The Huobi Exchange was founded in May 2013. Huobi was one of the most popular exchanges of China’s cryptocurrency market, which, like other trading platforms of this country, became a victim of the authorities policy against digital assets, and in October 2017 was forced to close. The exchange was opened again under the Huobi.pro brand. The Huobi.pro domain was registered on March 19, 2017. The exchange has its own token — Huobi Token (HT).
After relaunching the site was reoriented to world markets. It is headquartered in Singapore and managed by the Huobi Group, the leading blockchain asset solutions provider which is serving millions of users from more than 130 countries and regions. The company’s offices are located in Singapore, the United States, Japan, South Korea, and Hong Kong. The exchange has its own token — Huobi Token (HT).
Registration and Verification Process on Huobi Exchange
The Huobi Exchange registration process is not as simple as one would hope. After completing the registration form, you will receive the initial e-mail with the confirmation link. Then comes the verification process during which you must specify your real name and personal details. Since the account is linked to a bank account, user name must be the same as the name of the bank account owner.
For completing verification you need to upload the copy of your passport and the copy of the document, confirming your residential address. Chinese citizens can verify their identity by providing a passport, ID card, military ID or driver’s license. It is also necessary to send a photo with this document in hand and a screenshot of the last three deposits. The final stage of the verification process is phone number validation. A guideline how to do this is available only in Chinese.
There are three types of orders on Huobi Exchange:
- Market Orders. Sale and purchase of coins at market value;
- Limit Orders. The order is executed once the price set by the trader is reached;
- Stop-Limit Orders. This order starts when a predetermined ‘stop price’ is reached.
Margin trading for Bitcoin and Lightcoin with a leverage of 1 to 5, as well as real time trading (flash trading) are also available on Huobi.
Initially, the trading platform supported only Lightcoin and Bitcoin. Currently, Huobi’s list contains about 150 crypto currencies, as well as the U.S. dollar and the Chinese yuan.
Deposit & Withdrawal Options
US dollars deposits can be placed via bank transfer or MoneyPolo (formerly OKPAY) payment system. The bank transfer commission is 1% of the deposit, MoneyPolo — 1.5%. The withdrawal of funds in dollars is also possible both through bank transfer (the withdrawal fee is 1%, at least $ 33) and through MoneyPolo. RMB depositing is free, the withdrawal fee depends on the VIP level of the user. The withdrawal of funds is also available in Bitcoins and Lightcoins — the commission is 0.0001 BTC and 0.001 LTC.
Cryptocurrencies Supported by Huobi Exchange
According to a review from Coinmarketcap (CMC), the Huobi Exchange supports 142 cryptocurrencies, including such popular coins as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ethereum Classic, Dash, OmiseGo, Tether, Ripple. The top ten crypto currencies that bring the largest turnover are Bitcoin, EOS, IOStoken, Qtum, Ethereum, Ripple, aelf, VeChain, and Bitcoin Cash.
The commission depends on the currency used and it’s trading volume. A trader who places an order pays 0.1% of the transaction amount. Anyone who closes a deal pays a commission, depending on the currency’s trading volume for the last month.
When operating with US dollars, the commission is calculated as follows:
- Up to 50 BTC — 0,2%.
- From 50 BTC to 0.18%.
- From 200 BTC to 0.16%.
- From 600 BTC to 0.14%.
- From 1500 BTC to 0.12%.
- From 5000 BTC — 0,1%.
- From 10,000 BTC to 0.08%.
RMB trading fee is 0.2% of the transaction amount. The withdrawal fee depends on trader’s status (VIP) on the Huobi platform, which is determined by the points awarded for every performed transaction.
- VIP0 — 0 points — 0.5%.
- VIP1 — 10 thousand points — 0.45%.
- VIP2 — 100 thousand points — 0.4%.
- VIP3 — 300 thousand points — 0.38%.
- VIP4 — 500 thousand points — 0.35%.
- VIP5 — 1 million points — 0.3%.
- VIP6 — is provided only on a paid basis — 0.3%.
Huobi Customer Support Service
Huobi’s support service is available in both English and Chinese. Operators can be contacted by phone, via e-mail or application form on the site.
According to CoinMarketCap.com, Huobi trading volume for the last 24 hours is $47,581,700 USD which is equivalent of 7,798 BTC. The platform Market Cap is $192,516,770 USD or 31,551 BTC.