeCoin (APE)
Filecoin (FIL)
MANA
Litecoin (LTC)
Chainlink (LINK)
Aptos (APT)
Tether (USDT)
How to Set up a New Account on Huobi?
Let us create a new account on the Huobi exchange
Click on Sign Up
Register on Huobi By providing your name, email address, mobile number, and password
Confirm the email
Login on Huobi with your new username and password
Click on verification under the profile tab
Fill necessary details and upload a government-issued photo ID like a passport, driving license, etc
The verification will be processed in 24 hours. If it is not processed within 3 days you can email
[email protected]
How to Buy Cryptocurrency on Huobi?
With the quick buy/ sell option you can now buy and sell cryptocurrencies with few clicks. Let us learn to
buy
cryptocurrency from this exchange
Log in to your account
Click on ‘Buy Crypto’ on the top left
Enter which fiat currency you want to Pay with and then select the desired cryptocurrency.
Choose the payment method – Visa card/ Wallet balance
If you have chosen wallet balance, then you need to click [Confirm] to transfer fiat currency to the exchange wallet.
Once again check the cryptocurrency and fiat currency you selected and then click Confirm
Confirm the transaction within 3 minutes else the quote will have to be refreshed.
Once the transaction is completed, you can click [View my assets] to check your cryptocurrencies
How to Sell Cryptocurrency on Huobi?
Let us sell cryptocurrency from this exchange
Click “Buy Crypto” in the header, you will be on the “Quick Buy/Sell” page
Click “Sell“ on the page, and choose the cryptocurrency you want to sell and the fiat that you are going to receive. Input the fiat amount or cryptocurrency that you would like to trade, and choose “Wallet Balance” as the payment method. Click “Sell BTC”.
If you have chosen wallet balance, then you need to click [Confirm] to transfer fiat currency to the exchange wallet.
Confirm the details like the cryptocurrency you are going to sell and the fiat currency you are going to receive
If the quote expires then you need to click [Refresh] to get the latest quotes
After completing the transaction, you can click [view my assets] to check your fiat currency balance
How to Deposit Cryptocurrency on Huobi?
Let us deposit cryptocurrency in this exchange
Login to your Huobi account
Click on [Balances] in the top right corner and choose the cryptocurrency you wish to deposit
You will get the deposit address. You can either copy or scan the QR code of the address
Choose the network correctly or else you may lose the cryptocurrency
If there is any doubt, click on the 24/7 live customer support
How to Withdraw Cryptocurrency on Huobi?
Let us withdraw cryptocurrency from Huobi
Login to your Huobi account
Click on [Balances] and click [Withdraw]
Select the token you want to withdraw
Select the correct network/chain you want to withdraw
Paste the address you want to withdraw the tokens to and enter the withdrawal amount
Please take note of the transaction fee and the amount that the other wallet will receive.
Click [Withdraw] and confirm the transaction again. And wait for the transaction to be processed
Exchange Fees and Supported Payments
Huobi charges differently for regular users and professional users. Huobi charges a base fee of 0.20% for transactions. However, if you are a professional trader the charges are different. The exchange promotes its own token (HT) by giving additional discounts (up to 30%) for users holding more than 2000 Huobi Tokens.
Users with a 100,000 HT holding amount will enjoy a 35% flat discount rate without costing extra HT. Huobi gives rebates and low maker fees for market makers and high-volume traders.
There are no deposit fees however, withdrawal fees are different for different cryptocurrencies.
Mobile App
Huobi is one of the leading cryptocurrency agencies in Asia. It is not available in U.S. Huobi supports over 500+ cryptocurrencies on its platform. With the Huobi Mobile app, you may be notified of the latest price changes and other important market updates on the go. It is available on both Google and Apple App stores.
Referral
You can now invite your friends to register Huobi and easily get 30% rebates on their fees. All you need to do is invite your friends using a referral link. When the referee completes registration and makes their first spot trading you will be eligible to get the cashback and it lasts up to 24 months. Settlements will be made on a daily basis.
Customer Support
Huobi has dedicated 24/7 customer support who are there to solve customer queries. First, you can Click on the [Help] chat box (Chatbot) and type relevant keywords related to your queries. It will show a list of FAQs on that related topic. If your query is still not resolved, you can contact live customer support by providing your account details and chatting with them to solve your issues. Meanwhile, you can also submit an email support ticket which will be replied to in 24-48 hours. There is no phone support.
Recent Updates
5 May 2023
– Exciting news for crypto traders: Huobi has announced a
new
listing for $TURBO, with deposits now open and trading set to start soon
3 May 2023
– Huobi has revealed a
new
perpetual futures listing for $SUI/USDT (20X)
Conclusion
Huobi is a global cryptocurrency exchange that has a major presence in Asia. However, Huobi is banned in the U.S. Even though it was founded in China, it is now a global presence following the ban on crypto platforms in China.
Huobi provides digital asset solutions to users through crypto trading, crypto loans and crypto earn methodologies. The trading fee is less compared to other U.S-based cryptocurrency exchanges. It supports more than 500 cryptocurrencies with high liquidity and has attractive discounts for market makers and high-volume traders.
One of the added advantages is that Huobi has never been hacked and had no security events since its inception. Moreover, the exchange is covered by insurance which amounts to 20,000 BTC and the users will be reimbursed in case of loss of assets due to a system security breach.
Huobi is not beginner friendly as too many tools can be intimidating for beginners. However, if you are an advanced trader, the trading tools are smooth & convenient for you.
Is Huobi Exchange Safe?
Yes, the Huobi exchange is one of the exchanges available, there have been no reports of security breaches since its inception. The exchange offers advanced security measures such as two-factor authentication and 98% of crypto assets are protected in multi-signature cold storage wallets.
Is Huobi available in the U.S.?
No, Huobi is not available in the U.S. as it did not comply with U.S. regulations
Is Huobi a Chinese company?
Huobi was founded in China in the year 2013. However, following the crypto ban in China, it has opened offices in Singapore, Japan, Korea, Seychelles, etc to increase its global presence.
Huobi – 8.6
8.6
Huobi Ratings
Trading & Transaction Fees
Security
Website Transparency
Number of cryptocurrencies
Customer Support
Overall
4.2
Pros
Access to a wide range of digital coins and tokens.
24/7 customer service.
Pre-trade education programs for new users.
Strong liquidity is available for traders.
Good security systems
Supports more than 500 cryptocurrencies
It has never been hacked
High liquidity
Insured with 20,000 BTC
Cons
Customer support is slow
Been accused of faking trade volumes
Not available in the U.S
Tags
Crypto Exchange
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