Huobi is one of the most prominent cryptocurrency exchanges around, and this is our review.
Thinking about jumping into cryptocurrency can be exciting. However, once you learn a bit more about the crypto markets, things become more complicated than they first appeared. Most people then find out that the promising new cryptocurrency they want to get their hands on is not available on Coinbase. This means investors are faced with the problem of choosing the right cryptocurrency exchange to buy their more exotic cryptocurrencies.
When it comes to choosing the best cryptocurrency exchange for you, we know there are many different factors to take into account. Many of you will be asking the question: Is Huobi safe? Why choose to use the Huobi exchange? That’s why our Huobi exchange review covers everything you need to know. We know that setting up an account properly can sometimes be daunting. Don’t worry, we will also show you how to open your Huobi exchange account in a simple walkthrough.
- 1 Who Are Huobi?
- 2 Key Facts About The Huobi Exchange
- 3 Other Features On The Exchange:
- 4 Why Open A Huobi Exchange Account?
- 5 How To Open An Account?
- 6 How To Deposit Regular Currency On Huobi Using Over The Counter?
- 7 How To Deposit Cryptocurrency On Huobi?
- 8 How To Verify Your Account
- 9 Keeping Your Huobi Account Safe
- 10 Fees On The Huobi Exchange
- 11 How Trade On The Huobi Exchange?
- 12 How To Withdraw From The Huobi Exchange?
- 13 Conclusion
Who Are Huobi?
The Huobi exchange was founded by Leon Li all the way back in 2013. Originally, the exchange focused on catering to Chinese and Asian cryptocurrency investors. In recent times, Huobi has focused on a strategy of global expansion and they now have a key office in the US. At the time of writing, Huobi has expanded their reach to over 130 countries in the world and counting.
Many people in the West may not have heard of Huobi yet. But that’s about to change with the expansion their exchange has seen in 2018. Already, the exchange has grown to the third largest in the world and that’s with a mainly Asian customer base.
Huobi are targetting cryptocurrency investors who value integrity, innovation, and cooperation, all of which are the Huobi exchange’s core values. It is no secret that the cryptocurrency markets are currently full of inefficiencies and is a pretty difficult market to access and invest in. However, the Huobi exchange is dedicated to making cryptocurrency more efficient and providing a safe, professional and world-class service to crypto investors.
If the popularity of the exchange in Asia is anything to go by, we think that the Huobi exchange will begin making waves in the West very soon.
Key Facts About The Huobi Exchange
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When choosing a cryptocurrency exchange, you naturally need to know the facts and then make up your own mind. We have sifted through the nitty gritty to bring you a brief summary of the important bits:
- Accepted Currencies: The Huobi exchange accepts US Dollars, Chinese Yuan, Bitcoin and Ethereum.
- The number Of Cryptos Available: You can trade over 100 different cryptocurrencies on the exchange.
- Where Is The Huobi Exchange Located? The exchange has its main office in Singapore. However, they also have other offices in Hong Kong, Japan, South Korea, USA and many other countries.
- What Is Huobi.Pro? This feature is Huobi’s global peer to peer exchange.
- Can I Used A Credit Card on Huobi exchange? No, the exchange does not accept any credit card transactions whatsoever.
- How Old Must You Be To Use Huobi? Huobi doesn’t accept accounts for anyone under the age of 16. If the statutory age of entering into contracts is higher in your country, you will need to meet those age criteria. In the West, this is usually 18 years old.
- High Liquidity: The problem with small exchanges is that even $1,000 could significantly move the market price of a cryptocurrency. High liquidity simply means that there are a lot of buy and sell orders and this means your order can be executed quickly. Huobi has the third best liquidity in the world and this makes buying cryptocurrencies easy.
- Supported Devices: Huobi offers a MAC and Windows download. It also has iOS and Android apps as well.
Other Features On The Exchange:
Over The Counter Trading (OTC): The exchange offers over the counter trading. ‘Over the counter trading’ matches buyers and sellers off the exchange. This means that buy and sell orders do not show on the exchange and large orders can be fulfilled without moving the cryptocurrency price. The result is that the people on both sides of the trade can minimize price slippage. For ordinary investors, the OTC markets can be used to deposit as little as $10 on the Huobi exchange. Using the OTC markets users can deposit Chinese Yuan, USD, GBP or Singapore dollars on the exchange.
Margin Trading: First off, margin trading is incredibly risky and can result in massive profit or losses. It is a sophisticated product that TotalCrypto cannot recommend unless you know what you are doing and fully understand the risks involved. In margin trading, you borrow funds from a broker and these are used to trade cryptocurrencies. The cryptocurrency you buy is then used as broker collateral. This type of trading gives you the option to go long or short the market and positions can be leveraged. This leverage magnifies gains and losses. You should also be aware that for every day the broker loan is outstanding you will be charged interest.
