Review of Huobi Global exchange, is the huobi virtual currency exchange reputable?
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Huobi Global, one of the largest and recognized worldwide online digital currency exchanges, is best known for its wide range of features and high liquidity. Founded in 2013 and headquartered in Seychelles, now has more than 1,300 employees and has established subsidiaries and partnerships in 12 different countries such as USA, Japan, Thailand, Gibraltar and more; they also provide services to over 170 countries [ Wikipedia ].
The Huobi team is a team, managed by Leon Li [ LinkedIn ] (President, Founder & CEO), Robin Zhu (COO), Simon Wu (CSO) and Roy Zhu (CTO). Huobi Token (HT) is its native token, providing rewards such as invitations/refunds, fee discounts, rewards of sub-tokens, etc. The exchange continues to expand its global reach and consolidate leading position among competitors.
Huobi's Global Fees
For spot trading, Huobi has two different rating systems – one for casual users and one for professional users. Your rating is determined by the number of Huobi Tokens you hold along with your total 30-day trading volume in BTC – the more Huobi Tokens you own, the higher the discount. Overall, the fees are pretty standard compared to other exchanges. The levels for both types of users are noted below:
|Level||HT Holding||Manufacturer fee||Taker fee|
Margin interest and fiat trading fee rates are calculated by the same two-user hierarchy, and additional details on the actual fees can be found on their website.
You can find any withdrawal fees by logging into your account and going to the Deposits and Withdrawals section. From there, you can view the fees involved in the face value of the tokens you want to send off the exchange – most of these fees are standard across the industry.
Huobi has a “Quick Withdraw” option that allows you to send tokens to anyone within Huobi without fees. This is a nice feature that provides flexibility and incentivizes users to trade within the platform instead of sending funds to other exchanges.
Huobi has a very clean overall layout, as it's simple and intuitive with an easy-to-see color palette – nothing surprising, but it gets the job done. On the left are different tradable tokens and pairs; price chart in the middle with buy/sell options below it; On the right is the order book and market transactions. Everything here is at your fingertips and is quite comprehensive, making it a simple yet effective user interface.
The margin trading interface is almost exactly the same when compared to spot trading; The main difference is that there are fewer pairs to choose from on the left and loan options at the bottom of the screen. Again, a fairly simple design makes margin trading easy.
You are allowed to use up to 3x leverage for margin trading on most tokens, which is quite low compared to other exchanges, which usually offer at least 5-10x and even up to 100 times.
The futures trading view is similar to the spot and margin trading view, except that the left side contains all the different contract details you can choose from. Below the price chart, there are limit and trigger order options to start your trading:
The options trading layout provides put and call data, with the order book on the right side and the ability to execute trades at the bottom of the screen. Overall, the site is quite busy but provides all the information you need in one place. Options are currently only available in BTC and ETH.
Swap Coins and USDT
Huobi allows you to trade coin swaps and USDT as a form of futures trading – no matter which option you choose, you will be provided with a large variety of tokens and trading pairs to choose from. Most of these tokens are mostly well-known mid-caps and large-caps, with the exception of a few smaller-caps. These swaps are crypto derivatives with no delivery date and allow you to make money in the long or short term.
In 2020, Huobi launched a brokerage platform to provide additional services to institutions and high-income clients. Their over-the-counter program is designed to provide customers with the best prices and ensure seamless transaction execution. Other features include aggregating, custom lending and financing, custodial services, and interest/alpha products. Orders/trades on their brokerage platform are usually high volume orders and are executed separately from the traditional exchange trading application to ensure it does not disrupt trading.
There are many investors and traders who don't want to deal with the stress or hassle of sitting and constantly watching the market to make trades – that's why Huobi's trading bot came in. With a simple design and powerful technology, the bot can automatically execute trades based on predefined parameters and algorithms.
On the right side of the main trading interface you can see the parameters based on the 7 day backtest data of the trading pair – this will give you a good idea of the possible profit, but not means a guarantee. There is also an option to enter certain parameters manually, so the bot can be adjusted to your liking.
The different pairs that the bot can trade are limited to most large to medium coins, all via the USDT pair.
Supported Countries and Cryptocurrencies
Based on its terms of service, only the US and Japan are excluded from trading on the platform, making it easy for most people around the world to sign up and gain access to their platforms as well as related services. However, there is still light at the end of the tunnel for US customers – at the end of 2020, the company won a Nevada Trust License, allowing it to provide monitoring and compliance services to citizens. United States in early 2021.
As for the cryptocurrencies supported, it offers 394 different digital tokens for users to trade – which is quite impressive and offers a wide selection for investors, more than most any other exchange in the industry.
