With several hundreds of cryptocurrency exchanges to choose from, it may be difficult for new investors to figure out exactly which platform to stick with. Huobi is one of the few platforms that has earned the trust of millions of users.
In this review, we’ll cover everything you need to know about Huobi before you start using the platform. By the time you’re done, you will know all the advantages and disadvantages of the Huobi exchange and whether it is the right platform for you.
A Few Words On Huobi
Huobi is a Chinese cryptocurrency platform that was founded back in 2013 before the first crypto bubble. Following the ban of bitcoin in China in 2017, Huobi started operating as a blockchain consulting company in China. The company now has offices all over the world and is operating on a global scale as a crypto exchange platform.
Hubi has processed over a billion dollars of trades and is one of the biggest trading platforms in Asia. It also has a digital asset exchange platform. There are three versions of Huobi: Huobi Global, which you can access from anywhere, Huobi Korea, and Huobi Japan.
With multiple shares in Chinese companies, Huobi is listed on the Hong Kong Stock Exchange as one of the Chinese companies.
Do You Need A Wallet If You Have An Account On Huobi?
Huobi is an exchange, not a crypto wallet. That being said, it does come with a built-in crypto wallet. When you purchase anything on Huobi, the platform will directly add the coins to your Huobi wallet.
Even though the Huobi wallet may be convenient to use, it is often a good practice to move your funds from the exchange wallet to a more dedicated and secure wallet. Since exchange wallets exist on the web, they’re not very safe, especially if you have many assets.
If you prefer securing your assets more than anything else, a physical crypto wallet should be able to get the job done.
Can You Trust Huobi?
Huobi has been around for a really long time. It has millions of users and it is considered the third biggest platform after Coinbase and Binance in terms of trade volume. This fact is enough to prove the legitimacy of Huobi.
However, Huobi did receive its fair share of backlash. Back in 2014, Huobi sent out a statement saying that a lot of Bitcoin and Litecoin are accidentally transferred to a different account. They did, however, work on this issue and give the users their assets back promptly.
Huobi global also has a fairly active community. You can find such communities on Reddit or discord. If you ever run into any issues using Huobi, you can post a message in the community itself.
You can use the Huobi global website from almost any country. However, do check if there is any restriction on using the website in your country before you start trading on it.
Huobi Best Features
Huobi has several fantastic features. Let us go through them briefly.
1. A Lot Of Listed Cryptocurrencies
Huobi is one of the first platforms you can find new cryptocurrencies on. It has more than 300 listed coins with more being added every day. If you are trying to find any hidden gems for high returns with a lot of volatility, Huobi is the place to go.
This feature is great, especially if you’re a seasoned investor. You can take advantage of the new coins and further expand your portfolio with the options that Huobi offers. Due to the sheer number of coins present on the platform, it can be a great place to discover new projects as well.
2. Interactive User-Interface
No matter how many listed coins a platform has, it won’t be of much use if it doesn’t have a good UI. Fortunately, Huobi has a fantastic UI that even newbies can get used to pretty quickly. The user interfaces kind of resembles that of Binance. However, Huobi is much simpler to use and has everything layered out properly.
3. Supports Fiat Currencies
Being a global exchange, Huobi supports almost all fiat currencies. Unlike some popular exchanges like Coinbase, you can purchase crypto with credit cards anywhere in the world using Huobi Global.
The platform also supports bank transfers in some countries. You may find that the payment methods are limited on the Huobi platform. However, there is a P2P market where you can purchase crypto directly from a peer and pay them instead of the platform. You can find many payment methods like PayPal, Paytm, and other simpler payment options in the P2P market.
4. Huobi Finance
Huobi Finance is a relatively new feature introduced to help users earn money by investing their cryptocurrencies. Huobi finance also has the ETH 2.0 staking option which is gaining popularity with each passing day.
Huobi Finance has a lot of other options like flexible savings, fixed savings, crypto staking, etc. If you think you know the crypto space inside out, you can take advantage of these features and earn every day.
5. Built-In Trading Bot
Huobi is one of the few platforms to have a built-in trading bot. The trading bots in the crypto space work kind of the same way as regular trading bots. However, the trading strategies can be a bit different.
Currently, Huobi is testing the trading bot feature. The feature recently made it to the beta stage and is starting to gain more attention in the trading circles. The trading bot is not guaranteed to get you more profits. However, you can use the bot to make informed decisions if you don’t know technical analysis.
6. State Of The Art Security
One of the best things about Huobi is the best-in-class security they offer. Even though the platform has been there for the better part of the last decade, there haven’t been many incidents that compromised the security of users’ assets.
