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Huobi Review – Is Huobi Scam or Legit?

Huobi Exchange Rating
Account Types9.3
Trading Speed9.3
Customer Service9.1
Safety8.9
9.2
Conclusion
Read our Huobi review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this Huobi review before you sign up with the exchange.

Huobi Exchange Review

Huobi logo

Identified as a “digital asset exchange,” Huobi claims to be the world’s “largest blockchain asset exchange. Today I’m doing a Huobi review. The exchange assumes potential Blockchain creation would contribute to new types of digital assets emerging. The Huobi group, which runs the exchange, was forced to move to Singapore in March of last year due to a series of restrictions on cryptocurrency trading and ICOs placed by the Chinese government.

In the field of crypto, memory is constrained in the short term. Sometimes a week can feel like a month, and perhaps a month can seem like a year. Recalling the depth of the stock market of 2017 to 2019 sounds like recalling history from years before. In that respect, Huobi has been the underdog superstar swap for decades.

Although there is little in crypto that has existed for decades, acquiring “original genius” status within only a few years is more than enough. Over the past few years, Huobi has consistently proved to be a trustworthy brand in the cryptocurrency world since the exchange was established in 2013 during the period of giants like Mt. Gox. What you just read is right. Remember what the blockchain exchange world was like at the beginning of 2013.

The truth that most people who participated in cryptocurrencies over the years have since faded away speaks volumes for others that have managed to remain alive whilst managing to thrive. Huobi is a true rarity. Although a number of other exchanges had problems last year, Huobi was able to stay steady during the year, make significant progress, and have an increasingly fulfilling exchange experience. As a result, we think Huobi should be on your list of possible trading destinations.

In 2013, a former Oracle programmer, Leon Li, acquired the Huobi domain and took BTC trading live. Huobi venture capitalists from noteworthy locations, like the now-legendary Sequoia Capital group, were very swift to act in the evolving Bitcoin sector.

After launching in early 2017, Huobi did over $4 billion in trade turnover by three months after entering the market. Asia was demonstrating that there was a strong necessity for digital asset trading, which eventually began to be met in 2014.

The bear market that started in 2014 and continued until the start of 2015 left several citizens traumatized. Failed exchanges like Mt. Gox were engulfed with chaos, whereas other newbies confronted the daunting challenge of seeking the formula to carry traders to their exchanges. Meanwhile, Huobi was having a field day smashing the rival. The exchange had revenue of $247 billion in 2016, reflecting 48% of the total digital asset of the share of the exchange market.

Certainly, when it comes to cryptocurrencies, there’s no way to guess how it would work out. Long-term business observers can recall when China agreed to cancel exchanges only as the summer was winding up in 2017. The world’s most populated country, China, took the dramatic step of stopping all cryptocurrency trading by pulling out of all the Chinese-based exchanges, including Huobi.

It looked as though the exchange did some soul-searching after that. But until that point, Huobi had never really thought about the foreign market. When China was no longer a candidate, it had to redesign itself in order to withstand the current moment. The realization prompted Huobi to create a global marketplace by launching on main exchanges in Japan, Russia, Korea, and a new exchange outside of China.

Its work was not fruitless. Huobi’s team was aware that it had a successful strategy because it had an efficient trading engine, a clean and efficient user interface, and secure exchange functionality. Customers from outside Asia had very little faith in the exchange, and thus it was very difficult to gain popularity.

Huobi’s arrival in the foreign market is almost definitely related to Binance’s performance. While Binance started out as a Chinese exchange, its success contributed to other major foreign exchanges being seen as less questionable. Since Huobi has been in the blockchain space for a long time, it gained immense attention from foreign viewers. 

Huobi website

A notable turnaround occurred at the end of last year when Huobi’s revenue eclipsed $1 trillion, securing the exchange’s status as one of the world’s three leading crypto exchanges. Since its inception, the exchanges in the region have experienced near-unrivaled growth, making it challenging for Binance to remain as the world’s top crypto portal. Even so, Huobi has one noteworthy benefit of the other exchanges: it has never been exposed to a major hack.

