Brief description of Huobi Global
Founded in 2013, the Huobi Global Exchange is a centralized platform. According to the Coingecko resource, the exchange has an average (8) reliability rating. As of September 2021, 0 cryptocurrencies are traded on the exchange, the most active trading pair is ETH/USDT. The maximum trading volume for the last 30 days was reached on August 7 in the amount of 161,756 BTC.
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Detailed review of the Huobi Global Exchange
Huobi is a cryptocurrency exchange founded in China in 2013. It is registered in the Seychelles. Link to the official website of the exchange — Huobi.com. It provides opportunities for spot, margin, futures (perpetual contracts, options) and OTC trading. Confidently enters the top-3 in terms of trading volume (turnover-over two billion dollars in 24 hours). It exists both in the web version, and in the form of desktop and mobile applications.
We offer a detailed overview of the functionality of the Huobi exchange, its advantages and disadvantages.
- General description
- How to trade on Huobi
- How to trade on the Huobi exchange
- Money management
- HT Token - description of the cryptocurrency from Huobi
- Huobi Wallet
- Huobi Input and Output
- Tech. Huobi support
- Comparison with other top exchanges
- API Huobi
- Huobi Reviews
- Advantages and disadvantages
Registration on the platform is available to users from more than 130 countries of the world - wherever transactions with cryptocurrencies are not prohibited by law. Huobi is a multilingual platform that supports such languages as Chinese, English, French; German, Turkish, Portuguese, Spanish.
The founder and CEO of the Huobi Group is Leon Lee. Previously, he worked as a computer engineer at Oracle. He graduated from the Department of Automation of Tsinghua University and became a successful entrepreneur in the field of financial technologies.
Other team members:
- The Chief Operating Officer (COO) is Robin Zhu. He has experience in the field of corporate governance and practical data analysis. He also worked at Oracle at one time. Initially, he was deeply interested in the blockchain industry and Big Data.
- The head of the Security Department (CSO) is Simon Wu. He is responsible for risk management, previously worked in international consulting firms and government agencies, dealing with business security and management issues.
- The technical director is Roy Zhu. He was a technical expert at Alibaba, a partner and senior vice president of Jinshan Cloud, and also held a management position at Taobao. Is responsible for the research and development of new functionality.
How to trade on Huobi
The Huobi exchange is designed to manage cryptocurrency assets in the following ways:
- Spot trading. Trading with instant settlement, when funds are transferred between the buyer and the seller here and now, based on the current market value of the asset.
- Futures trading. Trading contracts containing information about the value of the currency and the time of sale. By entering into such a contract, the buyer and the seller undertake to transfer funds at a specific rate and at a specific time. An effective tool for hedging risks.
- Margin trading. Trading with leverage — the user takes a certain amount of credit funds secured by the assets available to him and thereby can use a larger amount in trading than he has. This increases the potential profit, but also the risks. The available leverage level is individual for each currency.
- OTC. A P2P exchange platform that connects fiat money and digital assets. It is intended for institutional investors who make large transactions and want to do it completely in the legal field.
- The index is HB10. It includes 10 top cryptocurrencies, works in conjunction with an investment product that helps to invest funds in the entire basket of promising assets at once.
- Fiat. Quick purchase or sale of cryptocurrency for fiat money. Supported payment methods: VISA/Mastercard bank cards, Western Union, e-wallets.
Huobi Global currently works with 286 coins (770 trading pairs).
Read more: P2P: where peer-to-peer networks are used
To start trading, you do not need to verify your identity, but you can pass it to expand the withdrawal limits and get access to additional functions. Go to the "Verification" section and enter the necessary information — passport or driver's license number, first name, last name, upload a scanned passport in JPG or PNG.
Verification on the exchange is not required, but it gives additional advantages when using the platform
The information is manually confirmed by the exchange's employees, usually it takes no more than two days.
How to trade on the Huobi exchange
Let's look at how to trade cryptocurrencies and tokens using the Huobi platform.
In the central part of the screen, under the chart, there is a section for creating buy or sell orders. Huobi supports the following main types of orders:
- Market. The user specifies only the desired amount of cryptocurrency. The transaction is made instantly and at the market price that is at that moment.
- Limit. The user specifies both the amount and the cost of the cryptocurrency. As soon as a counteroffer appears, the order is automatically executed. All created limit orders are located in the so-called glass (or orderbook).
- Stop limit. A subspecies of a limit order. While a regular limit order is executed when the specified price is reached or better, the stop limit is executed at the specified price or worse.
- Trigger-an order (by limit or by market).
Advanced tool-creates an order that is executed automatically immediately after the execution of another order. In the right part of the trading terminal interface, there is a history of all completed orders — date, volume and price. And at the very bottom — information about active and completed transactions of a particular trader.
Huobi Global includes a number of opportunities for managing funds for investors. After entering the exchange, the following tools are available:
- Blocking and mining HT. Holders of the exchange token (HT) can participate in the airdrop. To do this, they need to block at least 100 HT on their account for a period of 7 to 90 days. After the expiration of the period, a bonus is awarded in the form of a certain amount of Huobi Pool Token (HPT).
- Landing page. Investment of USDT or BTC at interest for 10, 20, 30 days. The interest rate can be entered manually (from 0.01 to 0.09% per day) or set the optimal one.
Other users then select suitable options from the entire pool of available offers.
- Storage of assets. Professional asset storage services for companies and institutions.
