Huobi Review

Huobi
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Overview

In this Huobi review, updated for 2020, we are going to take a look at all the pros and cons of trading at this Asian cryptocurrency exchange. Huobi means ‘Currency’… more

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Details

Broker Huobi
Website URL https://www.huobi.com
Founded 2013
Headquarters Headquarter is located in Singapore. Huobi Global has covered global clients and has opened trading offices and operation centers in Singapore, the United States, Japan, Korea, Hong Kong and many other countries.
Support Types 24/7 phone, email: [email protected], livechat
Languages English, Chinese, Russian, French, Turkish, Portuguese (PT and BR), Japanese, Korean, German, Spanish, Spanish, Vietnamese
Trading Platform Huobi Exchange
Minimum 1st Deposit None
Minimum Account Size None
Minimum Trade Amount None
Maximum Trade Amount None
Bonus No active bonus
Payout Within 30 minutes
Leverage 1:1 up to 1:100 on Huobi Pro Account
Spread No spreads, just 0.2% maker taker fee
Free Demo Account No
Fees Yes
Fee Info 0.2% maker taker fee model
Account Types Huobi Account, Huobi PRO Account
Deposit Methods USD, PAX Exchange, cryptocurrencies
Withdrawal Methods USD, PAX Exchange, cryptocurrencies
Number of Assets 233
Expiry Times Depends on futures contract
Types of Assets Cryptocurrencies, futures
Option Types Futures
Trading Currency CNY, USD, HUSD, HT, cryptocurrencies
Account Currency CNY, USD, HUSD, HT, cryptocurrencies
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 8.8

Full Review

In this Huobi review, updated for 2020, we are going to take a look at all the pros and cons of trading at this Asian cryptocurrency exchange. Huobi means ‘Currency’ in Mandarin and in this Huobi review we are also going to outline how Huobi came into existence, their fees and their security measurements.

What is Huobi?

Huobi is one of the biggest cryptocurrency exchanges world wide at the moment. The exchange is based in Singapore but also has branch offices in Chengdu, Hong Kong, Seoul, Shenzhen and Tokyo. Huobi is founded in 2013 by Leon Li. Apart from just being founder, Leon Li is also Huobi’s CEO. Huobi’s mission is to empower financial services and liberating global wealth. Apart from that Huobi’s main focus is aimed mostly at the user friendliness of the exchange.

Huobi is available in 130 different countries worldwide and ever since their launch, Huobi raked in a massive 1.2 billion dollar. Huobi has a gigantic cryptocurrency offering. In total Huobi offers more than 230 different cryptocurrencies on its exchange platform. Huobi has five different trading pairs: Bitcoin, Ethereum, USDT and Huobi Token. Huobi token works very similar to Binance’s Binance coin.

Binance Coin (BNB) – What is it and how to use it?

Huobi is both a fiat-to-crypto and a crypto-to-crypto exchange. Fiat-to-crypto means that it’s possible at Huobi to exchange, buy or sell cryptocurrencies with national currencies. In the case of Huobi, this is possible with Chinese Yuan (CNY) and United States Dollars (USD). Huobi has a very clear and user friendly interface which makes it to navigate around the platform. In the image below you can see an example of a chart and open order book at the Huobi exchange.

huobi-review-2020-screenshot

Huobi Interface Screenshot

Huobi Shares (HT)

Huobi didn’t do an ICO to market their Huobi Tokens. HT can only be gained by buying ‘point cards’ at the Huobi exchange. A ‘point card’ is a prepaid card with which one can pay for services on the Huobi platform. 1 USDT is equal to 1 point. When you buy a 1000 point cards you only pay 990 USDT and receive 1000 HT extra. From the maximum amount of HT tokens, being 500 million, 300 million tokens are being used to sell to point card buyers.

