Hcoin Review
The year 2021 heralded the influx of a lot of investors into the cryptocurrency space. Even as we are in the second quarter of the year, the crypto and blockchain communities keep expanding. The communities are wide enough to accept all and sundry. Drawing from this, there are so many ways to make money from cryptocurrency, one of which is by trading. Other money making avenues from cryptocurrencies are holding, staking, acting as a liquidity provider, etc.
Trading is one of the notable ways to make money from cryptocurrency. Some others prefer making money through the other aforementioned means as they consider trading a stressful activity. Like they say, stick to what works for you. Trading cryptocurrencies is a full-time job for some people, and they love what they do. For those who trade crypto, they would require a cryptocurrency exchange to engage in it; an exchange where they can buy a crypto at a low price and sell at a high price. That’s how they make money; from the price difference.
Getting a cryptocurrency exchange is not a problem being that there are many around, however, signing up on a very reliable one is what is most premium. Even as there are many exchanges around, they all have their peculiarities such that only users can adequately describe what they enjoy on those exchanges they have accounts in.
Signing up on exchanges that give you value for your money is what is important. One may be more concerned about how to make money from cryptocurrencies. Having an account with an exchange is just as important as seeking to make money from crypto. Creating an account with the wrong centralized exchange can make you lose money. So while seeking to make money in crypto, also take note of the pros and cons of any exchange you create an account with.
We will examine the pros and cons of Hcoin exchange; the perks that it offers traders and what distinguishes Hcoin Exchange from other centralized exchanges. This review is aimed at helping you make a decision on the exchange. After going through the review, you should be able to make an informed choice, especially as a newbie in the cryptocurrency space.
| Exchange Platform | Hcoin Exchange |
| Website | www.hcoin.com |
| Variety crypto | 53 |
| Account needed | Yes |
| Verification | Not mandatory |
| Verification levels | None |
| Trading Platform | Web-based |
| Payment Method | Hcoin USDT wallet, Crypto Conversion |
| Customer Support | Blog, Twitter, Telegram, WeChat |
What is Hcoin Exchange?
Hcoin is a global centralized exchange dedicated to the users around the world to manage and trade digital assets. Hcoin is registered in Seychelles and was officially launched in August 2018 to provide users around the world with secure, quick and reliable trading services. Hcoin exchange offers premium trading benefits such as low charges, security of your funds, low-risk and high-yield crypto investment.
Trading crypto is not all about signing up on crypto exchanges; you need to sign up on crypto exchanges where you would be assured of the safety of your funds and identity and as well maximum yield on your investment. Signing up on Hcoin makes you enjoy all of these benefits and more.
Hcoin Trading services
Hcoin Exchange is designed to help trade their crypto assets and exchange-traded funds (ETFs). There are a few exchanges that allow their users trade cryptocurrency ETFs. Crypto ETFs are digital assets represented as shares of a company.
Trading on Hcoin Exchange is not complex as long as you know how to place your buy and sell order. If you are a spot trader, you can trade on the ‘Trade’ section where you can buy via limit or market order. Hcoin exchange gives you the opportunity to read up on the profile of the crypto you intend to trade on. The trade section also features chart and real-time data on the token you intend to buy. There is also a ‘contract’ section for Futures traders. Tier levels on Hcoin exchange determine the maker and taker fee you are charged including the customer support you get.
Hcoin Fees
All exchanges charge fees for the trading services they offer to their users. However, these fees vary depending on the exchange you are trading with or whatever area of the market you find yourself. In every exchange whether centralized or decentralized, there are always the makers and takers; the makers fall on the side of those who provide liquidity for an exchange, while the takers are those who take liquidity.
For each of these parties, exchanges apportion separate fees while trading. Although makers are charged lower fees than takers because they are the providers of liquidity. As long as they place a limit order for a coin, this makes them makers. Takers only place market orders which are executed immediately. Basically, what makes you a taker is if you complete another person’s order.
Makers enjoy a premium due to the role they play. On Hcoin Exchange, makers are charged 0.10% of every trading transaction they perform. Takers on the exchange pay 0.20% of every trading activity done there as fees. As mentioned earlier, these fees vary depending on the exchanges; in sojme they are higher.
