The Huobi cryptocurrency exchange is a dynamically developing Chinese platform. The exchange is available for both beginners and experienced traders. Also, when trading, you can use classic strategies or trade with leverage. I will tell you how the Huobi exchange differs from others, how to register, create a personal account and get the first profit.
Huobi Review
Huobi is one of a number of Chinese exchanges that specialize in trading cryptocurrencies. In 2013, the exchange was registered by Leon Lee. His portfolio includes experience as a programmer in the well-known American company Oracle.
During the year, only Chinese citizens could use the Huobi exchange services. But after the ban on trading cryptocurrencies in the United States, the founders of the exchange attended to obtaining various licenses that allow trading in Hong Kong (since 2018). A little later, a branch appeared in Korea.
A distinctive feature of Huobi is its gigantic trading volume and the widest listing. More precisely, more than 780 pairs for spot trading and 118 pairs of crypto derivatives. According to CoinMarketCap, the Huobi cryptocurrency exchange is confidently taking its place in the top ten largest specialized crypto exchanges in the world. Daily turnover exceeds $1 billion.
The site has its own internal token – Huobi Token (HT). With its help, traders can receive a variety of discounts on any commissions, participate in voting. At the same time, unlike the token of another promoted Chinese exchange Binance (BNB), coins are not burned on Huobi, but redeemed to increase the liquidity of the token.
Registration on Huobi Exchange
Registration is extremely simple and straightforward. There are 8 languages in the Huobi exchange interface. And this greatly simplifies the work.
So, go to the official website of Huobi Global, select your language in the upper right corner of the screen. Find the “Register” button. Next, choose how we will register: by phone number or by email address.
At the next step, we enter our citizenship and enter personal data into the system: phone number or email address. Create and confirm a password. Preferably complex, which, for example, can be created through a password generator.
We express our agreement with the user agreement and again click on the registration button.
Advice from Monetka. To enter your personal account after creating an account, go to the top menu and click on the “Login” button. Then we specify authorization data: login – email address or phone number and password. After that, a special six-digit code confirming the registration comes to the phone.
Account verification on this resource is required for active traders. Although without it, you can withdraw up to 1 bitcoin. But after going through a simple procedure, the withdrawal limit is increased to 100 BTC.
Huobi Exchange verification
For verification on the Huobi exchange, you will need any of the three documents. It can be a passport, international passport or driver’s license. Next, select the “verification” button in your profile in your personal account, enter your passport data, a number and full name are enough. Then we upload scans of the document, the page where there is a photo and a photo of the document, and again click on “verification”.
Be sure to set up two-factor authentication on your account. These efforts are not always enough despite the fact that all exchanges try to ensure the safety of user funds. Therefore, the media constantly write about hacker attacks on exchange wallets, and often they are successful.
Two-factor authentication is an additional account protection. The user enters a special code when authorizing in the personal account, when withdrawing money from the account and other actions. The value of this protective mechanism lies in the fact that even if the account is hacked, the fraudster will not be able to register in it under your name.
Most often, account protection is set using the Google Authenticator mobile application.
- After downloading it, you need to select the account and security buttons in your personal account.
- Then click on the link button and security settings on Huobi Global.
- We open the application on the phone and scan the QR code or click on “copy the key”.
- Then enter the six-digit code and the “send” button.
Now, with each login, withdrawal of funds and other significant actions in a personal account on the exchange, the system will send a code to the phone or email. The code has a short validity period of 30 seconds. During this time, you need to have time to enter it in the desired field.
Depositing and withdrawing on the Huobi exchange
You can replenish your account on the exchange or withdraw money from it not only from a bank account and a bank card, but also using the ABA, SWIFT, SEN, SEPA and ADVCash payment systems. Operations are available in US dollars, euros, British pounds, rubles and large number of other currencies.
The Huobi exchange does not charge commission for transactions with a bank account. But you need to understand that the bank can remove its commission.
The commission for working with bank cards is 2.5%. There is no commission for replenishing an account with cryptocurrencies. And the amount of commission for the withdrawal of “crypto” depends on the coin and network traffic.
Huobi Wallet Multi-Currency Wallet
Huobi exchange has a convenient, modern and secure multi-currency wallet that works on both iOS and Android.
The wallet supports over 1,000 crypto coins (all ERC20 tokens), including the recently added EOS and TRX. In addition, relatively recently, the exchange announced support for six more coins, such as: DAI, PAX, EURS, GUSD and USDC.
