Hoo Review
Cryptocurrencies have proved to be a sound investment since the last decade. It is without a doubt that you have heard about individuals that became rich quickly through online trading. Do you want to join the trend? Well, 2021 has been a crypto year as most digital coins surged to their highest in April. What if you had invested by that time? How much could you worth now? If you want to start your trading career but not sure where to start, you can try this investment approach. A reliable exchange company is what you need for a smooth experience while interacting with cryptocurrencies. From the multiple crypto companies available, act with due diligence to find legitimate cryptocurrency exchanges like Hoo. As a rule of investing, ensure that you research in detail before trusting any firm with your funds. Read our Hoo exchange review to understand why we suggest the crypto firm for lucrative deals.
Hoo crypto exchange is a crypto broker based in Hong Kong. The platform has been offering crypto services to traders from different regions since 2018. Have you ever heard about OAX and Chaince brokerage firms? Hufu Technology, the firm that owns Hoo exchange, acquired the Chaince and OAX. With that, you will accept that you are dealing with a trading platform that understands the solutions traders need.
At the time of this publication, the Hoo exchange declared supporting more than 220 digital coins. With their detailed asset class, you can access more exotic alternative coins. However, as a trader, you have to be careful with your every move when dealing with cryptocurrencies. As much as multiple digital coins are the dream of every trader, beware of the dangers. On the positive side, a broker that supports many assets allows you to access many foreign coins. That is a plus for exotic traders that want to access everything they want on a single platform. Most traders prefer brokers that offer all-in-one services.
On the other hand, more virtual coins can translate to more scam coins. These are cryptocurrencies that will disappear with your money once you invest. For that reason, you might find some traders that enjoy working with brokers that offer the top crypto options. The best thing about popular cryptocurrencies is the proper vetting. Newly launched digital coins lack the scrutiny examination to give traders confidence. If you want to enjoy your crypto accomplishments, avoid online scammers as much as you want. Keep in mind that fraudsters take advantage of the vulnerability with online trading. Given any chance, crypto scammers will disappear with your money or data, in some cases both.
Last year, Hoo exchange announced its trading volume per day to be USD 615.17 million. Although we have not confirmed that, it can be an impressive trading volume. With such a high trading volume, crypto enthusiasts will avoid liquidity problems. However, let us dive deeper to understand how the exchange maintains uniqueness in the financial space.
Mobile Support
Most cryptocurrency fans enjoy utilizing desktops when trading their currencies. The computer screen allows you to view vital information with ease. That ensures better decisions while executing your trades. Moreover, you will not have hurdles interacting with various trading features and tools. For instance, you will enjoy a better display when analyzing the trading chart. However, as brokers are different, traders have their unique needs as far as crypto trading is concerned. You will find some enthusiasts that prefer using mobile phones to execute their trades. If you are among them, you will never worry about this broker. Hoo exchange ensured that crypto traders enjoy the convenience and flexibility they need by offering a trading platform that can perform best on mobile devices. You can download the trading platform from Google Play or AppStore.
Leveraged Trading
If you are looking for a trading platform that offers leveraged trading, you might settle with this Hong Kong-based crypto company. As for now, you can maximize your crypto returns with the exchange’s 100X on perpetual (futures with no expiry dates).
However, you have to be cautious when utilizing brokers with leveraged trading. As much as it can translate to massive gains, the losses are intolerable. You have to admit that multiplying your money as a crypto trader is challenging.
For example, you have about $10,000 on your crypto account and use $100 to bet on Bitcoins going long (increase in value). That would translate to earning $10 if you held BTC that increased in value by 10%. Now, if you use the 100X leverage, you will earn returns worth $1000 (an additional $990). Is that not a good deal? However, the reverse is possible. If Bitcoin reduces the value by 10%, leverages will mean losing $990 more. With that, be careful as far as leverage trading is concerned. Remember, every legit deal has its flaws. Make sure to understand every facet of your broker before using it.
Meanwhile, most cryptocurrency investors enjoy leveraged trading due to the benefits that the approach has. For instance, you can enjoy benefits such as huge returns, diversification, trading with limited money, and learning risk management and discipline while trading.
