Cryptocurrencies like Bitcoin and Ethereum are increasing in popularity every minute. So to trade them, we use crypto exchanges. However, there are a lot of exchanges with diverse features and functionalities. One such famous exchange is called Huobi Global.
By the end of this review, you’ll know everything you need to know about this exchange. I’m even going to tell you some pros and cons as well as other “getting started” info.
So now, before diving into the crypto world of Huobi, let us explain to you some offers.
To avail attractive offers and beginner bonuses for all United States(US), Indian and international users, click here.
Table of Contents
- What is Huobi Global?
- Huobi history
- Sign up to Huobi
- Verify your account
- Huobi trading
- Pros and Cons of Huobi
- Buying cryptos with a credit/debit card in Huobi
- Huobi fees
- What is HT (Huobi Token)
- Huobi supported cryptos and fiat currency
What is Huobi Global?
Huobi is a global crypto exchange that allows you to purchase cryptos with a variety of features. Back in 2013, Huobi Global was released as one or the earliest exchanges in China. Founded in China, Huobi now has offices in Japan, South Korea, Hong Kong as well as in the United States. Huobi Global offers a variety of features like managing assets, credit card payment, secure storage system etc. that make it an ideal place to buy and sell digital assets. With a score of 9.1 and ranked third (from Coinmarketcap currently), Huobi offers 360+ crypto assets alongside with its own invention – HT, a Ethereum ERC-20 standard. Huobi had a huge 24 hour trading volume; $60,361,413,182 on 3rd May 2021.
Huobi also offers different trading platforms ready for use depending on your requirement. Huobi has different trading platforms for both OTC market trading as well as margin trading. As a sizeable and illustrious exchange, Huobi has a higher liquidity than most of the other exchanges. Huobi also offers countless features such as margin trading, spot trading, earnings, order books and yet a lot more.
Although Huobi was forced out of China, it still hasn’t slowed down the exchange as it still serves more than 5 million users in over 130 countries around the world. Founded by Leon Li (Chairman, Founder and CEO) in 2013, this crypto exchange provides a worthy selection of coinage for all kinds of levels to get involved with.
Huobi exchange was founded by Leon Li back in 2013. Before the founding of Huobi, he was a computer engineer at Oracle. This trading platform’s domain name (huobi.com) was registered on May 15, 2013 by the Huobi Group. The exchange actually started on September 1st when the Huobi Group decided to launch this as a Bitcoin trading platform. Ready to capitalize around the emerging Bitcoin market, Huobi raised a $10 million venture from vast companies such as the now Sequoia Capital.
Since a few months after going live, it had more than quadrupled its turnover, expanding to become one of the largest crypto exchanges. By the end of 2020, Huobi had a stunning turnover of over $1,908 billion since its launch – yes, you read that correctly. With over a million visitors a week, Huobi now offers over 360 crypto assets and several other features as well as crypto loan and trading bots.
In 2014, Huobi became the largest exchange platform in China at that time. By the time of December 22 2016, its daily transaction volume surpassed 200 billion yuan (the currency of China). On 4th May, with an even bigger 24 hour volume than yesterday, Huobi managed to hit $122,554,643,403 (24 hours volume). Later, just as the summer was wrapping up in 2017, China decided to ban bitcoin exchanges. This meant that exchanges needed to think quickly and come up with a plan B. Due to this, Huobi was forced to relocate to Singapore and have it’s headquarter there.
Sign up to Huobi
As some people might think, opening an account on Huobi is not hard, it’s pretty simple and obvious. All you have to do is provide correct answers to all of the questions. So now, let’s look at how to sign up:
- So once you have navigated into Huobi, you’ll have to tap on the ‘Sign Up’ button located on the upper right.
- Once you have done that, you can either register with your email or your phone. They are both the same but for the contact, you have to enter the required one. So now, once you are in this screen, enter all the required details, such as:
- Nationality (automatically set)
- Email/Phone number
- Password (8-20 characters with at least 1 letter)
- Confirm password
- Click on the “Sign up” button
Now that you have set up an account, the next thing that you have to do is to verify your account; which we are going to look at now.
Verify your account
After creating an account, the next most important thing that you have to do, is verify your account in order to buy cryptos. So now, let’s look at how to verify your account:
- Log into your account on Huobi.
- Click on the profile icon and a drop-down box will appear. From there, click on “Verification”.
- Fill in all the details required in the field. Same as signing up but the only thing extra are; legal ID (i.e, passport), name and a photo of the ID.
Then, voilà! Your verification will be processed within 24 hours if all documents have been correctly submitted.
Huobi trading platform
The huobi platform is one of the best financial markets that you can use. Huobi offers an array of features and trading pairs. With neat charting, depth data and amazing customer support, it soars well above any other exchange. Huobi is “Multi-Platform Accessible” which means that this platform is available across Windows, Mac, iOS and android. Ranked second, more than $100,000,000,000 worth of money is traded every day.
Even buying cryptos with Huobi is very easy; enter an amount, select payment and link your card and that’s it, done, payment complete. Huobi also offers Huobi Earnings which is an investment product to manage unmoving cryptos. Huobi mainly supports Flexible Earnings and Fixed Earnings. With Earnings, users can earn more profits by subscribing digital assets as the interest will be calculated from the day after the subscription day. You can even earn upto 68% APY on some assets (if they aren’t sold out).
