Finding a safe and reliable cryptocurrency platform might be a challenging task for beginners. Novice traders will have to consider many factors. They will have to go through the features, price, security, supported currency, fees, customer support, and a few other things before going ahead with a decision. Huobi is worth considering since it is well equipped to create an all-in-one solution for users. It can enable users to trade safely and get the desired support whenever needed. Customers can use the available educational resources as well
Introduction
Huobi Partners With Nervos On A New Public Blockchain
Huobi is a cryptocurrency exchange platform. It had its origin in Beijing, but later it shifted to Singapore. The relocation happened due to the restrictions imposed by the Chinese government. The best thing about this platform is that it supports cryptocurrencies and ICO tokens. Also, it focuses on the growth of the Blockchain economy.
In addition to Singapore, it has officers in the USA, Hong Kong, Japan, and South Korea. Huobi supports more than a hundred cryptocurrencies. The traders can register, select the currency pairs, and exchange their preferred currencies without any inconvenience. Also, it offers advanced security features and enhanced support to win the trust of users.
Review from Customers
The overall rating of Huobi customer reviews is 2.1/5 stars. Most of complaints are security issues and account verification problems.
Huobi Background and History
The history of Huobi is dated back to 2013. A former oracle engineer obtained the Huobi domain and got the desired recognition fast. It attracted leading investors that include the Sequoia Capital group and grabbed the attention of the industry. Soon after the launch, it proved that a new platform might achieve the desired exposure with the right strategy. In a matter of three months, the exchange made a $4 billion turnover. Next year, it quadrupled its earning and became a reliable name for cryptocurrency exchange.
As supported by reviews, it had a $247 billion turnover in 2016. The amount is around half of the cryptocurrency exchange of the world. Huobi continued to achieve success even after China banned cryptocurrency exchange operations last year. After this move, Huobi decided to stop all its cryptocurrency operations in China. It relocated to Singapore. Since then, it works consistently to win the trust of users from different parts of the world. Huobi focused on globalization and started exploring Koreas, Russia, Japan, and other crypto markets.
Features
User-friendly Interface
The interface can be perfect for both novice and experienced users. They can easily navigate this exchange without any additional support. The elegant look and visually appealing interface, and improved functionalities make it the best for beginners. They can use all the advanced features without any confusion. As there will be proper charting tools, price feeds, and structured data, users can navigate the exchange fast.
Versatility
The Huobi platform helps users with multiple order types. Users can expect market orders, limit orders, and stop-limit orders. Also, there will be enhanced support for margin trading in LTC and BTC with a fee of 0.1% and 5x leverage for twenty-fur hours. Also, it is compatible with multiple platforms that include Windows, Mac, Android, and iOS.
Enhanced Security
Security is one of the key factors to attracting more users. Huobi meets this requirement. Yes, users can get robust security compared to others cryptocurrency exchanges. It has its main office in Singapore. It is worth mentioning that Singapore has advanced security features for crypto startups. There will be many security mechanisms to prevent any security threat. Users will have 2-factor authentication for their authentication app and SMS.
Flash Trade
Flash trade makes Huobi a preferred exchange for many. It has a chart index, an order book, and also a market chart. With the flash trade facility, users can consider the real-time trading volumes during the time of high instability.
Customer Support
Customer service can help users with the much-needed support. Without the required assistance, users might find themselves confused. However, they will not experience this issue with Huobi. Its customer support is easily accessible, and the staff addresses any issue immediately as well. Customers will get the answer within an hour.
| Exchange Name | Huobi |
|---|---|
| Fiat Currency | No |
| Withdraw to Bank | No |
| Payment Type | Crypto |
| Trading Fees | 0.04% |
| Non Supported Countries or Places | China, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol and the U.K. |
Comparison
How to Register with Huobi
The process is simple and will not demand a lot of time and effort. However, users might find it hard to choose the exchange version. There are separate versions for different locations. Users need to find the correct version based on their locality. After this, they will have to click on the signup tab to go to the registration page. On the registration page, they will have to enter some basic details. The page will ask about the country, phone number, and email id. Apart from that, they will have to choose a strong password.
After the registration, customers will receive an auto-generated activation email at the given email address. They need to click on that mail to activate their accounts. Once the account is activated, Huobi will start the verification process. During this, users will have to upload some ID proofs. They can upload military certificates, passports, social insurance numbers, driver’s licenses, etc. Apart from that, they will have to upload a selfie and a government-issued document. Also, users need to attach a copy of the last three deposit transactions. If the verification is successful, registered users can access the trading page. They will have crypto coins attached to the page.
Service
Board Coverage
Users can expect an extensive list of digital currencies on this platform. The exchange focuses on more currency pairs to attract users from Asia. With an inspiring currency list, it has attracted more users from the leading crypto trading destinations. Some of them are Singapore, China, and Korea.
User Protection Fund
Like any leading cryptocurrency exchanges platform, Huobi protects the interests of its users with the User Protection Fund feature. The fund works as an insurance policy to protect users from hacks, thefts, and similar incidents. The wallets of users will be safe from any unforeseen event. With this insurance cover, users will feel safe. If anything goes wrong, they can have their funds back. It is a user-friendly feature and is absent from many leading cryptocurrency exchange platforms.
