Huobi Review 2024: Is it the Best Platform for Your Crypto Trading?
TLDR
This Houbi review delves into the comprehensive analysis of the Huobi exchange, one of the leading cryptocurrency exchanges, to provide valuable insights into its features, fees, and overall trading experience.
Huobi is one of the oldest crypto exchanges that started in China in 2013. The exchange has moved to Singapore following the Chinese government’s resistance to the wave of cryptocurrency.
The exchange has regulatory compliance issues and has been banned from operating in several countries, including the United States and countries subjected to sanction by Singapore.
Huobi supports over 700 crypto assets and provides users with a seamless trading experience. The exchange also has high liquidity and employs top security features to protect traders’ assets. In addition, Huobi offers a low fee of 0.2% for trading and provides discounts through its native token.
Company Overview
Huobi is one of the numerous cryptocurrency exchanges that escaped the Chinese government’s crackdown on cryptocurrency. The exchange was founded and previously located in Beijing, China, when it started in 2013 and has now relocated to Singapore.
Huobi has a great market presence in Asian countries and rapidly expanding to other countries outside of Asia. Despite the change in location and location focus, it has retained its reputation as one of the crypto exchanges with the highest liquidity in the world.
Recently, the exchange has faced regulatory challenges after Bitwise Asset Management accused it of wash trading. The challenge has led to the closure of its US branch and offices in Singapore. Accounts for users in mainland China were also recently closed alongside its remaining Beijing-based entity and offices.
Despite all the numerous setbacks the company has faced, it is still standing tall in the crypto ecosystem. It currently serves tens of millions of users in over 170 countries.
Houbi Review: Who Should Use Huobi?
This section provides detailed information about who can use Huobi and the regions where it is available.
For New Users
As brilliant as the Huobi exchange is based on its available products and features, it is easily overwhelming for new users. The website and mobile app are complicated for new users to move around.
Although the exchange offers numerous bonuses for new users just opening an account. You can also get up to 40% commission for referrals.
The lack of unresponsive nature of the customer service center further complicates the challenge of non-easy navigation for beginners. This is a turn-off for most first-time crypto-exchange users.
Geographical Availability
Huobi has suffered several legal and regulatory challenges, limiting the number of countries it can operate.
It is restricted to citizens and residents of these:
- The United States
- Hong Kong
- Mainland China
- Venezuela
- Cuba
- Crimea
- North Korea
- Iran
- etc.
In more general terms, it is restricted from countries subjected to sanctions by Singapore.
It is important to determine if Huobi is supported in your region before choosing it as an exchange and what limitations exist.
Houbi Review: Available Cryptocurrencies
Huobi has an extensive number of cryptocurrencies supported on its platform. It currently supports over 700 crypto assets and is still adding more assets.
The list of supported cryptos includes well-known cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Tether (USDT)
- Tron (TRX)
- Huobi Token (HT)
- Huobi USD (HUSD)
- etc.
Houbi Review: Trading Experience
The exchange has a seamless trading experience. It is accessible using a web-based platform or mobile app compatible with Android and iOS devices.
In addition, to its easy accessibility, it also provides VIP account tiers to traders based on collected Huobi Experience (EXP) points collected. The EXP points are collected based on users’ trading volume and cryptocurrency holdings.
Based 0n the points collected, users can upgrade to the higher account tiers on the Huobi exchange – Advanced, Insider, Premier, Ambassador, and Partner.
What Makes Huobi a Good Choice?
There are several reasons why Huobi is a top choice among users. Here are some of the top reasons:
High Liquidity
One of the top features most crypto traders are always looking out for in crypto exchanges is liquidity. Huobi is ranked as one of the top-rated exchanges in the world with high liquidity. It can handle large trading volumes and provide narrow bid-ask spreads.
CoinMarketCap reported over $3 billion USD as Huobi’s 24-hour trading volume. Recently, the exchange has announced its intention to create a liquidity fund of up to $100 million. This fund will further support the exchange’s multi-currency liquidity and improve its trading volume and stability.
Top Security Features
Another reason why Huobi Global is a top choice crypto exchange for most users is its high-end security features. The exchange utilizes several security features to ensure the platform is secure for all users.
One of the layers of security that it uses is two-factor authentication. Aside from your secure password, you must enter an extra code sent to your phone for authentication.
