Cryptocurrency exchange Huobi: review of the official website, registration, trading features, input and output, reviews
Huobi (Huobi Global) is an exchange for buying, selling, margin trading cryptocurrencies. It was founded in 2013 in Singapore. The crypto exchange officially launched in May, and within a short period of time managed to become one of the most actively developing cryptocurrency platforms in the world. In 2022, Huobi is ranked among the 10 largest trading platforms in terms of trading volume. Registration is open to most countries in the world, without the need to verify identity.
Huobi’s official website is huobi.com.
- 1 Basic information about Huobi
- 2 Features of the Huobi exchange
- 3 Huobi Token
- 4 Registration on the Huobi website, verification
- 5 Setting up account security
- 6 Main sections of the Huobi official website
- 7 How to deposit / withdraw funds from the exchange
- 8 Exchange trading
- 9 Margin trading
- 10 Trading commission
- 11 Advantages and disadvantages of Huobi
- 12 Cryptoexchange Prospects
- 13 Feedback and conclusion
Basic information about Huobi
|Year of foundation||2013|
|Exchange token||Huobi Token (HT)|
|Place in the rating of cryptocurrency exchanges||№8|
|Input and output||cryptocurrencies; stablecoins|
|Safety||Google Authenticator, СМС|
|Trading commission||for makers – 0.2%; for takers – 0.2%; special conditions for VIP|
|Types of orders||market, limit, limit stop-limit|
|Cryptocurrencies and stablecoins||390+ Bitcoin, Ethereum, TRON, EOS, Bitcoin Cash, Litecoin, Ripple, Huobi Token, Ethereum Classic, Cardano, Ontology, etc.|
|Most liquid trading pairs||BTC/USDT, ETH/USDT, EOS/USDT, TRX/USDT, EOS/ETH, EOS/BTC, BCH/USDT, LTC/USDT, XRP/USDT, HT/USDT|
|Trading volume for 24 hours as of December 23, 2021||$6,678,113,136|
|Language support||Chinese, English, Russian, German French, Portuguese, Vietnamese and others|
|Other platform services||hbdm.com (derivatives exchange), hbg.com blockchain incubator platform, huobiwallet wallet|
|Mobile application for trading||Android and iOS|
Features of the Huobi exchange
Key features of Huobi crypto exchange:
- The platform has clear functionality that can be dealt with by both a market professional and a beginner.
- Supporting many languages of the world allows Huobi to receive a large number of customers almost every day.
- The resource is a multifunctional and multicurrency platform where you can buy both top cryptocurrencies (BTC, ETH, LTC, BCH, XRP) and new, promising cryptocoins (TRON, ICX, BLZ, STRAT).
- The Huobi Exchange has its own HT token (Huobi Token).
- It is not necessary to pass verification on the exchange. You can trade without it, and this fact is also one of the important advantages of the site.
- There is both classic digital asset trading and margin trading, as well as futures.
- It is possible to connect trading using specialized automatic programs (bots). Anyone can find instructions on setting up the API on GitHub, where the page of the trading platform developers is presented.
- There is also a compensation fund, thanks to which investors can not be afraid that as a result of hacking the exchange and theft of cryptocurrency, their funds will be lost forever. The fund will pay the lost money in accordance with the rules of the trading platform.
- The resource is focused on users and is actively developing in several directions at once: the priority is both the Asian region and the countries of Eastern and Western Europe, where Huobi opens offices and representative offices.
- Thanks to the developed loyalty program, Huobi exchange clients can earn additional income using the referral program and earning 30% of all partners’ trading operations.
- The web platform has a so-called “Blockchain Incubator” (Huobi Labs), in which about $ 1 billion has been invested, and which allows the exchange to invest in promising startups and revolutionary blockchain projects.
- The security level is at the highest level: the ability to connect SMS authorization during the transition to the exchange, the ability to bind an email address to your account, as well as the activation of Google Authenticator.
- The funds of most of the clients of the Huobi exchange (about 98%) are maximally protected, because they are in “cold wallets” that have a multi-signature.
Houbi Token is the backbone of the ecosystem of the Chinese trading platform and is primarily intended to pay commissions for trading operations.
