Cryptocurrency, NFTs, and De-Fi are exciting investment ventures for individuals around the world. Thankfully, multiple exchanges have been created to facilitate trading these unique and rewarding digital assets.
One of the exchanges that have continuously impressed investors, particularly with its investment features, is Huobi Global – a cryptocurrency exchange located in Seychelles. But what makes Huobi stand out from the rest? What does it offer, and how to start trading on this platform? Read the following detailed Huobi review to learn all you need to know about this cryptocurrency exchange.
What is Huobi?
Huobi Global is a cryptocurrency exchange platform that facilitates the trading of digital assets.
According to coinmarketcap, Huobi is the 17th largest exchange in terms of trading volume, i.e., over $624 million.
Similar to other popular exchanges such as Binance, Coinbase, and Kraken, Huobi also has a native token known as Huobi Token (HT).
Where is Huobi Located?
Huobi was initially incorporated in Beijing, China, in 2013. However, Huobi is located in the Republic of Seychelles, an island country situated east of Africa. Currently, Huobi Global has offices in Hong Kong and South Korea. The exchange was converted into a publicly listed company in 2018.
Who Created Huobi?
Leon Li, the current CEO of the exchange, laid the foundations of Huobi in Beijing in 2013. He graduated from Tsinghua University in the same year with a degree in Automation. After the cryptocurrency ban in China in 2017, Leon moved the headquarters and operations of the Huobi exchange to Seychelles.
It’s pertinent to note that the currency’s ownership structure was also changed after its transfer to Seychelles. Furthermore, Leon also has an impressive past career trajectory. According to reports, he was previously affiliated with Oracle, a US-based software giant.
Who Owns Huobi?
It’s reported that Leon Li sold his stake to a famous asset management firm, i.e., About Capital Management. Furthermore, the Hong-Kong based firm owns roughly 60% of the shareholding power in Huobi Global.
What is Huobi API?
In simpler terms, an API is a set of rules that dictates the behavior and communication between two applications. Huobi exchange provides a RESTful API to the platform’s users. Developers can use the Huobi API to interact with trading platforms and initiate various commands, such as retrieving market data and automating trading strategies.
Furthermore, Huobi also provides a WebSocket API to the users, which allows the developers to stream and retrieve market data in real time. Additionally, developers can use Huobi API to create trading bots that streamline the investor’s trading experience.
However, remember that one needs to have an excellent understanding of trading before using API.
How to Buy Crypto on Huobi
Now you might have an idea about the Huobi exchange. But how can you purchase cryptocurrency from the exchange? Here’s a stepwise guide to help you out:
Step 1: Login & Navigate to Trade > Fiat > P2P
Enter your login credentials to access your account. This step is your gateway to access all the features available in the Huobi mobile app.
At the home screen, you will see the ‘Trade’ button at the bottom of the screen. Click on it and choose P2P from the Fiat option.
Coin-Labs signed an agreement in 2021 to become the official business partner of Huobi.
Therefore, when you sign up for Huobi. through the Coin-Labs website, you will be able to experience top commission benefits.
Step 2: Choose your Preference & Purchase Crypto
After selecting P2P, you must choose your preferred Crypto, fiats, and payment method. You can deposit the fiat currency using either Visa, Mastercard, or a bank account.
You can select your preferred price from the top right of your mobile screen. That limit is the minimum and maximum amount of Crypto available for purchase. Click on the Buy button to initiate your purchase.
A small window opens up after clicking the Buy button. You must enter your purchase amount within 45 seconds; otherwise, repeat step 2.
Select your choice of transfer of money and tap ‘Pay Now’ to finalize your purchase.
Step 3: Transfer & Confirm
If your payment method requires switching to the payment gateway, do not worry; you will be able to switch without interrupting the Huobi mobile app.
Tap the blue button ‘I have paid’ to reconfirm your purchase. You can find it at the bottom of your mobile screen.
Usually, after your confirmation, it does not take more than five minutes, but if it does, you may call Huobi support by clicking on the ‘complaint’ button.
How to Deposit on Huobi
Here’s how you can deposit on the Huobi Exchange:
Step 1: Tap the Assets Button
Open your Huobi mobile app and click the Assets button at the bottom of your home screen. You may have to sign up and log in to your account. If you have not logged in yet, please log in to your Huobi account first.
Step 2: Click Deposit & Select Network
Tap the blue deposit button at the left of your screen. You can select the coins listed if you want to deposit a particular digital asset.