Huobi has also launched their own derivatives products for both Futures and Swap trading markets. Along with derivatives trading, Huobi also offers Margin and Customer-to-Customer lending as well as crypto loans (for BTC and USDT). In addition, Huobi also recently introduced USDT-margined Swaps, trading bots and brokerage (OTC).
Pros and Cons of Huobi
- Global 24/7 strong customer support
- Offers more than 300 cryptos
- Lots of investment products
- Great trading platform
- Easy access
- Slightly high fees (as compared to Binance)
- Long account creation process
- Low withdrawal limits
Buying cryptos with a credit/debit card in Huobi
Buying cryptos from Huobi is a seamless experience as you can go from cash to crypto in just a matter of seconds. Here are the steps to buying cryptos with a credit/debit card:
- Navigate to Huobi Global and log in. If you don’t have an account, then sign up (we looked on how to sign up above).
- Click on the “Buy Crypto” button at the top. This will automatically take you to the “Quick Buy/Sell” page. If not, click on the “Quick Buy/Sell” option just an inch below the “Buy Crypto” button that you clicked.
- Here, select weather you want to buy, sell or convert.
- Here, you can purchase with either fiat currency or cryptocurrency. Huobi Global supports 57 fiat currencies and 28 crypto currencies to buy. Select your required fiat currency and crypto.
- After you have selected, click on the “Buy BTC” button.
- After you have done that, select “Card Payment” as your required payment method.
- If you have already completed verification and linked your bank card, click on the “Confirm” button to finish. If this is the first time you are purchasing, it will ask you to complete verification and link a bank card.
So this is it, you have bought crypto by using your card.
Huobi also charges fees just like any other crypto exchange. So basically, you get charged a fee of 0.2 percent for a trade made by the makers and takers for a trading volume. This fee also goes down based on the volume. If you haven’t activated the HT deduction service, the current Maker/Taker fees are 0.2%.
The fee can also be reduced. To reduce the fee, you need to hold HT (Huobi Token) in your wallet. Then, select the option to use HT for trading fees. Another way to reduce the fee is by using VIP memberships that reduce the fee by 65%.
What is HT (Huobi Token)
Huobi has its own token called HT (issued by the Huobi group) based on the Ethereum ERC-20 standard. The Huobi Global Ecological Token, HT, is short for Huobi Token. When this token was launched in January 2018, it was said that both its Max supply and total supply is 500,000,000. With a market cap of $5 million, HT is currently ranked #35. When this token was launched, more than 40% was reserved for operating the platform and for user rewards. Using this token, users can reduce their trading fee, cast their vote in decisions regarding the platform and also in initial exchange offerings.
Huobi Tokens current price is $29.53. This currency has a market dominance of 0.21% currently at the time of writing. It has a current circulating supply of 182,827,444 HT. The all time high of this $30.60 and the all time low is $0.8897. Out of the 500 million HT, 100 M is used for user rewards and platform operations. Another 100 M is reserved as team incentives and subject to a 4-year vesting schedule in which 25 M is unlocked each year. The other 300 M is given away for free as a benefit for the purchase of “point cards”. This giveaway is now currently completed.
Huobi supported cryptos and fiat currency
When you buy or sell cryptos with fiat currency, nearly all of the currencies are available. Huobi offers 57 cryptocurrencies and more than 55 fiat currencies when you purchase cryptos online. Here is the full list of fiat currencies available: (currency and then symbol)
CNY ¥ , USD $ , HKD HK$ , VND ₫, MYR RM, TWD NT$, KRW ₩, RUB ₽, AUD A$, CAD C$, SGD S$, GBP £, EUR € ,PHP ₱, INR ₨, CHF Fr, NGN ₦, IDR ₨, KHR ៛, BRL R$, SAR ﷼, AED د.إ, TRY ₺, NZD NZ$, ZAR R, NOK Kr, DKK KR, SEK kr, ARS $, THB ฿, COP COL$, VES Bs.S, ALL L, KES KSh, BGN лв, PEN S/., CZK Kč, HRK kn, HUF Ft, MDL MDL, MKD ден, PLN zł, RON lei, UAH ₴, AZN ₼ ,CLP $, CRC ₡, DOP RD$, GEL GEL, ILS ₪, KZT ₸, MAD .د.م, MXN $, NAD $, QAR ﷼, UYU $U and UZS лв.
Here is the full list of cryptos available:
USDT Tether, BTC Bitcoin, ETH Ethereum, HT Huobi Token, EOS EOS, BCH Bitcoin Cash, XRP XRP, LTC Litecoin, HUSD HUSD, ETC Ethereum Classic, BSV Bitcoin SV, DASH Dash, LINK LINK, DOT DOT, FIL FIL, TRX TRON, ZEC Zcash, ADA Cardano, NEO Neo, XLM Stellar, XMR Monero, VET VeChain, DOGE Dogecoin, YFI Yearn.finance, UNI Uniswap, ALGO Algorand, XTZ Tezos and HPT HPT.
Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.