Jan 7, 2023 update: Please note there are some concerns about Huobi’s current financial health. Exercise caution if using them.
Huobi Global is a digital asset trading platform that was launched and created in China in 2013. The platform was previously known as BTCChina, but it was forced to change its name after the Chinese government banned cryptocurrency exchanges in September 2017. The company is currently based in Seychelles.
Huobi is available in over 100 countries and offers high trading traffic and deep liquidity. It’s rated as one of the 25 top-performing cryptocurrency exchanges by CoinmarketCap’s top exchanges list.
The platform offers over 500 cryptocurrencies and its own native Huobi token. Traders can engage in spot, derivatives, futures, and margin trading or try the P2P market for direct crypto sales between users.
In this Huobi review, we will walk you through the ins and outs of this cryptocurrency trading platform and its trading fees, so you can find out if it’s the right one for you.
Pros & Cons of Huobi
- Low trading fees start at 0.2% per trade.
- The platform offers over 500 digital assets.
- High trading volume and deep liquidity.
- The platform offers futures and margin trading.
- The platform offers trading bots and copy trading services.
- The platform offers staking and lending opportunities to earn interest.
- Huobi isn’t available in the US.
- The platform is accused of wash trading
- Not beginner friendly
- Largely unregulated
- High minimum withdrawal limits
Huobi cryptocurrency exchange was launched in Beijing in 2013 by Leon Li Lin. The platform quickly became a popular destination for Asian users but had to cease operation in mainland China as of 2021.
The platform is one of the biggest exchanges in Asia but has faced considerable regulatory difficulties in the past years. It was accused of enabling wash trading in 2019 and has been restricted from operating in several countries, including the US, Canada, and Singapore.
Huobi isn’t allowed to operate in the US, and its US-arm, Huobi.US, shut down its services in 2021.
- Over 50 major coins supported
- Trade with as low as $10 equivalent
- Crypto Loans up to 90% LTV
- Regulated EU platform.
- Available in 221 countries
- 250+ Cryptocurrencies
- 10+ million users
- Uphold is 100% reserved
- Earn up to 16% APY staking assets (not available in US)
- Registered with FinCEN (US), FCA (UK), and FCIS (Lithuania)
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and there's no safety net if things go south.
In 2022, Huobi founder Leon Li resigned from the company and sold his shares to Hong Kong-based About Capital.
The controversial crypto figure Justin Sun became a strategic advisor to Huobi in 2022.
Crypto Coins Available on Huobi
Huobi supports over 500 digital assets, although the company has taken action to remove some of the more controversial cryptocurrencies from the list of its offerings.
Huobi Global offers a wide range of digital assets, including popular coins such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Huobi Token (HT)
- Huobi USD (HUSD)
- Tether (USDT)
- Tron (TRX)
- Uniswap (UNI)
The platform also offers a native Huobi token (HT). Users can receive fee discounts based on their HT holdings. Users who hold HT in their Huobi Global accounts can also earn additional rewards daily.
Fiat Currencies Supported on Huobi
You can deposit EUR, GBP, USD, AUD, TRY, RUB, KZT, BRL, and UAH to Huobi through third-party apps, SEPA, and bank transfers. You can also buy and sell crypto with credit cards.
P2P platform users can deposit even more fiat currencies, but they must complete KYC verification first.
Countries Supported on Huobi
Huobi operates in over 100 countries worldwide, including Russia, Ukraine, Turkey, the United Kingdom, Australia, and many others.
Huobi isn’t available in the US or Canada.
Huobi Trading Fees
Huobi offers a tired maker/taker fee schedule with several tier levels adjusted according to the users’ Huobi token holdings. Trading fees start at 0.20% at the lowest tier.
Crypto deposits are free, but withdrawal fees vary depending on the asset and market conditions. Minimum and maximum withdrawal limits apply.
For registered users, the minimum daily withdrawal limit is 1 BTC. You can increase withdrawal limits by completing further identity verification procedures.
Fiat currency deposits and credit card purchases cost an additional transfer fee.
Main Features of the Huobi Platform
Huobi Global offers a wide variety of features and trading tools that appeal to both new and professional crypto traders.
Huobi offers a digital asset ecosystem with features for users such as spot trading, derivatives trading, staking, crypto loans, trading bots, trade futures, crypto yield products, 30-day trading volume, and much more.
