Huobi Exchange
Today we’ll talk about the largest global cryptocurrency exchange, Huobi. Huobi, which is most popular among Asian crypto audiences. Systematically raking as one of the world’s top ten largest exchanges due to its trade volume. Basically, we have provided the Huobi Global Exchange Review to all of you and tried to explain the prominent features.of this crypto trading platform.
Lets’s move onto the Huobi Global Exchange Review.
Basic Information
Huobi exchange review starts with its basic information. It is a Chinese web platform. It was founded by Leon Li in 2013. Most notably, it is a beginner-friendly platform and mobile apps also available. It has recently made different brands. Todays its major offering is Huobi Global. The global crypto exchange is offering to trade with wide support for many altcoins and a large variety of stablecoins. Moreover, it includes its own invention – HUSD, a USD-backed stablecoin. Huobi also has token Huobi Token or HT. Actually, now they are trying to market as a utility token. So, they are working hard to promote their use. And that is especially for competitions, fee discounts, voting on certain matters and many more.
Perhaps, many of us know, after the termination of BTCC, Huobi has gained popularity. As we mentioned that all popular fiat and cryptocurrencies are available here. But the main pair is BTC/CNY. The official website has 12 languages. The average amount of trading per day reaches 127,000 BTC. That makes Huobi exchange the third-largest in the crypto industry. For more information, the Huobi coin can be bought only on the platform for BTC, BTH, ETH, ETC, LTC, and USDT. Now, this is little bit basic information about Huobi exchange. We have started Huobi Global Exchange Review with- Performance on Trdaing, Mobile App, Huobi fees and so on.
Performance on Trading
Like the other decentralized exchanges, Huobi also allows us to buy and sell cryptocurrencies peer-to-peer. But, these options yet to gain adoption from traders. So, it is still an innovative technical feature.
If anyone is a margin trader, Houbi has a separate platform specifically for this. You can see the ‘Margin’ in the header section. The amount of leverage you can have varies from coin-to-coin. For example, BTC is around 3x. Compared to other margin trading platforms, this is low. Nevertheless, it is an attractive option for potential users.
User Interface and Mobile App
Huobi mobile app for iOS and Android are available. Similarly, the Huobi mobile app features most of the functionalities available on the web platform also. You can even complete tasks like account registration and verification directly via the app. In Google Play, the Huobi Global app has an average rating of 4.1 stars out of 3,730 reviews. However, in December 2018 and January 2019, some users have said that the Android app won’t let them login due to an error with Captcha. On the Apple App Store, Huobi boasts an average rating of 4.9 stars out of over 4,800 reviews.
Is it Trustworthy?
In contrast to other exchanges, Huobi receives a favorable score. First of all, it is incorporated and operated from Singapore. As we all know crypto regulations are advanced there. And promote blockchain startups always. Second, Huobi does provide users with multiple ways to safeguard their accounts. Although it is not enough. Essentially, 2-factor authentication is available using both SMS and authenticator apps. The platform does not require any special confirmation if the account is logged into from an unfamiliar IP address or location. There is no option to whitelist addresses for asset withdrawal, allowing funds to be sent to any address input.
Furthermore, Huobi was never hacked. Even though they do present a lucrative target for attackers. Meaning, Huobi has adopted a decentralized exchange structure, which helps to resist DDOS attacks. And we believe the exchange takes these threats seriously and does everything in their power to protect the exchange from hackers. Also, Huobi does store user funds in cold storage to restrict access to them. Actually, the exchange stores around 98 percent of funds in cold wallets.
Huobi Fees
Huobi has a 0.2 % fee that applies to both market makers and takers for amounts between $0 and $5,000,000 over the course of a 30-day period. In comparison, other top exchanges like Binance have 0.1 percent fees. Actually, it has a fair trading fees structure and easy to remember also. Meanwhile, GDAX has 0.3 percent fees.
In January 2019, Huobi Global launched a tiered fee structure that significantly reduces fees for higher-volume traders. This is relatively competitive when compared to other exchanges. Users also have the option to reduce trading fees on Huobi by becoming a VIP member. This involves paying a monthly payment of HT, which varies depending on the membership level (1-5).
Like most exchanges, Huobi has no fees on deposits. However, Huobi does have withdrawal fees minimums that vary from coin-to-coin. For example, withdrawing Bitcoin (BTC) costs 0.001 BTC, with a minimum withdrawal amount of 0.01 BTC. For Tether (USDT), the flat fee is 5 USDT. And the minimum withdrawal amount is 20 USDT. Overall, the meaning- Huobi fees are generally higher than most exchanges for lower withdrawal amounts. A few exceptions exist. For example, TUSD has a withdrawal minimum of $20 but a withdrawal fee of only $2.
Customer Support
If you talk about Huobi customer service or support that is excellent. Users can access 24/7 live chat, F.A.Q via the help center. Moreover, if anyone face any issues, they can also open support ticket. So that, their issues will resolve by a real expert representative.
Despite Huobi’s Asian roots, it is strongly committed to providing global operations teams. So, they can support its users in other major countries. Likewise, the Huobi team regularly posts important updates in multiple languages. Especially, they post on its dedicated Medium account blog and ZenDesk.
Customer Experience
Huobi’s User Experience is exceptional when compared to other altcoin exchanges. The website itself is easy to navigate and strikes a nice balance between functional, visually pleasing and elegant. The customer service surprised us, in a good way – the live chat representative became available very quickly. They did their best to answer our questions. However, they still have some things to improve, mainly revise descriptions of some sections. Such as Fees to make them more understandable and consequently reduce support tickets.
Conclusion
So, the Huobi exchange successful to manage and build-up a platform. The exchange offers a wide variety of coins to trade across many markets, and many users choose to place their funds and trust with the company. Huobi’s OTC exchange is one of the feature, which hasn’t currently seen anywhere. But, it’s feature is becomming popular. Like other decentarlized exchange, OTC exchange allows users to trade funds peer-to-peer. The benefits of OTC exchanges are that they don’t affect the market price of the underlying asset. Now to celebrate, the Supreme Court lifts the ban on the crypto and Holi Festival, Huobi designed this bounty program exclusive for Indian nationals. In this way they want to expand their business among the Indian community. Most notably, the total giveaway for this program is $3000 worth of HT. Which is quite interesting to all Indian crypto communities.
Blog by
Tushar desale
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@tushar_desale
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