Margin Trading
The Huobi platform founders have gone a step further to safeguard the interests of its users. They think that it might not be enough to create an exchange platform. They incorporated some advanced features to enable users to make more from this industry. The margin trade is a step in this direction. The platform developed derivative products for future markets and swap trading. Soon after launching the products, it emphasized margin trading. Currently, it provides support for margin lending and C2C.
Smart Chain Analysis
This unique addition offers value-added functionality on this exchange platform. Users will have insights into the assets of blockchain. Also, they can have above fifty trade indicators. All these will help them to make profitable decisions.
Institutional Trading Accounts
Huobi has achieved global recognition and desired success within a short period. It has grabbed the attention of traders and institutional investors from all over the world. Also, it has introduced a separate desk to meet the trading needs of institutional traders. The trading desk will cover dark pool trading and over-the-counter trading.
API
The global users of the Huobi can code their respective trading bots through the API key of Huobi. Alternatively, they can reset API to trade with the API of Huobi. To start working with Huobi, users will have to create an API key, and they should maintain the secrecy of the key to prevent any security threat.
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What Makes This Platform Worth Considering
First of all, it is super easy to navigate and loaded with many advanced security features. Customers can use it in ten different languages. Also, the signup process will not take more than five minutes. After the verification, users can start trading. They can easily access all the crypto assets.
Apart from that, it helps users with an extensive FAQ section. Users can go through the informative and educational articles to know more about trading. As mentioned earlier, the highly intuitive interface will display all the features cleanly to ensure easy navigation. The data analysis, charts, live price fluctuations, and price movements will enable users to make better decisions.
Additional Things to Consider
Pricing
Registered users will need a minimum deposit to start using this exchange platform. To help customers with better services and advanced features, Huobi has set a minimum deposit of 100 USD. However, there will be no maximum limit for USD deposits. Also, there will be no fee on deposits. The minimum deposit for BTC is 0.001BTC. Even if the platform does not charge on deposits, there will be a withdrawal fee. That is known as the mining fee. Yes, they will use the mining fee to pay for network services. But the amount will be minimal and ignorable. It will range from $1 to $28 based on the chain.
The trading fees are reasonable. Also, the exchange will not distinguish between taker and maker. It charges a 0.2% flat rate from both makers and takers. But the trading fee can be only 0.1% on the sliding scale based on the trading volumes.
Support Countries
Huobi has attracted users from 194 countries. Yes, it has become a global name within such a short period. It is available in Asia, Europe, Africa, and Oceania. Some leading countries are Australia, Germany, UK, South Africa, United States, China, and Thailand.
Exchange Market
As mentioned earlier, users will have extensive support to exchange cryptocurrencies on Huobi. The support will be impressive with HADAX alternative exchange and Huobi Pro. On the Pro only, there are more than 100 cryptocurrencies and tokens. There will be additional support from the HADAX alternative exchange. It can help to trade more than hundreds of small alt tokens and coins. However, users will not get any support for fiat currencies. After China imposed the ban, many exchanges have stopped supporting fiat currencies.
Security
Users can expect advanced security features from this leading cryptocurrency exchange. It focuses on improved distributed system architecture. Apart from that, its ninety-eight percent assets are safe on multi-signature cold storage wallets. That means these assets will not be accessible online. As a result, the security threat will be minimal to nil. During this journey, Huobi has not witnessed any security breach. The record proves that Huobi is a reliable and safe platform to exchange cryptocurrencies.
Real-time Support
The customer support is worth appreciating. Users can reach out to customer service through the telephone. Apart from that, they can use online chat and email tickets to satisfy their curious mind. Furthermore, the exchange has many messaging apps and social network site accounts. Users can get benefits from the extensive support group. When it comes to email tickets, the response time will be only two to three hours. Also, users find the customer support team friendly, professional, and helpful.
Overall Scores
Huobi Mobile Application
Users can also use the mobile application of Huobi. It has a robust mobile app that is compatible with Android and iOS devices. The mobile app will enable users to trade whenever they want. Also, the application is easy to navigate. Users can expect the same functionalities and features as the desktop version. The best thing is that users can use the mobile app to register and verify the account. In brief, they can use the mobile application to register and trade on this platform safely and conveniently.
Pros
- User-friendly and easy-to-navigate interface
- Extensive support for exchanging cryptocurrencies and tokens
- Improved security to prevent any threat
- User Protection Fund to safeguard the interest of users
- Friendly and responsive customer service
- 24/7 customer support
- Mobile application and compatibility with Android and iOS devices
- One can start trading with a 100USD minimum deposit
Cons
- Lacks support for withdrawals and fiat deposits
- Users might find the verification process time-consuming
Conclusion
The cryptocurrency market is volatile, and any wrong decision can make traders lose all their hard-earned money. Therefore, they will have to choose a reliable and reputed exchange platform to minimize the risk significantly. As per this Huobi Review, it has received appreciation for its user-friendly features, advanced safety, minimum deposits, and real-time customer support. Traders can give it a try and make more from the cryptocurrency industry. The User Protection Fund will work as insurance and can protect from an unexpected security breach.
