Key Considerations Before Registering for Huobi Exchange: A Comprehensive Review
Introduction
Finding a reliable cryptocurrency exchange has become increasingly difficult after the FTX crash. However, in this article, we will take a comprehensive look at Huobi, one of the oldest and most secure crypto exchanges in Asia. We will analyze its pros, cons, features, ratings, and security.
Overview
Official Website: https://www.huobi.com/en-us/
Year Founded: 2013
Headquarters: 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+
Withdrawal Options: ERC, TRC, BEP2, BEP20 supported
Bank Withdrawal Supported: Yes
Withdrawal 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 of Setup: Very Easy
App Store Rating: 4.5
Play Store Rating: 4
Security: Highly Secured
Hacking Attempts/Hacks: Never been 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 was founded by Leon Li in 2013 in China and has rapidly grown into one of the leading cryptocurrency agencies. While its headquarters are currently in Seychelles, it has a strong presence in Asia with offices in Japan, Hong Kong, Mainland China, and Korea. The exchange offers a wide range of services including spot trading, margin trading, derivatives trading, crypto earn programs, crypto loans, and cryptocurrency lessons for traders of all levels. Huobi has over 10 million active users in more than 130 countries, supporting over 500 cryptocurrencies. In November 2022, Huobi Global was rebranded as Huobi to create a unified brand identity worldwide.
Features
Trading Platform:
Huobi offers spot, margin, and derivatives trading. The platform provides a spot trading market and a futures market for executing various types of orders.
Trading Fees:
Huobi charges a basic fee of 0.20%. However, professional and high-volume traders enjoy lower market fees compared to regular transaction fees.
Staking:
Users can earn rewards by staking their cryptocurrencies. The Annual Percentage Yield (APY) depends on the selected crypto.
Rewards Hub:
Huobi’s incentive-driven program encourages users to open a trading account. Users can win USDT rewards for completing tasks such as registration, deposits, and futures deposits.
Copy Trading:
Beginner traders can copy and place trades by following expert traders. The platform allows users to follow one expert trader, and trades are automatically copied. It is recommended to close orders before the expert trader does.
Crypto Loans:
Huobi offers crypto loans where users can use other cryptos as collateral. Repayment periods are available for 30, 45, or 90 days with an annual interest rate of 7.3%. The platform also provides OTC loans with support for loan sizes up to 10M USDT and leverages up to 3X, covering over 40 loanable assets including BTC, ETH, USDT, and other mainstream tokens.
Huobi Exclusive Features
Huobi Earn:
Users can deposit their cryptocurrencies for a flexible or fixed period and earn APY up to 50%. Huobi also offers a dual investment scheme that allows users to earn yields on their token holdings regardless of market conditions, requiring them to predict future price movements.
Huobi Wallet:
Huobi Wallet allows users to store tokens from up to 20 chains in a single wallet. It integrates various dApp interfaces, helping users manage multi-chain assets, track real-time DeFi mining income, and claim rewards with a single click.
Huobi Token:
Huobi Token (HT) is the native cryptocurrency (ERC 20 Token) of Huobi. It was initially used to reward new users for the purchase of “point cards.” The total supply of Huobi Tokens is 500 million, with 300 million given away, 100 million reserved as incentives, and 100 million used for rewards and promotions.
Huobi Learn:
Huobi Learn is a learning section where users can read articles related to blockchain, cryptocurrency, and other topics in the crypto world. It serves as a basic course for beginners.
Huobi Blog:
Huobi Blog covers the latest breakthroughs in blockchain and cryptocurrency.
Cryptocurrencies Available on Huobi
Huobi supports over 500 cryptocurrencies and 50+ fiat currencies worldwide. Some popular currencies include Huobi (HT), Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Axie Infinity (AXS), ApeCoin (APE), Filecoin (FIL), MANA, Litecoin (LTC), Chainlink (LINK), Aptos (APT), and Tether (USDT).
How to Set up a New Account on Huobi?
Creating a new account on Huobi is simple:
1. Click on “Sign Up.”
2. Register on Huobi by providing your name, email address, mobile number, and password.
3. Confirm the email.
4. Login to Huobi with your new username and password.
5. Click on verification under the profile tab.
6. Fill in the necessary details and upload a government-issued photo ID such as a passport or driver’s license.
7. The verification process takes 24 hours. If it is not processed within 3 days, you can email [email protected]
How to Buy Cryptocurrency on Huobi?
Buying cryptocurrency on Huobi is easy:
1. Log in to your account.
2. Click on “Buy Crypto” on the top left.
3. Enter the fiat currency you want to pay with and select the desired cryptocurrency.
4. Choose the payment method, such as a Visa card or wallet balance.
5. If you choose the wallet balance, click “Confirm” to transfer the fiat currency to the exchange wallet.
6. Double-check the selected cryptocurrency and fiat currency, then click “Confirm.”
7. Confirm the transaction within 3 minutes, or the quote will need to be refreshed.
8. Once the transaction is completed, you can click “View my assets” to check your cryptocurrencies.
How to Sell Cryptocurrency on Huobi?
