Huobi is a global cryptocurrency exchange that offers crypto-to-crypto trading, Huobi Token (HT) transactions, and futures trading. It was founded in 2013 by Leon Li.
The huobi exchange review reddit is a website that reviews and guides the Huobi Exchange. It provides information on how to use the platform, as well as how it compares to other exchanges.
This is our evaluation of Huobi, one of the most well-known cryptocurrency exchanges.
It may be thrilling to consider investing in cryptocurrencies. However, when you learn more about the crypto markets, you’ll find that things are more complex than they seem. The majority of individuals then discover that the exciting new cryptocurrency they want to invest in isn’t accessible on Coinbase. As a result, investors must choose the appropriate cryptocurrency exchange to purchase their more exotic coins.
When it comes to selecting the best cryptocurrency exchange for you, we understand that there are many variables to consider. Many of you will be wondering whether Huobi is safe. What are the benefits of using the Huobi exchange? That is why our Huobi exchange review will provide you with all of the information you need. We understand how difficult it may be to correctly set up an account. Don’t worry, we’ll take you through the process of creating a Huobi exchange account.
Who Are Huobi and What Do They Do?
Leon Li established the Huobi cryptocurrency exchange in 2013. The exchange was founded with the intention of serving Chinese and Asian cryptocurrency investors. Huobi has recently concentrated on a worldwide growth plan, and they now have a major office in the United States. Huobi has extended their presence to over 130 countries and counting at the time of writing.
Huobi may be unfamiliar to many individuals in the West. However, with the growth of their exchange in 2018, that is set to change. With a mostly Asian client base, the exchange has already evolved to become the world’s third biggest.
Image courtesy of Coinmarketcap.com.
Huobi is aiming for cryptocurrency investors that respect honesty, creativity, and collaboration, which are all fundamental Huobi principles. It’s no secret that the cryptocurrency markets are presently riddled with inefficiencies and are difficult to enter and invest in. The Huobi exchange, on the other hand, is committed to making cryptocurrencies more efficient and offering crypto investors with a secure, professional, and world-class service.
If the Huobi exchange’s popularity in Asia is any indication, we expect the Huobi exchange to make waves in the West very soon.
The Huobi Exchange’s Most Important Facts
When it comes to selecting a cryptocurrency exchange, it’s only reasonable to want to know the facts before making a decision. We’ve combed through the details to provide you a quick rundown of the key points:
- The Huobi exchange offers US Dollars, Chinese Yuan, Bitcoin, and Ethereum as payment methods.
- The number of coins available: The exchange supports over 100 different cryptocurrencies.
- What is the location of the Huobi Exchange? The exchange’s headquarters are in Singapore. They do, however, have offices in Hong Kong, Japan, South Korea, the United States, and a number of other nations.
- What Is Huobi.Pro and How Does It Work? Huobi’s worldwide peer-to-peer exchange is this feature.
- Is it possible to use a credit card on the Huobi exchange? No, the exchange does not take credit card payments in any form.
- How Old Do You Have To Be To Use Huobi? Huobi does not allow anybody under the age of 16 to create an account. If your country’s statutory age for entering into contracts is greater, you must satisfy those requirements. This is typically 18 years old in the West.
- High Liquidity: The issue with tiny exchanges is that even a $1,000 fluctuation in the market price of a coin may have a big impact. High liquidity simply implies that there are a large number of buy and sell orders, which means that your order will be processed fast. Huobi offers the world’s third greatest liquidity, making it simple to purchase cryptocurrencies.
- Supported Devices: Huobi provides a download for both Mac and Windows. It also offers applications for iOS and Android.
On the Exchange, there are also the following features:
Over-the-Counter (OTC) Trading: The exchange provides OTC trading. Off the exchange, ‘over the counter trading’ connects buyers and sellers. This implies that purchase and sell orders are not visible on the exchange, and big orders may be completed without affecting the price of the cryptocurrency. As a consequence, individuals on both sides of the transaction are able to limit price slippage. Ordinary investors may deposit as low as $10 on the Huobi exchange via the OTC markets. Users may deposit Chinese Yuan, USD, GBP, or Singapore dollars on the exchange via the OTC markets.
