Huobi Global is one of the oldest cryptocurrency exchanges, founded in 2013 by Leon Li. It’s home to roughly 10 million active users monthly and supports over 350 cryptocurrencies available to buy, sell, trade, stake, and lend crypto to earn compound interest.
This Huobi review will cover the exchange’s fee structure, security protocols, and trading options and see if it fits you.
Huobi – Company Overview
Huobi Global was founded in Beijing, China, and experienced moderate success across the Asian market, opening offices in Hong Kong, South Korea, and Japan.
However, the Chinese government crackdown on cryptocurrencies in 2017 obligated the exchange to relocate headquarters to Singapore and then Gibraltar.
Huobi has a reputation for being one of the most liquid exchanges in the industry. However, In 2019, Bitwise Asset Management accused Huobi of wash trading —buying and selling an asset back and forth to inflate prices. The exchange denied the allegations and established safety measures to discourage wash trading.
Huobi Pros and Cons
Huobi pros explained:
- Supports hundreds of cryptocurrencies.
- 24/7 live chat support.
- Offers educational content.
- Offers numerous crypto products and services.
- High liquidity for multiple crypto trading pairs.
Cons explained:
- Not regulated.
- Not available to US citizens.
- Has been accused of wash trading.
Huobi Fee Structure
The base trading fee is 0.2%, but you’re eligible for a discount if you hold a certain amount of Huobi Tokens, as outlined in the image below:
“General Tiered Fee Structure.” Source: Huobi.com.
For professional traders, Huobi has a maker-taker- fee system. In short: makers provide liquidity to a specific market by placing market orders while the latter take those orders to execute them instantly.
Makers pay fewer fees (0.036%) than takers (0.046%) since they provide liquidity, while takers pull liquidity off the exchange.
Makers pay fewer fees (0.036%) than takers (0.046%) since they provide liquidity, while takers pull liquidity off the exchange.
Huobi Registration Process, Deposits, and Withdrawals
To open an account, enter your email address and create a password. Some exchanges do not require verifying your account before using the platform. This is not the case with Huobi, though you will have limited trading and withdrawal options.
To verify your account, you must go through a KYC (Know Your Customer) process in which you must submit a government-issued document such as an ID Card, Passport, or Driver’s License.
Once your Huobi account is verified, you have 60 payment options to fund your account, including wire transfers, credit/debit cards, PayPal, WeChat, cryptocurrency, and more.
Huobi supports approximately 57 fiat currencies, including EUR and GBP, and over 400 cryptocurrencies, such as:
- Bitcoin BTC
- Ethereum ETH
- Cardano ADA
- Litecoin LTC
- Polkadot DOT
- Dogecoin DOGE
- Shiba Inu SHIB
- Polygon MATIC
- Monero XMR
- Ripple XRP
Huobi Core Features & Trading Options
Huobi offers futures (with leverage up to 100x, 150x, and 200x for BTC and ETH, and 5x for altcoins), spot and margin trading, and staking and cryptocurrency lending.
Huobi BTC/USDT Futures chart.
Huobi also offers perpetual swaps: derivatives contracts similar to futures as it allows you to buy the value of an underlying asset but without expiration and settlement date. You can hold your position in the market as long as you wish.
That said, Huobi seems better suited for professional traders. However, beginners might appreciate the exchange’s Learn section, where they can learn how to open an account, navigate the dashboard, or study cryptocurrency investment strategies.
The exchange also offers a wide array of products that can benefit the user, including:
VIP Program
Huobi’s VIP Program consists of a tiered system where the bigger the user’s trading volume and crypto holdings, the more Huobi Experience Points (EXP) they collect.
There are five tiers: Advanced, Insider, Premier, Ambassador, and Partner. Each membership provides the user with different benefits, such as membership to Huobi University —a branch dedicated to educating people on all things crypto— access to Huobi’s Global VIP Summit or advanced blockchain training courses.
