Huobi Review

huobi-review

Huobi is a Chinese cryptocurrency exchange founded in 2013 by Leon Li. Before establishing Huobi, Leon Li worked for Oracle as a computer engineer. The exchange used to be headquartered in Beijing, China before the country implemented stricter rules for crypto exchanges and trading platforms. Huobi is now based in Singapore with additional offices in the United States, South Korea, Japan, and Hong Kong. 

In August 2018 Huobi became one of the few crypto exchanges publicly listed on the Hong Kong stock exchange. Due to regulatory complications, Huobi China operates as a blockchain consulting and research company.

Huobi Features Review

MarketsCrypto, fiat
Supported countriesWorldwide
KYCYes
Leverage20x
DepositsMultiple
Min. Deposit0.001 BTC
Max. Withdrawal LimitDepends on the verification level
Trading fee0.2%
Supportlive chat, email
Mobile appiOS/Android

Huobi Security Review

Being one of the biggest exchanges in the crypto industry, Huobi is investing heavily in security in order to provide decent protection for user funds. In the past, the exchange has been breached, hacked, but no user funds were lost as the responsible staff managed to react on time. Huobi keeps 98% of the deposited funds in a multisig cold storage, with the other 2% kept in a hot wallet, which provides the necessary liquidity. To assure top security levels, the wallets are under 24/7 supervision, this way the staff will be able to react immediately if they detect any suspicious activity.

Account Security Options

  • Google 2FA Authentication
  • SMS Authentication (not recommended due to sim swappers gaining traction in recent days) 
  • Email Notifications
  • PGP email encryption
  • Fund Password
  • Anti-Phishing Code
  • Link Phone Number (also not recommended for the same reason from above)

Know Your Customer (KYC) Procedure

To add another layer of security and stay clear of anti-money laundering, Huobi has implemented a Know Your Customer (KYC) procedure. Before you are allowed to trade cryptocurrencies on the exchange you will have to pass a KYC procedure by providing some necessary documents.

Individual ID verification document requirements:
  • Passport, driving license and other legal ID
  • First and last name
  • Photo of ID

huobi-individual-id-verification

Deposits and Withdrawals

Huobi is very rich in options for deposits and withdrawals as it offers over 180 cryptocurrencies. For fiat deposits and withdrawals Huobi works with a third party – STCOINS, which handles the transfers in and out of the exchange. 

You can deposit and withdraw the following cryptocurrencies:

  • BTC
  • ETH
  • EOS
  • GUSD
  • TUSD
  • PAX
  • USDC
  • XRP
  • BCH
  • ADA
  • DASH
  • NEO
  • TRX
  • QTUM
  • OMG
  • LSK
  • ICX
  • WAVES
  • SALT 
  • BAT
  • And more

huobi-deposit-and-withdrawal

Trading Instruments 

Besides spot trading many different cryptocurrencies, Huobi also offers Margin and Futures trading on its platform. Using margin trading, you have the option to trade with leverage of 3x on BTC, ETH, XRP, LTC, BCH, and EOS. Another sleek feature that can be found here is the option to choose between isolated and cross margin.

Huobi futures trading provides access to trading with higher leverage on a number of cryptocurrencies:

  • BTC
  • ETH
  • ETC
  • EOS
  • LTC
  • BCH
  • XRP
  • TRX

huobi-markets

Trading futures is done through Weekly, Bi-Weekly and Quarterly contracts providing 3 options per asset on a different time frame with up to 20x leverage.

Huobi offers an OTC desk (over the counter) where you can quickly buy or sell the following cryptocurrencies:

  • BTC
  • ETH
  • USDT
  • EOS
  • XRP
  • LTC
  • HT
  • HUSD
  • BCH

The OTC desk is regulated and holds a DLT license from Gibraltar, acquired in 2019. It allows them to provide crypto trading services for professional and institutional clients. You are presented with a list from which you can choose with whom to exchange, buy and sell.

huobi-otc-fiat

Order Types

Just like on the majority of cryptocurrency trading platforms, on Huobi you have the standard order types. These types of orders are available to be used on spot, margin and the futures trading parts of the exchange. 