Spot Trading With Margin
Huobi offers around 1,000 trading pairs on the spot market. Users can access in-depth market information on the Pro platform and place market orders, limit orders, stop-limit orders, and trigger orders.
Huobi users can margin trade on the spot market with up to 5x leverage.
Huobi offers derivatives products, including perpetual swaps and futures contracts. Users can trade with up to 100x leverage in the derivatives market by collateralizing Bitcoin and Tether.
Lending and Borrowing
You can also borrow crypto loans on the platform. Users can offer many assets as collateral, including but not limited to USDT, USDC, and ETH.
Interest rates vary depending on the asset, the duration of lending, and market conditions.
You can earn passive income with your cryptocurrency holdings on the platform. Huobi offers fixed-term and flexible staking opportunities. Users can also join Huobi Primepool to stake coins for a short period and earn rewards.
How Easy Is It to Open a Huobi Account?
It’s very easy to open a Huobi Global account. All you need to register is an email address, phone number, and password. You can then begin trading immediately.
In order to deposit and withdraw fiat to the exchange, you’ll have to complete KYC verification.
There are different levels of KYC verification on the platform. You can complete the basic KYC requirements by uploading a photo ID.
How Secure Is Huobi?
Huobi employs several security measures to protect user funds, such as 2FA and data encryption. All deposits are stored in offline cold wallets that are not connected to the internet and, therefore, are less vulnerable to hacking.
In addition, the Huobi platform has implemented a system known as “The Multi-Signature Security System,” which requires multiple approvals for any withdrawal from a user’s account.
Huobi Global is a member of the Blockchain Transparency Institute (BTI), which requires exchanges to adhere to strict Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures.
However, the exchange is an offshore company based in Seychelles and isn’t regulated. The company has been known to flout rules and regulations in the past.
Has Huobi Ever Been Hacked?
Huobi users experienced significant losses due to a security breach exploitation by the Gala coin team and pNetwork in November 2022. pNetwork argues the operation was a white hat hack Huobi had been forewarned of, while Huobi considers it a malicious hack.
Is Huobi a Regulated Exchange?
No. Huobi isn’t a regulated exchange and is restricted from operating in several countries, including the US and Canada.
How Does Huobi Compare to Other Crypto Exchanges?
Not all exchanges are created equal. Some are more reliable and user-friendly than others. So, how does Huobi Global compare to its competitors?
In terms of fees, Huobi is very competitive. It charges a 0.2% trading fee for most trades. Huobi also offers a tiered fee structure that further lowers the fees for high-volume traders.
Huobi offers around 600 cryptocurrencies and 1,000 trading pairs. Binance Global, on the other hand, offers around 350 cryptocurrencies for trading.
While Huobi offers more altcoins than Binance Global, it has stopped enabling privacy coin trades, which remains available on Binance so far.
Both platforms offer futures and margin trading, so they are almost equal regarding derivatives features.
Huobi hadn’t suffered a malicious attack until 2022 and remained one of the rare exchanges to have been so. It’s unclear whether the Gala coin security breach was an attack or not, but the users have nonetheless suffered losses due to ensuing events.
However, Huobi has a better history in security than its competitor platforms like Binance and KuCoin.
Does Huobi Have an App?
Yes, Huobi Global has an app available for both Android and iOS devices. The app is free to download from Google Play Store or Apple App Store. However, you can only download the iOS app from the Hong Kong App store. Huobi provides Hong Kong Apple IDs for the download.
The app allows you to carry out the same activities as you can on Huobi.com but with a more convenient user interface and in an offline environment.
Overall, our Huobi review shows the impressive variety of features offered by this platform. Huobi has a user-friendly trading interface, sufficient trading tools, a mobile app, and a great design.
Huobi charges a small transaction fee of 0.2%. This is very competitive compared to some other exchanges, but it’s not as advantageous as some of its biggest competitors, like Binance and KuCoin.
As for safety, Huobi Global has a strict KYC policy in place to prevent money laundering and other illicit activities. The exchange hasn’t had a security breach in years, though recent events with the GALA Coin team remain a dark spot on an otherwise clean slate.
Huobi is an unregulated platform, but it has suspended trading for privacy coins in a bid to show regulatory compliance.
Canada and US-based customers can’t use the exchange, but it can be a good option for investors worldwide looking for more altcoin exposure.
If you don’t know yet if Huobi is the right exchange for you, check out our post on the best Crypto Exchanges.
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