Huobi is based in Singapore exchange and it was found in 2013. The exchange is mainly Asian markets focused and has offices in Hong Kong, Korea and Japan. Besides its head office being in Singapore, the company has an office in the United States as well. In May 2018, the exchange warned its US potential customer that it will not provide registration for them because if current US regulation laws. However, Huobi mentioned that it plans to open its services to US citizens in the future out of its office in San Francisco.
Huobi Services and Features
Great Variety of Crypto Pairs
The exchange offers an impressive choice of trading crypto pairs. As you know Huobi puts an emphasis on Asia projects and offers many new coins from Singapore, China and Korea
Amazing Customer Support
Huobi replies to inquiries quickly and efficiently. They have 24/7 customer service available to you and usually reply within the hour. This put Huobi way above other cryptocurrency exchanges.
Customer Protection Fund
Huobi usually channels profits to its Customer protection fund and this acts as an insurance against hacking attacks ot thefts or any other event that can affect customer accounts and wallets. Of course, this is an amazing plus as this way you can feel safe and assured that if anything goes wrong and the exchange is compromised your funds are safe.
Institutional Trade Accounts
Huobi has many institutional accounts and traders worldwide. So it has created a separate desk for companies and institutions.
It is really easy to create an account at Huobi. At the right top corner of the website you can see a Sign Up button. The registration fields asks you to choose your country /you have to know that you cannot change your country later/. You can choose from 130 countries, apparently United States not being among them. Some of the frequently chosen countries are China, Korea, Japan, Canada, Germany and UK.
For username you can select an email address or a telephone number. Huobi confirmation emails can be market as spam so you have to check your Spam folder as well. Once you received the verification email, click on the link provided and your email will be confirmed.
Once you are logged in under your Account you can switch 2FA and link your phone number and Google authenticator. We strongly recommend you do that as this an additional security feature.
Depositing Funds in Your Huobi Account
The easiest way to do that is to go to Balances /it is located at the top right corner of the screen/, click on it and you will see this screen
You can choose the coin you wish to buy- ETH, BTC, HUSD, EOS, HT and many more.
Click Deposit and you will see a QR code and its connected wallet address
You can either paste this code or scan it to send the desired cryptocurrency to your Huobi account wallet.
Also, you can use the Transfer feature – this way you can move your currency to your personal Huobi account.
Trading at Huobi
Ok, so now you already have your account ready, it is time to start. The exchange offers BTC, ETH and USDT pairings. For USDT there are 40+ pairings and for BTC and ETH there are 100+ pairings available. All pairings are set in categories depending on how long they have been at Huobi.
The trading screen is comprehensive and the available trade pairs are located to the left.
There is an interactive chart in the middle of the screen and right below it you can see the order fields which allow you trade with limit or market orders as well as to use the Stop Limit feature.
After you have funded your account, you can go directly to the Huobi markets through the exchange screen. There are two types of orders – market and limit.
The interface of both is easy to understand and operate. Prices are shown in US dollars and potential pairings – you can manually enter the desired amount or you do that with a slider.
Huobi Margin Trading
The exchange offers margin trading. This type of trading can be a little bit complicating especially for novice traders. You borrow funds from a broker to trade cryptocurrency and this cryptocurrency acts as collateral for the loan the broker gave you. Both short and long positions can be taken.
Margin trading can magnify both profits and losses and is recommended only for experienced traders. This type of trading requires the trader to know the market well and to see further ahead in the token or coin’s future. Trading with margin can be extremely costly but also offers a possibility for extreme gains. Before you start margin trading at Huobi you have to confirm a Lending transaction agreement.
HADAX >>> Huobi NEXT In 2018 Huobi made some huge changes to its exchange for digital assets HADAX / Huobi Autonomous Digital Asset Exchange/. It has been integrated into Huobi Global and its name has been changed to Huobi Next. Moving HADAX to Huobi Global has made it very easy for traders to navigate via the Huobi Global platform. The concept of this merge is to give users more choices in the way they trade and also the assets they wish to trade.
Fees at Huobi
In 2018 Huobi made some huge changes to its exchange for digital assets HADAX / Huobi Autonomous Digital Asset Exchange/. It has been integrated into Huobi Global and its name has been changed to Huobi Next. Moving HADAX to Huobi Global has made it very easy for traders to navigate via the Huobi Global platform. The concept of this merge is to give users more choices in the way they trade and also the assets they wish to trade.
Huobi has simple fees system. Maker and taker trading fees are set at around 0.2% for almost all crypto pairs.
|Spot fee rate||0.2000 % /both Maker and Taker/|
|Margin interest rate||0.0980 %|
|Fiat trading fee||aker – basic fee rate/ Taker – free|
Huobi offers a VIP trade fee discount program which can be bought with Huobi Native Token – HT. Discounts vary from 10-50%.
Huobi Native Cryptocurrency – Huobi Token
Like many other exchanges, Huobi has its cryptocurrency – Huobi Token /HT/. HT can be bought through the exchange and is given out to users as part of new customer rewards or loyalty programs. The total supply of HT is 500 million. HT trades for $2.679.
Huobi Volumes and Markets
|Volume 24 hours||$2,362,702,598.25|
|Volume 7 days||$12,790,677,070.10|
|Volume 30 days||$38,672,922,852.77|
Is Huobi Exchange Safe?
Huobi takes crypto security very seriously. Goldman Sachs helps with Huobi’s risk control and security. Also, the exchange uses the HT /its own cryptocurrency/ to arrange a security fund. Huobi has an independent crypto analysis system that keeps malicious crypto coins from entering the exchange. Huobi also counts on the security of the anti DDOS system.
2FA is also available for authorizing withdrawals and trades. 98 % + of user funds are kept in cold wallets in order to be safe from potential hacker attacks. In 2018 some hacking attempts were made upon Huobi but there were no lost user funds.
Huobi has some of the best customer service among the cryptocurrency exchanges. The platform 24/7 customer support is the first of its kind to be executed. This feature – the 24/7 user support – also shows the global reach of Huobi – location is not a barrier to receiving the best customer service.
The exchange has an extensive Help and FAQ sections, which are organized by different topics. If by any chance, you cannot find the answer of the question you have you can contact Huobi via the Submit a request option.
Advantages and Disadvantages
|🙂 Pros||🙁 Cons|
|✓ Suitable for beginner traders||✘ Accused of forging trading volume levels|
|✓ Registration is extremely easy||✘ KYC withdrawals required|
|✓ Strong liquidity for top cryptocurrency assets||✘ Trading fees higher than the standart ones in the industry|
|✓ Margin trading and margin funding|
|✓ Global brand|
|✓ Adnroid/ iOS mobile app|
|✓ High security|
|✓ 24/7 customer support|
Contracts margin is a good-faith deposit, or an amount of capital one needs to post or deposit to control a futures contract.
When you open positions:
Maker: 0.02%; Taker: 0.03%
When you close positions:
Maker: 0.02%; Taker: 0.03%
- Log in, go to Balances and choose the currency you wish to withdraw
- Put in the amount and the wallet address
- The security authentification box appears
- Check History for the status of your withdrawal
Huobi is a China – founded and Singapore-based cryptoexchange.