Which exchange should I use to trade crypto? That is a question that we get more and more often, but also a question that is becoming increasingly difficult to answer properly. There are so many choices out there.

For example, you have the Dutch Bitvavo, but also Binance and Kucoin. An exchange that should certainly not be forgotten is Huobi. But what exactly is Huobi? What are the advantages and what are the disadvantages? And would we recommend Huobi? We tell you that and more in this blog!

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• View quickly
• What is Hubi?
  • Departure from China
• Hubby on social media
• Is Hubi free?
• Is Huobi reliable?
• Register on Huobi
• Hubby customer service
• Hubi parties
• Huobi Token (HT)
• Hubi trading bot
• Hubby Earn
• Huobi mobile app
• Conclusion

What is Hubi?

To get straight to the point, Huobi is a very popular cryptocurrency exchange . You can go to this exchange to buy and sell many different cryptocurrencies. A fun fact is that the word Huobi in Chinese, Mandarin to be precise, means currency.

The company was founded in 2013 by Leon Li after he had just completed his studies in Computer Engineering at the prestigious Tsinghua University. Under his leadership, Huobi has developed over the years into one of the largest cryptocurrency exchanges in the world and has offices in Hong Kong, South Korea, Japan and the United States, among others. After the Chinese government imposed a ban on initial coin offerings (ICOs) and crypto trading in 2020, Leon Li decided to leave his homeland for another country in Africa and moved its headquarters from Beijing to the Seychelles archipelago in the Indian Ocean.

Huobi has a very extensive and diverse range of cryptocurrencies. In total, more than 380 different cryptocurrencies are offered and traded. The Asian cryptocurrency exchange is available and used in more than 190 countries worldwide.

Departure from China

China has announced that it will crack down on the rise of cryptocurrency. The Asian country has banned the mining and trading of cryptocurrencies . It is therefore no longer possible to carry out transactions with crypto. As a result of this news, Huobi announced at the end of September in 2021 that it will stop the company’s operations in China. The reason for the platform’s departure from its original country of incorporation is the new regulations in China. After this announcement, Huobi immediately stopped accepting new customers from this country. In the course of the end of 2021, the accounts of all users from China will be closed in order to comply with the country’s regulations.

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Hubby on social media

Huobi is active on all major social media platforms , such as Twitter and Instagram. In addition, there are several communities on Telegram, which are divided according to language.

There is an English, Chinese, Vietnamese and Russian Telegram group. In these groups, thoughts about cryptocurrencies are exchanged and information is shared about certain updates and cryptocurrencies.

In addition, Huobi regularly uses the Medium platform to share the latest updates, important information, interesting stories and useful tutorials with the interested public.

Below you can see a table of the number of followers on Huobi’s social media platforms.

It is important to comment on the data in this table. The number of followers in itself is not a strong indicator of the quality of the exchange. However, it can be an indicator of the confidence and interest of the public interested in cryptocurrency.

Is Hubi free?

At Huobi there are no costs associated with creating a new account or owning a wallet with Huobi. There are costs for buying and selling cryptocurrency and withdrawing cryptocurrencies or money. All these costs are normal and customary for an exchange to cover the costs of the company to provide a well-secured platform for cryptocurrency, among other things. We will discuss these costs in more detail later.

Is Huobi reliable?

Before you start using a certain platform, it is important to know whether the platform is reliable. It sometimes happens that a platform is hacked, which means that money, for example in the form of crypto, can be lost. Safety is of paramount importance at Huobi.

Huobi is one of the most secure cryptocurrency platforms and has never been hacked in the past. A number of attempts have been made to carry out an attack on the Chinese exchange, but always without any success. In total, 98 percent of users’ assets are stored in cold wallets. This provides extra security, because the user’s belongings are then ‘offline’. A total of more than 1 billion in crypto has already been traded through this platform and there have never been any security breaches.

Huobi created a Security Reserve in 2018. These are several funds owned by Huobi that hold a value of 20,000 Bitcoin, spread across multiple wallets to significantly reduce the chance of a hack or intrusion. All in all, this shows that Huobi is committed to ensuring that the platform can be used by the user in a user-friendly and enjoyable way to trade and store cyrpto.

Register on Huobi

Opening an account on Huobi’s exchange platform is very easy . It’s a matter of pressing the ‘Register’ button on the home page in the top right corner. From here the registration page is loaded, where basic information such as email address, telephone number and address must be entered. As a tip we would like to give you to set a good and strong password.

After entering your details on the registration page, Huobi will send an email with a request to activate the account. Then, users are prompted to set up two-step verification to improve account security and make it more difficult for hackers to get into the user’s account.

When you have created an account and the email address has been verified, it is important for Huobi to verify the full name and nationality of the user. It is important that the full name registered on Huobi matches the full name of the user with the account of the relevant bank used and connected to Huobi.