The price of a token depends on many factors, primarily liquidity and the total number of HT coins, which are regularly “burned” in order to provide a deflationary model for the development of a digital asset.
Registration on the Huobi website, verification
You can register on the official website of the Huobi exchange hbg.com either by phone or using your email address. You must select the option you want and fill out the registration form.
When registering, you must specify the following data:
✅ Mail or mobile number.
✅ Password (and repeat).
✅ Invitation code (if any).
Next, you should activate your account by following the link in the letter or by entering the code that will come to your phone.
Verification on the Huobi crypto platform allows you to increase the amount of cryptocurrency withdrawn from the site and increase the level of account protection. To go through the procedure for confirming the identity of an investor or trader, you must go to the “Verification” section.
In the plate you must enter:
✅ Passport or driver’s license number (or other official identity document).
✅ Last name.
You should upload a photo of your ID and wait for all the data to be verified.
To enter your personal account, go to Huobi’s official website and click “Login”. Then enter your registration information.
Setting up account security
Huobi Exchange allows you to increase the security of your account. To do this, you need to go to the “Account and Security” section in the Profile.
The user has the ability to activate the following functions:
- Synchronize your account with your e-mail address.
- Install SMS authorization.
- Activate Google Authenticator.
Also, to increase the level of account security, you can go through the identity verification procedure.
Main sections of the Huobi official website
On the left side of Huobi’s website:
✅ Market (overview of cryptocurrencies).
✅ Fiat (OTC trading opportunity).
✅ Trades (main trade section).
✅ Margin (margin trading).
✅ Futures (futures trading).
On the right side of Huobi’s official website:
✅ Balance (section of account replenishment, withdrawal of funds, and so on).
✅ User profile (verification, personal settings and much more).
At the bottom of the site there are links to the sections “Commission”, “Digital Assets”, “Application Download”, “User Agreement” and a number of others.
How to deposit / withdraw funds from the exchange
You can replenish your account with the Huobi cryptocurrency exchange in the “Deposit & Withdrawal” section. The link to the section is in the “Balance” tab.
To replenish your account, you need to take several steps:
- Select the desired asset.
- Click on the “Deposit” button on the right.
- Copy the address of the cryptocurrency.
- Transfer funds to the specified address from another crypto wallet.
You can also withdraw cryptocurrency here. The algorithm is almost the same:
- First you need to choose a coin.
- Click on the “Withdraw” button.
- Copy and paste the output address.
- Specify the amount.
- Take into account the commission and make a withdrawal.
After that, wait until the transaction receives the required number of network confirmations and the coins are credited to the account.
Funds are mostly withdrawn from Huobi very quickly.
The link to the main trading section of the Huobi exchange is called “Trading”.
The trading terminal page should be divided into several parts (for a better understanding of the process):
✅ On the left are the main markets (USDT, HUSD, BTC, ETH, HT). The display of the cryptocurrency rate can be switched to the Russian ruble.
✅ In the middle there is a chart of the price movement for an asset, here all instruments and indicators necessary for trading cryptocurrency are available (“Japanese candles”, empty lines and others), you can select a price movement interval, select the desired indicator (Bollinger Bands, MACD, Balance Volume, etc. further) and change the screen type from the standard version to the full one; it is also possible to view the depth of the market.
✅ The numerical value of the change in the price of an asset located above the graph (the actual value of the asset, percentage change, the lowest point of the price for 24 hours, the highest, volumes per day).
✅ On the right side are the order books for buying and selling cryptocurrency (green – buy, red – sell).
✅ Below the price movement chart, there is a Buy and Sell form.
✅ Open orders can be seen under the above form.
✅ The order history is located at the very bottom of the Huobi website page.
To buy an asset, you should follow these steps:
- Select a currency pair.
- Select the type of order.
- Enter purchase price (if needed)
- Enter the desired amount of the asset.
- Click on the buy button.
The buy order will be sent to the order book on the right (Tape), after which you will just need to wait until there is a buy.
The algorithm for selling cryptocurrency on the Huobi exchange is the same, only in this case you need to click on “Sell” and wait for a buyer to appear.
Huobi Exchange provides margin trading.
Traders can take borrowed funds from the site to trade short (for a decrease in the price of an asset) and in a long (for an increase in price).
