Huobi Exchange Review 2021: Safety, Security, & Features Examined
Huobi is one of the top cryptocurrency exchanges in the world. In this article, we explore the exchange’s history, features, and security to see if it’s a good fit for you.
Huobi is one of the largest cryptocurrency exchanges in the world. The company has been around for over 10 years and has a good reputation among users.
Huobi Global is a Singapore-based cryptocurrency exchange that was established in 2013 in response to the growing popularity of blockchain and cryptocurrencies at the time, as well as the demand for trading platforms for different crypto coins and tokens. Huobi literally translates to “currency” in Mandarin, implying that Huobi exchange is a currency trading site. Read this Huobi exchange review in its entirety to get a better idea.
Huobi Exchange Information
Huobi has evolved more than most other large exchanges in its tenure in the market, from the year it was founded in 2013 to the present day. Huobi accounted for almost 90% of bitcoin trading prior to China’s crypto regulatory crackdowns, as it was one of the top three crypto exchanges in the country, and in fact, the biggest and most active crypto market in the country.
Following China’s crypto and bitcoin trading ban, Huobi has continued to focus on new business models that enable more crypto-to-crypto trading, has launched services in the United States, and is rebranding and upgrading with newer exchange trading models such as decentralization and peer-to-peer trading.
With over 510 confirmed active markets, over 20 unverified markets, and over 90 cryptocurrencies listed on the exchange, Huobi is among the top ten biggest exchanges in the world by trading volume, as well as in other important categories like as prestige and market liquidity.
Huobi was created as a cryptocurrency exchange for early adopters and traders, with the goal of providing a platform where currencies could be readily traded for other coins. Despite being a worldwide cryptocurrency exchange, Huobi focuses on Asian markets, having offices in Japan, Korea, and Hong Kong, as well as a headquarters in Singapore. The Huobi China office, on the other hand, has been preserved as a blockchain consultancy and research platform.
Is Huobi a secure platform?
Huobi has been in business since 2013, and there has never been a significant security breach, hack, or loss of customer money. They are thought to be following best practices in the cryptocurrency exchange industry when it comes to security, as they keep an estimated 98 percent of used coins in cold storage at any given time and have a “investor protection fund” that can be used to reimburse affected users in the event of a hack.
Is Huobi Pro a genuine company?
Yes, Huobi Pro is and will continue to be legitimate, as shown by user reviews and ratings. Huobi Pro is one of Huobi Global’s active partners.
FEATURES OF HUOBI
Huobi provides wallets for all of the currencies and tokens that the exchange supports and trades. Each user has a unique wallet for each currency, as well as a unique public and private address.
Fees for exchanging money:
Huobi charges a 0.2 percent trading fee on all trades done by both makers and takers with a volume of less than $5 million. Its trading costs decrease as trade volume increases, reaching 0.015 percent for makers and 0.025 percent for takers when trading volume reaches $300 million or more.
Deposits and Withdrawals:
Huobi Global has a no-fiat feature for deposits and withdrawals, which means it only accepts cryptocurrency deposits and only allows cryptocurrency withdrawals for all of its users. However, it does have a fiat trading feature, where some coins like BTC, ETH, and XRP can be purchased with fiat via credit cards, debit cards, and other methods. It does not charge a fee for both deposits and withdrawals. Its deposits and withdrawals take just a few minutes, but the amount of confirmations required vary depending on the cryptocurrency. Withdrawal restrictions exist and vary per account, depending on the coin being withdrawn and if the user is confirmed.
Another significant aspect of the Huobi Exchange assessment is this. Huobi offers a non-stringent KYC/AML required option. This implies that not all users must undertake verification, but Huobi retains the right to request verification from any of its users in the event of an exceptional circumstance or to unlock greater daily withdrawal limits.
Huobi also offers an app that makes trading on the platform more simpler. The software is compatible with Windows, Mac OS X, iOS, and Android devices.
The regulatory responsibilities of a Hobo exchange are also a significant element to examine while doing an assessment. Huobi Global is a Seychelles-based company that is governed by the Seychelles regulatory framework. By using Huobi, you agree to abide by all applicable rules and regulations established by your own jurisdiction, which Huobi may or may not be legal or regulated in.
Partners at Huobi:
Huobi Global has partners all around the world, and its partners operate a few additional exchanges. There’s the Huobi Pro, Huobi HBUS, Huobi Korea, and Huobi Pool Eco Exchange, which is their US strategic partner.
In this Huobi exchange review, one of the most popular aspects among customers is its 24/7/365 customer support, which is followed by its access to a diverse variety of crypto currencies and tokens, as well as its pre-trade education programs for newcomers. The fact that they are poorly regulated means that trading on Huobi Global is mainly at the risk of the user, as well as the fact that they have previously been accused of misrepresenting trade volumes on the exchange.
HOW TO USE A HUOBI ACCOUNT
To open an account, go to the exchange’s website, https://www.huobi.br.com, click “create an account,” fill in your data carefully, particularly your phone number, since you won’t be able to alter it later, submit your information, and confirm your phone number and email.
Make sure your account is safe by creating a strong password and enabling two-factor authentication.
Then go to “Balances,” pick the currency, and copy the address.
You must also go to “Balances,” pick the currency, enter the address and amount, and then click “withdraw.” When the security authentication box appears, enter the codes required and then click “confirm.”
To trade, go to the markets page and click on “Exchange,” which will take you to a page with an order book, a price chart, and buy/sell/stop limit choices. After that, you choose your preferred currency and either purchase or sell it.
We will also provide various alternatives to Huobi Global based on size, volume, liquidity, and the amount of currencies offered in our Huobi exchange analysis. Coinbase, Kraken, Coincheck, Koinim, RippleFox, Nock, and OkCoin are among them.
This Huobi exchange review demonstrates that Huobi exchange is a secure and reliable cryptocurrency trading platform. It features a fantastic user interface, plenty of storage, an intervention fund for users in the event of a disaster, and an exchange program for Windows, Mac, iOS, and Android devices.
To summarize, despite its lax regulatory restrictions and other flaws, Huobi is still a fantastic exchange to trade on and one of the most highly recommended among other cryptocurrency and digital asset exchanges.
Review of the Huobi Exchange
Huobi is a Singapore-based cryptocurrency exchange that was established in 2013. This huge exchange, which focuses on crypto-to-crypto trading, is one of the top ten biggest in the world.
Fees of Exchange
For novices, this is an easy-to-use exchange.
Trading with low exchange costs
Your coins are secure with solid security.
It takes some time for new accounts to be verified via KYC.
The amount of money you may withdraw is limited.
Margin leverage is minimal.
The huobi kyc limits is a safety measure that Huobi Exchange has implemented. It allows users to trade with the most amount of privacy possible.