Trading View
Each brokerage firm you will find on the web includes a trading view, a portion of their website that allows traders to see the current price of given digital coins from the trading chart. Exchange platforms differ when it comes to trading views. You will access sell and buy boxes, allowing you to place orders on your relevant cryptocurrency. Reputable brokerage companies would also include the trade execution history, showing previous crypto transactions. Can you imagine accessing all these features and tools from your broker’s website? Will that not amplify your profits?
The best move is to evaluate the trading view that your broker boasts when venturing into the crypto market. The best thing is that you can note this feature after visiting any crypto platform. Moreover, you can customize the view to suit what you prefer. You only need to adjust the settings for that.
OTC-desk
Let us take an instance where you have a massive amount of a particular digital coin and planning to sell the amount. Would you utilize the regular trading site like other traders? Maybe you should not. The main reason why expert traders will advise you to execute your large trades out of your usual exchange platform is that the massive execution could impact the market price of your preferred crypto coin. Another is the order book being too small to accommodate your relevant trade. To solve this, you may need to consider Over Counter (OTC) crypto services.
The best thing is that Hoo exchange tried all ways possible to accommodate all crypto enthusiasts. The broker has OTC-trading for its loyal followers from different regions of the globe. Whether a professional or new in the cryptocurrency space, the firm seems to have something for you.
US Investors
You might wonder why most cryptocurrency exchanges do not offer their services to US citizens. What is the reason behind that? SEC (Securities Exchange Commission). SEC does not allow foreign firms to exploit investors based in the US. The regulator has the power to sue any outside company that manipulates US investors. You probably have heard cases where SEC sued a crypto company. For instance, EtherDelta fell on the hands of the SEC due to functioning as an unlicensed crypto exchange. Securities Exchange Commissions employs stiffer rules that smaller crypto exchanges fail to meet.
At the moment, it is not clear whether you can use Hoo Exchange while in the United States. However, from its terms and conditions, the broker did not mention prohibiting investors from the US. If you are in this country and want to use the exchange, you may need to research how permissible the broker is.
Trading Fees
Keep in mind that you will incur charges whenever you execute any trade with crypto brokers. The trading charge is usually a given percentage of your trade order value. Most crypto brokers divide between makers and takers. Makers are traders that add crypto orders while takers take the existing orders. The two ensure liquidity on the trading platform.
The best thing about Hoo Exchange is that it charges flat fees. With that, makers and takers incur similar charges – 0.20%. However, the taker charges seem higher when compared to the international market scores for centralized brokers. Indeed, the industry average ranges from 0.20 to 0.25%. Moreover, some new players in the game have their averages around 0.10 – 0.15%.
Another thing that you might enjoy with the broker is that it offers discounts on the trading fees. However, such an offer is available for VIP clients. How can you achieve VIP status? Well, you have to score points for the VIP tier. What do you need to score the trading points? You will get them by inviting your friends and family to register their accounts with the exchange. Moreover, achieving a given trading volume would also score you points. You can visit Hoo’s website to understand the trading charge discounts more.
Before you register your crypto trading account with any broker, make sure to check the trading fees. Avoid brokerages that will charge you high fees. You can get better charges if you act with diligence when selecting brokerage firms. Keep in mind that the trading fees by your exchange can impact your profitability. Another thing is to utilize any offers that a broker has to maximize your returns. For instance, confirm any discounts that the exchange has and the conditions to qualify for them.
Withdrawal Fees
At the moment, you will not incur any fees when cashing out your money from Hoo exchange. However, as the crypto world changes day and night, you need to confirm that when venturing into the crypto market using this broker. Meanwhile, you need to consider network fees when withdrawing from this exchange firm. What are network fees? These are charges that you will pay the crypto miners of a given blockchain and not charges that you pay to brokers. The network fees fluctuate day in day out, depending on the pressure with the network at that particular moment. Generally, the network fees are low compared to the global market average as far as cryptocurrency withdrawals are concerned.