Like any other cryptocurrency exchange platform, Huobi undergoes regular pen testing to ensure that all of the users’ assets are safe on their platform.
7. Is Huobi Safe To Use?
Huobi Global is one of the biggest crypto exchanges in the world. They constantly update their services to keep track of vulnerabilities in any of the services. Huobi has been around longer than most modern exchange platforms, and it is completely safe to use.
You can deposit and withdraw funds quickly using Huobu from almost any country once you finish the verification. Huobi also has KYC regulations, so every user in the P2P market is also verified, which makes it extremely difficult for spammers to infiltrate the platform.
Huobi is also licensed to operate in several states, making it one of the few official crypto exchange platforms.
The Downside To Using Huobi
1. Too Many New Cryptocurrencies
If you are new to the crypto space, it may be difficult for you to identify the legitimate currencies from the spam ones or the ones with no potential. It will be slightly difficult for new users on Huobi because of the vast number of listed cryptocurrencies.
You may even come across some “must avoid” coins on Huobi. However, if you know what you’re doing, this same disadvantage can be used to discover new coins, allowing you to support big projects early.
2. Past Controversies
Huobi has been around since 2013 and it has been involved in a fair share of controversies. There were times when a lot of crypto investors stayed away from Huobi. However, this was in the first half of the last decade. Huobi seems to be making great strides since then and has avoided any controversies since 2018.
3. No Anonymity
If you are looking to stay anonymous while purchasing cryptocurrency, Huobi may not be the best place for you. Huobi primarily focuses on improving the security of the users. Removing the aspect of anonymity makes the community a safer, more regulated place.
Even though anonymity can be pretty sweet, it would make P2P transactions that much more vulnerable to spammers.
It is relatively simple to sign up on Huobi and start using it. First, go to the Huobi Global website. Huobi also has Huobi Kore and Huobi Japan versions. You can register either with your phone number or your email id. Once you click on register, you will be taken to a new page where you need to enter a few more details.
Ensure that you read the user policy before registering. The policy includes details about how the data will be used, how safe the assets are, among other information that every user must be aware of.
Once you verify that you’re not a robot, you will receive a one-time Password to the email id or phone number that you entered. Enter this OTP on the next screen. Once the OTP verification is done, you will be redirected to the Huobi Global home page.
If you want to customize your account, you can go to the account security page. You can enable Two Factor Authentication from this page itself. 2FA is essential if you want to keep your assets secure. Then, you can either add 2FA through the Google Authenticator or the email.
Once you create your account, you need to verify your ID so that you can start trading. Verifying your ID is pretty simple on Huobi. First, head to the accounts and security page. Here, you will see the option “ID Verification”. Click on that and you’ll be taken to a new page.
On this page, you have to enter the ID number and upload the file for verification. Verification is usually done within a day if there isn’t too much load.
If you’re an experienced trader and want to take advantage of features such as derivatives and advance fiat trading, you will have to go through two more verifications just like the one we mentioned. These additional verifications are necessary for Huobi to evaluate the maximum risk you can afford to take.
How To Buy Cryptocurrency On Huobi
Purchasing cryptocurrencies on Huobi is pretty simple. Once you create an account, you can deposit money to your Huobi account and directly purchase cryptocurrency with it. Many investors first purchase stable coins like Tether and then use the stable coins to purchase other cryptos. This is done because the fee will be lower and they can get the crypto they want at a good price.
Instead of buying crypto directly, you can also deposit fiat currency in your account and hold it until it reaches the best price. Deposits usually have more options than direct purchases like local or global wire transfers and the Silvergate Exchange Network.
Huobi Pros And Cons
- Low transaction fee.
- All users on the platform are verified users.
- 300+ listed cryptocurrencies to choose from.
- Available in almost all the countries.
- Supports a wide array of fiat currencies.
- Great security features to ensure the network is safe for everyone.
- Users can’t stay anonymous.
- Can be a tad difficult to use for newbies.
Huobi is one of the most popular and trusted cryptocurrency exchange platforms in the world. With hundreds of thousands of dollars traded every day, it is extremely safe to use from any country in the world.
We mentioned all the important features along with the pros, and cons of using Huobi. If you have read the article, you should also know how to get started with trading cryptocurrency on Huobi. As we mentioned, it is pretty user-friendly and can be a great asset to both seasoned and newbie investors.
If you’re looking to find new projects or a secure, easy-to-use crypto exchange platform with a vast userbase, Huobi should be your go-to choice.