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Huobi Review 2023: Features & Fees
Luis Clark
- URL: https://huobi.com
- Headquarter: Seychelles
- Year Founded: 2013
- Platform App: Mobile/Web
- No. of Cryptos: 410+
- Fiats Available: ALL, AUD, BGN, BRL, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, KZT, MDL, MKD, NOK, NZD, PHP, PLN, RON, SAR, SEK, THB, TRY, UAH, USD, VND
- Withdraw Method: Crypto assets wallet, bank transfer, AdvCash
- Payment Method: P2P trading with over 90 methods, credit and debit cards, Bank transfer, crypto coins, Faster Payments Service, AdvCash
Huobi Review: Our Opinion
Huobi Global is a tier-1 cryptocurrency exchange that allows users to buy and sell a large array of cryptocurrencies (over 400) and frequently adds new tokens to its platform.
Its cryptocurrency trading platform is more suited to advanced traders as beginners will find the crypto exchange difficult to navigate and confusing with its wide selection of features.
Huobi Global has also faced a lot of regulatory issues, which is one of the reasons it isn’t available in the United States.
An Overview of Huobi
Huobi Global, founded in 2013 in mainland China, is a Seychelles-based cryptocurrency exchange.
The crypto exchange was founded by Leon Li, an alumnus of Tsinghua University. He was a computer engineer at Oracle before starting Huobi Global.
The trading platform quickly rose to become one of the top 3 crypto exchanges in China providing high liquidity for crypto trading.
However, in 2017, China’s regulatory landscape pushed the Huobi exchange to take its crypto trading services out of the nation.
Huobi exchange then established its Asia headquarters in Singapore after registering as a crypto exchange in Seychelles. This was done to broaden its reach in the Asian market.
Currently, Huobi crypto exchange has offices in Japan, South Korea, and Hong Kong, and a subsidiary in the United States. It also serves tens of millions of crypto traders in over 100 nations.
Huobi Global has been ranked as 1 number in liquidity when compared with other crypto exchanges. It has also recorded zero major security incidents and holds more than 20,000 Bitcoin in reserve.
Concerning services offered, Huobi Global offers users a variety of products including derivatives trading, spot trading, leveraged trading, crypto loans, staking, crypto yield farming, and much more.
That said, in 2019 an asset management company called Bitwise released a report accusing Huobi Global of wash trading to boost its trading volume numbers. The Huobi exchange denied the accusations and stated that it had put in measures to prevent wash trading. However, a couple of weeks after the trip report, the reported trading volume of the cryptocurrency exchange dropped significantly.
Huobi Global has also battled with regulatory issues which led to the closure of its services in the United States and Singapore.
Huobi Global has, however, succeeded in surmounting these challenges and managed to create a thriving ecosystem possessing its native blockchain called Huobi Eco Chain.
Its ecosystem is governed by Huobi tokens (the Huobi token HT), a stablecoin called HUSD, and more). The HT is a popular cryptocurrency by market cap.
Pros
- It supports various payment methods
- Suitable for advanced traders
- It offers a variety of crypto products
- Large selection of cryptocurrencies
- It offers copy trading
Cons
- It is not available in some locations including the United States due to regulatory problems
- Not Beginner-Friendly
Key Features of Huobi
Huobi Token (HT)
Huobi Token is the native token of the Huobi exchange. It is a decentralized token that operates on the Ethereum network. Huobi launched the token in 2018 with a total supply of 500 million HT.
HT token has a variety of uses on Huobi and in the Huobi ecosystem.
HT token holders can enjoy up to a 65% discount on trading fees. They can also access new crypto projects and earn tokens from their HT tokens through the Huobi Prime platform.
Huobi Prime is the exclusive token listing platform of the Huobi cryptocurrency exchange. Huobi Prime gives HT token holders with the prerequisite amount of the token, the ability to buy newly launched tokens at a discounted rate before the token is officially listed on the Huobi exchange.
HT holders can also stake their tokens in the Huobi Primepool to participate in new listing projects. When they lock their tokens for a length of time, the users will be rewarded with free airdrops of the new token. The rewards are not fixed, they are distributed based on how many HT tokens the user provides and the length of time it was staked.
HT gives Huobi users the opportunity to participate in the governance of the platform. Token holders have the right to vote on various important aspects of the platform like coin listings, token burn schedule, etc.
Token holders who wish to earn interest on their tokens can use the token in the Huobi ECO (HECO) Chain. HECO Is Huobi’s decentralized EVM-compatible blockchain. HECO is compatible with smart contracts, supports high-performance transactions, offers low gas fees, and features cross-chain functionality. Token holders can stake their HT tokens on the HECO network to earn rewards. They can also benefit from other features in HECO such as decentralized mining, lending projects, debt, credit mining, etc.
The token also functions as a ticket and gives token holders exclusive access to Huobi events such as Huobi’s Bitcoin Pizza Day. This is an annual pizza day event that allows token holders to get exclusive rewards.