HADAX: Stands for ‘Huobi Autonomous Digital Asset Exchange’. HADAX is the place where you find truly high-risk cryptocurrencies being traded. Users can vote on the tokens to be listed on HADAX and the top vote winners will appear on the exchange. Huobi does not evaluate the investment value of any token listed on HADAX (unlike of the regular exchange). The listing standards of this alternative exchange are significantly lower and that’s why extremely high-risk crypto assets are traded here and not on the regular exchange.
Why Open A Huobi Exchange Account?
After doing a lot of research for this Huobi exchange review, we feel that the exchange offers a mind-boggling range of features. Indeed, Huobi offers more options than any other exchange right now.
The plain vanilla Huobi exchange already offers access to over 100 different cryptocurrencies. This means that you should be able to find and buy the cryptocurrency you are looking for. We also love using the Huobi app for trading on the go and feel that the mobile support is first class. The exchange is also exceptionally user-friendly and we were shocked to see an excellent response to our support query within 24 hours. Customer support is one general area where cryptocurrency exchanges could do better. We are delighted that Huobi seems to have taken this problem seriously.
Huobi has spent years just focusing on the Asian market and building up a loyal group of customers. Now the exchange is expanding, we do feel that it will see success in Western markets. With the Huobi exchange already firmly established as the third biggest cryptocurrency exchange in the world, we do feel that it may challenge for the number one spot very soon.
How To Open An Account?
- Fiat Deposits: Chinese Yuan, USD, GBP or Singapore dollars can be deposited on the Huobi exchange using the over the counter (OTC) markets. Supported OTC payment methods include Alipay, bank transfer, PayPal and other payment methods. Minimum OTC deposits are usually $10.
- Get Access To Over 100 Cryptocurrencies.
- Huobi Is Already The Third Largest Exchange In The World.
- Community: Join over 35,000 crypto investors in the official Huobi Telegram group.
- Get The Most Extensive Trading Features: Includes OTC, leverage, trading on margin and much more.
Create An Account At The World’s Biggest Up & Coming Crypto Exchange.
Once you have made it to the Huobi site, ensure that you can see the little padlock and the words ‘SECURE’ in your URL bar. This quick check will ensure you are on the official website and not a fake one run by hackers. Then just hit the ‘Sign Up’ button.
Filling In Your Details
You will have the option to sign up through either email or phone. The choice is ultimately up to you. However, we usually like using email as a sign-up method. Just fill in the necessary particulars and click ‘Sign Up’.
You will then get a message to verify that you are not a bot. Just click the box and hit ‘Confirm’.
A prompt will then show up asking for a verification code that has been sent to you via email. Just check your emails and paste this six-digit code into the email verification box.
You will then be good to go ahead and login to your account.
Your First Login
When you first log in to your account, you will be given two options. Over the counter (OTC) is for users who don’t own cryptocurrency. If you already have Bitcoin or Ethereum to trade, just click the ‘Transfer Now’ button.
How To Deposit Regular Currency On Huobi Using Over The Counter?
You can select over the counter (OTC) if you want to exchange Chinese Yuan, USD or Singapore dollars for crypto assets. Conventional currency deposits can be made with Alipay, bank transfer, PayPal and other payment methods.
To get started with an OTC deposit you will need to set up a nickname and a trading password. To do this click ‘Set up now’ on the OTC section of the Huobi website.
Enter your desired nickname and trade password into the form.
Select the crypto asset you want to buy and you will see the seller ads in your geographic location.
Enter the amount you want to buy and make sure you have the funds ready in one of the accepted payment options. Take note of the minimum and maximum limits and the payment window.
Once you have confirmed the transaction, Huobi will freeze the crypto assets in the seller’s account. This ensures the seller does not run off with the funds. All you need to do is to send the funds as directed and wait. If the payment window expires you can contact the seller directly or contact Huobi support to resolve the issue.
After the transaction has taken place you will be able to transfer your crypto assets wherever you choose.
Note: You will need to verify your account to use OTC trading.
How To Deposit Cryptocurrency On Huobi?
To deposit cryptocurrency on the exchange, just hover over the ‘Balances’ button on the navigation bar and click ‘Deposit & Withdraw’.
You will then see a list of cryptocurrencies that you can deposit and withdraw. Click the ‘Deposit’ button for the cryptocurrency you wish to deposit.
You will then see a deposit address for the cryptocurrency you have selected. Just send your funds to this address and they will be reflected in your Huobi balance shortly.
That’s it. You should have successfully deposited your cryptocurrency on the Huobi exchange.
How To Verify Your Account
We think verifying your account is always a good idea. We recommend you make account verification a priority and do it as soon as possible. To do this, just hover over your email address in the top navigation bar. You will then see a verification option, just click this to get started.