Hence, all things considering, Huobi has a storied past when it comes to cryptocurrencies, excellent security, an easy-to-use GUI, and streamlined, foreign packaging. It is important for the crypto trader today. With Huobi, you’ll see that there is far more to it than encounters the eye. Let’s explore what Huobi has to offer.

Signing up with Huobi

Privacy and confidentiality are expected when Huobi allows opening an account fast and easily. To get started, make sure you know which Huobi you’re using. That depends on where you live. For most countries, Huobi’s foreign site can have the solution, but for American customers, HBUS, or Huobi US, is the better choice. For protection purposes, it is often advised to double- and triple-check the URL to prevent getting scammed.

To continue using Huobi, you only need to press the ‘Sign Up’ icon on the upper right. There’s always the usual: Tell us your name, date of birth, and so on.

After you’ve submitted the requested details, you’ll obtain an email with a verification connection in it that you must click on. If you have finished your action, you will be returned to Huobi, where the account is prepared for access. Here are a couple of items to keep in mind: personal protection and having a good password that is also unforgettable. That’s correct; once you’ve done configuring two-factor authentication (2FA) on your profile and safe trading passwords, you’re all set.

An outstanding function that’s perfect for newcomers is to be found in Huobi’s exchanges. To put it plainly, every commodity you review will come with a neatly ordered report. To have an easy, transparent crypto shopping experience, Huobi details all about coins’ supply and intent. Do your own study, but getting these milestones is always a smart idea.

Verification with Huobi

You’ll have to endure some Know Your Customer (KYC) verification in order to raise your withdrawal limits. They would require a piece of personal information in order to do this.

Since the purpose of this intervention is to deter money laundering, it is becoming increasingly popular for exchanges to demand it. At the same time, while crypto users are inherently privacy-conscious, there is no apparent answer to this problem.

Although Huobi is massive, they definitely wouldn’t jeopardize your personal records because of the scale of their operations. So, therefore, you’re most certainly secure from a documentation identification standpoint when you give your ID to Huobi. Huobi requires that they include a third party to review the records. This implies that the records might take 24 hours to get completely checked. This applies to other exchanges, and other traders online are suggesting the same.

Huobi Phone App

For traders who like to trade throughout the day and also don’t have access to their computers, the Huobi smartphone app is ideal.

iOS and Android users have the ability to utilize this too. So I examined the Huobi app to learn what all the other clients thought about it as well as how effective it was. Three recent reviews were all positive. Although they look very similar, you’ll have to make your own assumptions.

Unfortunately, I was unable to gather information on the app’s users’ thoughts on the Google Play Store. The client has to install the apk files before they can find them in the play store. In my opinion, we believe that Huobi is better suited to mention these files in the Google Play store.

For sure, the Huobi app is well designed and simple to use. Like the web platform, it has a lot of the same features. Registration and verification can also be done on a mobile phone.

Exchange Platform

Now that you have an account, the Huobi exchange platform one of the most important elements of your trading experience. Advanced platforms are often complicated, which makes them hard to use for beginners. I believe that Huobi was successful in accomplishing this.

First, you’ll notice that you have three trading platforms to choose from Huobi OTC markets, the regular exchange, and the margin trading exchange, and the third one is the HADAX platform where voting for new coin listings takes place.

Alternatively, if you just really want to buy or sell cryptocurrencies, select Huobi Pro for the best exchange. You can use this exchange to perform trades based on the current balance in your wallet.

Additionally, Huobi is also well known for the wide range of crypto-asset offerings they provide. They appear to have a majority of the most valuable coins in the top ten of market capitalization (ADA). It is a bit surprising that these coins aren’t on the list.

While they do have numerous other coins listed on the exchange, they do at least have 50 more you can trade. In fact, a sizeable amount of Huobi’s total volume is comprised of these coins. This indicates that their order books are strong and fluid, making finding cash flow on the exchange simple.

Additionally, they have an Overview page that helps you learn about each coin with a very in-depth description. Additionally, these sites supply you with linkages to the project at hand.

Users get all the balance sheets and buy/sell walls below the charts. And the all the orders that you’ve just placed, you will have orders on the books as well. You’ll also find useful links and the break – down of the coin on the exchange’s coin overview page.

