About HTX

Leon Li founded Huobi in Beijing in 2013. In October 2022, he sold his controlling stake to About Capital, an investment firm linked to TRON founder Justin Sun. On its tenth anniversary, the exchange adopted the HTX name at TOKEN2049 in September 2023. Sun's title is Global Advisor rather than owner.

Figures in HTX's own reporting exceed those recorded by independent trackers. Its 2025 recap reported more than 55 million registered users, including six million added that year. Annual volume was roughly $3.3 trillion, of which $1.4 trillion came from futures, while net deposits totaled $608 million.

The corporate structure is difficult to trace. UK filings name Panama company Huobi Global S.A. as the operator, while CoinGecko records a Seychelles registration. Recent press releases are datelined Apia, Samoa. HTX says its customers span 160+ countries, with trading available on its website, mobile apps, and desktop software.

HTX Features

The HTX interface groups products under Buy Crypto, Markets, Trade, Futures, TradFi, Earn, and Copy Trading. Beginners can stay in the spot tab. Derivatives traders have access to most of the tools expected from a top-ten exchange.

Trading Types

HTX's core trading markets include:

1. Spot: More than 540 coins trade mainly against USDT, with smaller USDC, USDD, BTC, and ETH markets. During our checks, BTC/USDT and ETH/USDT spreads were near 0.01%. Many smaller pairs had under $5,000 of order book depth within 2% of the mid price.
2. Margin: Cross and isolated margin support borrowed spot exposure of up to 5x. Interest accrues hourly, with $HTX deduction available for loan interest as well as fees.
3. USDT-M and coin-margined perpetuals: Major contracts allow up to 200x leverage, compared with a 125x cap at Binance, Bybit, and OKX. Funding settles every eight hours.
4. Options: HTX lists both European and American exercise styles, a pairing few centralized venues offer. These markets have thin liquidity compared with perpetuals.
5. Leveraged tokens (ETPs): Amplified exposure comes without a liquidation price. Daily rebalancing erodes value in sideways markets, making these products suitable only for short holds.
6. Stocks and commodity contracts: The next section covers the TradFi Zone's USDT-margined perpetuals on US equities, ETFs, precious metals, and pre-IPO names.
7. Convert and Quick Buy: Convert swaps assets at a quoted price without a fee. Quick Buy accepts cards and third-party payment providers, showing their charges before confirmation.

Earn Options

In July, HTX Earn recorded nearly 28,000 participants and over $290 million in subscriptions, mostly in stablecoins.

The following products attract the most capital:

• Flexible and fixed Earn: Close to $250 million went into USDT, USDD, and USDC flexible products in July. Rates change daily and can be modeled in our staking calculator.
• Shark Fin and Dual Investment: Payouts on these structured products depend on the settlement price. The headline yield is conditional because principal can be converted into the other asset at an unfavorable price.
• Staking and ETH staking: On-chain staking for proof-of-stake networks and a pooled Ethereum product both tie redemption to network unbonding periods.
• Crypto loans and Collateral Swap: Users can borrow against BTC, ETH, or USDT. A July addition lets them take TRX, stake it through TRON Stake 2.0, and lease the resulting energy.

Additional Services

• Copy trading: Followers mirror futures traders from a leaderboard ranked by return, drawdown, and follower count. Volume rose 184% month-on-month in July.
• Trading bots: HTX offers spot and futures grid strategies plus a DCA bot. July brought a Trailing Grid that lets the range move with price. Futures grid entries also switched to limit orders to reduce slippage.
• P2P marketplace: Buyers and sellers use escrow to settle in local currency, with payment by bank transfer, mobile wallet, or cash. Merchant rankings in the P2P Premium tier reflect the quality of completion. The business won P2P Platform of the Year at the Blockchain Forum Awards.
• HTX Web3 Wallet: This self-custodial wallet inside the app lets users hold their own keys. For long-term storage, we still prefer the options in our best crypto wallets list.
• Launchpool and PrimeBox: Holders who lock USDT, TRX, or $HTX earn rewards through new token campaigns. Early listings included TRUMP, WLFI, USD1, and PIPPIN, and first listings remain a marketing focus.
• Institutional services: BitGo provides third-party custody. Institutions can trade without depositing on the platform via Fireblocks Off Exchange, while REST and WebSocket APIs support automated trading.