The wallet uses special private keys. The wallet software has proven secure data encryption solutions.
Affiliate and referral program
Huobi has its own referral program. Each user attracted to the exchange will bring income to the trader up to a third of their trading commissions.
At the same time, unlike other exchanges, commission income on the Huobi exchange consists of three different tokens. 33% is in USDT; 33% is in HT; 33% is in bonus units that are easily exchanged for USDT at a ratio of 1:1. The referral program is valid for 2 years.
Advantages and disadvantages of Huobi Exchange
The benefits include:
- Among the advantages of the exchange, it is worth noting a solid experience. He is more than 7 years of work in the cryptocurrency market, the second position in the ranking on coinmarketcap in terms of trading volume.
- The official website of the exchange supports more than 8 languages of the world. There are pluses in the optional verification of a personal account. Moreover, cryptocurrencies can be bought literally in one click for euros or dollars on the card.
- The exchange also supports spot trading, incl. peer-to-peer transactions, leveraged trading, OTC trading, commission-free deposits.
- Professional market participants with large volumes of transactions receive discounts on trading commissions during the month. There is a good referral program and a mobile application, as well as your own crypto wallet.
There are not many disadvantages. Among them, we will name rather low limits for withdrawing funds from unverified accounts. There are quite a few options for depositing and withdrawing profits. And you have to wait a long time for answers in the chat from technical support.
Company’s news
Coalition of crypto exchanges
Huobi, Coinbase, Circle, and Anchorage Digital have teamed up to build trust in cryptocurrencies together, they say. The coalition was created by Solidus Labs, a company that develops risk tracking software. The idea of the merger is that crypto exchanges and other platforms prevent fraud and increase confidence in the crypto market, including from regulators.
Closing Huobi Thailand
The Thai Securities and Exchange Commission (SEC) has revoked the trading license from the crypto exchange. Huobi stopped all operations in the country on July 1, 2022. The exchange required clients to withdraw all their funds by that date. In a statement, the SEC noted that Huobi violated local regulations. The regulator was not satisfied with the trading system and the method of storing assets.
Reduction of employees by 30%
The crypto exchange will reduce the number of employees by 30%. The platform made this decision due to a drop in revenue after cryptocurrencies were given illegal status in China. A Huobi spokesperson told Coindesk that the company is being forced to review its hiring policy. Huobi is expected to lay off at least 300 employees out of 1,000.
Other exchanges made a similar decision amid the collapse of the cryptocurrency market. For example, the Coinbase exchange reduced its headquarters by 20%.
Huobi Exchange received a license from FinCEN
On July 5, 2022, a subsidiary of the exchange, HBIT Inc, announced that it had received a Money Services Business (MSB) license in the United States. This fiat trading authorization is issued by the US Financial Crimes Enforcement Network (FinCEN). This license provides the basis for Huobi’s continued business in the US. For now, the exchange cannot offer a cryptocurrency exchange, but it can do so with fiat.
Previously, Huobi received licenses in Dubai and New Zealand. However, in the UAE, the exchange only has access to local innovation and preferential tax treatment. This is part of the Dubai International Financial Center (DIFC) license. It was introduced to attract start-ups to the country.
The founder of the exchange can sell his stake
Wu Blockhain reports that Huobi founder Li Ling is considering selling his stake. He owns over 50% of the company’s shares. The second major holder of securities of the exchange after Li Ling is Sequoia China.
FAQ
What fees does Huobi offer for traders?
The level of commissions on the exchange depends on two components: the balance of the intra-exchange token and the monthly volume of the trader’s trading activity. Minimum fees on Huobi start at 0.2%. At the same time, there are special preferences for makers – 0.0097% and for takers – 0.0193%.
How does margin trading work on the Huobi exchange?
The exchange gives experienced traders the opportunity to trade using leverage. For normal margin trading – credit from the exchange – up to 3x, when working with such instruments as futures and perpetual futures – up to 125x.
What additional options does Huobi offer for traders?
The exchange has its own exchanger, you can change money at a favorable rate. In addition, it is possible to upgrade one of your projects through the Huobi Labs app. The best laboratory projects receive financial support from the exchange itself. Inside the exchange, a system of voting for promising projects has been implemented, supporting a particular project with your vote through the HT token, you can profit from its growth.
Disclaimer: This article is not investment advice. Assess the risks yourself before making any investment decisions.
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