In the past few years, the idea of making a fast profit has resulted in an explosion of initial coin offerings (ICOs). Some succeeded, while others failed. However, having a long track record is advantageous in an industry as new as cryptocurrencies.
Huobi’s success is due to this. The company’s cryptocurrency exchange, which was founded in 2013, has a solid reputation, especially in Asia. The exchange is frequently ranked in the top five in terms of market capitalization.
What Is Huobi?
Huobi, based in Singapore, considers itself a “digital asset exchange” rather than just a cryptocurrency exchange.
The exchange supports both ICO tokens and cryptocurrencies and believes that new types of digital assets will emerge as the blockchain economy develops. The exchange’s holding company was created in Beijing in 2013. However, it was forced to relocate to Singapore last year after the Chinese government banned Fiat to cryptocurrency trading and initial coin offerings (ICOs).
The pivot that forced Huobi’s shift out of China and onto an over-the-counter exchange model has not slowed it down. The exchange is believed to have over 3 million account holders. Mainland China is responsible for almost half of them. In 2018, Huobi created the HT, a cryptocurrency token operating on the Ethereum network.
Available Cryptocurrencies in Huobi
Huobi Global supports over 400 coins and adds new ones daily. Here are some of the most popular digital currencies and tokens available to trade on the platform right now:
- Huobi Token (HT)
- Huobi USD (HUSD)
- Bitcoin (BTC)
- Dogecoin (DOGE)
- Ethereum (ETH)
How Does Huobi Work?
Huobi Global works in the same way as other cryptocurrency exchanges. The platform earns money by charging a transaction fee for anyone who wants to purchase and sell cryptocurrencies.
The exchange’s focus on stablecoins backed by the US Dollar is a relatively recent trend. These coins are tied to the US Dollar’s value, making them less sensitive to market volatility. When one of four stablecoins (Paxos Standards, True USD, USD Coin, and Gemini dollars) is deposited, it is instantly converted to Huobi’s HUSD. The user can then withdraw the currency in any of the four options in a 1:1 ratio. So you deposit one Gemini dollar, which is converted to one HUSD automatically. According to Huobi, their HUSD will eliminate the need to choose between stablecoins and save on conversion fees.
Huobi Global Fees
Huobi Global charges a base fee of 0.2%. Holders of Huobi Tokens (HT) enjoy a discount on trading fees, which reduces as a user’s HT balance grows. However, fees differ for general users and professional users. We will show you the tiered fee structure for both of them.
General Tiered Fee
Professional Tiered Fee
Maker fees start at 0.0362%, while taker fees start at 0.0462% for professional traders. Fees are reduced as HT holdings and trading volume increase.
Limitations
Huobi Global offers daily trading and withdrawal limits for its users in addition to its fees. These restrictions rise as users complete different stages of verification.
Security
Huobi has a 20,000 BTC Security Reserve Fund to handle major security issues and ensure its customers are safe while storing client funds in multi-signature cold wallets.
On the other hand, Huobi has faced regulatory challenges in the past. Since Huobi Global is a Seychelles-incorporated unregulated corporation, the exchange could not be authorized in your region. In November 2021, Huobi announced that it must delete users’ accounts in Singapore to comply with local legislation. Thus, adding Singapore to the exchange’s restricted jurisdictions list.
The exchange recently received regulatory permission to launch its crypto spot trading operation in Gibraltar. Huobi already possesses a Gibraltar Financial Services Commission distributed ledger technology (DLT) provider license (GFSC). Huobi will be able to provide cryptocurrency buying and selling services through a regulated organization as a result of this.
Huobi Global Mobile App
Huobi Global’s mobile app, which was released in November 2017, is accessible on iOS and Android.
With over 1 million downloads, the program now supports more than ten languages. Its multilingual customer support is available 24/7 in the mobile app, so any questions or concerns may be resolved just by using your phone.
Huobi Global offers in-app trading, real-time pricing and charting, and up-to-date index analysis. It also contains adaptable trading strategies, such as market orders, stop-limit orders, and limit orders.
The app’s great feature is quick crediting of withdrawals and deposits. In contrast to being confusing and cluttered, the page display is extremely clean, making it easier to use. The design helps the user take advantage of the available features and tools.
The 4.0 version, which was released in October 2018, included a great new feature that significantly enhanced the app. The “Discover” feature includes a section where breaking news and updates are published, allowing users to be informed at all times. This helpful tool saves the trouble of looking for news and provides it in a straightforward and easy-to-read format. Furthermore, the application’s K-line chart, which was also introduced with the 4.0 version, allows users to understand market fluctuations better. These charts are beneficial to traders because they can catch even the smallest market swings, offering valuable insights and data.
