History of Huobi
Huobi is no just a cryptocurrency exchange but it is one of the largest companies globally working in the cryptocurrency industry. Huobi exchange was opened in 2013 and was initially intended just for people living in Asia. Later Huobi decided to open their exchange services for the entire world so they created Huobi Global.
Huobi is currently ranked 7th on Coinmarketcap and every day billions of dollars worth of cryptocurrency are being traded on their platform. During the last 24 hours for example Huobi had a 17 billion dollars trading volume, Binance being the only platform that has a higher volume.
Huobi has multiple headquarters in China, Korea, Japan, Hong Kong and even has an office in the US. As I said Huobi is not just an exchange as the company also invests in multiple cryptocurrency projects related to mining, startups and blockchain development.
Huobi Token (HT)
Huobi token is the official coin created by Huobi company. This token can be used for different services on all Huobi platforms and all holders will benefit from it by receiving discounts on fees, special airdrops on future tokens, invitations to vote for future updates of the exchange. In addition to that users can also stake their HT in Huobi Mining Pool in order to earn a passive income from mining.
Huobi token was launched at the beginning of 2018. There was no ICO available and in order to receive HT you had to buy point cards from Huobi, which can be used to pay for your fees when using a service of Huobi. Today 1 HT is worth around 4$,being ranked 30th on Coinmarketcap. There is a limited supply of only 500 million tokens available and this is how the developers planned to spend it :
Huobi services/features
There are around 250 cryptocurrencies and more than 850 pairs available for trading on Huobi platforms.
For trading there are multiple options and features you can use :
- Spot trading
- Margin trading
- OTC trading
- Huobi Trading API
Miners can join Huobi Pool in order to earn rewards from mining. Huobi Pool has become one of the top 5 biggest cryptocurrency mining pools just 2 years after I had been created. Users can also lock in their tokens that will be used for mining and receive rewards daily and airdrops in HPT( Huobi Pool Token). This process can also be done using thier smartphone.
Huobi has created their own mobile wallet app that is available for mobile users. This is a more professional and secure wallet to store your cryptocurrencies.
Fees on Huobi
If you are a normal trader, all you need to know is that fees are 0.20% for each transaction made. However if you want to reduce your trading fees you can do that by holding and trading the official token of Huobi (HT). You can reduce your fees to as low as 0.07% as shown in the table below.
If you are a professional trader that has a volume higher than 1000 BTC monthly your fees can go down to as low as 0.0097%. Here’s a fully detailed scheme explaining the fee rates for VIP members.
The fees for cryptocurrencies withdrawals are not fixed for every coin and they can be modified depending on the network condition so please visit Huobi website to find out the fees for the coin you want to withdraw.
How safe is Huobi?
Since 2013 when it was created, Huobi was never hacked and never had any major security problems. Huobi said that their security systems have been developed using the help of Goldman Sachs, which is one of the biggest investment banking companies in the world.
In addition to their highly professional security systems Huobi also created a protection fund for their users, that will be used in case a hacking occurs and clients lose their funds. Around 20.000 bitcoins are stored in this fund, which is worth more than 370 million dollars today. And the value of that will keep growing as Huobi will add 20 percent of their revenue every year to the fund.
Huobi privilege program
Huobi privilege or referral program will offer you a 30% commission from all the fees that your referrals pay on Huobi trading platform. In comparison to other referral programs where you receive commissions for lifetime from your referrals, on Huobi you’ll only receive commissions for the first 3 months. Also keep in mind that fees interest rates and for deposits / withdrawals do not count to your commissions
Huobi Pros/Cons
Advantages of using Huobi :
- Multiple proffesional trading platforms
- More than 250 different cryptocurrencies available
- Customer support available 24/7
- Fiat deposit and withdrawals available
- Funds insured up to 400 million dollars
- KYC required in order to increase limits for fiat
- Fees slightly higher compared with the market
- Not fully regulated
Visit Huobi offical website https://m.huobi.com/en-us/ and click on the Sign Up button. Select your Sign Up method (Phone Number or Email) and follow the complete the details as shown in the image below
Keep in mind that if your account is unverified you’ll have a limit of 0.1BTC daily for deposits and withdrawals. If you verify your account the limit can go up to 200 BTC daily. Additionally, if you are an institution you can create an institutional account and you will be able to arrange a preferred limit for your institution.
This is how the identity verification will look like when you want to apply for it :