HTX TradFi Zone and Stock Perpetuals

HTX's largest product change since the rebrand is the TradFi Zone. It lists perpetual contracts tracking individual stocks, ETFs, commodities, and pre-IPO valuations rather than issuing tokenized shares. Positions settle in USDT, with no shares or tokens changing hands.

The July performance report records 56 futures assets added that month, including 51 stock contracts concentrated in AI chips, memory, commodities, and precious metals. SK Hynix, Micron, and SanDisk were listed within days of each other. The zone now covers 170 traditional assets.

These contracts differ from crypto perpetuals and a brokerage account in several ways:

• Index sources and funding: July revisions to index construction and funding rates were designed to bring contract prices closer to the underlying market. Stock Contract Rebase, a feature due in the third quarter, adjusts for corporate actions.
• Trade to Earn: A campaign offered negative fees on TradFi contracts, giving traders a rebate on each trade. More than 63 million USDT was processed in the first round, with all fees directed to $HTX buybacks. The second round began on August 5 across 28 contracts.
• Market hours: Contracts trade continuously, although the underlying stocks trade only during US sessions. Gaps at the open can therefore trigger liquidations a stockbroker would never impose.
• No ownership rights: Holders have no entitlement to dividends, votes, or a claim on shares. Their exposure depends on HTX remaining solvent.

HTX has not launched tokenized stocks and says it is studying their regulatory frameworks. Our tokenized stock exchange ranking covers exchanges offering backed tokenized equities, including Bybit, OKX, Bitget, and Kraken.

What Is the $HTX Token and HTX DAO?

HTX DAO, the governance body created in January 2024 to replace the original Huobi Token, issues the TRON-based $HTX token. A total supply of nearly 1 quadrillion units results in a unit price near $0.0000017 at the time of writing. The exchange is an ecosystem partner of the DAO, not the issuer.

Quarterly burns underpin the token's value case. Per the DAO whitepaper, HTX uses 50% of quarterly revenue to buy $HTX on the open market and then sends the tokens to a TRON burn address. On July 15, the Q2 2026 burn destroyed 7.47 trillion tokens worth about $13.6 million. Cumulative burned and pledged supply reached 117.79 trillion, roughly 11.8% of the total.

Burn figures also provide a rough revenue proxy. Their value fell from $23.3 million in Q4 2025 to $19.2 million in Q1 2026, then to $13.6 million in Q2. If the 50% allocation holds, revenue directed to the program nearly halved in six months, against a weak market and the May sanctions.

On the exchange, $HTX has the following uses:

• Fee discounts: $HTX became HTX's only fee deduction asset on April 1, replacing TRX. Paying with it reduces spot and margin fees by 25% and futures fees by 5%, on top of the Prime tier rate.
• Prime tier qualification: $HTX holdings count toward Prime eligibility alongside turnover and balance thresholds.
• Staking: In the first quarter, HTX DAO launched staking tied to governance participation, advertising returns of up to 10% APY.
• Campaign access: Rewards from Launchpool, Trade to Earn, and daily claim events are paid in $HTX.

The DAO published a MiCA-aligned governance token whitepaper in January and secured a listing on Spanish exchange Bit2Me. Neither step has opened European access to the exchange. Buying $HTX solely for fee discounts exposes you to a token whose burn schedule, primary market, and reserve reporting are controlled by a single group.

UK and EU Sanctions Against HTX

Two Western governments took direct action against HTX in 2026, separately from the FCA case. Both measures carry criminal penalties for anyone in their jurisdiction who deals with the designated entity.