For more profits, choose platforms that do not charge high withdrawal fees. It is without a doubt that you want to enjoy your entire profits. Keep in mind that some crypto exchanges would charge increased withdrawal fees that would affect your profitability potential. As far as that is concerned, Hoo exchange is a reliable crypto exchange.
Deposit Methods
Well, funding your trading account is necessary to start trading your relevant crypto coins. For that aspect, evaluate the deposit methods offered by any broker before further steps in the crypto atmosphere. A reliable crypto broker needs to ensure convenience when depositing funds into your account. Firstly, when depositing, make sure to confirm the availability of the funding options in your country. Select brokers that use deposit options available in your country. The best thing is that most exchanges offer you popular payment options.
Hoo exchange allows you to use fiat currency and digitals coins when funding your trading account. However, this exchange is a bit different. As most brokers offer multiple options in this segment, Hoo exchange allows wire transfers only. If you are used to card transactions, you may forget about that with this broker. But, check whether the broker added more options when registering your account. However, since the exchange allows fiat deposits, it can be reliable for anyone new and excited about the crypto world. You only require the internet to analyze the broker before using its services.
HooPool and HooSwap – Liquidity Mining and Instant Token Swap
HooSwap is a trading desk based on AMM (Automated Market Maker), built on the Hoo Exchange centralized platform. Traders may use HooSwap to swap crypto tokens instantly.
Moreover, crypto investors can use HooPool to provide liquidity to the trading desk. The best thing is that users get liquidity rewards as liquidity providers. True enough, this exchange tried multiple ways to ensure that you access money-making deals.
Hoo Exchange Mining Machines
Hoo Exchange has mining machines that it provides to its potential crypto miners. The best thing is that the broker help in the maintenance and management of the mining facilities. The mining services deal with purchasing and selling second-hand and new mining facilities and repairs.
Hoo Custody Services
Hoo offers crypto security services to various OTC platforms, hedge funds, investment firms, wallets, and crypto exchanges. The broker supports multiple tokens and more than twenty public chains. With this feature, the platform enjoys a capital flows of over 16,000 BTC monthly.
Hoo Labs
With the Hoo labs, crypto fans can invest in cryptocurrency startup projects. With that, users can fund multiple startups to enjoy the project’s benefits in the future.
HOO Token
Hoo is a native coin that you will find on the Hoo exchange platform. The initial maximum tokens supply was about 1 billion. However, early in 2021, the Hoo exchange stated that it burned around 900 million unissued crypto tokens, reducing the maximum token supply to 100 million. Therefore, the latest Hoo Token supply is 100 million.
Meanwhile, you can hardly access adequate data on the tokens circulating in the crypto market for now. However, the FDV (Fully Dilute Value) is around $230 million.
Hoo Exchange Benefits
- The platform boasts multiple passive income opportunities. For instance, you will earn commissions when you refer your friends to the site.
- You will interact with a support team boasting expertise in fintech and blockchain technologies.
- The innovation hub has multiple low market capitalization gems.
Hoo Exchange Limitations
- Hoo exchange lacks dust trading. That means that you cannot convert your small balances into HOO or USDT tokens.
- Although interactive, their web interface is not the best you will get in the market.
- The broker’s website does not include detailed product information.
- At the moment, you cannot access details about the Hoo exchange founder and the developers.
Final Thought
You can utilize the above Hoo exchange review to understand what the broker has for its customers. Keep in mind that you need to research before opting for any brokerage firm. The best thing is that the internet has many exchange options for you. Make sure to select the best if you want to trade like experts. With Hoo exchange, you will access impressive features that can lead to increased profits. The innovation hub and listed cryptocurrencies make the broker reliable in crypto accomplishments. However, you have to be alert since their customer team is almost unreachable at the moment. We hope that they would better their services for trading convenience.
If you are looking for an average crypto exchange for your financial career, you might consider this option. Being a startup exchange, Hoo included multiple low-capitalization gems. Some traders reported issues with app usage and delayed withdrawals. But, if you are interested in low trading fees, you can consider the exchange when on your investment decisions.
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