Exchanges are not charity organizations, as such they have to charge users for the services they offer. However, with large transactions and frequent trades, these fees reduce. Sometimes, some exchanges do not charge at all if it’s a bulk transaction. For withdrawals on Hcoin Exchange which can only be done via the app, the fee is not stated.
Withdrawals and Deposit Fees
Depositing funds on Hcoin Exchange is a seamless process which can be done on the ‘balance’ section of the site. Some exchanges allow you to deposit fiat from your bank account directly to your account on the exchange. Then you would have to copy the account number provided by the exchange and send the money via wire transfer and it reflects in your account depending on your country’s currency.
However, with Hcoin Exchange, direct deposits are not allowed as you can make deposits on the exchange with a stablecoin like USDT or with any other cryptocurrency. For instance, if you want to deposit USDT, you can do so via an Over-The-Counter (OTC) transaction where you have to meet a crypto vendor who sends the USDT from his wallet to your wallet after paying him in fiat. All you just have to do is copy your USDT address and send it to him. Then whatever amount of USDT you are willing to buy shows on your USDT wallet after the vendor sends it.
There is no provision for peer to peer (P2P) transactions on Hcoin Exchange unlike some exchanges, which puts new users at risk if they want to engage in OTC transactions. The vendor on the other end could take advantage of their ignorance and naivety to defraud them. Note that while sending your USDT address to any vendor you would have to copy the right address under the right network; if not, you stand the risk of having your funds sent to the wrong network and losing them eventually. On Hcoin Exchange, there is provision for BEP20, ERC-20, HECO, OMNI.
Hcoin API
Hcoin uses the REST framework which enables the design and setup of the platform. Developers can access the market API as it is to create orders, cancel orders and also check out sections like currency pair information, Hcoin token circulation and destruction, tickers, and the volume of transactions on the exchange.
Hcoin Limits and Liquidity
Hcoin Exchange has no cap on deposits and withdrawals for crypto transactions. As earlier mentioned, there is no provision for fiat deposits on the platform so users can only make crypto deposits. Similarly, withdrawals are also in any cryptocurrency of your choice, however, it is most likely that USDT withdrawals will be preferred.
As per liquidity, there is sufficient liquidity on the platform as it offers a wide range of trading options for investors and traders who hope to trade derivatives and crypto ETFs. However, there are fees charged for withdrawal and deposit transactions on the exchange.
Hcoin Portfolios
On the market section, you would find coins that have been listed on Hcoin Exchange alongside their trading pairs. The most common pair on the exchange is the USDT pair which has 53 coins or tokens including Bitcoin paired against it. You would also see Bitcoin pairs as well on the exchange. Hcoin exchange does not have many coins and pairs listed on it like you would find in other exchanges. Notwithstanding, you can trade ETFs (Exchange-Traded Funds) on the exchange. ETFs allow you to own digital tokens indirectly which are however represented as shares of a firm which manages the assets. Instead of owning the coins, you own shares; this is done to mitigate the risks and hedge against the volatility of these coins.
Cryptocurrencies Available on Hcoin
The trading volume on every platform determines the liquidity such that the higher the trading volume, the higher the liquidity. Traders are more attracted to crypto platforms where the trading volume is really high. If there is sufficient liquidity on an asset, it means that the more people are willing to invest on such an asset, such that buying, selling, trading, transferring the asset will be really easy.
There are a few trading pairs available on Hcoin including ETFs. Cryptocurrencies listed on the exchange include Bitcoin, Ethereum, Ripple, EOS, BCH, XRP, TRX, DOGE, Ethereum Classic (ETC), TAI, which are mostly paired against USDT. Aside from that, there are about 5 Bitcoin trading pairs. Hcoin does not provide a long range of options for investors and traders. However, they could take advantage of the ETFs.
Trading Interface
One of the perks of a good crypto exchange is making the trading interface easy for users to understand and use. Many exchanges are built in such a way that users, especially newbies, find it difficult to navigate their way around such exchanges. As mentioned, there are over 300 crypto exchanges (centralized and decentralized) around the world and some have become the favorite of users due to their ease of use. Crypto traders are drawn to an exchange whose trading interface isn’t complicated among other things.
