Exchanges

Huobi Review: One of the World’s Largest Cryptocurrency Exchanges

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Huobi was launched in 2013 as one of the few exchanges in China. Starting out small, they have grown in size considerably since then and now operate through several different organizations depending on their location.

Huobi’s story begins with Leon Li, a former Oracle engineer who decided that was enough in 2013 and bought the Huobi domain before trading BTC later that year. Quickly and ready to capitalize on the momentum created in the emerging bitcoin market, Huobi’s angelic investments came from top locations including the now legendary Sequoia Capital group.

To prove that this is not a problem, Huobi gained Mt Gox market share of more than $ 4 billion in sales three months after its commissioning. By 2014, the company’s sales had more than quadrupled, proving that there is a real need to trade digital assets in Asia.

For many, the cryptocurrency bear market in 2014-2015. It was a great success. Exchanges such as Mt. Gox, turned into a handful of drama as other newbies struggled to find the right formula to attract traders. Meanwhile, Huobi was busy beating out its rivals. In 2016, the exchange reached $ 247 billion in revenue – yes, you read that right – just over half of the global digital asset exchange market share.

Of course, cryptocurrency is unpredictable. If you’ve been in this industry for a long time, you probably remember how China launched the Cryptocurrency banhammer on the eve of the summer of 2017. In a sudden move, the world’s most populous country decided to stop trading crypto, which meant that Chinese exchanges like Huobi had to pause and come up with a plan. B.

At this point, the stock market had moved to Singapore and it seemed to be undergoing a soul search. Until then, Huobi had always focused solely on the Chinese market. Now that China is gone, it had to repeat itself if it wanted to survive now. Realizing this, Huobi began to globalize its platforms, starting with Japan, Korea, Russia, and large international exchanges.

Its efforts have not been in vain. The Huobi team knew they had a formula for success: their trading machine was fast, the user interface was clean and responsive, and the security of trading was top-notch. The problem was that the non-Asian public had little faith in the crypto exchange and had never tried.

Binance’s success likely led to the opening of an international market for Huobi. Originally a Chinese exchange, Binance has become so popular and reliable that other Chinese exchanges look less suspicious. After spending so long in the room called Huobi this has certainly helped attract an international audience. Additionally, the launch of the Huobi token and, more recently, the Huobi IEO Spotlight platform have helped draw more attention than ever to the exchange.

Huobi’s rebirth after the mystery of 2017 was finally confirmed: By the end of 2018, the exchange’s turnover surpassed $1 trillion, securing the position of one of the top three cryptocurrency exchanges in the world. The exchange has grown almost unprecedented over the years, which is why Binance strives to be recognized as the largest crypto platform in the world. However, Huobi has a huge advantage over the others: Since its inception, Huobi has not been as compromised as almost any other exchange.

Overall, Huobi’s famous cryptocurrency history, combined with world-class security, a simple and elegant user interface, and an international package, is an essential exchange for the modern cryptocurrency trader. Huobi certainly has more to offer than meets the eye. So let’s take a closer look at the offerings on the stock market.

Opening an account

Unsurprisingly, opening an account with Huobi is easy. The only thing you should pay close attention to in the first place is which version of Huobi you need. It depends on your country of residence. For the most part, the answer is Huobi International, but for Americans, the answer is Huobi US or HBUS. Regardless of the site you choose, always double and triple-check your web address to avoid phishing.

Of course, choosing the right Huobi site can be a bit trivial. Huobi.com, hbus.com, Huobi.pro and hbg.com are: which site is correct? The answer is everything. I Hope Huobi management clears the current domain name replacement that is preventing users from accessing scam websites.

Once you have selected the version of Huobi that best matches your citizenship, the first thing to do is to press the “Register” button in the upper right corner to get started. The standard message is displayed as basic information:

After entering the required information, you will receive a confirmation email in your inbox asking you to click. Once done, you will be returned to Huobi, where your account will be ready for use. Some things to consider are your personal security and choosing a strong, easy-to-remember password. Okay, no problem – once you’ve set up 2FA for your business account and password protection, you’re good to go.

If you go into Huobi Markets you’ll find an interesting feature that is great for beginners. Basically, a clear summary is attached to each item that is saved. What is the coin offering, what is its purpose – Huobi covers it all to make the cryptocurrency buying process manageable. Of course, you should always do your own research, but these routes are harmless.

Features and services

Wide variety of trading pairs – With Huobi, you never have to see the same digital asset twice unless you want to. This is because the exchange offers a wide range of trading pairs that you, as a Westerner, are unlikely to be familiar with. When choosing Huobi, great attention is paid to Asian projects, and as a result, many up-and-coming coins from Korea, Singapore, and China are often planted for the first time.

On-the-spot customer service: it’s crazy how quickly Huobi responds to customer complaints. They often expect a response within an hour if Huobi is contacted with account problems. This fast response time makes it much higher than any other exchange.

Huobi User Protection Fund

Like SAFU Binance, Huobi donates profits to its User Protection Fund as insurance against hacking, theft, and other unforeseen events that affect users’ wallets. As a customer, this is a huge benefit as you can be reasonably sure that when something is under your control you will be safe and sound as Huobi will likely give you your rights back.

Institutional Trading Accounts

As one of the largest exchanges in the world, Huobi attracts the attention of investors and institutional accounts around the world every year. Because of this, Huobi has created a separate trading post for institutional and corporate users covering OTC trading and a little-known group.

Derivatives Trading

Under pressure from other major exchanges, Huobi also launched its own derivative products into the futures and swap markets.

Margin Trading

In addition to trading derivatives, Huobi has become a leading provider of margins and C2C lending.

Fees

Huobi is very competitive when it comes to transaction fees and this has a lot to do with the smart transition to a token-based national economy like KuCoin, Binance, and Bibox. The Huobi Token, or HT for short, gives users the right to halve their transaction fees, make platform management decisions, and participate in IEOs.

With HT, platform costs can be easily reduced. Just save HT to your wallet and select the option to use HT to pay for transactions in your dashboard. You can now enjoy a significant discount over the standard rate:

Maker fee, 0.2%

Taker fee, 0.2%

Using HT,  each of these fees is cut by half. Alternatively, you can book a VIP membership, which will reduce the same fees by up to 65%.

Is Huobi Safe?

Absolutely. Huobi has been a major cryptocurrency exchange since 2013 and has gained an excellent reputation during this time. It first raised funds from world-renowned venture capital firm Sequoia Capital to give you a feel for the company Huobi has worked with in the past.

Huobi uses the latest security features to exchange client funds stored in dedicated multi-signature cold wallets and monitor the system 24/7. The exchange also has a 20,000 BTC security reserve fund.

Over the years there have been several incidents where customers lost a small amount, but the company responded quickly and gave them a full refund which is always a good sign.

The pro and the Con

Overall, Huobi offers an extensive trading experience which confirms its high reputation as one of the leading cryptocurrency exchanges. Convincing exchanges isn’t easy, but Huobi does it with instant customer service, fast and smooth handling, and very secure exchanges with multiple account protection options.

The only thing they don’t like is that some aspects of the exchange aren’t clear. The glut of domain names and the complex representation of VIP membership versus the Huobi token makes it difficult to analyze the best option. It’s strange that Huobi even takes care of the VIP membership because he can just pass all the benefits of HT on to different levels (like Binance does).

Despite these shortcomings, Huobi works where it matters, giving us access to tokens from the Asian market that we might not otherwise feel comfortable with.

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