• United Kingdom: On May 26, the Foreign, Commonwealth and Development Office designated Huobi Global S.A. under the Russia (Sanctions) (EU Exit) Regulations 2019. The statement of reasons cites reasonable grounds to suspect the company provided financial services to A7 LLC and Garantex Europe OU. The government estimated that over $1.5 billion reached Russia through the exchange.
• European Union: The Council adopted its 21st sanctions package on July 23, listing HTX among 14 crypto platforms under a transaction ban. Council Regulation (EU) 2026/1848 prohibits EU persons and companies from dealing directly or indirectly with the entity from August 23. This is a transaction ban rather than an asset freeze.

In its official response, HTX states that Huobi Global S.A. is distinct from the online exchange, operations are unaffected, and user funds are safe. It also said it refused to list A7A5, A7's ruble-backed stablecoin. The FCA's court filings allege that Huobi Global S.A. owns and operates HTX after a Seychelles predecessor was struck off.

Residents of the UK, EU, EEA, and Switzerland should treat HTX as unavailable. Elsewhere, users should expect counterparties screening against UK and EU lists to scrutinize HTX-linked transfers.

Is HTX Regulated?

HTX does not have a full trading license from a major market regulator. Its registrations are narrow, while its two most visible regulatory relationships this year are adversarial.

• Pakistan: A No Objection Certificate issued by the Pakistan Virtual Assets Regulatory Authority in 2025 allowed HTX to begin formal licensing. 
• United Arab Emirates and Bahrain: HTX Dubai has approval in principle from Dubai's Virtual Assets Regulatory Authority and says it is in final review. Bahrain has also granted approval in principle for custody and brokerage applications. Neither amounts to a full license yet.
• Australia: HBGL, an affiliate, is registered with AUSTRAC as a digital currency exchange. It soft-launched fiat-to-stablecoin services in December 2025. This registration covers only anti-money-laundering reporting, not conduct supervision or derivatives oversight.

The user agreement continues to block the United States, mainland China, Hong Kong, Canada, Singapore, and Japan. In countries where HTX operates, users rely on the corporate law of Seychelles, Panama, or Samoa for recourse. There is no supervising regulator.

Is HTX Safe?

Monthly reserve disclosures stretch back nearly four years, and HTX reports no security incident since November 2023. We still treat it purely as a trading account. Sanctions exposure and transfer screening at other exchanges argue against storing meaningful balances, as does the unresolved question of which company operates the platform.

As of the June 2026 release, HTX's Proof of Reserves page shows 44 consecutive monthly Merkle Tree reports. Reserve ratios were 103% for BTC, 100% for ETH, 105% for TRX, 104% for USD stablecoins, and 101% for $HTX. A hashed record ID and the published Merkle root let users confirm that their balance is included.

HTX compiles these reports without independent attestation. Balances held with third-party custodians also fall outside the on-chain verification, requiring users to ask the custodian directly.

Account Safety Measures

Before making a first deposit, we enable the following:

• Passkeys: Device-bound FIDO passkeys resist phishing and remove the password from the attack path.
• Authenticator 2FA: App-generated codes protect logins, withdrawals, and API key creation. SMS codes are also available, though they remain vulnerable to SIM-swap attacks.
• Anti-phishing code: Every legitimate HTX email contains a personal phrase to help users spot spoofed messages.
• Withdrawal whitelist: Pre-approved addresses limit where withdrawals can go, capping losses if credentials are stolen. New addresses face a waiting period.
• Media Verifier: Users can verify whether a website, social account, or staff contact is officially affiliated with the exchange.

Asset Protection

According to HTX, most user assets are held in multi-signature cold wallets. Hot wallets contain only operating liquidity. Since August, those balances have been spread across multiple withdrawal addresses that rotate on a schedule to limit exposure at any single address. Annual security reports also describe an address blacklist, intercepted scam withdrawals, and frozen compromised funds.

BitGo and Fireblocks Off Exchange let institutional clients avoid platform custody. Retail users have no equivalent, and no published insurance fund covers exchange balances.

Security History

• September 2023: Weeks after the rebrand, an attacker drained about 5,000 ETH, worth $8 million, from a hot wallet. HTX covered the loss. The funds were returned after a 250 ETH bounty offer.
• November 2023: An attack took roughly $30 million from hot wallets and $86.6 million from the HECO bridge, an HTX-linked cross-chain service. Deposits and withdrawals were paused for several days, and users were compensated. Over the next two weeks, net withdrawals reached about $258 million.
• 2024 to present: HTX reports no hot wallet breach since and claimed zero security incidents for 2025. The 2026 wallet rotation and address poisoning episode concerned compliance and reputation rather than theft.