There are networks for different cryptocurrencies. For example, the network for BTC is Bitcoin. You must ensure that the deposit network is the same as your withdrawal network; otherwise, it will not work.
Step 3: Paste the Address to the Assets Withdrawal Page
After selecting your target deposit network, a unique deposit address is generated. Now, use your exchange account or wallet to send the cryptocurrency to the stated deposit address.
How to Withdraw from Huobi
The withdrawal process is the same as depositing cryptocurrency on Huobi. All you need to do is click on the Withdraw option on the page and enter the cryptocurrency amount and the correct destination address. That’s all; you have successfully withdrawn from Huobi.
Similarly, if you’re wondering how to sell on Huobi, let us tell you that the process is simple. All you need to do is select the “Trading” tab from the Huobi page and choose your preferred trading pair. Once done, initiate your sell order, add your details, and wait until the order is executed.
How to Buy a Huobi Token on Huobi
Huobi Token (HT) is the native coin of the Huobi Exchange. Using the Huobi token, you can get discounts on trading fees and access various events. Here’s how you can purchase HT on the Huobi exchange:
Step 1: Log in to your Huobi Account
Provide your account credentials to log in.
Step 2: Deposit Funds via Crypto or Fiat
You can deposit your fiat currency on the exchange or transfer cryptocurrency from your wallet.
Step 3: Purchase HT
After depositing your funds, you can easily find the latest trading price of HT. Click on it, select the number of coins, and finalize your purchase.
How to Buy USDT on Huobi
Purchasing USDT Huobi exchange is precisely the same as buying HT. The only difference is in step 3. Instead of HT, you’ll choose USDT and initiate your purchase order.
What Coins does Huobi Support?
f you want to know what you can buy on Huobi, you’re at the right place. Huobi global exchange houses over 400 cryptocurrencies for trading. Here are some of the prominent cryptocurrencies you can trade on Huobi.
If you’re wondering what coins are on Huobi, refer to the complete list on Huobi’s official website.
How to Stake on Huobi
Huobi offers multiple staking programs for different cryptocurrencies, including LINK, SOL, ATOM, etc.
Best of all, the interest rates are impressive and you can easily earn high rewards by staking on the Huobi exchange.
To start your staking journey on Huobi, you must follow a few simple steps. Here’s all you need to know:
- Login to your account,
- Select Staking from the drop-down menu,
- Choose the token that you want to stake,
- Transfer cryptocurrency to your staking account,
- Choose the staking plan,
- Select the amount and initiate the staking order.
Pros and Cons of Huobi Exchange
Pros π
- The noteworthy feature of Huobi Exchange is that
- Offers multiple cryptocurrencies and altcoins for trading.
- Ranked as the 18th largest exchange in terms of trading volume, which shows that Huobi has high liquidity.
- The exchange has an easy-to-use interface and supports multiple payment options.
- Huobi offers attractive staking programs, allowing investors to earn high rewards by lending their holdings.
Cons π
- It’s an unregulated exchange in Seychelles, and that’s why it’s not available in several regions, including the US.
- The trading fees may be higher than other exchanges. However, investors holding HT coins can benefit from low trading fees.
Conclusion
If you’re interested in Web 3.0 space, you need to trade on various exchanges to see which ones suit your needs.
Huobi is indeed a remarkable exchange for beginners and expert traders alike as we described in this review. However, it has several shortcomings, but if Huobi is accessible in your region, it’s definitely worth a try!
FAQs
Is Huobi Safe?
Yes, it is! Here are several features that make Huobi safe:
1. Huobi uses and stores the usersβ funds in multi-signature cold wallets.
2. The exchange has a 20,000 BTC Security Reserve Fund to provide insurance for the platform’s users against unforeseen security mishaps.
However, it is relevant to mention that Huobi is registered as an unregulated entity. Therefore, it’s possible that you may not be able to access the platform in your jurisdiction.Is Huobi Legit?
Despite noncompliance with the regulatory laws in some jurisdictions, it is safe to say that Huobi Global is a trustworthy exchange. Throughout its decade of existence and operations, there hasn’t been any fraudulent incident that has undermined the exchange’s credibility and legitimacy.
Is Huobi Global Exchange Available in the USA?
No, there might be few or no Huobi US customers. The exchange isn’t available in a few countries, including the USA, Japan, Canada, and Singapore. Previously, US customers could use Huobi by registering on HBUS – Huobi’s US-based subsidiary. However, the subsidiary ceased operations in December 2019 due to low liquidity. Nonetheless, the exchange isn’t available for US customers, possibly due to the USA’s strict regulations and anti-money laundering laws.