That said, the value of the HT token in the cryptocurrency market is tied to the popularity of the Huobi platform. This means the more Huobi increases its volume and market share, the higher the value of the HT token. This dependence on the platform for relevance affects the use of the token outside the Huobi ecosystem as the practical benefits of the token are only available on Huobi.
At the launch of the HT token, 300 million HT were distributed to Huobi users, 100 million was set aside for operations and platform rewards and the remaining 100 million was reserved for team incentives.
Since the launch of the token, Huobi has constantly reduced the amount of Huobi tokens in circulation through burning token burn mechanisms. This monthly burn aims to increase the value of the token over time and reduce inflation. 20% of Huobi’s monthly revenues is dedicated to the purchase and destruction of HT. 15% of the revenue is allocated to burning HT in circulation while the remaining 5% is used to burn HT team incentive rewards.
By December 2022, a total of 296.02 million HT had been burned by the crypto exchange, leaving a total of 239.8 million tokens in existing supply. The burning of the token places the HT deflation rate at 0.12.
Copy Trading
Huobi Copy Trading allows traders to copy the trading strategies of excellent and advanced traders. Currently, Huobi Copy Trading only supports BTC and ETH futures products. Beginners and inexperienced traders can minimize loss by matching their trades with those of advanced traders to earn the same yield as the copied trader. On Huobi, the trader being copied is paid a share of the follower’s profit.
When using Huobi copy trading, the trading parameters such as leverage, margin, stop loss, take profit, and size are set according to the parameters chosen by the copied trader. With copy trading, all the trader’s positions are replicated in the followers’ trades until the copying account runs out of funds, the copy unit, position limit, and leverage for a single order notwithstanding. If the copying trader does not wish to proceed with the copying, he can manually close the trade in advance.
To become a copied trader on the Huobi cryptocurrency exchange, you must have a registered account on the platform and apply to be a copy trader.
To apply to be a copy trading trader on Huobi, do the following:
Open the Futures page on the Huobi website and click on “Copy Trading” in the upper navigation menu.
Click “Become Trader” and fill in the application.
The Huobi team will review your application and approve it if you meet the requirements. The result will be communicated to you via email or Telegram.
Note that a trader cannot copy the trades of another trader.
Once your application is approved, go to the copy trading page and click “Trader Info” then “Enable Trader Mode”
Finally, set the trading parameters and sign the Registered Trader Agreement. The parameters to set include the copy unit and profit-sharing ratio. The trader can choose a profit sharing percentage of 10%, 15%, 20%and 25%
When a follower closes their position manually or at the end of the Copy Trade, a portion of the profit is given to the copied trader based on the percentage set by the trader. If a follower unfollows a trader, all previously generated profits will still be shared with the copied trader.
Huobi P2P
Huobi P2P is a user-friendly peer-to-peer trading platform that allows users to trade with other advertisers at their preferred price and payment method with zero fees. With Huobi P2P, users can securely convert fiat currencies to crypto and vice versa with other users around the world.
- To use the Huobi P2P marketplace, you must first verify your P2P account.
- To verify your account, do the following:
- Login to your account and complete the KYC verification
- Next, scroll to the top right corner and click on “Identification”.
- Open the P2P Verification page and click “Verify”
- Select your preferred ID documentation type( Passport, ID card, or Driver’s license)
- Upload a photo of the ID and submit your application.
Once your application is approved, you can start trading by scrolling to the upper left corner of the page and clicking on “Buy Crypto” and then “P2P Market”.
Traders who buy crypto on the P2P platform are required to do so with their bank account. The name on the bank account must match the name on the trader’s Huobi account. This is to avoid any refund or cancellation from the payee’s end.
If a payee does not release crypto five minutes after payment confirmation, the trader can contact customer care to follow up on the order.
Huobi OTC Loan
Huobi OTC loan is a secure and compliant institutional-level solution that offers customized VIP Loan services to Huobi market makers, Prime 5 users or above, and professional traders who enjoy the same equity on other crypto exchanges.
Huobi OTC Loan supports the borrowing of 42 cryptocurrencies including Bitcoin, Ethereum, Tether, and other crypto coins. The platform supports a loan size of up to 10 million USDT and up to 3X leverage. Funds are released within 3 days of the loan approval and are credited to the user’s Huobi Spot account.
The higher the Prime level of the borrower and the loan amount, the lower the interest rate on the loan. Interests on loans are accrued daily, but if the loan is overdue, the user will be charged an additional interest of 0.5% of the loan fund daily.
Loan terms are flexible and can be between 7 days to 1 year. The borrower can choose to repay the loan at any time or renew before the expiration of the loan term.
The repayment plan for the loan varies depending on the term of the loan. For short-term loans, the interest and principal are paid once the loan is due. But for other loans, the interest is paid at the end of each month.