To start trading in the “Margin” section, you need to do the following:
- Go to the “Margin” section in the “Balance” tab.
- Choose a currency pair to play short or bull.
- Replenish the margin account (“Enter” button) and confirm the operation.
- Go to the margin trading page (at the top of the site dashboard).
- Choose a trading option depending on (short or long).
If the price of the asset goes up during the indicated period of time, and if the trader has chosen “long”, the deal is considered successful and you can close it. The user returns the borrowed funds to the Huobi exchange, and puts the interest from the transaction in his pocket.
If we are talking about a fall in price (“short”), then in the event of a fall in price, such a deal is considered successful for the trader. He closes the order, also returns the borrowed money to the platform and receives a profit in the form of interest.
But if neither in the first nor in the second case the trader guesses the direction of the asset price movement, then he loses money.
You can find out the trading commissions of the Huobi exchange by going to the desired section, the link to which is at the bottom of the official website.
The commissions are as follows:
- For makers – 0.2%.
- For takers – 0.2%.
There is an opportunity to reduce commission payments by acquiring the VIP status.
Advantages and disadvantages of Huobi
The main advantages of the Huobi exchange:
✅ One of the top cryptocurrency trading platforms in the world.
✅ A large selection of crypto assets, as well as new, promising coins.
✅ Excellent functionality.
✅ OTC trading.
✅ You can trade without verification.
✅ Client funds are stored in multi-signed cold wallets.
✅ Mobile applications for Android and iOS are available.
✅ Profitable affiliate program (referral reward of 30%).
✅ Good protection.
✅ Support for several languages of the world, including Russian.
✅ Presence of a “Blockchain incubator” for the development of innovative projects based on distributed ledger technology.
✅ There is margin trading.
✅ Adequate commission level.
✅ Own token.
There are not many cons:
- Some sections are only available in English and Chinese.
- Translation into Russian slightly hurts the eye, in places it is clumsy.
- The minimum wage for Tether withdrawal is not that small – 200 USDT
- There are risks associated with the development of the crypto market itself, with a fall in the price of cryptocurrency.
The long-term outlook for Huobi is good. It continues to develop in several directions, and in a bullish cryptocurrency market, it is able to generate profits, as well as improve in the direction indicated by the management.
Crypto exchange Huobi is actively expanding and developing regional markets, striving to become leaders in the crypto market and gradually increasing capitalization, entering into new partnerships and opening representative offices in many countries of the world.
The following regions and countries are in the sphere of her interests:
✅ Eastern Europe (primarily the Russian Federation).
✅ Western Europe.
Considering that the Huobi platform appeared in a difficult period for the cryptocurrency market, the fall in the rate of bitcoin and other assets, and a year later the well-known trading platform Mt.Gox came down and was able to withstand, the prospects for the exchange are solid.
The expansion of the partner network, the opening of representative offices in other countries (in particular in the European Union and in Russia), the recent opening of a derivatives exchange on the main platform, an increase in the liquidity of digital assets on the site, provide an incentive for both the development of the Huobi exchange itself and its commercial HT token.
Feedback and conclusion
The Singapore registration of the Huobi crypto exchange could help the company become a digital asset market leader for the foreseeable future. Singapore is one of the main centers for the development of innovative technologies, all kinds of startups and new generation projects. Here, new promising blockchain developments, technological innovations related to distributed ledger technology, artificial intelligence and a new technological order appear.
The platform is developing, not smoothly, but aggressively, constantly and actively, in accordance with the business philosophy of high-tech Asian companies that demonstrate incredible indicators of capitalization growth and coverage of the world’s financial markets.
The presence of its own commercial HT token (Huobi Token), which is used both to pay for trading operations on the exchange and as an investment instrument for small, medium-sized, but most importantly, for large investors, sets the exchange apart from other market players.
Founded by Huobi, Huobi Labs, a blockchain incubator that invests in young companies and enters the market with promising new projects, is also the key to the future success of the crypto platform.
And the expanding network of partnerships (in Asia, Europe, in the future in North America) and the continuous expansion into high-tech and traditional markets suggest that the development of the Huobi exchange will soon move to a qualitatively new stage.