Available Order Types on Huobi: 

  • Market
  • Limit
  • Stop-Limit
  • Trigger Order

User Interface

Huobi has a very user-friendly interface. The layout is good, combining all of the information provided or needed in an easily accessible form. You can quickly change your settings, access different types of charts, etc. One negative about the UI is that you cannot fully customize it to your personal preferences as the only thing that can be customized is the color (you can choose between dark blue and white). 

huobi-exchange-user-interface

huobi-exchange-user-interface-white

The chart occupies the majority of the space with the order tab filling up the space below it. What is unique about the chart is that you can choose between 2 chart options – the default one (Original) and an integrated TradingView chart. The third option is Depth View, which changes the candle chart with a depth chart. 

huobi-depth-chart

The right side is occupied by Order Book and Market Trades, which shows the latest trades executed on the exchange in real time. Below it, there’s a convenient order tab with buy and sell buttons holding their own respectable places. 

On the margin side of the platform, the UI is nearly identical to the spot one, with the main difference being an additional indicator showing the risk rate, total loan amount and your available funds. 

Huobi exchange fees

The exchange offers a flexible fee volume based structure, the higher the amount you’ve traded, the lower the fees on the exchange will be. The exchange has its own token that  – Huobi Token (HT) which will further lower the trading fees. Keeping a highly competitive fee structure is in the best interest of any self-respected exchange in any industry and Huobi manages to achieve it through its creative volume based fee structure.

Spot Fee Rate:

The fee rate for Maker and Taker without holding the HB token is 0.200%.

LevelHT HoldingHT Deduction
MakerTaker
LV.1≥ 00.2000% 0.2000%
LV.2≥ 100.1800%0.1800%
LV.3≥ 1000.1600%0.1600%
LV.4≥ 5000.1200%0.1200%
LV.5≥ 10000.0900%0.0900%
LV.6≥ 20000.0800%0.0800%
LV.7≥ 50000.0700%0.0700%

 

Margin Fee Rate:

The Margin fee for Maker and Taker without holding the HB token is 0.0980%

LevelHT HoldingHT Deduction
LV.1≥ 00.0980%
LV.2≥ 100.0882%
LV.3≥ 1000.0784%
LV.4≥ 5000.0588%
LV.5≥ 10000.0441%
LV.6≥ 20000.0392%
LV.7≥ 50000.0343%

 

Fiat trading fee rate:

LevelHT HoldingHT Deduction
Maker DiscountTaker Discount
LV.1≥ 0No discountFree
LV.2≥ 1090%Free
LV.3≥ 10080%Free
LV.4≥ 50060%Free
LV.5≥ 100045%Free
LV.6≥ 200040%Free
LV.7≥ 500035%Free

Huobi Exchange Volume

Huobi’s reported volumes on their Global exchange is in the billions per day. Overall the exchange is in a very healthy state and it slowly keeps on expanding and servicing in more areas. The majority of the trading volume comes from BTCUSDT, followed by ETHUSDT and BCHUSDT.

Ecological Services of Huobi Group

Through the years Huobi has added several different services to its catalog of products, allowing it to offer more investment instruments and informative options.

Huobi’s ecological services consist of:

  • News
  • Pool
  • Chat
  • Wallet
  • Huobi China
  • Huobi Capital
  • Global Ecosystem Fund
  • Huobi Cloud

Affiliate Program

Huobi has recently extended its flexible affiliate program – Super Rebate. It is a highly rewarding one as it gives a rebate of 40%. There are 3 tiered levels – Basic, Mid, and Upper each having different terms and conditions for leveling up. 

Review Conclusion

Huobi is one of the longest standing exchanges that keeps on expanding its arsenal of products to attract new users. The exchange takes one of the top spots in the crypto industry with its numerous branches (Korea, MENA) that serve different territories and users. It is compliant with the local regulatory rules. This exchange offers a high number of trading instruments thus it is able to provide one of the better environments for trading.

Pros / Cons
  • Great UI
  • 180+ cryptocurrencies
  • Very-high security
  • Third party for fiat deposits and withdrawals
  • Low leverage

Huobi is a Chinese cryptocurrency exchange based in Singapore with over 180+ cryptocurrencies trading and multiple trading instruments available.