Huobi is one of the biggest crypto exchange platforms and provides a lot of features such as margin trading, futures trading, trading bot, etc. Hence, in this Huobi review, we’re going to cover all of those features and make sure you understand the platform’s pros and cons.
Table of contents
- Summary (TL;DR)
- What is Huobi?
- How to register at Huobi?
- Huobi Verification
- How to deposit funds on Huobi?
- Huobi Fees
- Trading Options
- Derivatives at Huobi Global
- Huobi Grid Trading bot
- Huobi Review: Earn
- HT – Huobi Token
- Huobi Mobile App
- Huobi Referral
- Huobi Global Review: Security
- Customer Support
- Huobi Review: Pros and Cons
- Huobi Review: Conclusion
- Frequently Asked Questions:
- Huobi supports more than 200 cryptocurrencies.
- Currently, Huobi Global is available for 130 countries.
- The Signup and verification process is quite simple and does not take much time to complete.
- The platform offers many products such as futures trading, margin trading, staking, ETH 2.0 staking, Prime Pool, etc.
- With the help of Huobi Tokens, the transaction fees get reduced.
- The referral program lets you gain extra benefits.
- Furthermore, you can buy cryptos instantly through Debit and Credit card at Huobi.
- It has one of the highest security for both user’s assets and data.
What is Huobi?
Huobi is one of the largest cryptocurrency exchange platforms with an impressive $2.3 trillion trading volume, which means an average of 6.3 billion per day. Furthermore, Huobi is a Singapore-based exchange, which was first established in China and was founded by Leon Li. However, now its compliance service team is available in Singapore, Japan, South Korea, United Kingdom, Australia, Canada, Brazil, and Hong Kong to deliver its services to millions of users in over 130 countries.
One of its most extensive offerings has been Huobi Global, a global Huobi crypto exchange that supports more than 200 cryptocurrencies and has 15+ fiat currencies available. They also have a Huobi token or HT, which comes under the top 100 currencies by market caps.
How to register at Huobi?
To register at the Huobi cryptocurrency exchange, follow the steps:
- Visit the official Huobi website. On their homepage, click on the “Sign up” button in the top right corner.
- On the signup page, you can register either using a mobile phone or email address. Select your preferred choice.
- Fill in the fields and click on the “Sign Up.”
- You will receive a verification code on your email id or mobile phone based on your choice. Copy and paste it to complete your registration process.
You should carefully select their nationality because you cannot change it in later stages.
Before verifying yourself, you should consider the following points:
- To verify a user’s ID, they can use a passport, ID, or driver’s license.
- The Name and country of the user must match with their ID.
- Huobi supports JPG or PNG as the image format.
- The information on the ID should be visible, and the image should be less than 5Mb.
Now, follow the below steps to complete your verification of the Huobi exchange:
- To start your verification, firstly log into your Huobi account.
- Next, click on your profile icon, and then click on “Identification.”
- Choose the type of document you want to upload.
- Thereafter, upload the document image, keeping in mind the above points.
- After uploading, you will have to complete the face verification too.
- Finally, Huobi will process your verification within 24 hours once you submit all documents correctly.
How to deposit funds on Huobi?
Users can deposit either cryptocurrencies or fiat. Currently, Huobi supports only three Fiats for depositing, including USD, EUR, and RUB. Moreover, to deposit the amount as fiat, users have to complete their verification.
Steps to deposit fiat:
- Login to your Huobi account and click on “Balances.”
- In the drop-down menu of balances, click on “Exchange Account.”
- Select the currency you want to deposit and click on the “Deposit” on the right-hand side of your preferred currency.
- Thereafter, select the payment mode, enter the amount. Note that if you want to increase the limit, you have to complete the advanced verification.
- Click on “Next” and complete your transaction.
You should note that Huobi allows its customers to buy crypto directly through debit or credit card also. Furthermore, you can also purchase cryptos from a seller on the Huobi P2P market.
The Huobi started a new tiered fee structure on 22nd July 2019. The trading fee is generally divided into two: “General Tiered Fee Structure” and “Professional Trader Tiered Fee Program.”
General Tiered Fee Structure
The users whose 30-day trading volume is less than 1000 BTC fall under this category. Furthermore, the “Normal Users” are divided into levels based on their HTC holdings. The basic Huobi transaction fee rate is 0.2000%. However, the amount will reduce, and the level of the user will increase with their HTC holdings. Therefore, the more the HTC, the higher will be the discount on the Huobi trading fee.