For starters, margin trading is very hazardous and may result in huge profits or losses. It’s a complex product that TotalCrypto won’t suggest unless you know what you’re doing and are completely aware of the dangers. Margin trading involves borrowing money from a broker and using it to trade cryptocurrencies. The bitcoin you purchase is subsequently used as collateral by the broker. This kind of trading allows you to go long or short on the market and leverage your holdings. Gains and losses are magnified because of the leverage. You should also be informed that you will be charged interest for each day the broker loan is outstanding.
HADAX is an acronym for ‘Huobi Autonomous Digital Asset Exchange.’ HADAX is the place to go if you want to trade really high-risk cryptocurrencies. Users may vote on which coins should be listed on HADAX, and the tokens with the most votes will be placed on the exchange. Huobi does not assess the investment potential of any HADAX coin (unlike of the regular exchange). The alternative exchange’s listing requirements are considerably lower, which is why very high-risk crypto assets are traded here rather than on the main market.
What Are The Benefits Of Opening A Huobi Exchange Account?
We believe that the Huobi exchange provides a mind-boggling variety of features after doing extensive research for our Huobi exchange review. Huobi does, in fact, provide more choices than any other exchange at the moment.
Vanilla ice cream Huobi currently allows users to trade over 100 different cryptocurrencies. This implies that you should be able to locate and purchase the bitcoin you need. We also like trading on the move using the Huobi app, and the mobile assistance is excellent. The exchange is also very user-friendly, and we were pleasantly surprised to get a prompt answer to our help request. One area where bitcoin exchanges might improve is customer service. We are ecstatic that Huobi seems to be taking this issue seriously.
Huobi has spent years concentrating only on the Asian market and cultivating a devoted client base. Now that the exchange is growing, we believe it will be successful in Western markets. With the Huobi exchange now firmly established as the world’s third largest cryptocurrency exchange, we believe it will soon compete for the top position.
How Do I Sign Up For An Account?
- Fiat Deposits: Using the over-the-counter (OTC) markets, Chinese Yuan, USD, GBP, and Singapore dollars may be placed on the Huobi exchange. Alipay, bank transfer, PayPal, and other payment options are all supported over-the-counter. OTC deposits typically have a minimum of $10.
- You’ll have access to over 100 different cryptocurrencies.
- Huobi Is Already The World’s Third Largest Exchange.
- Join the official Huobi Telegram group, which has over 35,000 crypto investors.
- Get the most comprehensive trading features, including OTC, leverage, margin trading, and more.
Create an account with the world’s largest up-and-coming cryptocurrency exchange.
Once you’ve arrived at the Huobi website, check your URL bar for the little padlock and the words “SECURE.” This fast check ensures you’re on the legitimate website, not a hacker-created spoof. Then just click the ‘Sign Up’ button.
Filling Out Your Information
You will have the option of signing up by email or by phone. In the end, the decision is yours to make. However, we prefer to sign up for things through email. Simply fill in the required information and click the ‘Sign Up’ button.
After that, you’ll get a message asking you to confirm that you’re not a bot. Simply check the box and press the ‘Confirm’ button.
A popup will appear, prompting you to enter a verification code that was given to you through email. Simply check your email for this six-digit code and paste it into the email verification box.
After that, you’ll be able to login to your account.
This is your first login.
You will be offered two choices when you first log in to your account. Users who do not own cryptocurrencies may trade over the counter (OTC). Simply click the ‘Transfer Now’ option if you already have Bitcoin or Ethereum to trade.
How Do I Use Over The Counter To Deposit Regular Currency On Huobi?
If you wish to trade Chinese Yuan, USD, or Singapore dollars for crypto assets, you may do it over the counter (OTC). Alipay, bank transfer, PayPal, and other payment methods may be used to make traditional cash deposits.
To get started with an OTC deposit, you’ll need to create a trading password and a nickname. To do so, go to the Huobi website’s OTC section and select “Set up Now.”
Fill out the form with your chosen nickname and trade password.
