Exchanges

Leading Cryptocurrency Exchanges: Huobi Global

By Single Broker Academy

Huobi Global is hardly a household name, but this cryptocurrency exchange deserves our attention. Harking back to China, the trading platform managed to relocate and gain thousands of clients worldwide. Huobi provides various applications related to numerous crypto activities. The number of digital assets available for trading and purchasing inspires crypto investors. 

Although the exchange has several pitfalls, they don't look so important when comparing to its advantages. What are Huobi’s advantages? How can you mitigate all its risks? We'll address all these questions in this review of Huobi Global.

Huobi Global: Background 

Huobi was launched in 2013 in China. Currently, the exchange is based in Seychelles and has offices in Singapore, Hong Kong, Japan, South Korea, and the United States. Before September 2017, Huobi managed to become the world's biggest digital asset exchange with an accumulative turnover of over $1.2 trillion. At that time, the platform had a market share of almost 50%. Later, in September 2017, the Chinese authority banned Bitcoin exchanges. As a result, Huobi halted BTC withdrawals and CNY/BTC trading. It led to significant losses for the exchange and its users. Since then, in China, Huobi operates only as a research and blockchain consulting platform.

In 2018, the company went public in Hong Kong. Now, Huobi Global is one of the largest cryptocurrency exchanges, operating in over 130 countries. Huobi gained trust from cryptocurrency traders and investors, as it's one of the safest places to trade and store crypto assets.

Besides its user-friendly interface and a high degree of protection, Huobi contributes to solving such problems as poverty, healthcare, education, and social welfare. For instance, the cryptocurrency exchange donated $1 million to UNICEF to drive social impact through blockchain and emerging tech.

Huobi Global: Metrics

As of September 1, 2021, the 24-hour trading volume is $14,248,055,753.70 (300,608 BTC). Using more than 60 payment methods, crypto enthusiasts can trade over 100 digital assets. Available payment methods are crypto-to-crypto and crypto-to-fiat. 

The platform implies affordable fees. Trading fees for maker and taker is 0.2%, and deposit fees vary according to the country and method of deposit. There is no withdrawal fee. At the same time, the exchange provides fee discounts for its VIP clients. VIP clients are divided into groups - the higher their level is, the bigger the discount is. 

Huobi has its own token - HT or Huobi Token. The Huobi Global Ecological Token is based on Ethereum, whose supply is limited by 500 million.

Huobi Global: Services

Huobi provides various platforms used by traders and investors for numerous crypto activities:

Trading platforms. Huobi offers several trading platforms. The main one provides access to the digital exchange and enables users to trade, buy, and sell cryptocurrencies. The trading platform can be used on desktops (Windows and Mac) and mobile devices through an app (iOS and Android). HADAX (Huobi Autonomous Digital Asset Exchange) is mainly used by professional traders, and the OTC section is for certified merchants. Huobi offers an institutional trading account. 

Huobi Fiat. It's an OTC platform for digital securities trading available for iOS and Android. 

Huobi Pool. It's a mobile application available for Android and iOS. It’s a mining platform in which users can earn coins by lock-in, voting, and mining.

Huobi Wallet. It's a crypto wallet that enables users to manage multiple cryptocurrency assets. The wallet is also available for iOS and Android.

Huobi Chat. It's a social platform for traders to get information about blockchain trading. The chat app can be found in the Google Play Store and Apple Store. 

Huobi Global: Security

Most cryptocurrency exchanges have been hacked at least once but not Huobi. Although it's one of the largest and most lucrative exchanges, Huobi was never attacked. The platform applies various measures to protect its users. For instance, the exchange stores funds of its users in cold storage to restrict access to them. It can't be considered a strong point, but Huobi is operated from Singapore, famous for its advanced crypto regulation and technologies. 

Huobi uses 2-factor authentication (SMS and an authenticator app) to protect users' accounts from hackers. However, it would be better if the platform required additional confirmation in case of login from an unusual IP address or location. Moreover, Huobi could provide extra protection if there was an opportunity to whitelist addresses for asset withdrawal. Now, funds can be sent to any address. 

Huobi Global: Advantages

Besides various platforms for crypto activities and strong user protection, the cryptocurrency exchange has other pros that attract crypto investors from over the world.   

Support team 

It's an issue for many cryptocurrency exchanges. Mostly, it's almost impossible to get a response from a support team. Even if you receive it, it may take several days to solve your problem. However, Huobi is different. Users can contact the support team via live chat. Answers are fast and comprehensive. 

Margin trading 

Users can apply for leverage but should sign a special agreement. Leverage allows traders to use more funds for trading than they obtain. 

User-friendly interface

It doesn't matter whether you are a professional or a newbie trader; a straightforward interface is an essential feature of the crypto exchange. Huobi has a really nice platform that allows a user of any experience level to figure it out. However, if you worry about the complicated interface, it's recommended to use Single Broker. It allows for access to various cryptocurrency exchanges on one platform. It means you won't need to learn how to use different exchanges. Upon signing up for Single Broker, you can easily trade, buy, and sell digital assets on various exchanges. 

Derivatives

The platform offers derivatives trading. 

Charts and indicators

The exchange offers charts from TradingView where a user can insert technical indicators. TradingView is a common solution used by numerous trading platforms. Most investors are familiar with it. 

Statistics

A user can check coin statistics to be up-to-date with the latest market data.

Huobi Global: Pitfalls

There is no perfect cryptocurrency exchange that would guarantee 100% safety and favorable conditions for its user. Huobi Global has several cons that should be considered when choosing this platform for cryptocurrency trading. 

Unregulated

As we mentioned above, Huobi Global Limited is incorporated under the laws of the Republic of Seychelles. Nevertheless, the platform isn't regulated by any financial authority. It can be seen as a significant disadvantage. The cryptocurrency market is barely regulated and subject to high volatility and fraud, so unregulated exchanges may hide additional risks. 

Restricted jurisdictions

Huobi Global operates only in countries where its activity doesn't contradict the local laws. It means that the platform is not available to some traders and investors. For instance, although Huobi is present in the USA, US citizens can't use its services. 

Limited trading assets

Huobi Global doesn't provide stock, commodity, or forex trading.

Final Thoughts

Huobi Global is one of the leading cryptocurrency exchanges. It provides a wide range of services that enable traders to participate in different crypto activities. Moreover, despite a lack of a particular regulation authority, Huobi can be called one of the safest trading platforms. As Huobi Global offers over 340 crypto assets and operates in more than 130 countries, crypto investors should definitely consider this exchange. 

Single Broker partners with Huobi Global and participates in its Brokerage Program. If you are our client, you will get access to the market depth and liquidity of Huobi Global and be able to open trades and submit fast and convenient money transfers between exchanges.