Withdrawal lists are another security feature available for users. This feature allows traders to have a list of addresses for withdrawals. These will be the only addresses you can send crypto.
In addition, Huobi stores 98% of its crypto assets in cold storage, a physical device kept offline. This makes it harder for hackers to steal. The remaining 2% is kept in a hot wallet which can be used for trading.
Supports Fiat Currency
Most crypto exchanges do not support fiat currency, and traders are only expected to make deposits using crypto alone. This makes it harder for new users.
Huobi, however, allows users to make deposits through fiat currency. Users can deposit money using credit cards or bank transfers and purchase different crypto assets.
Houbi Review: Biggest Drawback
As amazing as Huobi is, it still has a few drawbacks that must be improved for a better customer experience.
Largely Unregulated
Huobi has had numerous country bans and restrictions. The exchange was reported to operate out of an unlicensed entity in Seychelles.
The regulation and legal sanctions facing Huobi have led to its ban in numerous countries, including the US and major parts of China. This minimal legal structure of Huobi has reduced the number of users that can register on the exchange.
Wash Trading Accusation
In 2019, Bitwise Asset Management accused Huobi of wash trading. This implies that Huobi is reporting more liquidity than it truly has. Although the exchange refuted this, the company’s lack of proper legal structure has not helped matters.
Following the accusation, the exchange has been banned in numerous countries and lost many users. This has also contributed to low trust among many crypto enthusiasts.
Trusted Partners
5
Fees
0.1 – 0.5%
Tradable Coins
600+
Payment Options
+ 3
4.7
Fees
0.01 – 0.10 %
Tradable Coins
100+
Payment Options
4.3
Fees
0.04% – 0.10%
Tradable Coins
145 +
Payment Options
How to Set Up a Huobi Account?
Here is a simple step-by-step guide to set up a Huobi account.
More details
For traders interested in exchanges with high liquidity, Huobi is a great choice. The exchange gives traders a low fee of 0.2% and gives addition discounts by holding the Huobi Token (HT). Huobi supports more than 700 crypto assets and have deposit and withdrawal of fiat currency. The downsides are regulatory compliance issues and bad customer support.
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High liquidity.
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Supports fiat currency.
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Low fees.
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High number of supported cryptocurrencies.
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Regulatory challenges.
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Wash trading accusation.
Step 1: Visit the Huobi Website
To start trading on Huobi, you must visit the official website.
Click the [Sign Up] button below.
Step 2: Enter your Details
The registration process for Huobi is straightforward. You are only required to enter your e-mail address and create a password.
Once you enter your details, select the [Click to Send] button, and you will get your account created immediately.
Step 3: Begin Trading on Huobi
After completing your registration process, the page leads straight to the trading interface. You can commence trading with your account.
Huobi Review: Top Features & Perks
Here are the additional features and perks that make Huobi a desirable exchange:
High Number of Supported Cryptocurrency
Users of this exchange have access to numerous supported cryptocurrencies. The exchange currently supports over 700 crypto assets, a lot to use for trading. It supports the most prominent coins in the market and even some less common types.
The wide range of coins available on Huobi makes it attractive to various crypto investors and traders who need to invest in specific high-yield coins.
This feature is further supported by the easy accessibility of buying crypto on the exchange through crypto deposits or fiat currency payments.
Low fees
Whether you are a beginner in crypto investment or have a high level of experience, trading fees are something to look for. When the fee is low, traders can maximize profits from their trading.
Huobi offers its users one of the best fees in the crypto market. It has a tiered fee model for both takers and makers. However, the fee for both categories does not exceed a 0.2% mark.
The low fee charged on the exchange makes it easier to carry out a higher volume of transactions and realize more profit.
Houbi Review: Exchange Services
Aside from spot exchanges, Huobi offers users other advanced trading services and functions.
Derivatives and Margin Trading
Huobi has an extensive exchange that offers investors more services other than just a regular trading platform. It has its own derivative products that support swap trading and futures markets. In addition to the derivative products, it is also one of the top exchanges that offers margin trading and lending.
Institutional Trading Accounts
The exchange provides equal opportunity for individuals and institutions to trade. It offers an institutional account for trading, which involves Over-the-Counter (OTC) and dark pool trading.