Clearing and detailed reports are included in the price.
- Asset management. A digital asset service platform for professional users.
There is a choice of three investment strategies with different levels of risk and profitability.
- Savings (available only after verification). A deposit account with an interest income. The interest is periodically adjusted, at the moment it is 7.28% per annum for USDT and 3.5% for BTC.
A new Pool Savings section was also recently opened. This is a tool for working with DeFi tokens. It includes profitable farming of new and promising tokens.
HT Token - description of the cryptocurrency from Huobi
HT is a token, a cryptocurrency officially launched by the Huobi exchange in 2018. Functional purpose and why it is needed:
- Discounts from 10% to 95.15% on trading fees (depending on the number of tokens held).
- Participation in events and events held by Huobi.
- Farming of the HPT token.
- VIP status.
- Use as a guaranteed asset with a cross-margin.
Deflationary burning scheme to maintain the value of the asset:
Asset allocation scheme
Today, there are HT holders in more than 180 countries around the world. It is traded, in addition to Huobi, on the Bibox, Bitforex, Coinsbit, HitBTC, MXC, etc. exchanges.
The universal multi-currency wallet from Huobi Global can be downloaded from the links:
- For Android - https://play.google.com/store/apps/details?id=com.huobionchainwallet.gp
- For iOS - https://itunes.apple.com/cn/app/id1433883012?mt=8
The application supports most major cryptocurrencies (BTC,ETH, XRP, LTC, BCH, etc.), stablecoins (USDT, USDC, TUSD, DAI, PAX), most tokens on the Ethereum, Ontology, TRON, EOS blockchains.
The main features of the crypto wallet include independent management of private keys, personal control over assets, data encryption, support for multi-signature and the ability to organize joint asset management. The simple interface allows you to perform operations in one click.
Huobi Input and Output
To deposit funds to the Huobi Global exchange, you need to go to the Currency Account section, select the cryptocurrency of interest, for example, Bitcoin, and click Deposit.
Copy the address and transfer the cryptocurrency to it from an external wallet (you can use a QR code for a quick transfer from a mobile application).
The funds are credited to the exchange account after one confirmation by the miners, and after two confirmations they will be available for withdrawal.
The minimum deposit amount is 0.001 BTC. The deposit address does not change every time, but only sometimes, the exchange notifies about this by email.
To withdraw cryptocurrency, you need to go to the same section, but this time select the Withdraw button.
Specify the address to which the coins should be transferred, and the required amount. The commission is indicated in the same window and covers the transaction costs, providing a quick transfer.
The minimum withdrawal amount is also 0.001 BTC.
Type of operation Commission fee
- Spot trading 0.2% maker and 0.2% taker
- Margin interest 0.098%
- OTC trades 0.1-0.2% maker (depending on the currency), 0% taker
- Contract trades 0.02% maker, 0.04% taker
- Entry without commission
- The withdrawal is individual for each coin, indicated at the time of withdrawal (for example, for BTC — 0.0005 BTC).
Read more: What is OTC and what are its features
The table shows the standard indicators. Holders of HT tokens can reduce them. With a deduction, the fees look like this:
The Huobi exchange uses cold wallets, secure connection and data encryption to protect user funds. In addition, the user can independently increase the security level of the account if he performs the following actions:
- It will enable two-factor authentication — a simple and effective way to confirm login using the Google Authenticator application.
- It will link the phone number and confirm the email address.
- Associates accounts in other networks (Google, Facebook, Apple) with the Huobi account.
- It will set a complex password and an anti-phishing code.
Tech. Huobi support
You can contact Huobi technical support via an online chat on the website. Other contacts and social networks of the project:
- Telegram https://t.me/huobiglobalofficial
- Facebook https://www.facebook.com/huobiglobalofficial
- Twitter https://twitter.com/HuobiGlobal
- Blog on Medium https://medium.com/@huobiglobal
- Instargam https://www.instagram.com/huobiglobalofficial/
- YouTube https://www.youtube.com/HuobiGlobal
The Huobi Exchange provides documentation for developers (API) for free. It can be found at https://huobiapi.github.io/docs/spot/v1/en/#change-log
In the top menu, you can switch to another type of trading (spot, futures, options, margin swaps). Information on all categories is constantly updated. The developer can subscribe to email notifications to keep everyone up to date with the latest changes.
The site has both positive and negative reviews, there are about the same number of them. Users complain about high commissions, problems with the NEM cryptocurrency, as well as insufficient functionality — despite the fact that the platform keeps up with the times and regularly introduces new features, it is not yet possible to work only with it without resorting to the help of other large trading platforms.
Nevertheless, trading volumes show that most users consider the platform to be the best option for exchanging certain currency pairs (the most popular is BTC/USDT).
Advantages and disadvantages
- The exchange is in the top in terms of trading volume and liquidity
- Own functional token
- Developing functionality
- Positive feedback
- Optional verification
- A large selection of trading pairs
- Mobile and desktop wallets
- Referral program
- Some functionality has been cut for popular cryptocurrencies. For example Bitcoin and USDT
The Huobi cryptocurrency exchange is actively developing and tracking current trends, such as earnings on DeFi tokens. A strong team, the introduction of new options, adequate commissions-all this speaks in favor of the site and adds respectability to it. Now there is such a time in the cryptosphere that it is impossible to keep up with trends, otherwise the project will instantly lose part of the market.
Read more: What is decentralized finance DeFi?