Top Features of Huobi Global
Fiat Currencies
Huobi is an all-in-one digital currency platform that starts with a fiat-to-crypto onramp for investors worldwide looking to get started with cryptocurrency. The exchange accepts 57 fiat currencies for account funding, including the USD, EUR, GBP, AUD, CNY, and many others. Huobi accepts deposits in any fiat currency using a variety of payment methods that differ by country. There are currently 60 payment options, including international wire transfers, bank transfers, WeChat, AliPay, and credit card transactions.
Exchanges And Markets
Huobi Global has a number of cryptocurrency markets where users may trade using the same account. Individuals can speculate on digital currencies using the leverage of up to 125X on the Spot Exchange, Margin Exchange, Future Markets, Options, and USDT-Swaps. Customers may hedge spot bets by short-selling Bitcoin to balance a crypto portfolio and exposure to market circumstances, thanks to the rise of leveraged crypto trading products.
Competitive Trading Fees
Using a cryptocurrency exchange with cheap trading fees is important before engaging in cryptocurrency trading. Huobi has one of the cheapest rates, with fees starting at 0.2% for each trade. This rate can be further reduced by holding HT tokens. Their fees are slightly lower than those charged by major worldwide exchanges such as Gemini or Coinbase, ranging from 0.25% to 0.5% for every trade.
Huobi Earn
Huobi Earn is a new feature that allows users to earn interest on coins and tokens in their Huobi wallet with customizable and set lock-up terms. Customers can deposit cash to earn interest on the most popular cryptocurrencies and DeFi tokens, which are compounded daily. For example, deposit USDT to earn roughly 6.6% APY with a variable duration of up to 8% locked in for 90 days.
Liquidity
Huobi Global is the 10th out of 306 largest cryptocurrency exchanges in the world by traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes. Huobi processes almost $1 billion in daily transaction activity at the time of writing, with BTC/USD and ETH/USD accounting for nearly 20% of total transaction volume on the exchange.
Based on the slippage caused by various order sizes, the BTC/USD trading pair on Huobi has a liquidity score of 484. This is one of the highest Bitcoin trading ratings, indicating a fairly liquid market. This means that large traders can purchase and sell Bitcoin with little price fluctuation. Huobi’s BTC/USD and ETH/USD order books have good depth and liquidity, making them suited for high-net-worth individuals, institutions, and retail traders.
Huobi Trading
User Interface
Houbi’s user interface is well-designed, responsive on all platforms, and visually appealing. There are simple drop-down options on the main menu that allow you to access all of Huobi’s features and services.
Limit orders are automatically filled when you click on a price in the chart. Changing trade pairs or logging out of Houbi do not remove any drawing tools or patterns that have been layered on the chart. As a result, chart analysis remains on the chart until the trader removes it.
Placing Orders
Limit, market, stop-limit, and trigger orders are available in the order window. The latter is unique to Huobi and allows a person to place a market order at a predetermined price and quantity that will execute when a trigger price is met.
The order is basically a combination of a market and a limit order, and it may be used to protect capital as a stop-loss order. This option is accessible on just a few exchanges, although it should be noted that it is not a guaranteed stop order.
The right side of the screen is easy to use and can be used to auto-fill the price to prevent entering the wrong price or decimal place. Using the auto-fill settings, you can rapidly enter the trade amount (25%, 50%, 75%). A tooltip regarding the fees is located at the top of the order window. This is a wonderful technique to ensure that the maker and taker fees are right based on the volume amount or discounts for holding HT tokens.
What Are The Pros And Cons Of Huobi Global?
Pros
- Large selection of crypto
- Low trading fees
- Professional trading tools
- 24/7 live chat support
- Mobile app available
Cons
- Not for beginners on crypto (can be too complex)
- Not available in the United States
- If you need live chat support, desktop or mobile app download is required
Conclusion: Is Huobi a Legitimate Exchange?
Huobi Global might be a great alternative for you if you’re seeking a safe, internationally used exchange. Huobi is a trustworthy cryptocurrency trading platform that supports a wide range of altcoins and a large number of stablecoins.
The exchange offers a strong professional approach to crypto, giving technical analysis for traders to manage their investments to the maximum, having been in this sector for more than seven years. The platform’s informative articles and news will help improve your trading experience. Its language diversity and strong customer service expand its range, making it an excellent alternative in most countries.
Huobi has built a profitable exchange platform in the highly competitive crypto market, and its reputation has grown in recent years.
Takeaways
- Huobi Global is a digital asset exchange platform based in Singapore.
- Huobi supports ICO tokens and cryptocurrencies.
- The Huobi Token (HT) was created in 2018 and operates on the Ethereum blockchain network.
- Huobi Global exchange platform supports over 400 cryptocurrencies.
- It charges a base fee of 0.2%, which is one of the lowest compared to other exchange platforms.
- Their clients’ assets are stored in a multi-signature cold wallet.
- Huobi Global App was launched in 2017 and offers various services to its users.
