- Huobi Overview – What is Huobi?
- Huobi Alternatives
- Huobi Pros and Cons
- Cryptocurrencies on Huobi
- Huobi Fees & Commissions
- Huobi Security
- Customer Support
- Conclusion about Huobi
- FAQ about Huobi
More people are noticing that crypto is getting bigger and involving more people, and it feels like the internet before the browser.
There’s a big industry surrounding cryptocurrencies and their exciting developments, and with people making fortunes and others losing money, the place of a trusted cryptocurrency exchange cannot be overemphasized.
Suppose you’re looking for a top-tier exchange offering an extensive range of features. In that case, this article reviews Huobi exchange features and the Huobi trading experience of a most active digital exchange.
Huobi Overview
Huobi is a one-stop shop for everything related to cryptocurrency, from storing, trading, earning, buying, or selling, and it’s headquartered in Singapore. The platform, which describes itself as a “digital asset exchange” and not just a traditional cryptocurrency exchange, started in China in 2013. However, it had to relocate to Singapore when the Chinese government banned ICOs and fiat-crypto trading.
Besides supporting at least 700 different cryptocurrencies, the platform supports a variety of fiat currency payment alternatives and has millions of customers across over 170 countries. The firm had over 1,600 workers in January 2023 and operates across different sectors, including digital asset trading, enterprise and public blockchains, and industry research.
Huobi Alternatives
OKX
OKX is a pioneer Web 3.0 ecosystem among the leading cryptocurrency exchanges with over 50 million users globally. The platform is renowned for its fast, reliable, and trusted crypto trading app that’s liked by professional traders everywhere. Users can buy, sell, and trade over 350 crypto assets; at least 100 local fiat currencies are supported.
OKX’s most prominent features include enabling users to imitate expert traders in a single click. Moreover, users can also take advantage of the exchange’s Web 3.0 capabilities and have complete control of their crypto, NFT, and other digital assets. The platform’s native OKX wallet supports a wide range of crypto products and services, thanks to the exchange’s commitment to supporting innovation and remaining a leading force in decentralized finance through blockchain.
Read More on OKX: OKX and AI: The Avengers of the Cryptocurrency Market
Bybit
Established in 2018, Bybit is a crypto derivative platform supporting inverse and linear perpetual contracts. The exchange offers its users hundreds of crypto assets to trade against cryptocurrency pairs like BTC and USDT and some fiat pairs. The global platform is available in at least 190 countries and supports over 20 languages. Bybit’s mobile app is a plus because it brings seamless functionality from the desktop to the palm of a user’s hand and an easy-to-use interface for hassle-free navigation, even for new traders.
The platform’s most prominent features include lending services, crypto loans, staking, crypto trading, an NFT marketplace, and several DeFi services. Bybit’s wide range of specialized services is specifically customized for the cryptocurrency derivative market, with its perpetual contracts feature supporting cryptocurrencies like BTC and ETH, mimicking spot markets with no expiration date.
Read More on Bybit: Bybit review 2023 – Full overview of Bybit crypto exchange
Phemex
Phemex is a centralized cryptocurrency exchange based in Singapore, supporting over 200 countries. Users are primarily attracted to the platform due to its ease of use, comprehensive ecosystem features, and highly liquid markets. Phemex has made it easy for users to buy, sell, trade, and speculate on popular crypto assets. Besides, it lets you deposit funds in different fiat currencies using credit cards or direct transfers.
The Web 3.0-focused exchange hosts several innovative features, including “Phemexia,” a semi-centralized platform complete with a crypto wallet, identity NFT, and DAO governance, besides refreshingly blurring the thin line between CeFI and DeFi. Other prominent features include the ability to copy expert traders, trading bots, and asset swapping. Furthermore, there’s a Learn & Earn program where users are paid to learn crypto stuff and participate in several contests and prizes.
Huobi Pros and Cons
While Huobi Exchange presents a list of solid features, several areas need some improvement. The following is a summary of Huobi Global’s pros and cons.
Pros
Numerous features: Huobi offers many features, including staking, spot trading, NFT trades, and an all-inclusive suite of crypto trading tools that make trading easy.
Many cryptocurrencies supported: Huobi-supported cryptocurrencies currently exceed 700 tokens, giving users a vast selection.
Educational materials: Huobi Learn offers a wealth of educational materials that help new users easily navigate the dynamic world of cryptocurrencies.