Choose the crypto asset you wish to purchase, and you’ll see advertisements from sellers in your area.
Make sure you have the money available in one of the approved payment methods before entering the amount you wish to purchase. Make a mental note of the minimum and maximum limitations, as well as the payment deadline.
Huobi will lock the crypto assets in the seller’s account after you’ve verified the transaction. This prevents the vendor from absconding with the money. All you have to do now is transfer the money to the address specified and wait. If the payment window has expired, you may contact the seller or Huobi support to address the problem.
You will be free to move your crypto assets anywhere you choose once the transaction has completed.
To utilize OTC trading, you must first authenticate your account.
What Is The Best Way To Deposit Cryptocurrency On Huobi?
Simply mouse over the ‘Balances’ icon on the navigation bar and choose ‘Deposit & Withdraw’ to deposit bitcoin on the exchange.
After that, you’ll see a list of cryptocurrencies from which you may deposit and withdraw funds. To deposit a cryptocurrency, click the ‘Deposit’ button for that coin.
After that, you’ll see a deposit address for the coin you choose. Simply transfer your money to this address, and your Huobi balance will be updated soon.
That is all there is to it. Your bitcoin should have been successfully deposited on the Huobi exchange.
How to Make Your Account Verifiable
Verifying your account is always a good idea, in our opinion. We suggest that you prioritize account verification and complete it as quickly as possible. Simply mouse over your email address in the top navigation bar to do so. After that, you’ll see a verification option; just click it to get started.
You’ll need to enter your ID number, first name, and last name to authenticate your Huobi exchange account. It’s critical that the name you provide matches the name on your bank account, PayPal account, or other payment methods precisely. Huobi will not enable you to deposit or withdraw if there is no precise match.
Then just submit a picture or a scan of your ID and click the ‘Verify’ button.
That is all there is to it. All you have to do now is sit back and wait for the Huobi staff to complete your verification.
Safeguarding Your Huobi Account
Many individuals wonder if Huobi is safe. We believe it is. However, you should make your account as secure as possible. Hover over your email address in the top navigation bar to begin securing your Huobi account right now. Select ‘Account & Security’ from the drop-down menu.
The following popup will appear after that.
How to Connect Your Phone
To begin, make sure your phone is linked to your account. You may tie your phone number to your account by clicking the link button next to the word “phone.” After you’ve provided your phone number, click “send,” and an SMS code will be sent to you.
After that, you’ll be prompted to re-verify your email address. Enter the code that was sent to you by clicking the ‘Send’ button.
You should now have successfully connected your phone to your account.
Configuring Google Authenticator
Setting up Google Authenticator is the last step in maximizing the security of your Huobi account. Click the Google Authenticator “Link” button in your account’s “Account & Security” section.
The next step is to install the Google Authenticator app on your mobile device.
Simply scan the QR code that appears on the screen and input the key that appears. After that, the Google Authenticator app will display a 6-digit code. Simply type this code into Huobi.
Very well done. To complete your security configuration, you must pass security authorisation by SMS and Email one more. You’ll have finally maxed up your Huobi security settings after you’ve finished.
The Huobi Exchange’s Fees
The devil is in the details when it comes to picking the right cryptocurrency exchange for you. We’ll get right to it and give you the scoop on Huobi exchange costs and how you can cut them:
Maker and taker fees are each 0.2 percent. This implies that you will pay 0.2 percent regardless of whether you take the market price for a coin or place an order at a different price.
- Become a Huobi VIP to take advantage of lower trading fees: Accept the Huobi user agreement, validate your account, and submit your personal information to become a VIP. The VIP program is divided into five tiers, each of which offers a distinct reduction on trading costs. Huobi Token is a cryptocurrency developed by Huobi.s may be used to purchase VIP status on the Huobi market. It’s important to note that you’ll have to pay this Huobi Token charge every month to keep your VIP status. Huobi Tokens may be bought on the exchange directly.
