Huobi Global is a world-leading cryptocurrency financial services group. In 2013, the founding team foresaw the great potential of the blockchain industry to revolutionize the future of the global financial system. Very quickly, they founded Huobi.com with a mission to both make the financial industry more efficient, and to make wealth more accessible to everyone. The Huobi team is dedicated to providing safe, professional, trustworthy, and world class services to its global clients in an effort to create a client first culture. Huobi Global has planted offices in Singapore, the United States, Japan, Korea, Hong Kong, and is prevalent in over 130 countries across the globe.
According to Huobi.pro, the operation has set up several offices in Singapore, Japan and Hong Kong, and some of its operational departments are still active in mainland China. The site doesn’t really tell us who the people behind the operation are, instead focusing on the various features the exchange offers.
Huobi Trading Summary
2 (BTC / LTC)
# Fiat currencies
2 (CNY / USD )
Trade fees (trade size $1,000)
BTC/USD half bid-ask + impact (trade size $1,000)
Minimum trade size
How to use Huobi?
The user interface looks simple and easy to use. The website is mostly in Chinese but some of it is translated in part to English.
Registering on Huobi.pro
You can register on the crypto-exchange Huobi.pro under the following link:
Increase the security of the account
After signing up, you should increase the protection level for accessing your own account on Huobi.pro. The corresponding settings can be found in the menu under “account & security“. In order to secure your account from unauthorized access, Huobi.pro has several factors to choose from: e-mail address, mobile number and the Google authenticator:
Huobi Pro has recently launched an over the counter (OTC) platform.
At the website, users from various countries are able to exchange their local fiat currency to digital currencies such as bitcoin.
The site makes it possible for a user to post an advertisement where they state the rate of exchange and methods of payment for buying or selling cryptocurrencies. Another user will reply to the posted advertisement and agree to physically meet the person to exchange the cryptocurrencies with cash or can choose to trade via online banking, WeChat or Alipay.
The digital currencies are available in the online wallet present on the web to facilitate direct payment of purchases of digital coins.
The Huobi pro website enables you as a user to communicate directly with the other party of the transaction. This makes the process very lean and quick due to the elimination of corporate head.
The huobi.pro platform supports all payment methods supported by the user’s trading community.
Every transaction is provided transaction service or escrow, by the Huobi website for ensuring the protection of the buyers of cryptocurrencies.
Huobi’s Fee Schedule
The biggest Chinese trading platform has the following fee schedule:
For US dollar trading:
The maker fee is 0.1 percent of the amount traded. For volumes traded in the last 30 days the taker fee is:
below 50 BTC – 0.2 percent
over 50 BTC – 0.18 percent
over 200 BTC – 0.16 percent
over 600 BTC – 0.14 percent
over 1500 BTC – 0.12 percent
over 5000 BTC – 0.10 percent
over 10000 BTC – 0.08 percent
Trading in Chinese Yuan has a flat fee 0f 0.2 percent of the amount traded. The exchange abolished the no-fee policy in January of 2017 in order to prevent influence on the market and increase liquidity.
Deposits made in Chinese Yuan are free of charge. Deposits in US dollars are charged according to the following schedule.
International Wire Transfer – 1 percent of the amount (maximum amount transferable – $150,000)
OKPAY – 1.5 percent of the amount
Withdrawals in US dollars:
International Wire Transfer – 1 percent of the amount (minimum fee 33 dollars)
OKPAY – 0.5 percent of the amount
Withdrawals in Chinese Yuan are charged in accordance with the levels. Each level is reached when the specified number of points is gathered. Points are gathered through trading.
VIP0 – 0 points – 0.50 percent
VIP1 – 10000 points – 0.45 percent
VIP2 – 100000 points – 0.40 percent
VIP3 – 300000 points – 0.38 percent
VIP4 – 500000 points – 0.35 percent
VIP5 – 1000000 points – 0.30 percent
VIP6 – Paid Service – 0.30 percent
Withdrawals in cryptocurrencies are charged – 0.0001 BTC and 0.001 LTC respectively.