Smart Chain Analysis
The smart chain analysis service gives users insights and information about various blockchain assets. It also gives insight into over 50 trade indicators.
User Protection Fund
Huobi uses its profits to invest in a user protection fund, an insurance policy that protects traders against hacks and loss of assets. This service ensures traders can trade on Huobi without fear of losing their assets to theft or hacking.
Houbi Review: Fees
Huobi charges users a flat fee of 0.2%. Even this low rate can get even lower if the trader holds Huobi Token (HT). The more HT you hold, the higher the discount rate you will receive.
There are majorly two classifications of fees on Huobi; the general tiered fee structure and the professional trader tiered fee structure. The general fee structure is for normal use, from levels one to six, while the professional fee structure has 9 levels.
Generally, users with up to 5,000 HT can get up to a 65% discount, bringing down the fee rate from 0.20% to 0.07%. The professional fee structure uses a maker and taker fee model, and the maker fee starts at 0.0362% while the taker fee starts at 0.0462%. Like the general level, the fees decrease based on HT holdings and the trading volume.
Huobi Withdrawal Limit
There are certain withdrawal limits for traders using Huobi. The limit is lower for unverified users, while verified traders have higher withdrawal limits. Institutions that have advanced verification levels can also enjoy higher limits.
The current withdrawal limit for unverified users stands at 1 BTC per 24 hours, whereas verified users get as high as 100 BTC in 24 hours. The trading exchange calculates all the digital assets in BTC, and the withdrawal of all assets cannot exceed the maximum amount in BTC.
Huobi Token
Like most other exchanges, Huobi has its own native token used to leverage and govern the platform. Huobi Token (HT) was launched in 2018 and runs on the Ethereum blockchain.
The token was designed to be a loyalty and reward scheme for traders on the exchange. A total of 500 million tokens were created, and holders of the HT token enjoy numerous benefits on Huobi.
Token holders can use the HT to reduce the fee paid on trades significantly. The token can also be traded, and users can access new cryptocurrencies. As a token holder, you also have the right to vote on platform decisions.
Huobi Mobile Application
The giant exchange also allows traders to access their portfolios through a mobile application. The Huobi app is available for iOS and Android devices.
The mobile app’s functionality is similar to the web, and you do not lose out on trading actions. The app can be downloaded from Google Play Store and App Store.
Customer Support
Huobi has a vast customer support system. The exchange can support users through help tickets, a support center, e-mail, and live chat. In addition, the exchange can also be reached through its numerous social networks. Unfortunately, it does not have direct phone support for users.
Due to the diversity of the exchange, it offers its customer services in both English and Mandarin. Most user reviews place the customer support service on an average scale regarding response rate and solutions to challenges.
Improvements
There are a few areas Huobi can improve upon to further seal its position among the top crypto exchanges available.
- Regulatory compliance: Huobi has low regulatory compliance as it operates through an unlicensed entity in Seychelles. As a result, there are many countries- the exchange is not legally allowed to operate, including the US, Canada, Japan, China, etc. If the exchange gets more licenses, it will be able to operate in more countries and attractive to crypto users.
- Customer support: There is still room for improvement regarding Huobi customer support. The exchange needs to open more channels to meet the needs of its millions of users.
Houbi Review: Our Verdict
Huobi is more suitable for advanced traders as it provides many sophisticated features for trading. The top perks of the exchange include its deep liquidity and the vast array of supported cryptocurrencies.
The low fee and discount from holding the HT token also make it attractive to most crypto investors. Although, its lack of a strong legal and regulatory framework is somewhat worrying and limits its operating regions.
Huobi is reputable as one of the exchanges with the highest liquidity. Its use is popular among many crypto traders. Although it has regulatory compliance issues in many countries, it is also legal in numerous countries as well,
Users can earn money from Huobi through various options. The common options include reward and referral programs. Users can also earn through the futures trading contest with a total sum of 2,500,000 USDT.
Huobi supports both crypto and fiat currency withdrawal. Only USD is allowed for withdrawal, and there are limits for both crypto and fiat withdrawal.
Huobi has deep regulatory issues, which has caused it to be banned in several countries, especially countries subjected to sanctions by Singapore. Some countries, like Taiwan, Hong Kong, etc., are banned from derivative trading.
