Huobi Wallet Exchange Review (2021)

Memory is a finite resource in the crypto world. A week might feel like a month, and a month can feel like a year. Just recalling the depths of the 2017-2019 bear market feels like reliving ancient history.

Huobi

Considering that, we’re tempted to suggest that Huobi has been playing the role of underdog superstar exchange for decades.

While nothing in crypto has been around for decades, even a few years is enough to earn OG status. Huobi has withstood the crypto test of time, having launched around the time of dinosaurs like Mt. Gox in 2013. You read that correctly, 2013.

Consider what the Bitcoin trading environment was like in 2013. YouTube videos from 2013 look like ancient PBS documentaries shot on 8mm film – just think about it.

The fact that almost everyone who dabbled in cryptocurrency during those years has been washed away by the sands of time speaks volumes about anyone who is not only still standing but thriving.

Huobi is a prime illustration of this. Huobi has survived the volatile nature of cryptocurrency year after year. Only to gain strength, consolidate gains, and give an increasingly gratifying exchange experience. Indicating that the company is well entrenched and worthy of your attention.

Huobi’s tale begins with Leon Li, a former Oracle developer who decided enough was enough in 2013. He then purchased the Huobi domain before launching BTC trading later that year.

Huobi, quick on its feet and eager to capitalize on the momentum building around the fledgling Bitcoin industry. It has received angel investments from renowned sources such as the now-legendary Sequoia Capital group.

Huobi was producing over $4 billion in turnover three months after going live, demonstrating that it was no slouch in taking market share from the likes of Mt. Gox.

By 2014, it had more than doubled its revenue and demonstrated that Asia had a genuine need for digital asset exchange, which was now being met.

For many, the cryptocurrency bear market of 2014-2015 was too much to bear. Mt. Gox collapsed in a flurry of turmoil, while other newcomers failed to find the proper recipe to attract traders.

Meanwhile, Huobi was overtaking its competitors. In 2016, the exchange reported $247 billion in turnover. Yeah, you read that correctly. Giving it slightly more than half of the global market share for digital asset exchanges.

Of course, cryptocurrency is nothing if not volatile. If you’ve been in the sector long enough, you’ll recall when China, just as the summer was winding down in 2017, slammed the door on cryptocurrency exchanges.

The world’s most populous nation has opted to withdraw from all crypto trading, forcing China-based exchanges like Huobi to pause and devise a backup plan.

The exchange then migrated to Singapore and appeared to do some soul searching. Huobi had always been solely focused on the Chinese market up to that point. Now that China was out, it needed to recreate itself if it was to survive the situation.

Huobi began to globalize its platform as a result of this revelation, commencing with Japan, Korea, Russia, and worldwide main exchange.

Its efforts did not go unnoticed. Huobi’s team felt it had a winning formula: their trading engine was fast, the user interface was clear and responsive. And exchange security was excellent. The issue was that viewers outside of Asia were skeptical of the exchange and had never given it a chance.

Huobi is likely to have gained access to the foreign market as a result of Binance’s success. Binance, which began as a Chinese exchange, grew so popular and trustworthy than other Chinese exchanges began to appear less questionable.

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Huobi’s name recognition as a result of its extended time in the market undoubtedly helped it go the distance with international audiences. Furthermore, the debut of Huobi Token and, more recently, Huobi’s IEO platform Spotlight have helped the exchange gain more traction than ever before.

Huobi’s revival since the 2017 controversy has finally been validated. By the end of 2018, the exchange’s turnover had surpassed $1 trillion. Confirming its place as one of the world’s top three crypto exchanges.

Over the years, the exchange’s near-unrivaled expansion has propelled it into a tie with Binance for the title of the world’s biggest crypto platform. Huobi, on the other hand, has one significant edge over the rest. Since its inception, Huobi has never been subjected to a large-scale hack, although practically all other exchanges have.

Overall, Huobi’s storied crypto heritage, along with top-tier security. A simple and elegant user interface, and globally focused packaging. Which makes it an essential exchange for today’s crypto trader. There’s more to Huobi than meets the eye, so let’s dig a little deeper into the exchange’s services.

Huobi Wallet: How to Creating an Account

Huobi registration

Opening an account with Huobi is, as one might think, simple and uncomplicated. The only thing to keep in mind at first is the version of Huobi you require. Your country of residence determines this.