Deposit and Withdrawal Methods
Deposits and withdrawals are relatively standard compared to other exchanges. To deposit crypto, navigate to the token you want to import and copy your deposit address, then need to enter this address on the exchange you are withdrawing from. The same applies to token withdrawals – just enter the deposit address of the external exchange and send it.
Huobi also supports fiat deposits and withdrawals. Currently, the supported fiat currencies are AUD, EUR, GBP and USD. To get your fiat on the exchange, you will need to initiate a bank transfer (options will vary) depending on the currency you choose.
Buying and selling with fiat (via credit card) is also supported, which will be discussed in the next section.
Buy/Sell Cryptocurrencies with VISA or Mastercard
Huobi OTC gives you the ability to buy cryptocurrency with more fiat options with VISA or Mastercard cards, including PHP, VND, CNY, HKD, etc. The interface and design is extremely simple and allows you to buy coins. electronics instantly with just one click. Please note that the number of cryptocurrencies you can buy using this method is more limited than on the main exchange itself, as most large to mid cap tokens are offered.
A P2P marketplace is a place where you can buy/sell cryptocurrencies with other users based on personal agreements. You have the option to choose the currency in which the price is displayed and can see advertisers, the amount available (represented in each respective cryptocurrency, depending on the cryptocurrency you choose) , limits, payment methods, etc. It's easy to use and allows users to facilitate transactions between each other instead of buying/selling on a traditional trading platform.
HUSD is an ERC20 stablecoin issued by Stable Universal, pegged 1:1 to the US dollar; it is held in a US trust company and receives monthly audits from independent companies, building a reputation for safety and security.
You can deposit USD and buy HUSD through stcoins.com, then deposit that HUSD to your account on a supported exchange (i.e. Huobi, Nexos, HotBit, Uniswap) to start trading; no fees and 1:1 minting and redemption is a huge benefit. It can be directly swapped with PAX at 1:1 on Huobi Global and BUSD at 1:1 on PAXOS. Since the stablecoin market is quite competitive, they created these features and put in place the appropriate incentives to make HUSD the leading market on major exchanges.
Huobi provides an income platform where you can earn various interest rates on depositing your tokens. They offer flexible and fixed terms regarding the duration for which you hold your tokens. The tokens on which you can earn interest are mainly large cap coins and the interest is relatively average to below average compared to other similar schemes on the exchanges. Fixed rates are currently limited to USDT only – there are also featured rates that are very high, but these sell out quickly, so you need to spot and move fast to claim.
C2C lending allows users to lend cryptocurrency to other users and in return, they receive a certain amount of interest. To do so, you will need to enter the loan period and the total amount borrowed – the daily rate will then be displayed and you can start trading. The daily annual rate is also displayed on the right side of the screen. Currently, the currencies you can lend are restricted to BTC and USDT only.
Huobi's Cryptocurrency Lending Program is designed to provide individuals with easy access to loans; on their website they mention that there is guaranteed approval and the money comes instantly.
Getting started is simple – just enter your desired loan amount (which can be obtained with a variety of tokens), the collateral amount and then the loan term. Your total interest rate will be displayed and you can then continue to borrow if you choose to do so.
To start using the API, log in to the website to generate your API Key with the permissions you want. The API key is shared for all exchanges, such as spot, futures, swaps, and options. Each user is allowed to generate up to 20 API keys, which can have the following permissions:
- Read: to query data (i.e. order and transaction queries).
- Transactions: to fulfill, cancel, transfer and other orders.
- Withdrawal: to create a withdrawal, cancel a withdrawal and other orders.
Huobi uses two types of interfaces, REST API and WebSocket. The REST API can be used for things like trading and withdrawals, while the WebSocket API can be used to get up-to-date data, such as order and market update data. Their API is quite advanced and offers many other options for users who want to customize their experience.
Other features and services
Huobi swimming pool
Huobi's mining pool was created to benefit the large community of miners in the crypto space. It provides simultaneous mining and trading services connected to the trading platform, so miners can withdraw their earnings while depositing/trading them on the main exchange or OTC platform . Miners can benefit from this platform and Huobi offers services for BTC, ETH, BCH, BSV, ETC and DCR.
Chat on Huobi
Huobi Chat is an innovative social media application that includes community, e-commerce, etc. There are thousands of Huobi users who are constantly engaged in chats on the app, providing a great opportunity for anyone. Anyone asking questions, sharing ideas, etc.
You can download the app via a QR code, as shown below, and it's available for both iOS and Android devices.