Professional Trader Tiered Fee Program
The users with more than 1000 BTC as their 30-day trading volume falls under the professional user’s category. Generally, the professionals’ maker and a taker fee start with 0.0700% and 0.0850%, respectively.
Further discounts are given based on their HTC holdings and 30-day trading volume.
Huobi Withdrawal Limits
Huobi allows unverified users to withdraw 1 BTC per day. At the same time, the withdrawal limit of verified users is 100 BTC per day.
Huobi Withdrawal Fees
Due to high gas fees, ERC20 Huobi withdrawal fees costs are around $20. However, you can move USDT between exchanges using the TRC20 token for $1 as the fee amount. Huobi also allows its users to withdraw USDT to the HECO chain at an even lower cost. Furthermore, Huobi does not have any deposit fees.
At Huobi, you can move ahead with Spot Trading, margin trading, and OTC.
Huobi Margin Trading
Huobi margin trading has three modes, including the cross, isolated, and C2C margin trading. Moreover, both isolated and cross margin trading have three modes: Automatic Loan, Automatic repayment, and Ordinary mode. At Huobi, users get leverage of 3x in the cross and C2C margin trading. Furthermore, they also get 5x leverage in isolated margin trading.
To learn more, read Huobi Leverage trading.
Over The Counter (OTC)
Huobi exchange platform has an Over The Counter (OTC) trading system. This OTC Desk allows users to perform peer-to-peer transactions. The Gibraltar Finance Service Commission monitors it and makes it possible for Over The Counter transactions to be carried out under the strict Financial Protocols. The OTC Desk has five currency pairs: Bitcoin, Great British Pounds, US Dollars, Ethereum, and Euro.
Huobi Review: Order Forms
Huobi offers some customization options around the orders. The following Order forms are available:
- Limit Order,
- Trigger Order,
- Post Only,
- Immediate or Cancel,
- Fill Or Kill.
Derivatives at Huobi Global
Huobi Global launched Huobi Derivative Market in December 2018. In Huobi derivatives, they offer futures and perpetual swap instruments leveraged up to 20x on the futures and 125x on the swap.
Huobi Review: Futures Trading
Futures trading lets users buy or sell any specific asset in the future on the chosen delivery date. At Huobi, users can use leverage up to 20X. These are available for nine different cryptocurrency assets, including Bitcoin, Ethereum, EOS, Litecoin, Bitcoin Cash, XRP, Ethereum Classic, Tron, and BSV. In terms of expiry dates, it has weekly, bi-weekly, and Quarterly. The specifics of the contract differ based on the asset, which is being traded.
Margined Swaps at Huobi
Huobi Perpetual swaps leveraged instruments, that do not have a delivery date. They settle three times a day and are marked to market every day. At Huobi, users can leverage up to 125x, and they are written on two different assets, including Ethereum and Bitcoin. Also, even though the max leverage on this exchange is 125X for the swaps, the larger the positions will be, the higher your initial and maintenance margin.
Huobi Grid Trading bot
Huobi provides an inbuilt free Grid Trading bot through which users can automatically buy low and sell high. With the help of this, users can avoid trading decisions caused by human factors. The Grid Trading bots will help in executing the strategy without any psychological pressure.
Huobi Review: Earn
Earn is another investment product of Huobi Global to earn passive income on your crypto assets. It provides users with flexible and fixed staking services, as well as structured earnings. Therefore, instead of just holding your assets, you can subscribe and transfer portions of their holdings into flexible earnings or fixed earnings.
How to use Earn?
- First of all, login to your Huobi account.
- Now, on the top menu, click “Finance.”
- Further, from the drop-down menu, select EARN.
- Thereafter, select the staking terms that are Flexible, Fixed, and Featured.
- Now, Select your token, and enter the amount you want to deposit.
- Also, select if you want to activate Auto Transfer. (by default, it is activated)
- Finally, read and agree to the terms and click “Subscribe.”
To prevent coin depreciation, Huobi provides staking services for Proof-of-Stake. With Huobi, you can stake and redeem the crypto with interest at any time. Plus there are no extra fees and redemption penalties.
ETH2.0 Staking at Huobi
Huobi launched the ETH2.0 proof-of-stake and ETH2.0 one-click function in Jan 2021. With this function, users can pledge ETH as BETH with one click and will be able to participate in ETH 2.0 proof-of-stake mining. To check the rules and other info click here.
