Huobi Crypto Exchange Review
As cryptocurrency increases in popularity, exchanges offering different capabilities and options continue to follow. Centered around the Asian market, Huobi Exchange is based in Singapore and has offices in Hong Kong, Japan, and Korea. It maintains one U.S. office in San Francisco, but as of right now the website reports that use is restricted in the U.S. due to regulatory laws, but the company stated it plans to open a U.S. service eventually.
Creating an Account
The exchange offers simple account creation. Huobi advertises an ability to be used in 130 countries (barring the U.S.), the most common being the Asian markets and the United Kingdom. All users need to sign up is a valid phone number or e-mail address.
After the account has been created, users are offered a choice in purchasing cryptocurrency or transferring existing assets to the exchange. Those who wish to buy cryptocurrency can do so with USD, SGD, or CNY.
Once signed up, Huobi offers a comprehensive trading dashboard. The plethora of trading pairs offered for USDT, BTC, and ETH are located conveniently on their own sidebar. The dashboard gives you access to multiple technical analysis tools, options to use limit orders and market orders to buy and sell, and a section for market tools and coin statistics. The platform’s impressively comprehensive interface offers enough information to reduce a lot of the research traders need to do, giving it a leg up over many other, less specific exchange sites.
Huobi’s basic trading interface supports both market and limit trading. Whatever amount the user wishes to trade can be manually input or selected by a slider. The exchange also offers two other trading platforms, HADAX and OTC.
Huobi Autonomous Digital Asset Exchange, or HADAX, is a high-risk trading environment for seasoned, professional investors. It is considered to be high risk because Huobi does not independently verify the tradable coins and tokens on the exchange, but rather the HADAX user community votes to verify. The OTC, or Over the Counter, is an option offered by Huobi that allows both buyers and sellers to transfer large amounts of currency without subjecting it to the unstable market. This is often necessary when the size of a sale may impact the market at large.
Fees and Support
Although Huobi offers a vast array of trading options, the fees tend to be very straightforward. Almost all trading pairs are set at .2% for both makers and takers currently. Fees are subject to liquidity, and Huobi offers a fee discount program that is available for purchase with its own cryptocurrency, HT. Huobi likely offers the best customer service support of any exchange platform by implementing the first 24/7 user support.
Huobi recently came under accusations of possibly falsifying trading volumes, which is certainly a blow to the exchange’s credibility. That aside, however, Huobi offers amazing trading options and solid security and support for its users, and its convenient dashboard is perfect for both beginners and more seasoned investors.