This review of cryptocurrency exchange Huobi was created for informational purposes. Going through this review will help you decide if Huobi is an exchange that fits your needs.
Table of Contents
What is the history of Huobi?
Huobi is currently one of the largest cryptocurrency exchanges worldwide. The company is based in Singapore and has service centers in Chengdu, Hong Kong, Seoul, Shenzhen and Tokyo. Huobi was founded in 2013 by Leon Li. who is also the CEO of the company.
Their mission: “empowering financial services and liberating global wealth” has become a reality through giving access to their online services in over 130 different countries and generating a trading volume of over $2.3 trillion in the year 2020.
Recently the founder, Leon Li, has discussed selling nearly 60% of his investment in Huobi. A deal estimated at around $2 and $3 billion.
What cryptocurrencies are available on Huobi?
Huobi offers 620 different cryptocurrencies on their platform and 1017 trading pairs. The pairs with the most liquidity are Bitcoin – BTC, ETH – Ethereum, Huobi Token – HT, Huobi Dollar – HUSD, Tether – USDT and USD Circle – USDC. Huobi profiles itself as both a ‘fiat-to-crypto‘ and ‘crypto-to-crypto‘ exchange. Meaning you are able to purchase cryptocurrency with a fiat.
What is Huobi Token - HT?
Huobi – HT is the utility token of the Huobi exchange and can be used for the following purposes:
- As a trading pair on the Huobi exchange just like Bitcoin – BTC. This means that HT can be traded on the Huobi exchange for other digital currencies.
- As a fee reduction mechanism; by holding users can pay up to 50% less on buying and selling fees on Huobi exchange.
- HT holders can participate in deciding which tokens will be added next through HADAX.
- HT is used to buy into Initial Exchange Offerings – IEOs launched on the Huobi Prime platform.
What are the fees and other charges on Huobi?
Fees on Huobi are 0.2% for both ‘makers’ and ‘takers’. If you want to withdraw coins from Huobi, you will have to pay a withdrawal fee. However, withdrawal fees vary per coin and change with market conditions.
A ‘maker’ is someone who adds an order to the order book, or puts in a limit order. A ‘taker’ is someone who accepts an order from the order book and thereby empties the order book.
For a detailed explanation of the Huobi fee structures visit our Huobi Fees page.
Where do I find Huobi support?
Many cryptocurrency exchanges lack good support for their users. Fortunately Huobi has his customer support perfectly in order. Huobi offers investors 24/7 phone support as well as email email@example.com, where users can send a support ticket. But not only this, it’s also possible to contact Huobi via their live chat on their website.
For more info visit our Huobi support page.
What are the pros and cons of Huobi?
Like any other exchange, Huobi has advantages and disadvantages. We take a look at some of their strengths and weaknesses in the table below for:
- Very large cryptocurrency offering
- BTC/ETH/ USDT/HUSD & HT Trading Pairs
- Very fast platform
- High volumes
- Very good customer service (24/7)
- Safe and secure
- Slightly higher buying and selling fees than competitors
- Cryptocurrencies are not insured
We believe that Huobi is suited for every cryptocurrency trader. By shifing their focus to not only on investors from Asia, but also towards Europe. Therefore renaming themselves into Huobi Global. Are you interested in knowing the origin of the name ‘Huobi’ and its correct pronounciation? Check out the video below.