To verify your Huobi exchange account you will need to add your ID number, first name, and last name. It is exceptionally important that the name you enter exactly matches the name on your bank account, PayPal or other payment methods. If there is no exact match, Huobi will not allow you to use deposit or withdraw.
Then all you need to do is upload a photo or scan or your ID and click the ‘Verify’ button.
That’s it. Just sit back and wait for the Huobi team to process your verification and you are good to go.
Keeping Your Huobi Account Safe
Many people ask if Huobi is safe? We think it is. However, you should add as much security to your account as possible. To start making your Huobi account safe right now, hover over your email address in the top navigation bar. Then select ‘Account & Security’.
You will then see the following popup.
Linking Your Phone
To start off you should link your phone to your account. Click the link button next to ‘phone’ and you will be given the option to bind your phone number to your account. Once you have entered your phone number, hit ‘click to send’ and you will get an SMS code to enter.
You will then be asked to re-verify your email. Click the ‘Send’ button and enter the code emailed to you.
You should have now licked your phone successfully to your account.
Setting Up Google Authenticator
The final step to maxing out the security on your Huobi account is setting up Google Authenticator. In the ‘Account & Security’ section of your account click on the Google Authenticator ‘Link’ button.
The next step is to download the Google Authenticator app on your phone.
Then just scan the QR code that has appeared on the screen and enter the key provided. The Google Authenticator app will then show you a 6 digit code. Just enter this code into Huobi.
Nicely done. To finish maxing out your security setting you must pass security authorization via SMS and Email again. Once complete, you would have finally maxed out your Huobi security settings.
Fees On The Huobi Exchange
When it comes to choosing the correct cryptocurrency exchange for you, the devil is in the detail. We will jump straight in and give you the lowdown on fees at the Huobi exchange and how you might reduce them:
Fees: 0.2% maker and taker fees. This means that regardless of whether you take the market price for a cryptocurrency or set an order at a different price, you will start out by paying 0.2%.
- Become a Huobi VIP and enjoy cheaper trading fees: To become a VIP you must accept the Huobi user agreement, verify your account and provide your personal details. There are five different levels of the VIP program and each gives you a different discount on trading fees. Huobi exchange users can buy a VIP status with Huobi Tokens. The thing to be aware of is that you will need to pay this Huobi Token fee every month to maintain your VIP status. Huobi Token’s can be purchased directly on the exchange.
- Get yourself a Huobi Point Card and reduce your fees: There are only two ways of getting points:
1) Buy a point package on Huobi.
2) Receive a Point card transfer from a friend.
Point Cards enable users to enjoy a discount of up to 50% on trading fees and one point is equal to 1 USDT in fees. When a Point Cardholder places an order on the Huobi exchange, the fee will automatically be paid in points and deducted from your Point Card.
How To Get Your Point Card?
Hover over your email address in the top navigation bar on your account. You will then see the following drop-down. Just click ‘My Point Card’.
If you want to get the Point Card yourself then click on the ‘Point Card Offer’ button.
Remember 1 point = 1 USD in trading fees. There are four different packages to choose from and these can be purchased with USDT.
The discounts on trading fees for the different packages are shown below:
- 100 Point Package: 10% discount.
- 1k Point Package: 20% discount.
- 10k Point Package: 30% discount.
- 100k Point Package: 50% discount.
Point Cards & The Secondary Market
If you look around a little, you should be able to find Point Cards being sold at 60% to 70% discounts. Obviously, this seems suspicious. However, when the Point Cards were first introduced buyers got 1 point for per USDT and a free Huobi Token as well. At the time of writing the token trades at $3.73 each, which is nearly four times the value of the Point Card.
Many people bought as many points as possible when the Point Card program was first released. These investors have already made a nice profit off the free Huobi Tokens they got and are willing to sell Point Card’s cheap.
The good news is that this means that many people can get Huobi points cheaply and this can even be used in the Huobi VIP program too.
If you are interested in buying Huobi points at a discount, the place to look is in the ‘over the counter’ (OTC) market. There are Telegram chats dedicated to buying and selling Huobi Point Card’s
The English Telegram channel can be found here.
When it comes to trading in the unofficial market, TotalCrypto urges extreme caution. We bring up this secondary market for informational reasons only and are not liable if a trade goes wrong.
How Are Points Transferred?
There are 3 basic steps to transfer Point Card points:
- Accept the rules for Point Card transfers.
- Fill in the necessary particulars in the transfer form.
- You can check your transaction history to see what point transfers you have done and who has sent points to you.
How To Get Your VIP Level?
Just hover over your email address in the top navigation bar and click ‘Become A VIP’.
The just select the VIP package you want and click ‘Become A VIP’. The thing to be aware of is that all prices are in Huobi Tokens.