For government regulations, it is mandatory as a user to upload an identity document or passport. This is for verification of nationality. Once these documents have been uploaded and approved, a selfie must be taken by the user with the submitted document (ID or Passport).

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Hubby customer service

Huobi’s customer service is good . The platform works with a bot that is present to help with possible questions. The bot provides referrals to the information of interest. Most of the questions and comments are resolved by this bot. In fact, there is always a correct reference to the texts that provide the information that is needed. In addition, customer service can be contacted at any time via the e-mail address [email protected] . Unfortunately, you cannot call Huobi customer service.

Hubi parties

Huobi has a standard trading fee on the spot price of the cryptocurrency. This trading fee is 0.20% per transaction. However, the Asian company has come up with a smart and cost-effective system to reduce transaction costs. They do this using their own token, the Huobi token (HT). The moment the user owns more Huobi Tokens, the discount on the trading fee increases. For example, if someone owns more than 1000 Huobi Tokens, that person will receive a 55% discount on the standard trading fee. Transaction fees at Huobi are generally slightly higher than competitors such as Binance and KuCoin, where transaction fees are around 0.10% per transaction.

Huobi does not charge any fees for depositing funds on the platform. However, there are fees for withdrawing money and these can vary per cryptocurrency. There is also a minimum set for the withdrawal amount. For Bitcoin (BTC), the withdrawal fee is 0.001 BTC with a minimum withdrawal amount of 0.01 BTC. Compared to other crypto exchanges, Huobi is not cheaper and these costs are often even higher than with other exchanges .

Huobi Token (HT)

Huobi has its own token, the Huobi Token (HT). This token runs on the Ethereum blockchain. Normally, these types of tokens are marketed through an ICO, but the Huobi Token was distributed in the form of a loyalty program for users of Asian exchange. This token can be used to lower transaction fees or vote for new tokens that should be added by Huobi on the exchange. Two weeks after the launch of the Huobi Token, the total market value of this token was already USD 300 million.

Hubi trading bot

Huobi offers a free trading bot for the users of the exchange. In this way, the user can automatically buy low and sell high. These features allow users to avoid potentially fatal decisions due to, for example, emotion. The trading bot is therefore good and easy to implement a certain strategy without experiencing psychological pressure.

Of course, things can also go wrong with a trading bot. A trading bot is no guarantee for success and you can therefore certainly lose your investment with it. So always pay attention to it and always do proper research into the bot first.

Hubby Earn

Huobi has recently added a new feature to the platform. This is called Huobi Earn. This feature offers users a chance to earn extra money in the form of interest. Users have the option to deposit funds to earn interest from the most popular cryptocurrencies and DeFi tokens. For example, it is possible to deposit USDT on which an annual return of 6.6% can be achieved.

Huobi mobile app

A Huobi mobile app is available for iOS and Android devices. This mobile app makes it possible to also withdraw in cryptocurrencies on a smartphone. The app is clear and user-friendly. It is easy to use and almost all functions of the website can also be found in the mobile app. In addition, it is also possible to create an account via the mobile app and complete all necessary verification and registration forms.

Huobi has also developed an app specifically to view the wallet. This app displays the wallet, and therefore your assets, with any price increase or decrease. The Huobi wallet app can be downloaded on any mobile device from IOS and Android in the stores.

Conclusion

Overall, the experience with Huobi is very good. Huobi, rightly so, has a reputation as one of the best cryptocurrency exchanges in the world. Due to the large choice between different exchanges, it is not easy to be distinctive and better compared to other exchanges. However, Huobi succeeds very well due to the fast customer service that is available 24 hours a day, the clear website and mobile app and the wide range of different cryptocurrencies. In addition, it is good that Huobi is a suitable platform for both beginners and experienced traders to trade cryptocurrencies. These are major advantages of the exchange platform Huobi.

A disadvantage of Huobi is that the transaction costs are slightly higher compared to the other competing exchanges. It is a pity that 0.10% more has to be paid in transaction costs every time, looking at the percentages that, for example, KuCoin and Binance use for transactions.

It is important that you make the right assessment for yourself when choosing which cryptocurrency exchange you will use. It is a matter of making a well-considered choice between the different features that a particular exchange offers and determining which aspects are important to you.

We hope to have made you a lot wiser through this review about Huobi and to help you in the search for the exchange that suits you best.

Do you want to know more about Huobi? Do you want to read experiences of others with the platform? Do you want to know more about Huobi? Or do you want to know something about the alternatives to Huobi? Join our AllesOverCrypto Facebook group! We like to talk about everything related to crypto and the blockchain and share valuable information with you. Hopefully we’ll see you there!

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