Cons
Questionable reputation: The exchange is fighting hard to fight allegations of wash trading besides a significant amount of their reserves being held in “shady tokens” like Tron Coins.
Outpace by competitors: Huobi has many offers, but most of them, apart from the Tron-based NFT market, are available on all other cryptocurrency exchanges. Moreover, some alternative exchanges offer their customers a more comprehensive range of features. Other pros and cons are enumerated in the table below:
| Pros | Cons |
| Low trading fees – from 0.2% | Not available for U.S. users |
| Supports over 700 cryptocurrencies | Accusations of wash trading |
| Deep liquidity and high trade volumes | Unsuitable for beginners |
| Offers futures and margin trading | Not regulated |
| Offers crypto trading services and bots | Minimum withdrawal limits are relatively high |
| Staking and lending opportunities | Fiat deposits and withdrawals not supported |
Cryptocurrencies on Huobi
The list of Huobi-supported cryptocurrencies has grown steadily from 400 to over 700 as the exchange regularly adds new tokens. There’s substantial liquidity offered in the leading Huobi trading pairs involving major trading pairs.
The Huobi user interface, with its charting tools, structured price feeds, and market depth data and blending elegance, visual appeal, and functionality, makes trading top cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), and Monero (XMR) a joy ride. Other popular supported cryptocurrencies include Huobi Token (H.T.), Huobi USD (HUSD), Tether (USDT), Tron (TRX), Uniswap (UNI), and Zcash (ZEC), among others.
Huobi Platform Main Features
Huobi offers many features and trading tools that appeal to new and experienced crypto traders. The advanced features include derivative trading, spot trading, trading bots, staking, and trading futures. Other features include:
- Spot trading with margin: The Huobi spot market offers over 1,000 pairs where users can access market orders, stop-limit orders, limit orders, and trigger orders. The Spot market comes with 5x leverage.
- Futures trading: The Huobi futures trading market offers derivative products, and users can trade using up to 100x leverage by collateralizing Tether and Bitcoin.
- Staking: Users can earn passive income by staking their crypto holdings on the exchange.
Huobi Fees & Commissions
Huobi Trading fees
Regarding Huobi fees and commissions, a flat fee of 0.2% is taker and maker chargeable, making it quite reasonable. However, the fees can drop to as low as 0.1%, especially when higher trading volumes are involved. Users find Huobi’s fee structure affordable and good value for money. Moreover, users holding the Huobi Token (H.T.) are entitled to discounts on trading fees.
Huobi Withdrawal Fees
Huobi deposit and withdrawal methods are varied, and you’ll be charged a fee every time you withdraw coins from your user account. The exchange charges withdrawal fees per coin, which can change based on market conditions. Deposit and withdrawal fees are made in cryptocurrency since the platform that used to accept USD and Yuan stopped when the Chinese government cracked down on crypto exchanges.
Huobi Security
Huobi security measures are of the highest grade, as would be expected of a reputable cryptocurrency exchange. The platform has implemented state-of-the-art cybersecurity measures through advanced distributed system architecture, allowing 98% of its total crypto assets to be stored in multi-signature cold wallets inaccessible to hackers and fraudsters. As a result, Huobi hasn’t experienced any security breaches during the time of its existence.
Customer Support
Huobi offers a robust customer support service in both English and Mandarin. Its agents can be reached by telephone, online chat, and an email ticketing service that typically responds within 2 to 3 hours. The exchange also maintains numerous social media and messaging app communities where users can inquire.
Conclusion
Overall, this Huobi review demonstrated that the platform offers several features, including a user-friendly interface, a mobile app, trading tools, and a tremendously attractive design.
The Huobi referral program adds an advantage to a reliable cryptocurrency exchange, offering a wealth of tools that facilitate a superior trading experience. Apart from missing out on a few countries and not being very friendly to new users, Huobi’s decent fees, feature-specific design, and training resources set it apart as a reputable platform you can trust.
Frequently Asked Questions on Huobi
What is the minimum deposit on Huobi?
Minimum deposits are varied based on the particular token. For example, it’s 0.001 BTC for Bitcoin, and USDT is 100 USDT.
Is Huobi secure?
Huobi employs military-grade security measures, data encryption, and 2FA and stores deposits in cold wallets, making them less vulnerable to hacking.
Which countries are restricted from using Huobi?
USA and Canada are among the countries where Huobi doesn’t work.
How long is the withdrawal time at Huobi?
Available information shows that the withdrawal time on Huobi takes between 2 and 3 hours.
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