Huobi Review

Summary: Huobi is a global cryptocurrency exchange renowned for its vast selection of digital assets and secure trading environment. Based in Singapore, Huobi extends its services to many countries, offering spot trading, futures contracts, and more for cryptocurrencies such as Bitcoin, Ethereum, etc. Huobi offers a seamless, intuitive platform for both novice and experienced traders. The platform provides extensive educational resources and customer support to aid users in navigating the volatile crypto market.

What is Huobi?

Huobi Global is a Singaporean digital asset exchange established in 2013 by Leon Li. It was the first crypto trading platform in Singapore and came years before Bybit or Binance were founded. By 2023, it has reached its presence in over 130 countries, providing secure and reliable digital asset trading and management services to millions of users across the globe. The platform offers a comprehensive portfolio of crypto-related products and services. These range from coin-to-coin exchange, futures, and margin trading to wallet services, staking, and lending services. 

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Huobi Features‍

The exchange is well-known for its ecosystem, which includes the Huobi Token (HT), Huobi Pool, and Huobi Capital. The Huobi Token (HT) is an exchange-based token used for various transactions on the platform and allows users to receive benefits such as discounted trading fees. Refer to the below list for a high-level overview of the key features of Huobi:

1. Wide Range of Cryptocurrencies: Huobi has hundreds of different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and numerous DeFi tokens. This vast selection makes Huobi a preferred choice for diversifying investment portfolios.
2. Multilingual Customer Support: There is 24/7 customer support to help users resolve any issues or queries. They offer support in 20 languages through live chat, email, and a comprehensive Help Center.
3. User-Friendly Interface: The platform offers an intuitive, easy-to-navigate interface, making trading activities more straightforward, even for beginners. Detailed charts and real-time data tracking support informed decision-making.
4. Futures and Margin Trading: For more experienced traders, Huobi offers futures and margin trading, allowing users to open positions with up to 20x leverage on select contracts.
5. Staking and Earnings: Several staking options are available on the platform, including on-chain staking. In addition, Huobi's "Earn" feature allows users to earn interest on their idle assets.
6. Crypto Loans: Users can borrow up to $1 million USD worth of 20 tokens by putting up Bitcoin or other select tokens up as collateral.
7. Mobile Application: Huobi offers a mobile application for Android and iOS devices, enabling users to trade and manage their assets on the go, anywhere, anytime.
8. Huobi Learn: To aid beginners and enhance users' crypto knowledge, Huobi provides a rich library of educational resources, including trading guides, how-to articles, and market analysis. These include courses where users can earn free crypto for completing quizzes.

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‍Can Huobi be Trusted?

Huobi has a robust security framework that has consistently offered users a safe, reliable, and secure platform for trading cryptocurrencies. Ensuring the highest standards of security, Huobi implements an arsenal of measures such as cold storage for assets, multi-signature wallets, anti-DDoS protection, and a robust verification process to prevent unauthorized access. The platform also conducts periodic security audits and employs advanced machine-learning algorithms for real-time threat detection. 

Furthermore, Huobi's Security Reserve Fund acts as a safety net against unforeseen security breaches, reflecting their unwavering commitment to user fund protection. This proactive approach has positioned Huobi as a trusted player in the volatile cryptocurrency market, demonstrating its relentless efforts to provide a secure and safe environment for its users. There is a dedicated 20,000 BTC in the security reserve fund to compensate users in case of a breach.

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Fees Schedule

The platform employs a maker-taker fee model where the charges depend on the user's 30-day trading volume. Standard trading fees range from 0.2% for spot trading and the makers and takers fee is 0.036%/0.046% for users with less than 5 BTC 30-day trade volume. As the trade volume increases, these fees can decrease to as low as 0.015% for makers and 0.04% for takers. Huobi offers a VIP membership, which further reduces trading fees. Apart from trading fees, Huobi also imposes deposit and withdrawal fees, although these vary depending on the specific cryptocurrency involved. 

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Huobi Available Countries

Over the years, Huobi has expanded its reach to numerous countries around the globe, with a significant user base in Asia, Europe, and North America. Huobi serves users in more than 130 countries, including Singapore, its current headquarters, South Korea, Japan, and many others. However, it doesn't operate in certain jurisdictions, such as Iraq, Iran, and Cuba due to regulatory restrictions. Below is two lists of restricted countries on Huobi, the countries with a complete ban and the ones without access to derivatives trading:

• Banned Countries - China, USA, Cuba, Iran, North Korea, Sudan, Syria, Venezuela and Malaysia.
• Derivatives Not Available - Taiwan, Hong Kong, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol, Spain, the UK and New Zealand.

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Huobi Mobile App

The Huobi mobile app offers a user-friendly, secure, and efficient way for digital asset trading on the go. It provides a seamless experience for users to buy, sell, and trade these assets from the comfort of their mobile devices. The app boasts an intuitive user interface complemented by sophisticated trading tools, the ability to open and close positions, contact customer support and more. Notably, Huobi mobile app integrates advanced security measures, including two-factor authentication (2FA), to safeguard user accounts and transactions. It is compatible with both iOS and Android devices.

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Does Huobi offer 24/7 customer support?

It is well-regarded for its robust customer support system. Available 24/7, Huobi's dedicated support team promptly addresses queries and issues, providing services via live chat, email, and phone to ensure a seamless user trading experience. Huobi offers multilingual support to cater to a diverse customer base in line with its global outreach. This includes English, Chinese, Korean, Russian, Spanish, French, German, Dutch, Portuguese, and more. Huobi's customer service is tailored to meet your unique needs in your preferred language, thereby creating an inclusive crypto trading environment.

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Crypto Staking Options

Huobi offers a diversified range of staking options that cater to the diverse needs of its user base. Primarily, there is the ‘Earn’ feature for risk-averse investors who desire to retain control over their assets; with Earn, users can stake an asset for rewards while retaining the flexibility to trade or withdraw the tokens at any time. This feature also offers 'Fixed Staking' for those willing to commit their digital assets for a predetermined period to earn higher rewards. Moreover, Huobi features 'DeFi Staking,' enabling users to earn yield by participating in decentralized finance projects through the exchange. 

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Bottom Line

To recap, Huobi is a comprehensive cryptocurrency exchange offering a secure platform with diverse trading options, numerous supported cryptocurrencies, user-friendly interfaces, and strong customer support. Whether you're new to the crypto world or a seasoned trader, Huobi is designed to cater to your trading needs and ensure a seamless crypto trading experience.