What is Huobi?
Huobi is a cryptocurrency exchange that allows their users to perform different trading, buying, and selling activities right on a single platform. It was first founded in 2013 in China, but it has expanded to different countries since its release. As of now, Huobi is based in Seychelles, a country in East Africa, and has its headquarters there. But the platform does have several offices based in different countries like Japan, the US, Hong Kong, and South Korea.
There are three different versions of Huobi exchange available for users to access. There is one version for South Korea, one for Japan, and a global version for everyone else to use and perform financial activities. This review will focus on the global version of Huobi.
My Overall Thoughts on Huobi
Huobi has been in the business for almost a decade now. Founded in China, it has now successfully expanded to a lot of countries. It offers more than simple cryptocurrency trading to their users, there are also futures and derivatives markets. The following are the three main reasons why I would recommend you try Huobi and explore what they have to offer:
1) Massive range of cryptocurrencies: Huobi has a huge number of coins listed on their exchange. You can easily access over 300 crypto coins and trade them as you want. There is an option for quick buy and sell too, but it only supports some of the most popular crypto coins.
2) No deposit fee plus bonuses: There is no fee when you deposit into Huobi, and you can even enjoy bonuses and rewards on your first deposit. This is a great incentive for newcomers to join the platform.
3) Various trading options: You can stick with traditional spot trading, or if you are an experienced trader, you may prefer futures, derivatives, and margin trading with Huobi. All these markets give plenty of options so users will find something suitable for them.
You can take a look at the other benefits too and evaluate how good they can work out for your needs. Just remember that the global version is not available for the US, but you can go with HBUS instead, or find another exchange from our list of the best crypto exchanges for US residents.
Key Features & Advantages of Huobi
Huobi unquestionably has some of the best advantages and features that traders and investors love. I have compiled a list of these features for you to take a look at and evaluate how they can improve your trading experience.
Negatives & Disadvantages of Huobi
Of course it isn't possible to find a crypto exchange that is perfect without any type of flaws, so let's see Huobi's disadvantages below.
What Services does Huobi offer?
Let’s have a brief look at what Huobi offers to its customers and if it would be a good choice for you to sign up.
User-friendly platform - Easy and fast buy/sell: No one wants to use a platform that requires countless troublesome processes just to buy some crypto. Huobi has taken care of this aspect, and users can simply visit their “Buy Crypto” section and access more than 300 coins right away. The best thing is, Huobi supports 57 different local currencies to make it easier for users to purchase crypto locally.
You don't have to worry about paying hefty charges to first convert your local currency into USD and then buy crypto. There are around 60 payment methods available, including the most popular ones like Bank Transfer and VISA/Mastercard. According to the region you are living in, you will be provided with suitable payment options, and you can proceed accordingly.
Available for PC, Android and iOS Users: It can be quite a hassle to open trading platforms through your mobile browser. Since you want to conveniently access the charts, markets, and funds, anyone would prefer a dedicated mobile app over the browser on mobile. Huobi delivers with its outstanding mobile app for both Android and iOS.
You can access almost every feature of the desktop site on the mobile app, so you won't miss out on anything. Huobi has over five million downloads on Google Play Store, and the counter does not seem to be stopping anytime soon.
Over 300+ different cryptocurrencies available: Having a diverse portfolio is unquestionably a good idea, but how do you plan to make one if you do not have access to different cryptocurrencies? Luckily, Huobi offers its users more than 300 cryptocurrencies that they can buy right away with the payment options available. Of course, all the most popular coins are available on the platform, and they also regularly update the list.
Fast and reliable exchanges and swaps: It doesn't matter whether you want to convert USDT to any crypto coin or any crypto coin into USDT, you can do it quite easily with the currency converter available on Huobi. The whole conversion process is seamless and barely takes a minute to complete the transaction.
Staking is available for a few cryptocurrencies: If you want your cryptocurrency to make money, then staking is a reliable option to go with. With Huobi, you get access to different staking options on different cryptocurrencies. The interest rates vary between 2%-15%, which is impressive compared to other crypto exchanges. Of course, you need to remember that the coins you can stake are limited, and you cannot simply stake any cryptocurrency you like.
Rewards system integrated: Is there anyone who doesn't like free money? Probably not! Huobi offers quite a lot of different bonuses to its users when they register on their platform. Besides that, you can also get a first deposit bonus and spot trading bonus too.
Huobi has a referral program, too, where they offer a $10 bonus if a friend joins Huobi through your invite. Just make sure to read the policies and terms to understand better how you can claim and withdraw the bonuses without facing problems.
Bot trading introduced: The feature everyone dreamt of a couple of years ago has actually been introduced by many exchanges, including Huobi. Bot trading allows its users to automate the whole trading process as per the set algorithm. Traders can also tweak the settings and set their preferences to make the automated system more efficient.