- Reduce your costs by getting a Huobi Point Card: Points may be earned in just two ways: 1) Purchase a Huobi point bundle. 2) Get a buddy to send you a Point card. Point Cards provide customers with up to a 50% reduction on trading costs, with one point equaling one USDT in fees. When a Point Cardholder makes an order on the Huobi exchange, the charge is taken from your Point Card and paid in points.
What Is The Procedure For Obtaining Your Point Card?
Hover your mouse on your email address in your account’s top navigation bar. The following drop-down will appear. Simply choose ‘My Point Card’ from the drop-down menu.
If you wish to obtain your own Point Card, click the ‘Point Card Offer’ button.
Keep in mind that 1 point equals 1 USD in trading costs. There are four distinct packages available, all of which may be bought with USDT.
The following are the trading charge reductions for the various packages:
- A ten percent discount is available on the 100-point package.
- A 20% discount is available on the 1k Point Package.
- Package of 10,000 points at a 30% discount.
- There is a 50% discount on the 100k Point Package.
The Secondary Market for Point Cards
If you search around a bit, you should be able to locate Point Cards for 60 to 70% off. This is obviously suspicious. When the Point Cards were originally launched, customers received one point for every USDT they spent, as well as a free Huobi Token. The token is now trading at $3.73 per token, almost four times the value of the Point Card.
When the Point Card concept was originally introduced, many individuals purchased as many points as they could. These investors have already earned a profit from the Huobi Tokens they received for free and are prepared to sell Point Cards for a low price.
The good news is that this implies that a large number of individuals will be able to get Huobi points for a low cost, which can then be utilized in the Huobi VIP program.
The ‘over the counter’ (OTC) market is where you should go if you want to purchase Huobi points at a discount. There are Telegram groups where you can purchase and trade Huobi Point Cards.
Here is the link to the English Telegram channel.
TotalCrypto advises great care while dealing in the unauthorized market. We are just bringing this secondary market up for educational purposes and are not responsible if a transaction goes awry.
What Happens When Points Are Transferred?
To transfer Point Card points, there are three fundamental steps:
- Accept the restrictions for transferring Point Cards.
- Fill out the transfer form with all of the required information.
- You can view what point transfers you’ve made and who has sent you points by looking at your transaction history.
How Do You Obtain Your VIP Status?
Simply hover your mouse over your email address in the top navigation bar and click the ‘Become A VIP’ button.
Simply choose the VIP plan you want and click the ‘Become A VIP’ button. It’s important to note that all pricing are in Huobi Tokens.
You will have the option of selecting the amount of months for which you want to be updated. Also, double-check that you have enough Huobi Tokens in your account and confirm the transaction.
Congratulations, your VIP status should now be complete, and you can begin taking advantage of reduced trading costs.
How Does The Huobi Exchange Work?
To purchase and sell bitcoin on Huobi, you must first choose an exchange. Simply choose ‘Exchange’ from the menu bar at the top of the screen.
This will open a trading interface that seems to be very complex. Don’t be frightened. In a few easy steps, we’ll teach you how to purchase bitcoin on the exchange.
Step 1: Determine the Crypto’s Ticker Symbol
Every cryptocurrency has a three- to five-letter ticker. This is required in order to locate the market for the cryptocurrency you want to purchase. The ticker symbols will be visible under the cryptocurrency price if you go to TotalCrypto’s ‘Coins’ section.
So, if we wanted to purchase Ripple, we could use this technique to figure out what the ticker symbol is.
Step 2: Choose the Proper Trading Pair
There are four distinct trading pairs on the Huobi exchange:
- Tether in US Dollars
- Huobi Token
The majority of individuals will have either Bitcoin or Ethereum in their wallets. Choose the cryptocurrency you have in your account, for example, if you wish to exchange Bitcoin for XRP, choose the BTC market.
The four distinct trading pairings are indicated above. You should be able to see that we’ve chosen Bitcoin and found the XRP market. To purchase Ripple, click the ‘XRP’ symbol, which will take us to the BTC/XRP trading page.
Step 3: Investing in Cryptocurrencies
You should now be on the proper cryptocurrency trading pair’s trading screen. If you’re like most individuals, all you want to do is collect your cryptocurrency and go. Select the ‘Market Order’ option from the drop-down menu (this will enable you to buy at the current market price). Simply type in the amount you wish to spend and click “Buy.”
