This series Asian Exchange Review: Huobi is a series of reviews on exchanges in Asia. Do note that this article does not represent an endorsement of the exchange.
What is Huobi?
Operated by Huobi Global Limited, Huobi pro is one of the top cryptocurrency exchanges that has over 1 billion yuan in transactions (as for 2014). It’s head office is in Singapore and focused on the Chinese market. However, it is a company that is incorporate in the Republic of Seychelles.
Following the crackdown on cryptocurrency exchanges in 2017, Huobi has shifted its focus to a more global audience, and now has offices in Singapore, the United States, Japan, Korea and Hong Kong. It’s platform is offered to over 130 countries.
According to CoinMarketCap, Huobi is ranked the 3rd largest cryptocurrency exchange based on trading volumes. It has transacted over US$714 million in the past 24 hours to press time.
Source: Huobi
However, due to regulatory laws, US citizens are currently not allowed to trade on this exchange.
Coins / Currencies
Supports over 190 cryptocurrency pairings
Buy/Sell over 90+ cryptocurrencies.
Ease of Use
On the surface Huobi, looks intuitive and easy to use. The same functions for most cryptocurrency exchanges like wallets, depositing, withdrawing are there and easily available in the links above.
Source: Huobi.com
The trading view of Huobi also looks intuitive. Easy to buy and sell.
This simple to use interface makes it easy for anyone, experienced or new to buy cryptocurrencies of their choice.
Transaction Fees
Huobi charges a low fee of 0.2% for buying and selling. While this is not the lowest in the market, most traders and investors will be comfortable with this amount.
Also, there are tiers of VIP that allow further discount, ranging from 10% (for VIP1) to 50% (for VIP5).
Source: Huobi
Huobi is a good platform for most, but probably not the best for those who wish to trade multiple times a day.
Transfer Limits
The transfer limits for Huobi for an unverified account is 0.1 BTC/day and up to 200 BTC/day for verified ones. The other transfer limits are stated here (Opens a new window). This is limiting if you’re looking to do bigger volumes, but a simple verification process will ensure that you can trade huge amounts of BTC.
Customer Support
Customer support on the Huobi platform is solid. There are several layers of chat like any established firm. First there is the FAQ.
Source: Huobi
Then, if you can’t get your answers, you can leave a message to get in touch with them.
If all else fails, there’s also a live chat option.
The customer service is on 24/7, which means that you should be able to get an answer to your challenges no matter what time of the day is, or where you are located in the world.
Countries
Huobi’s services are available to 130 countries. However, U.S. citizens currently are not allowed to sign up with Huobi due to regulatory issues.
Security
Huobi offers 2FA, and also email verification for users. This is the standard for most cryptocurrency exchanges nowadays.
On top of that, Huobi has also created a user protection fund, which allows for victims of hacks to be compensated. Also, they have placed 20,000 BTC in their Huobi Security Reserve. This allows users to be compensated in the case of data breaches, hacks and security flaws. These will give assurance to many people to leave their cryptocurrencies in the exchange.
However, there has been an article on Medium that claims that their exchange has been hacked and their coins taken away. This author of the article, however, might have been the victim of a phishing scam. In this case, the exchange cannot take responsibility.
Sign up Process
The signup process is simple. It should take you less than 5 minutes to get an unverified account. To get it verified is simple too. You just have to follow their instructions to get a full verified account in no time at all.
Strengths / Advantages
- Ease of Sign Up
- Two-FA enabled and Email Verification
- Good User Interface
- Liquid Trading Volumes
- Low Transaction Fees
- VIP discounts
- 24/7 Customer Service
Weaknesses / Challenges
- Accusations of Fake Trading Volumes
Sign up with Huobi Here.
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User Interface
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User Experience
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Security
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Transaction Fees
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Withdrawal Process
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Customer Support
Summary
Overall, Huobi is a solid exchange that is established itself to rival the biggest exchange Binance. Despite the poor reviews online by many users, Huobi looks committed to be here in the long haul. Their multi-layer security and guarantee for their users will ensure that their users will have peace of mind trading on their platform.
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