This is third-party technology, but it’s very good. For a technical analyst or day trader, you will have all of the tools available that you will need.

Other than the interface, there are two other options you can explore. One is to modify the currency all of your deposits are shown in, and the other is to adjust the color of the interface. They have a dark-colored appearance, or they are light-colored.

Support

While Huobi offers favorable trading fees, which can be attributed to it making the wise decision to implement a native token-based economic system similar to those found on Binance, Bibox, and KuCoin, the exchange is extremely aggressive when it comes to service charges. Huobi Token gives token holders the authority to trim trading fees in half, take part in platform governance, and participate in Initial Exchange Offerings (IEOs).

It is very simple to reduce fees on the platform by utilizing HT. You can use the Litecoin Holder in your wallet to hold LTC in order to cover trading fees. Go to the Litecoin user configuration panel and click on the option to use the Litecoin Holder for fees. And from here on out, you’ll have a large price break with your standard fee amounting to:

  • Maker charge, 0.2%
  • Taker charge $0.02

As a result, each one of these fees is cut in half using HT. Additionally, VIP memberships are available for booking that will result in those fees being reduced by as much as 65%.

A full range of resources and functionality

The wide variety of trading pairs — Huobi provides you with plenty of digital assets to choose from if you don’t want to see the same asset twice. As a foreigner, you may not be familiar with all of the exchange’s trading pairs. As a result, Huobi frequently serves as a launchpad for coins created in Asia, such as those found in Korea, Hong Kong, and China.

Huobi delivers quick customer support in real-time — It’s remarkable how quickly Huobi handles customer issues. Many Huobi users can expect an answer within an hour of contacting the company about their account issues. When it comes to quick response time, this exchange has its beat.

A fund is set up by Huobi, called the Huobi User Protection Fund, to protect users from hacks, thefts, and other such unexpected events. As a customer, this is a huge advantage because it implies you can feel secure that if something catastrophic occurs, you will be cared for by Huobi.

As being one of the world’s biggest exchanges, Huobi has gotten the interest of institutional traders, and therefore institutional trading accounts of the world over. Thus, Huobi has established an institutional and firm size trading desk separate from its over-the-counter (OTC) and dark pool markets.

Derivatives Trading – Huobi has initiated their own derivatives products for both Markets and Swap trading markets following stress from other major exchanges.

The Margin Trading and Derivatives platforms provided by Huobi have also made it a leader in support for C2C lending and Margin Trading.

Referral Program of Huobi

If you’ve had a good Huobi service and trade experience, you might be able to receive commissions on your referrals.

You can take benefit of the Huobi Invite service by utilizing it. For a referral charge of 30%, you can earn a part of the commission as cashback when your trader’s transactions are done on the Huobi website. In this scheme, you’ll get a set number, but the commission you earn is bigger.

USDT (U.S. dollar token) or “points” are deposited into the account, with the balance kept in an Ethereum-based smart contract. A continuous list of all the merchants who have recommended new clients is kept on the Huobi referral program’s website. Looking into these referral systems, one will see that they can be profitable.

Although there is a catch to the Huobi Bitcoin cashback bid, the conditions restrict the potential for cashback. The cashback balance will be disbursed over the span of three months from the date of registration. As a consequence, you’ll have to guarantee all those traders you’re referencing carry through with their commitment to sell once they enroll and on a daily basis.

For information on fees paid by Huobi: This applies solely to trading fees received by Huobi, which does not cover any fees connected with an account like deposit fees.

Conclusion

After evaluating the study and making an educated judgment, I may draw this inference.

We now know that Huobi is an efficient and secure cryptocurrency exchange because of this Huobi exchange analysis. There is a valid explanation why they’ve achieved so much attention and branched out into other sports.

I really consider it to be a very powerful and well-designed forum, although being very open to newbies. Additionally, it offers some valuable resources for day investors and technical analysts.

This also speaks highly of Huobi’s financial assets, which would act as security in the event of any hacks or violations that are not expected. Although other exchanges can and are doing this, it is something that most exchanges should be doing. A developed and well-respected exchange that offers a hassle-free trading experience.

MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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