P2P buying and selling: What if Huobi does not have Bank Transfer, Credit/Debit card, or any other payment method support for your country? Well, even in that case, Huobi has got you covered through their P2P market section. The P2P market allows you to buy or sell cryptos to anyone who is willing to purchase them from you. All you will have to do is find a seller that is selling your desired cryptocurrency with the method you can use. Or you can simply buy USDT from the P2P market and then convert it into any crypto you want.
As for the sellers, you can list your asking price along with the currency and amount you have. Anyone interested would approach and buy the currency from you directly.
Crypto loans and borrowing: Huobi is one of the very few exchanges that have introduced the option of crypto loans and borrowing, and with an easy process. All Huobi users can get a crypto loan if they can meet the collateral requirements. You can check the interest rate and policies beforehand and then see if you should go with the option or not.
Diverse trading options: Users can do more than just buy, sell, and convert cryptocurrencies with Huobi, they can explore advanced markets too. You can easily trade any of the available markets as per your preferences, which include futures, spot, derivatives, coin-margined futures, and OTC.
Guides and information articles: Even if you have been around cryptocurrency for a while, there is always something new to learn. And for beginners, there is a ton of information to get your head around. Huobi can help you using their learning section on the platform that can be accessed by anyone. You will be able to find how-to guides, educational material, and much more.
Premium customer support: Huobi allows their users to get in touch with the customer support team through live chat. Live chatting makes it easier for the users to quickly solve their problems and get precise answers to their questions. In case the live chat is not available, you can also leave a message, and they will get back to you with an answer when they are back online.
What I don't like about Huobi
Country restrictions: Derivatives trading is banned in quite a lot of countries, including China and the UK. It might be a problem for many investors as they would not be able to access the prime trading activity on the platform if living in restricted countries. As for the US users, they cannot perform any type of activity on Huobi Global, and they would have to go with the alternative, HBUS, to do so.
Withdrawal fee: Huobi's withdrawal fee is not fixed, and they charge their customers on the basis of the current market situation. Users can end up paying quite a hefty sum when it comes to withdrawing their funds, whether fiat or crypto. But if you are lucky, you might get away with just a few dollars.
No fiat market - cannot trade crypto against fiat currency: Huobi does not have a fiat market for its traders, so you can only trade crypto to crypto. If you want to trade against fiat, the best option is to use USDT. Otherwise you can trade using BTC, ETH, HUSD or HT.
Let's take a look at the various fees that Huobi charges.
Huobi Deposit Fees
Huobi does not charge anything for depositing money at the platform. All of the deposits are free of charge.
Huobi Trading Fee
Huobi has a flat market maker and market taker fee of 0.2% when it comes to trading. If you own Huobi Token (HT), you can reduce your fees depending on how much you own. For example, if you own just 10 HT, you can receive 10% discount on fees, so your trading fee is only 0.18%. If you hold over 5,000 HT, you reduce your fees by 65%, so your trading fee is just 0.07%.
Huobi Withdrawal Fees
Huobi does not have a set fixed amount for the withdrawal fee. The exchange charges its users according to the market conditions; it does not matter if it is fiat or crypto.
Pros and Cons of Huobi
- Over 300+ cryptocurrencies supported
- Fiat and crypto deposits and withdrawals available
- Live Chat support
- Rewards, promotions and staking
- User-friendly platform and mobile app
- Uncertain withdrawal fee
- No fiat market for trading
- Not available in the USA - they can use HBUS instead
Huobi is a premium exchange for those who are looking forward to trading, buying, or selling cryptocurrencies due to the availability of more than 300+ cryptocurrencies. The overall experience of using the exchange on desktop and mobile app is seamless and simple. The trading fee is fixed at 0.2% which is very reasonable for a large crypto exchange, and users can access plenty of promotions and rewards based on meeting certain conditions.
If you are looking for a platform where you can get all-in-one features, Huobi is worth a try. Only derivatives trading is restricted in some countries, but rest assured, you won’t face such problems with other markets and features. In the USA, Huobi is not available, but you can access HBUS which is specially built for US residents. If you want to find other exchanges for the USA, check out this list of the best crypto exchanges, and you can also see the table below.
Comparison Table of the Best Crypto Exchanges in the USA
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."
Frequently Asked Questions
Yes, Huobi is a safe and secure exchange for traders and investors to go with. They store their users’ assets in multi-signature crypto wallets to offer premium security. Besides that, they also have different verification methods for each account so that no suspicious activity can progress.
No, Huobi global is not available for US users due to tighter regulations and restrictions. However, American users can use HBUS (Huobi.us) as the platform is specifically designed to comply with US regulations.
Yes, Huobi is regularly adding new cryptocurrencies to their platform for their users to trade.
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.