The web version of Hcoin Exchange features a simple interface with white and blue background. There are five main sections on the exchange comprising the home section, markets, trade, contract, balance. These sections are easy to identify and locate if you are using the exchange for the first time. In the home section, you would find the portion for the exchange’s native token (Hcoin) paired against the stablecoin, USDT. You would also find prices of the top two crypto assets, Bitcoin and Ethereum paired against USDT as well. USDT is the most common pair you would find with other cryptocurrencies because it is not subject to volatility as other coins are. On the same row, there are perpetual contract pairs.
The homepage of the exchange also features 24hour top crypto gainers both on the spot and contract sections. The homepage does not feature 24 hours top losers. The exchange lists coins which have done tremendously well in the past 24 hours, their prices and the volume of transactions that have taken place on the trade which is calculated in dollars.
How Secure is Hcoin?
As soon as you have completed the signup process, you are then redirected to the login page. It is necessary to state that Hcoin Exchange uses Chinese as its default language. So for non-Chinese users, you may have to use a Google Chrome browser to access the site because Google Chrome automatically gives the option to switch to English if you are not from any Chinese-speaking country.
As soon as you are able to change to English, then you can access other functionalities like changing your currency. Hcoin Exchange also gives you the opportunity to switch languages. There are only two language options there- Chinese and English. This is however a disadvantage as those without English-speaking ability would not be able to use the exchange. Instead, they would have to resort to other exchanges. It makes questionable the claim of the exchange being a global one, though.
Hcoin Exchange does not require you to input a username or meet KYC/AML requirements 7during the signup process. Rather, your phone number or email address acts as your username depending on what you used in signing up. Perhaps this is because the exchange is trying to be decentralized in a way by preserving the anonymity of users. While signing up, your password should be one you can easily remember and at the same time one that is strong. You are required to include an uppercase letter in your password. You can also decide to include numbers.
During the signup and login, you would also have to correctly align a piece of puzzle into the empty space provided. Most exchanges have these while users are trying to login or sign-up on the web version of such exchanges. Hcoin Exchange also gives you a unique user ID (UID) of 18 numbers. The UID is peculiar to your account as well as other users’ UIDs to their accounts.
For withdrawals, you can only use the Hcoin Exchange mobile application. If you try to withdraw on the exchange, you would be directed to download the mobile application. However, the Hcoin Exchange mobile application is on Google Playstore. So this would be a problem for users trying to withdraw as they cannot get the app on Playstore. At the time of writing this review, it was not known if there is an IOS (Apple) version of the app available for iPhone users.
Similarly, it is safe to assume that you cannot withdraw fiat directly to your bank account. You may only be able to withdraw to another address of the same token. While trying to copy a deposit address, Hcoin Exchange warns that you must copy a corresponding address similar to the one you are making a deposit from. This is not different from the withdrawal process as you would also be warned about copying the wrong address. Hcoin exchange also tells you the duration the transaction would take which is dependent on the network you are using. This shows that Hcoin Exchange cares about their users and is willing to protect users from losing their funds. But as a newbie, you also have to do your due diligence because Hcoin will not be liable for the loss of your funds.
Hcoin Exchange provides you a means to transfer your coins or tokens from your spot account on the exchange to your perpetual contract account and back. It is not known whether Hcoin Exchange uses two factor authentication for withdrawals as some exchanges do. Protecting investors’ funds should be paramount to an exchange. If users’ funds are not protected, then it defeats the essence of an exchange. It will be very easy for hackers to gain access into users’ accounts.
Customer Support
There is no medium of contacting support on the web version in case of any emergency. However, there may be a way to do so on the app. Hcoin Exchange has a blog where they release updates on the exchange. The exchange also has a twitter site, however it does not seem to be active as the last tweet on its official Twitter page was months ago. Hcoin. The exchange does have a Telegram with less than a thousand members.
Conclusion
Hcoin Exchange offers traders a platform to trade, however the disadvantage here is that it does not have numerous trading options, direct deposits and withdrawals. Despite this, the exchange definitely has its strength which is the cryptocurrency ETFs options it features allowing investors whose risk appetites are low to benefit from holding these assets indirectly. This is not a recommendation by any stretch, this is just a review as earlier mentioned to assist you in making a logical decision whether to use the Hcoin Exchange or not.
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