Huobi Wallet is a mobile crypto wallet that offers multi-currency support along with a simple and easy-to-use interface. Supported currencies and stablecoins include BTC, ETH, XRP, USDT, BCH, LTC, EOS, BSV, ADA, TRX, DASH, TOM, ETC, ONT, DOGE, IOST, KLAY, HUSD, TUSD, USDC, GUSD, PAX, EURT, DAI and EURS.
Individuals have the ability to manage their private keys through the application; The application is secure as Huobi has received several patents for data security and multi-signature support. There is also no registration required to use the app, so buying and selling cryptocurrencies is simple and easy.
Huobi Capital is the investment arm of the exchange, seeking to support blockchain and digital asset-specific projects and ventures with financial resources to help drive further innovation in the space. . Their resources are provided to projects like Huobi exchange, Huobi News, Huobi Labs, Huobi Mining Pool, Huobi Eco Fund, etc.
Huobi Eco (Global Ecosystem Fund)
Huobi Eco is a fund with $200 million in assets under management – they invest primarily in blockchain projects and provide strategic resources for them. From the very beginning, a project is incubated and then connected with Huobi partners, fueling the growth potential. They are backed by a strong team that includes international investment banks, hedge funds, listed companies, internet companies, entrepreneurs, etc.
Their cloud service for a global digital asset exchange is designed to help them improve and build upon themselves. They support OTC, crypto-to-crypto trading, platform token listing, and more. In addition, they provide supporting documents and risk control – on top of that, Huobi's high liquidity helps ensure that public cloud exchanges can provide their users with volume. fit.
Huobi ecological chain
Huobi Eco Chain (also known as Heco) is a decentralized public chain that is Ethereum developer friendly and owns compatible smart contracts – it is also extremely efficient from a cost perspective. It also supports productive farming for certain projects, giving you a taste of DeFi.
Creating decentralized applications on Heco usually takes about 3 steps, and users can pay transaction fees as little as 0.001 USD. Heco has also created a Defi ecosystem that contains wallets, assets, and app ratings. Here are a few examples of some of their public chains:
How to use Huobi Global Exchange
Huobi is famous for its easy setup process. To sign up for an account , navigate to the homepage and click the Sign Up button at the top right. You will then be directed to the registration page, where you will be prompted to enter your nationality, email or phone number and password. Check the box to accept the user agreement and click Sign Up at the bottom.
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Now you have an account on Huobi – it's as easy as that! Note that for some tokens, the withdrawal limit is very low, so you will need to complete KYC verification to increase your overall limit. To complete the proper KYC verification, you will need to enter your personal information and upload an ID (such as passport, driver's license, etc.).
Huobi has a very strong and reputable security history, ensuring they maintain top-notch security measures to protect themselves and their users' funds. 98% of their funds are kept in cold-stored multi-signature wallets and 2% of funds are kept in hot wallets to ensure smooth exchanges and transactions. It also has a fund that will cover users who lose money due to a hack or an event beyond their control.
In terms of personal security, Huobi offers 2FA to enhance your security measures and protect your account. It also offers email confirmation on withdrawals, retrieval of password information, changing security settings and API management – you can set either of these settings on your account to activate depending on the level of security you want.
Usually, if you withdraw a substantial amount of crypto, Huobi's team may call you and ask you specific questions about your current location, withdrawal amount, etc. The purpose of this is to ensure more secure and this is not always the case but is a possibility.
As one of the largest and most trusted exchanges, Huobi has many features and services that appeal to investors and traders everywhere. Its presence has become too big in the crypto space, and they continue to innovate and offer more products and solutions that adapt to current trends. Here are some key takeaways on the pros and cons of using Huobi:
- More than 300 cryptocurrencies are supported for trading, which means investors have more convenience and don't have to transfer funds as often to other platforms
- Margin view, futures and spot trading is simple and easy to use
- Seamless registration process – you can start trading within minutes of account creation
- Provide a lot of support for initial projects to launch or receive investment
- Trusted and Managed Stablecoin HUSD
- Opportunity for consumers to transact peer-to-peer and get loans instantly
- Relatively low fees, with plenty of opportunities to get discounts and rewards through their native token
- Team transparency and history
- Security measures are first
- Margin trading only supports up to 3x, which is disappointing compared to other platforms
- Extremely small withdrawal limit if your account is not verified
- The Help Center is difficult to navigate to find the information you need – there is simply too much information to find what you are looking for
- Complex website – as it is a large exchange, there are so many components it can often be confusing
- Customer service may sometimes call you and ask for information if your withdrawal is deemed too large or suspicious – for anonymous crypto traders, this can be a drawback
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Oct 06, 2022