Deposits and withdrawals on Huobi.pro
On Huobi.pro, credits can only be deposited in crypto-currencies. A transfer of euros or other FIAT money is currently not possible. So you must use another platform, such as Coinbase* (detailed test to Coinbase.com) to buy Bitcoins or Altcoins and deposit them in a wallet. From this wallet you can send coins to Huobi.pro.
This is quite simple. To do this, select “balances” in the top menu and click on “deposit & withdraw” or “deposit & withdraw”. For depositing your “exchange account”, i.e. your trading account is pre-selected, which you then use for this purpose.
The withdrawal process is similar to that of the deposits. To withdraw credit, click on “withdraw” for the corresponding account of a cryptocurrency.
There, the desired amount and the destination’s address, to which the credit is to be sent, have to be entered. Fees are displayed as well, which can be adjusted in a defined range.
The platform has a verification process that is more demanding than average platforms.
After registration as a user and submission of all the required information, the email of the user is verified. After which the user’s real name is also verified.
It is significant for a perfect match between the username and the name of the bank account the user wants to link his Huobi account to, more especially to foreigners. It is a requirement for transfers to be completed between the two accounts.
After verification of the name, there is verification of nationality. You select a country of residence from the drop-down menu provided. Foreigners automatically select a passport. Chinese residents can either provide; a passport, Chinese identification card, social insurance number, military officer certificate or a mainland driving license.
A selfie with the government document is taken and a picture depicting three deposit transactions is also taken.
Mobile verification is the last process for verification.
A Truly Global Exchange- Empowering millions of users across over 130 countries trading over $1 billion in assets. 24/7/365 customer access and support. A trusted world-class operation designed specifically for knowledgeable crypto-investors.
Fees in line with others – The costs of trading at Huobi are currently set at 0.20% of the total transaction value. They used to offer very different conditions and distinguishing between market “makers” and “takers” was present. Nowadays this is replaced by a flat and relatively fair fee.
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Over 20 coins available – There are over 20 different assets traded at Huobi. This may not make them an “altcoin heaven”, like Bittrex. At the time of writing of this review, trading is done against USDT (Tether, the cryptocurrency, backed by US dollars), BTC and ETH.
Enjoyable trading platform – Huobi’s solution to the trading platform issue seems like one of the best ones in the cryptocurrency space, from a trader’s perspective. Charting is provided by TradingView, which is always a solid option. The rest of the platform is also aligned in an intuitive way. Here is a snapshot (a white theme is also available):
Focus on China – Huobi used to be entirely oriented towards China, even accepting Yuan deposits and offering trading against the local currency. That being said, the ban has forced them to turn more globally, but registering an account at this point in time if you are not Chinese will be difficult.
Lacking presentation – Huobi does not mention a lot of details, when it comes to the trading conditions. Methods of payment, deposit and withdrawal fees as well as a few other details are not mentioned in an easily accessible place.
No leverage (currently) – At the time of writing of this review (several weeks after the ban on Chinese exchanges) Huobi does not offer trading on margin. Like a lot of other things, this didn’t use to be the case.
Few and mixed reviews – It shouldn’t come as a surprise at this point, but the English user reviews on Huobi have been few. Some people believe the volumes traded on this exchange are fake and aimed at increasing their credibility (and potentially misleading clients).
Was hacked in the past – Huobi was hacked in the past. There are reports of various attacks against the exchange, with one allegedly leading to the loss of BTC 12,000. Obviously, this does not exactly inspire confidence.
Huobi.pro Review Conclusion
Huobi may have taken a hit following China’s crypto exchange ban, but they are definitely still rocking and rolling. There’s no shortage of new perks and features at the operation either. The exchange recently held an Essay Contest focused on Dash, and it has just rolled out (on January 1, 2018) its Genaro network, a Turing-complete public chain, which is hailed by many as the first step towards the blockchain 3.0 ecosystem. Genaro’s main features are a decentralized storage network and increased processing speeds of tens of thousands of transactions per second.
In addition to all the above, Huobi have considered the introduction of peer-to-peer trading in fiat currencies, that would allow Chinese citizens to keep purchasing cryptos for Yuan, thus essentially defeating the government’s ban on the vertical.
[su_quote]This article is writing on 22 March ,2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: firstname.lastname@example.org Or Whatsapp Us- 918077121282[/su_quote]
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