HTX User Reviews

Public sentiment toward HTX is among the weakest of the large exchanges we track, with sanctions worsening it.

• Trustpilot: With under 100 reviews, the profile scores about 1.3 out of 5. HTX has neither claimed the profile nor responded. Trustpilot flags that the company has received regulatory attention, while frozen accounts, repeated document requests, uncredited deposits, and automated support replies dominate the reviews.
• Apple App Store: Roughly 1,400 ratings give the app about 3.7 out of 5. Reviewers praise the breadth of tools but criticize verification loops.
• Google Play: The Android app has about 4 out of 5 across more than 43,000 ratings and over 13 million installs. In several countries where the listing is unavailable, HTX distributes an APK directly.

Our experience fell between those extremes. Major-pair orders filled quickly, and the copy trading dashboard was responsive. A small USDT withdrawal on TRON arrived within minutes. Reviews still show risk concentrated at withdrawals or during compliance reviews, with no regulator to escalate to.

HTX Fee Schedule

Rates on HTX's Prime tier ladder fall as 30-day volume or balance increases. The entry-level spot rate exceeds the industry norm, while futures rates match the market.

Spot Fees

• Base rate: Non-Prime accounts pay 0.2% for both maker and taker orders. That is double the 0.1% starting rate at Binance, Bybit, and Bitget.
• Prime tiers: With $30,000 in 30-day volume or a $5,000 balance, Prime 1 users pay 0.16% maker and 0.17% taker. Prime 3 pays 0.1%, while the top tiers reach 0% for makers.
• $HTX deduction: Enabling fee deduction reduces the tier rate by 25%, bringing the base fee to 0.15%. TRX deduction was phased out in April.

Futures and TradFi Fees

• USDT-margined perpetuals: Base rates are 0.02% maker and 0.06% taker, dropping to 0.018% and 0.055% at Prime 1. Binance and OKX charge a lower taker rate of 0.05%.
• Coin-margined perpetuals: Maker fees are 0.02% and taker fees are 0.05%. The top tiers can receive maker rebates.
• $HTX deduction: Futures fees receive a 5% discount, smaller than the spot reduction.
• TradFi contracts: Outside campaigns, standard futures rates apply. Trade to Earn rounds have offered negative fees on selected stock contracts.
• Copy trading: Followers pay standard trading fees on each mirrored order and a share of profits to the lead trader.

Deposits, Withdrawals & P2P

• Crypto deposits: Free apart from the sending network's fee.
• Withdrawals: Fees vary by asset and network, adjusting to network conditions rather than remaining fixed. USDT on TRON is usually cheapest. HTX occasionally runs zero-fee promotions on specific networks.
• Fiat purchases: Card and third-party provider costs appear before checkout and vary by region. Local partners determine bank transfer support, which is thin outside Asia and Latin America.
• P2P: Makers and takers pay HTX 0% on P2P trades. Counterparty payment apps may charge their own fees.

Final Thoughts

HTX's product depth exceeds that of most similarly sized exchanges. With 200x perpetuals, 170 stock and commodity contracts, copy trading growth, and 44 consecutive reserve reports, it would normally rank among the stronger offshore venues we cover.

Two governments have found reasonable grounds to suspect its operating company facilitated Russian sanctions evasion, overturning that assessment this year. The FCA is in court over its marketing. Licensing and sanctions have closed the EU, while major competitors now screen HTX-linked transfers.

Eligible traders seeking HTX's market list or stock contracts can use it with a small active balance. We recommend app-based 2FA, a withdrawal whitelist, and a test withdrawal before scaling up. Anyone who values a supervised counterparty or regularly moves funds to regulated exchanges should look elsewhere. Our Bybit review and OKX review cover the two venues we would consider first for comparable derivatives depth.