Huobi Global is a Singapore based cryptocurrency exchange founded in the year 2013 following the then increasing adoption of blockchain and cryptocurrencies, plus the need to have platforms where various crypto coins and tokens could be traded. Huobi as a word in Mandarin means “currency” which literally explains Huobi exchange as a currency exchange platform. To give you a better understanding, read this full Huobi exchange review below.
About Huobi Exchange
From 2013, the year of its establishment till6 date, Huobi has been constantly evolving more than most other major exchanges in its time in the market. Prior to the crypto regulatory crackdowns in China, Huobi accounted for nearly 90 percent of bitcoin trading as it was among the top three crypto exchanges than in China, and as a matter of fact, the largest and most active crypto market in China.
Fast forward to after the Chinese ban on crypto and bitcoin trading, Huobi remains focused on new business models that enable more crypto-to-crypto trading, has launched services in the US and equally is rebranding and upgrading with newer exchange trading models like decentralization and peer-to-peer trading.
Currently, Huobi still ranks among the world’s top 10 largest exchanges by trade volume, and also ranks high in other relevant areas like prestige and market liquidity, with over 510 verifies active markets, over 20 unverified markets and over 90 cryptocurrencies listed on the exchange.
Huobi exchange was made as a crypto exchange for cryptocurrency adopters and traders, to be a platform where coins could be easily exchanged for other coins. Although Huobi is a global cryptocurrency exchange, it’s the focus is on the Asian markets, with its offices in Japan, Korea, and Hong Kong as well as a head office in Singapore. However, the Huobi China office has been maintained as a blockchain consulting and research platform.
Is Huobi safe?
Huobi has been in operation since its establishment in 2013 and has not had any major security breach, hack or loss of user funds. They are seen as following the cryptocurrency exchanges industry’s best practices when it comes to security as they keep an estimated 98 percent of used finds in cold storage at any given time and also has an “investor protection fund” which can be used to reimburse affected users in the event of a hack.
Is Huobi Pro legit?
Yes, Huobi Pro is and remains legit and safe from popular reviews and ratings. Huobi Pro is one of the active partners of Huobi Global.
Huobi has wallets made available for all coins and tokens supported and trading in the exchange. Each individual user has a specific wallet for each coins and specific public and private address allocated to them all too.
Huobi has a trading fee of 0.2 percent on each trade made by both makers and takers for a trading volume of less than 5 million. It’s trading fees reduces with an increasing trade volume, and gets to 0.015 percent for makers and 0.025 percent for takers when trading volume is up to 300 million and above.
Withdrawals and Deposits:
Huobi Global has a no fiat feature for deposits and withdrawals, it only accepts cryptocurrency deposits and also allows cryptocurrency withdrawals for all its users though it has a fiat trading feature, where some coins like BTC, ETH, and XRP can be purchased using fiat through credit cards, debit cards, etc. There is no fee charged on both it’s deposits and withdrawals. Its deposits and withdrawals are done in a matter of minutes, although the number of confirmations varies with cryptocurrencies. Also, withdrawal limits exist and vary too with various accounts, based on the cryptocurrency being withdrew and if the user is a verified user.
This is another important feature in the Huobi Exchange review. Huobi has a nonstrict KYC/AML requirement feature available. This means that not all users are required to undergo verification, although that Huobi reserves the right to demand verification from any of its users on the event of any special case or to unlock higher withdrawal limits on daily withdrawals.
Huobi also has an app that makes trading on it lots easier for its users. The app is available for Windows, Mac, iOS, and Android.
In taking a Hobo exchange review, it’s regulatory obligations is also a major factor to be considered. Huobi Global is incorporated in Seychelles and is regulated according to the Seychelles regulatory requirements. Using Huobi makes you responsible for ensuring you go by the relevant laws and regulations enacted by your own jurisdiction which Huobi may not be legal or regulated in.
Huobi Global has partners globally and has few other exchanges being run by their partners. There is the Huobi Pro, the Huobi HBUS, which is their US strategic partner, Huobi Korea, and Huobi Pool Eco Exchange.
In this Huobi exchange review, one of the major features liked by its users remains it’s 24/7/365 customer service, followed by its access to a wide range of crypto coins and tokens, and also, it’s pre-trade education programs for new users. Its cons remain majorly the fact that they are loosely regulated, making trading on Huobi Global done largely on user’s risk, plus the fact that they have been previously accused of falsifying trading volumes on the exchange.
USING A HUOBI ACCOUNT
To create an account, you first go to the exchange’s website – https://www.huobi.br.com, click on “create an account”, fill in your details correctly, especially your phone number because you won’t be able to change it after the stage, send your details, then confirm your phone number and email.
Ensure you secure your account first by choosing a strong password and also activating 2FA.
You can then deposit by going to “Balances”, selecting the currency and copying the address.
In withdrawing, you also go to “Balances”, select the currency, key in the address and amount and click on “withdraw”. Input the codes needed when the security authentication box pops up and then click on “confirm”.
To trade, you click on “Exchange” to take you to the markets page which features an order book, price chart and buys/sell/stop limit options. You then choose your desired currency and either buy or sell them.
ALTERNATIVES TO HUOBI
In this Huobi exchange review, we will also display some alternatives to Huobi Global based on size, volume, liquidity, and a number of coins supported. They include Coinbase, Kraken, Coincheck, Koinim, RippleFox, Nock and OkCoin.
This Huobi exchange review shows that Huobi exchange is a safe and solid exchanging platform for a wide range of cryptocurrencies. It has a great user-friendly interface, strong storage, an intervention fund for users in case of negative eventualities and also an exchange application available for Windows, Mac, iOS and Android devices.
Wrapping up, notwithstanding the loose regulatory constraints and other cons Huobi might seem to possess, it is still a wonderful exchange to trade on and one of the highly recommended amongst other cryptocurrency and digital assets exchanges.
Huobi Exchange Review
Huobi is a cryptocurrency exchange based in Singapore that was founded in 2013. Focused on crypto-to-crypto trading, this massive exchange ranks among the top 10 largest exchanges in the world.
- Exchange Fees
- User Interface
- Easy to use exchange for beginners
- Low exchange fees for trading
- Solid security means your coins are safe
- KYC takes some time to verify new accounts
- Withdrawal limits are low
- Leverage for Margin is low
Jesus Cedeño is a certified doctor turned cryptocurrency expert, writer, and investor who lives in New York City. Jesús specializes in cryptocurrency product reviews, tutorials & technical analysis. Follow him on LinkedIn to stay up to date on his latest work on blockchain, decentralization and crypto investments.