Just like other exchanges, Huobi also developed some features for it’s HT tokens. These features are being marketed in a way favorable for HT holders. In the current state HT tokens can be used for the following:

– HT is a trading pair on the Huobi exchange just like Bitcoin. This means that the HT token can be traded at the Huobi exchange for other digital assets.
– HT can be used to pay 50% less fees on the Huobi exchange.
– Quarterly Huobi buys 20% of it’s net gain back in HT tokens. This is to decrease the circulating amount of HT tokens so that the tokens appreciate in value.
– When you have HT tokens in your balance, you are entitled to air drops of new tokens featured on the Huobi exchange.
– HT token holders can decide which tokens will be added to the Huobi exchange using HADAX.
– HT can also be used to buy in Initial Exchange Offerings (IEO’s) that are being launched on Huobi Prime (IEO platform, similar to Binance’s launch pad).

Huobi Commissions and Fees

The earnings model behind every exchange is always some percentage based structure on deposits, withdrawals and buy-and sell prices. Depositing digital assets is free at Huobi. Huobi has a little bit higher buy-and sell fees compared to Binance and BitMEX but still has very competitive pricing compared to most other exchanges. Huobi fees are the same for ‘makers’ and ‘takers’, being both 0.2%. A ‘maker’ is someone who adds an order to the order book or someone who places a ‘limit order’. A ‘taker’ is someone that takes an order from the order book and therefor empties the book. If you want to withdraw cryptocurrencies from Huobi you pay withdrawal fees. The withdrawal fees differ per coin and change according to market circumstances.

Huobi Customer Support

At a lot of cryptocurrency exchanges the customer support is really, like bad, to say the least. But at Huobi this all is perfectly fine. Huobi offers investors 24/7 phone support (something almost no other big crypto exchange has), email support ([email protected]), you can send a ticket to or contact support by live chat.  Apart from all these support channels you can even chat with one of their employees by Telegram.

Huobi Safety

The safety measurements Huobi took to protect  it’s investors digital assets are very good. Huobi invested a lot of money into the safety of their platform and has passed many third party security auditing tests. Apart from that, as an investor you can secure your Huobi account with two-factor-authentication (2fa). This is a safety mechanism that takes place each time you try to login. If you protect your account with 2fa, each time you login a 6-digit security code is being sent to your phone using an app called ”Authy”. This login code changes every 30 seconds. Once you filled in this code correctly, you can login your Huobi account.

Huobi uses a multisignature cold wallet where 98% of the value of Huobi clients money is stored. In the rare case of hackers breaching into Huobi, only 2% of the total assets can be stolen.

Huobi Review 2020 – Pros and Cons of Huobi

Just like every exchange, Huobi has it’s pros and cons. I will outline the pros and cons of Huobi below.

Pros
– Broad range of cryptocurrencies
– A lot of coins with very low market cap
– BTC/ETH/USDT/HUSD and HT trading pairs
– HT tokens function similar to Binance’s BNB coins
– Very fast trading platform
– Very good customer support compared to other exchanges (24/7 available)
– Safe and secure

Cons
– Slightly higher fees compared to Binance and BitMEX
– Mainly focused on the Asian Market, minimal information in English
– Your cryptocurrencies aren’t insured at their platform

Huobi Review 2020 – Conclusion

At Choosebroker we think that Huobi is an excellent exchange, especially for Asian traders and investors. We noticed that Huobi is expanding every month more and more into English speaking territories. With the great selection of coins and the features of the Huobi Token, the exchange is very interesting for traders and investors that want to invest in coins with low market cap. We would highly recommend opening an account at Huobi. As alternative, you could take a look at our Binance review instead.

Screenshots

Screenshot 1 Screenshot 2

Pros

  • Broad range of cryptocurrencies
  • A lot of coins with very low market cap
  • BTC/ETH/USDT/HUSD and HT trading pairs
  • HT tokens function similar to Binance's BNB coins
  • Very fast trading platform
  • Very good customer support compared to other exchanges (24/7 available)
  • Safe and secure

Cons

  • Slightly higher fees compared to Binance and BitMEX
  • Mainly focused on the Asian Market, minimal information in English
  • Your cryptocurrencies aren't insured at their platform

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Decleration:
I hereby declare this review to based on my own experience trading with this broker and I did not reseve compensation in any way submitting this review

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