For most, the answer will be Huobi’s foreign site, however, for Americans, the answer is Huobi US or HBUS. To avoid getting phished, always double- and triple-check that the web address is valid, no matter which site you choose.

To be sure, selecting the best Huobi site might be difficult. Which of the following websites is correct: huobi.com, hbus.com, Huobi.pro, and hbg.com?

All of them, in fact. Hopefully, Huobi management will clear out its current surplus of domain names, which will keep customers secure from logging into fraudulent websites.

Once you’ve arrived at the Huobi version that best corresponds with your citizenship. All you have to do to get started is tap the ‘Sign Up’ icon in the upper right. This will display the standard prompt for your basic information:

After completing the essential information, you will receive a verification email in your inbox that will ask you to click on a link. When you’re finished, you’ll be redirected to Huobi, where your account will be activated.

Consider your own personal security as well as selecting a password that is both strong and easy to remember. OK, no worries – once you’ve enabled 2FA on your account and exchanged passwords to safeguard yourself, you’re set to go.

Go to Huobi’s markets and you’ll find a handy feature that’s ideal for beginners. Basically, any object that you look into will have a nice synopsis connected to it.

Huobi briefly covers what a coin’s supply is like and what its function is to provide a guided crypto purchasing experience. Of course, you should still conduct your own study, but having these reference points can’t hurt.

Huobi Exchange Services and Benefits

huobi Chart

  • Huge selection of trading pairs – You nearly never have to see the same digital asset twice if you don’t want to with Huobi. That’s because the exchange offers a diverse range of trading pairings that you’re likely unfamiliar with as a westerner. Huobi’s selection places a strong priority on Asian projects. And as a result, many new coins from Korea, Singapore, and China are frequently the first to emerge on the platform.
  • Customer service on the spot — It’s incredible how quickly Huobi replies to client claims. When you contact Huobi about an account issue. You can usually get a response within an hour. Because of the short reaction time, it far outperforms any other exchange.
  • Huobi User Protection Fund — Like Binance’s SAFU, Huobi invests profits in its User Protection Fund as an insurance policy against hacks, thefts, and other unforeseen catastrophes that harm users’ wallets. As a consumer, this is a major benefit because it means you can feel quite confident that if something goes wrong beyond your control, you’ll be safe and sound, with Huobi presumably putting things right.
  • Institutional trading accounts — As one of the world’s major exchanges year after year, Huobi has garnered the attention of institutional traders and accounts all over the world. As a result, Huobi has established a separate trading desk for institutional and firm-size users, which includes both OTC and dark pool trading.
  • Trading in Derivatives – In response to pressure from other major exchanges, Huobi has launched its own derivatives products for both the Futures and Swap trading markets.
  • Margin Trading – In addition to futures trading, Huobi has emerged as a market leader in providing support for margin and C2C lending.
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Fees

huobi fees

Huobi is extremely competitive in terms of trading costs. Thanks largely to its sensible decision to convert to a native token-based economy comparable to KuCoin, Binance, and Bibox.

Huobi Token, or HT for short, grants users the ability to cut trading fees in half, participate in platform governance choices, and participate in IEOs.

It is simple to reduce platform fees with HT. Simply keep HT in your wallet and enable the option to use HT for trading fees in your user configuration panel. You will now receive a significant reduction off the regular cost, which amounts to:

0.2 percent maker fee

0.2 percent taker fee

Each of these fees is cut in half when using HT. There are also VIP memberships available that cut those same expenses by up to 65 percent.

The Positive and Negative

Overall, Huobi provides an upgraded trading experience that plays up to its lofty reputation as one of the top cryptocurrency exchanges.

When it comes to exchanges, it’s difficult to impress, but Huobi accomplishes just that with its immediate customer support. It also has a fast and seamless user interface and extremely secure exchange with a plethora of choices for securing your account.

The only thing I don’t like about the exchange is that some parts of it are rather confusing. The abundance of domain names and the intricate presentation of its VIP memberships in comparison to Huobi Token makes it tough to determine which is the best alternative.

It’s strange that Huobi bothers with VIP membership at all when it can simply incorporate all of the benefits into purchasing HT at various tiers (like Binance does).

Despite these flaws, Huobi delivers where it counts. Providing us with access to Asian-market coins we would not otherwise be able to trade.