Your bitcoin will be credited to your Huobi balance after your order is completed. It’s as simple as that.
What Is The Best Way To Withdraw From The Huobi Exchange?
Although we recommend Huobi, you can never be too cautious when it comes to the security of your cryptocurrency. We suggest storing your crypto outside of an exchange in a wallet where you own the private keys.
What makes this safer? We can’t speak to the inner workings of Huobi’s security, unfortunately. Exchanges, on the other hand, are undeniably attractive to hackers. Furthermore, having your own coins eliminates the need to entrust the security of your money to an exchange. Why not take charge of your finances and reduce your risk?
In just a few easy steps, you may withdraw your money from the Huobi exchange:
- Hover over ‘Balances’ and click ‘Deposit & Withdraw’ while signed into your account.
- After that, you’ll be sent to a list of cryptocurrencies. Click the ‘Withdraw’ button once you’ve found the coin you wish to withdraw.
- Simply type in your wallet address and the amount you want to withdraw. Withdrawal costs will also be explicitly stated.
- Your money will be transferred to your personal wallet after you click withdraw.
It’s ultimately up to you to decide whether or not the Huobi exchange is right for you. We will, however, provide you with a summary of our views to assist you in making the best choice possible.
- Huobi is making strenuous efforts to comply with US regulations. This demonstrates a degree of professionalism that isn’t often apparent with other bitcoin exchanges.
- It has grown to become the world’s third largest stock market. This is particularly remarkable given Huobi’s recent acceptance of consumers from outside of Asia.
- Liquidity is abundant at the exchange. Every day, nearly half a billion dollars is exchanged on the market at the time of writing. Huobi actively removes bad coins from its platform. This is fantastic since marginal projects cannot be exchanged on the market. It demonstrates that the team is concerned about its consumers.
- Over-the-counter deposits in fiat currency are available. This is a game-changer in the bitcoin world. This is a feature that only a few other exchanges provide, and Huobi is undoubtedly the leader in this area.
- Huobi offers a bewildering array of features. This implies that as consumers gain experience with bitcoin, they will have additional choices.
- The applications for Android and iOS are excellent. They’re excellent for on-the-go trading.
- The exchange offers over 100 tradeable cryptocurrencies, making it a one-stop shop.
- Huobi also puts aside funds in the event that they are hacked. Customers would be reimbursed if their security systems failed, according to the plan.
- Trading costs may be reduced in a variety of ways. Default costs are also among the most competitive on the market.
- Huobi has a smaller number of coins than rivals like Binance.
- Depositing traditional money via over-the-counter services may be more convenient.
- Despite the fact that the exchange allows clients from more than 130 countries, it does not accept investors from all over the globe.
- We don’t know whether all of the trade volume comes from consumers. Market makers seem to account for a significant part of everyday trading activity.
- It seems a bit unfair that Chinese merchants are exempt from paying fees while Western traders are required to do so.
- There are no fiat trading pairings.
To summarize, we are extremely pleased with Huobi and think that it will soon challenge Binance for the title of world’s leading cryptocurrency exchange. The vast breadth of functionality provided by the exchange astounded the TotalCrypto team. We don’t believe you can go wrong with the Huobi exchange if you’re searching for a one-stop cryptocurrency store with all the bells and whistles.
Huobi’s Top 3 Cryptocurrencies to Consider Buying
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2) Is NEO the Chinese Ethereum? Find out more about NEO and why it may be the next big thing.
3) QTUM: Can’t Decide Whether You Prefer Bitcoin Or Ethereum? Take a look at QTUM. Ethereum Smart Contracts and the Bitcoin Blockchain are combined in this project.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
The huobi country restriction is a feature that allows users to trade between different countries.
Frequently Asked Questions
Is Huobi a good exchange?
Huobi is a good exchange.
Is Huobi com safe?
Huobi is one of the most reputable cryptocurrency exchanges.
Can US citizens trade on Huobi?
You can trade on Huobi, but not with US citizens.
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