As the cryptocurrency market is growing, numerous exchange services have entered the arena. Each presents a different mix of fees, trading pair, geographical limitations, and user interfaces.
Today we are going to discuss about one such cryptocurrency exchange – Huobi
About Huobi Crypto Exchange
Huobi is an advanced digital currency trading platform. It is operated by HBUS Holdco, Inc. (“HBUS”), a U.S. company and strategic partner of Huobi Global. Huobi wants to be regarded as one of the world’s largest digital asset trading and management service providers instead of only a cryptocurrency exchange. Users can exchange crypto for crypto, including the USDT token.
Huobi claims to have reached a record amount of 380,000 BTC traded daily on February 25, 2014. this crypto exchange has the mission to make the whole financial vertical more efficient and accessible to everyone.
Exchange has developed its own token – Token Huobi (HT).
Huobi CryptoExchange History
Huobi was founded in 2013 by Leon Li after raising a $10 million venture capital investment from Sequoia Capital. In September 2017, China banned bitcoin exchanges. Huobi officially shifted to Korea with a new headquarters in Seoul, South Korea. The portal has its offices in the US, Korea, Japan, Hong Kong, Singapore, and another 130 countries located across the world.
Earlier to the ban, Huobi was only concentrating on Chinese market. When China was out of crypto market, Huobi had to reinvent itself. Huobi began to globalize its platform.
The China office however, continues to operate not as an exchange but as a blockchain consulting and research firm.
Why Huobi?
Huobi is a multi-purpose cryptocurrency exchange with a variety of Altcoins and ERC20 tokens paired across BTC, ETH, USDT and Huobi’s own token, HT. This exchange page can Buy and Sell BTC, ETH, USDT and EOS coins.
Huobi’s UI is user-friendly, clean, and perfectly designed with all the basic requirements for a crypto-trader. The charting software comes with Tradingview
Trading on Huobi is quite liquid. Funds can be withdrawn quickly into your wallet.
Huobi Verification
As any other exchange platform, Huobi also requires traders to create an account and this account needs to be verified. The verification process is quite taxing as compare to other platforms.
The website is in Chinese but foreign traders can register. You have to provide personal information and complete email verification process. There is a name verification process. The account name should match with the bank account. After this verification, there is a nationality verification. The user has to submit a photo along with his identity card.
The exchange accepts two FIAT currencies – Chinese Yuan (CNY) and US dollar (USD) along with two digital currencies – Bitcoin (BTC) and Litecoin (LTC).
Fee Structure
- Trading Fees – Huobi charges 0.2% trading fee on any coin pairs.
- Taker/Maker Fees – As in any exchange platform, Taker fees are charged when liquidity is removed from the exchange’s order book while Maker fees are charged when adding liquidity to Huobi’s orderbook. Huobi has set a flat 0.2% for all trading coin pairs.
- Discount Fees – Huobi offers 10-50% discount fees to VIP traders. VIP status depends on no.of Huobi Token in the account.
- Deposit Fees – Huobi does not levy any fees on Deposits.
Trading
The exchange offers the following order types:
- Market order
- Limit order
- Stop Limit order
Margin trading is available for BTC and LTC with 5x leverage and a 24-hours fee of 0.1 percent.
How to Access Huobi Exchange?
Huobi Exchange provides both Web platform as well as Mobile platform. The app comes for both Android and iOS. The only drawback is web platform optimised for mobiles is only in Chinese language.
The Huobi web platform has a modern feel and provides a smooth user experience, thanks to its clean layout and responsive interface. Similarly, The app follows several steps for user authentication, with fingerprint and security patterns available.
Our Take on Huobi
It continues being one of the safest exchanges and with greater liquidity of the market its main new characteristics are,
- Mobile application for Android and Ios.
- Optimum security level.
- Increase of negotiation pairs.
- Offers negotiation by margin.
- It has new banking associations in Russia.
- In the United States personal contract that offered financial solutions in banks.
In general, this is one of the exchanges that remained constant, although in the past it has been accused of inflating values for personal benefit. Huobi exchange is growing and expanding its services into many countries. Also, huobi working on its progressive way.
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