Selling cryptocurrency on Huobi is straightforward:
1. Click “Buy Crypto” in the header to go to the “Quick Buy/Sell” page.
2. Click “Sell” on the page and choose the cryptocurrency you want to sell and the fiat currency you will receive.
3. Input the fiat amount or cryptocurrency you want to trade and choose “Wallet Balance” as the payment method.
4. Click “Sell BTC.”
5. If you chose the wallet balance, click “Confirm” to transfer the fiat currency to the exchange wallet.
6. Confirm the details, such as the cryptocurrency being sold and the fiat currency received.
7. If the quote expires, click “Refresh” to get the latest quotes.
8. After completing the transaction, you can click “View my assets” to check your fiat currency balance.
How to Deposit Cryptocurrency on Huobi?
Depositing cryptocurrency on Huobi is simple:
1. Login to your Huobi account.
2. Click on “Balances” in the top right corner and choose the cryptocurrency you wish to deposit.
3. You will receive the deposit address. You can copy or scan the QR code of the address.
4. Choose the correct network/chain to avoid losing the cryptocurrency.
5. If you have any doubts, click on 24/7 live customer support.
How to Withdraw Cryptocurrency on Huobi?
Withdrawing cryptocurrency from Huobi is easy:
1. Login to your Huobi account.
2. Click on “Balances” and then “Withdraw.”
3. Select the token you want to withdraw.
4. Choose the correct network/chain for the withdrawal.
5. Paste the address you want to withdraw the tokens to and enter the withdrawal amount.
6. Take note of the transaction fee and the amount the other wallet will receive.
7. Click “Withdraw” and confirm the transaction. Wait for the transaction to be processed.
Exchange Fees and Supported Payments
Huobi charges a base fee of 0.20% for transactions. However, professional traders and high-volume traders enjoy lower fees. The exchange promotes its native token (HT) by offering additional discounts (up to 30%) for users holding more than 2000 Huobi Tokens. Users with a holding amount of 100,000 HT receive a 35% flat discount rate without any additional HT cost. Huobi also provides rebates and low maker fees for market makers and high-volume traders. There are no deposit fees, but withdrawal fees vary for different cryptocurrencies.
Mobile App
Huobi has a mobile app available on both Google and Apple App stores. With the app, users can stay updated on the latest price changes and important market updates while on the go.
Referral
Huobi offers a referral program where users can invite friends to register on the platform and receive 30% rebates on their fees. By using a referral link, users can earn cashback on their friend’s spot trading fees for up to 24 months. Settlements are made on a daily basis.
Customer Support
Huobi provides dedicated 24/7 customer support. Users can start by clicking on the “Help” chat box (Chatbot) and typing relevant keywords to access FAQs on related topics. If the query is not resolved, users can contact live customer support by providing their account details and chatting with the support team. Users can also submit an email support ticket, which will be replied to within 24-48 hours. Phone support is not available.
Recent Updates
– Exciting news for crypto traders: Huobi has announced a new listing for $TURBO, with deposits now open and trading set to start soon.
– Huobi has revealed a new perpetual futures listing for $SUI/USDT (20X).
Conclusion
Huobi is a global cryptocurrency exchange with a strong presence in Asia. Although it is not available in the U.S., it offers a wide range of digital asset solutions, including trading, loans, and earning methods. The platform has lower trading fees compared to U.S.-based exchanges and supports over 500 cryptocurrencies with high liquidity. Huobi has never been hacked and is covered by insurance, providing users with additional security. While it may be less beginner-friendly due to its advanced trading tools, it offers a smooth and convenient experience for advanced traders.
Is Huobi Exchange Safe?
Yes, Huobi Exchange is considered safe as there have been no reports of security breaches since its inception. The exchange implements advanced security measures, such as two-factor authentication, and protects 98% of crypto assets in multi-signature cold storage wallets.
Is Huobi available in the U.S.?
No, Huobi is not available in the U.S. as it does not comply with U.S. regulations.
Is Huobi a Chinese company?
Huobi was founded in China in 2013. However, it has expanded its presence globally, including offices in Singapore, Japan, Korea, Seychelles, among others, following the crypto ban in China.
Huobi Ratings:
– Trading & Transaction Fees: 8.6
– Security: 8.6
– Website Transparency: 8.6
– Number of Cryptocurrencies: 8.6
– Customer Support: 8.6
– Overall: 8.6
Pros:
– Access to a wide range of digital coins and tokens.
– 24/7 customer service.
– Pre-trade education programs for new users.
– Strong liquidity for traders.
– Good security systems.
– Supports over 500 cryptocurrencies.
– Never been hacked.
– High liquidity.
– Insured with 20,000 BTC.
Cons:
– Customer support can be slow.
– Accusations of faking trade volumes.
– Not available in the U.S.
Tags:
Crypto Exchange