Huobi ECO (HECO) Chain
The exchange offers users a built-in blockchain, Huobi ECO Chain, a low-cost permissionless smart-contract-enabled network that supports decentralized applications (DApps). It’s EVM-compatible, allowing developers can port their projects from Ethereum to HECO Chain and vice versa.
Huobi Token (HT)
Huobi Token is an ERC-20 token, meaning it operates on the Ethereum blockchain. The token is deflationary; it relies on a burn mechanism that removes circulating HT to lower the supply and potentially increase its price. The token has plenty of use cases, to name a few:
- Trade HT on centralized and decentralized exchanges.
- Stake HT on the exchange, the HECO Chain, and yield-generating protocols.
- Send HT to both digital and hardware wallets.
- Get a 65% trading fee discount on Huobi.
- Get access to soon-to-be-listed tokens on Huobi.
Automated Trading Bot
Huobi’s programmable bot allows users to execute trade orders on their behalf. The feature can come in handy if users don’t have the time to check in on trading charts constantly.
Huobi Wallet
A non-custodial wallet for iOS and Android devices that supports cross-chain transactions and DeFi products.
Over-The-Counter (OTC) Trading
Huobi allows users to trade OTC contracts, often called off-exchange trading. OTC trading refers to private contracts negotiated between two counterparties outside the exchange and without the exchange’s supervision.
Huobi Mobile App: Is It Worth It?
Huobi is an official mobile app for users who want to trade on the go, available for iOS and Android devices. It’s user-friendly and has a series of pop-ups to guide users through the app. It also offers a market news section, real-time trading charts, and more.
Security: How Trustworthy is Huobi?
Huobi holds users’ funds in cold storage and has a 20,000 BTC insurance. In case of a hack, the exchange would reimburse affected users.
Users can also implement Two-Factor Authentication (2FA) and an option called Self-Initiated Account Freeze, which allows them to freeze their accounts if they suspect they’ve been hacked.
What Countries Does Huobi Support?
Huobi is available for most users across the globe, except:
- The United States
- New Zealand
- Canada
- Bangladesh
- Singapore
- Iran
- North Korea
- Sudan
- Syria
- Venezuela
Huobi has had trouble with the regulatory landscape worldwide. In 2021, the exchange had to close operations in Singapore to comply with local laws. So far, it has only received regulatory approval from the Gibraltar Financial Services Commission (GFSC).
How Good is Huobi’s Customer Service?
Users can reach customer support through 24/7 live chat and email. The exchange also offers a Help Center with a FAQ. Customer reviews are mostly negative. It scores 1.7 out of 5 on Trustpilot.
Some users praise the exchange’s long list of crypto products and trading features. Some others complain about poor customer service, problems with the verification process (such as repeatedly submitting documents to receive approval), or having their accounts frozen deliberately.
Final Thoughts, Is Huobi a Good Exchange For You?
In our Huobi review, most of the things we found are mainly positive, such as the vast amount of deposit options, trading features, and cryptocurrencies and fiat currencies supported.
But like any crypto platform, it has its downsides; it might not be the best option for beginners. The platform’s dashboard and trading charts can be overwhelming, and markets such as derivatives, OTC, and others are complex financial instruments that require several years of expertise.
Also, the fact that it’s not regulated by any entity has hampered the exchange’s ability to expand and serve other customers across the globe.
FAQ
Does Huobi offer sub-account management?: Yes, the platform allows users to create several sub-accounts by simply creating a name and verifying it with the code sent to your email address.
Does Huobi offer a demo account for beginners?: Huobi does not currently offer a demo account.
What’s the minimum deposit amount?: Minimum deposit is 100 USD, with no maximum limit.
What’s the maximum leverage for BTC and altcoins on Houbi?: Users can leverage BTC and ETH up to 200x and altcoins 5x.
Do I have to verify my account before using Huobi?: It’s not required, but you will run against withdrawal and trading limitations, so verifying your account first is recommended.
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