You will be given the option to select the number of months you wish to be upgraded for. Also, make sure you have the necessary number of Huobi Tokens in your account and confirm the transaction.
Congrats, your VIP upgrade should be complete and you can start enjoying discounted trading fees.
How Trade On The Huobi Exchange?
To buy and sell cryptocurrency on Huobi you need to select the exchange. Just click the ‘Exchange’ button at the top of the screen.
This will bring up a complicated looking trading screen. Don’t be intimidated. We will show you how to buy cryptocurrency on the exchange in a few simple steps.
Step 1: Work Out The Ticker Symbol For The Crypto
Every cryptocurrency has a ticker of three to five letters. You need this to find the market for the cryptocurrency you want to buy. If you head over to the ‘Coins’ section of TotalCrypto you will be able to see the ticker symbols under the cryptocurrency price.
So, if we wanted to buy Ripple then we can use this method to know that the ticker symbol is ‘XRP’.
Step 2: Select The Correct Trading Pair
The Huobi exchange has four different trading pairs:
- USD Tether
- Huobi Token
Most people are going to have either Bitcoin or Ethereum in their accounts. Select the cryptocurrency you have in your account e.g. with we want to trade Bitcoin for XRP then we want to select the BTC market.
Above you can see the four different trading pairs highlighted. You should be able to see that we have selected Bitcoin and have located the XRP market. To buy our Ripple we simply click the ‘XRP’ symbol and this will take us to the BTC/XRP trading screen.
Step 3: Buying Your Cryptocurrency
You should now be on the trading screen for the correct cryptocurrency trading pair. If you are like most people, you probably just want to get your crypto and get out of there. Click the ‘Market Order’ button (this will enable you to buy at the current market price). The just enter the amount you want to spend and click ‘Buy’.
Once your order is complete, your cryptocurrency will be credited to your Huobi balance. That’s all there is to it.
How To Withdraw From The Huobi Exchange?
Although we rate the Huobi exchange, you can never be too careful when it comes to your crypto’s security. We do recommend you store your crypto off the exchange and in a wallet where you own the private keys.
Why is this more secure? Well, we cannot comment on the inner workings of Huobi’s security. However, there is no doubt that exchanges are massive targets for hackers. Also, holding your own coins means you don’t have to trust an exchange with the security of your funds. Why not take control of your own money and minimize risk?
You can get your funds off the Huobi exchange in just a few simple steps:
- When you’re logged into your account, hover over ‘Balances’ and click ‘Deposit & Withdraw’.
- You will then be taken to a list of cryptocurrencies. Find the cryptocurrency you want to withdraw and click the ‘Withdraw’ button.
- Then just enter your wallet address and the amount you want to withdraw. Withdrawal fees will be displayed clearly as well.
- Once you click withdraw your funds will be sent to your own personal wallet.
Ultimately it’s your decision on whether the Huobi exchange is for you. However, we will leave you with a summary of our thoughts to help you make the right decision.
- Huobi is working hard to comply with US regulation. This shows a high level of professionalism that is sometimes not evident with other cryptocurrency exchanges.
- It’s become the third biggest exchange in the world. This is pretty incredible as Huobi has only recently accepted customers outside of Asia.
- The exchange has high levels of liquidity. At the time of writing over half a billion dollars is traded on the exchange every day.
Huobi actually delists bad cryptocurrencies. This is great as marginal projects are not available to be traded on the exchange. It shows that the team cares about its customers.
- Fiat deposits available over the counter. This is a massive game changer in cryptocurrency. Hardly any other exchange offers this feature and Huobi are certainly leading the way in this regard.
- Huobi has a mind-boggling number of features. This means that customers have more options the further they get into cryptocurrency.
- The Android and iOS apps are first class. They are ideal for trading on the go.
- Over 100 tradeable cryptocurrencies is a big number and this makes the exchange a one-stop shop.
- Huobi also sets money aside in case they get hacked. The idea is that these funds would be used to reimburse customers if their security systems failed.
- There are lots of ways to reduce trading fees. The default fees are also some of the best in the market.
- Huobi lists fewer cryptocurrencies than competitors such as Binance.
- Conventional currency deposits through over the counter services could be easier.
- Although the exchange accepts customers from over 130 countries, it does not accept investors from everywhere in the world.
- We are not sure if 100% of trading volume is only from customers. It looks likely that a proportion of the daily trading volume is from market makers.
- It seems a little unfair that Chinese traders don’t pay any fees and Western traders do.
- No fiat trading pairs.
In short, we are very impressed by the Huobi exchange and believe that it could shortly challenge Binance for the title of number one cryptocurrency exchange in the world. The TotalCrypto team was truly astonished by the sheer scale of features offered by the exchange. If you are looking for the one-stop cryptocurrency shop, with all the bells and whistles, we don’t think you can go too far wrong with the Huobi exchange.