Follow
Home » Huobi Exchange Review

Huobi Exchange Review

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.

Cryptocurrency Trading

There are three types of orders on Huobi Exchange:

  1. Market Orders. Sale and purchase of coins at market value;
  2. Limit Orders. The order is executed once the price set by the trader is reached;
  3. Stop-Limit Orders. This order starts when a predetermined ‘stop price’ is reached.

How to Trade on Huobi Exchange

A to Z Guide to Trading can be Found on our Forum

Entire Trading Process from Start to Finish
Signup / Depositing / Trading / Withdrawal

exchange - Huobi Exchange ReviewMargin 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.

Trading Fees

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. exchange - Huobi Exchange Review

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.

Trade Volume

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. 

Summary
The Huobi cryptocurrency exchange is not the most flexible, but one of the most convenient trading tools. It holds stable position among the top 5 trading platforms of the world and Huobi's trading volume guarantees the fastest closing of orders. The multilingual website has a user-friendly interface with simple and intuitive navigation tools. Android and iOS mobile apps are also available on Google Play and the Apple Store for free download. In addition, The high popularity of Huobi Tokens (HT) is a weighty arguments in favour of the exchanger.
Good
  • Large number of currencies
  • Margin trading option
  • Constantly expanding global platform
  • Independent professional system for blockchain assets evaluation
  • Many years of experience in risk management and digital assets security
  • 98% of assets are stored in 'cold' wallets with multi-signature
  • Huobi's service centers are open in many countries around the world
  • Android and iOS apps
Bad
  • Too complicated verification process
  • Many website sections are available only in Chinese
  • Uncertain future of the exchange due to the China's ban on cryptocurrency trading
9.5
Amazing
Security - 10
Fees - 9
Crypto Options - 10
Support - 10
Usability - 9
Trade Functions - 9

Have your say!

1 0

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Lost Password

Please enter your username or email address. You will receive a link to create a new password via email.

Sign Up