With Huobi Primepool, users can stake trending and the latest coins. It shows the list of different cryptos to stake at different interest lock-up periods.
HT – Huobi Token
Huobi Token was initially issued in 2018 with a total supply of 500 million. Out of these, 300 million were given to users as a “Point Card” on Huobi Pro. The rest of the Huobi Coins were for “User Rewards and Platform operations.” The main reason for HT to be issued was to recover after the Chinese crackdown. The current Huobi Token price is 8.97 USDT.
With HT Tokens, you can:
- Firstly, reduce trading fees on the Huobi exchange.
- Further, use it as a Native token for the HECO blockchain.
- Thirdly, burn and rebuy tokenomics.
- Lastly, FastTrack is a voting system for the exchange listings.
Huobi Mobile App
Huobi has two applications aside from the ones that are available for a specific country like Huobi Indonesia. The two Huobi apps are Huobi Pro and Huobi Wallet.
Huobi Review: Pro App
With the Huobi app, users can:
- Use the Huobi Earn product to the full extent.
- Buy Coins instantly using different payment methods and P2P.
- Deposit Coins using the “Scan QR Code” method, with ERC20, TRC20, HECO, or OMINI deposit chains.
- Use Grid Trading bot.
- Also, trade on leverage in Futures or Margin Trading.
- Save coins in their favorite sections.
- Maintain their portfolio, and enhance their security from the settings.
The platform lets its customers earn commissions through the referral program. Whenever a user refers to a trader, the user receives a 40% fee as a cashback once the trader begins trading. Users will receive the funds either in the form of USDT or Points. Huobi Invite features maintain the list of all the traders that have been referred. Moreover, they also keep a leader board on the invite page.
Please note that the cashback period is limited to three months in the Huobi invite program.
Huobi Global Review: Security
Huobi comes under the top platforms which are most secured. Therefore, till now, they have never been hacked. According to Huobi, they have maximum security and risk controls, which the likes of Goldman Sachs have developed. Huobi has also set a decentralized exchange structure, reducing DDoS attacks on their infrastructure. Moreover, Huobi has also created a fund that will cover those affected from any losses. For this to happen, the platform will use 20% of the net revenue they generate and use it to buy back Huobi Tokens, which will be placed in the Huobi User Protection Fund.
Users can also enhance their Huobi security using features such as two-factor authentication, SMS and email notifications, and PGP encryption for emails.
Huobi provides three ways to connect with the support team, and each of them is a seemingly fast method. The first one is through a chat app, available on both web and mobile platforms. Click on “contact us” and ask your queries. The second is through Email. Users can send their queries to [email protected]
To get your queries resolved faster, please use your registered email id along with user-id. The last one is for solving general questions that most of the users face. So do check their comprehensive FAQ section.
Huobi Review: Pros and Cons
- More than 200 cryptocurrencies are available.
- Huobi focuses highly on security.
- 24/7 customer support with an extensive FAQ section.
- High Liquidity.
- Instant Buy with Debit and Credit card facility.
- Fiat withdrawals are not supported.
- Low Huobi withdrawal limits.
Huobi Review: Conclusion
Huobi stability and its rate of expansion are evident with the number of its customers. Its attractiveness lies in its breadth of coins and tokens supported by it. The customer support is comprehensive and is available 24/7. Not only that, Huobi supports both experienced and beginner traders using its beginner-friendly platform. It offers products including Margin Trading, Futures, OTC, and Trading Bots. Furthermore, the platform provides HT tokens and crypto staking to earn passive income on your HODLings.
Frequently Asked Questions:
Is Huobi Safe?
Huobi Global is one of the safest exchange platforms, as it has never been hacked. It keeps 90% of the user’s assets in cold storage wallets to keep them secure. Moreover, it also offers different options for users to keep their assets safe.
Can Americans use Huobi?
No, currently, U.S. residents will not be able to trade on the Huobi. This is because they can create an account and deposit trades, but the U.S. resident’s KYC can not be verified.
Where is the Huobi exchange located?
Huobi exchange is currently located in Beijing, Beijing, China. It also has offices in Hong Kong, South Korea, Japan, and the United States.
How long does it take for Huobi identity verification?
According to Huobi, they verify the user’s identification within 24 hours. If your account does not get verified within three days, then you can submit your request.