To apply for an OTC loan, you can send an email to otc-loan@htx-inc.com. Alternatively, you can fill out the application form, confirm your loan request and sign the contract on the OTC loan page. Once your application is approved, you will receive the loan.
Cryptocurrencies Available on Huobi
Huobi Global supports over 400 cryptocurrencies. Supported crypto coins include Bitcoin, Ethereum, Lido, Dogechain, Tron, PancakeSwap, Tether, Shiba Inu, OKB, Floki, Filecoin, Polygon, 1Inch, Hedera Hashgraph, Kava, Arweave, Avalanche, Uniswap, Wrapped Bitcoin, CRV, Compound, Dai, Ravencoin, etc.
Huobi Exchange Review: Fees
Huobi offers a tiered based trading fees structure that offers discounts on trading fees based on the HT amount the users hold and their 30-day trading volumes.
The trading fees structure is divided into 6 levels for normal users with each level having a different fee applied.
Trading Fees for Normal Users
Huobi Global charges a base fee of 0.20% for all trades. However, if you hold HT tokens you are eligible for fee discounts as listed below.
Level 1
Users on this trading fee level have a 30-day trade volume of less than 1,000 BTC and HT holdings greater than or equal to 10 HT and are charged 0.18% in fees.
Level 2
On this trading fee level, users have a 30-day trade volume of less than 1,000 BTC and HT holdings greater than or equal to 100 HT and are charged 0.16% in fees.
Level 3
On this trading fee level, users have a 30-day trade volume of less than 1,000 BTC and HT holdings greater than or equal to 500 HT and are charged 0.12%.
Level 4
Users on this trading fee level have a 30-day trading volume of less than 1,000 BTC and HT holdings greater than or equal to 1,000 HT and are charged 0.09% in fees.
Level 5
On this trading fee level, users have a 30-day trade volume of less than 1,000 BTC and HT holdings greater than or equal to 2,000 HT and are charged 0.08%.
Level 6
Users on this trading fee level have a 30-day trading volume of less than 1,000 BTC and HT holdings greater than or equal to 5,000 HT and are charged 0.07% in fees.
Professional Trader Tiered Trading Fees
Huobi cryptocurrency exchange like most cryptocurrency exchanges offers a tiered maker-and-taker fee model for its advanced crypto trading users.
Level 1
This professional trading fee tier charges 0.0362% in maker fees and 0.0462% in taker fees and requires users to have a 30-day trade volume of greater than or equal to 700 BTC and an HT holding of greater than or equal to 2,000 HT.
Level 2
This professional trading fee tier charges 0.0294% in maker fees and 0.0420% in taker fees and requires users to have a 30-day trade volume of greater than or equal to 1,000 BTC and an HT holding of greater than or equal to 2,000 HT.
Level 3
This professional trading fee tier charges 0.0294% in maker fees and 0.0378% in taker fees and requires users to have a 30-day trade volume of greater than or equal to 3,500 BTC and an HT holding of greater than or equal to 2,000 HT.
Level 4
This professional trading fee tier charges 0.0252% in maker fees and 0.0336% in taker fees and requires users to have a 30-day trade volume greater than or equal to 7,000 BTC and an HT holding of greater than or equal to 2,000 HT.
Level 5
This professional trading fee tier charges 0.0224% in maker fees and 0.0308% in taker fees and requires users to have a 30-day trade volume of greater than or equal to 10,000 BTC and an HT holding of greater than or equal to 2,000 HT.
Level 6
This professional trading fee tier charges 0.0210% in maker fees and 0.0294% in taker fees and requires users to have a 30-day trade volume of greater than or equal to 15,000 BTC and an HT holding of greater than or equal to 2,000 HT.
Level 7
This professional trading fee tier charges 0.0168% in maker fees and 0.0252% in taker fees and requires users to have a 30-day trade volume of greater than or equal to 30,000 BTC and an HT holding of greater than or equal to 2,000 HT.
Level 8
This professional trading fee tier charges 0.0126% in maker fees and 0.0210% in taker fees and requires users to have a 30-day trade volume of greater than or equal to 60,000 BTC and an HT holding of greater than or equal to 2,000 HT.
Level 9
This professional trading fee tier charges 0.0193% in maker fees and 0.0097% in taker fees and requires users to have a 30-day trade volume of greater than or equal to 100,000 BTC and an HT holding of greater than or equal to 2,000 HT.
Huobi Global Exchange Review: Payment Methods
Huobi Global offers multiple payment methods including P2P trading with over 90 methods, credit and debit cards, Bank transfer, crypto coins, Faster Payments Service, and AdvCash.
Beyond the above payment methods, Huobi also offers Apple Pay in countries where the service is available, PayID, POLi, iDEAL, Sofort/Klarna, Interac e-Transfer, BPAY, Metagene Newsagent, and Australia Post.
Huobi Global offers zero-fee payments for one month.
Huobi Security
Huobi cryptocurrency exchange is incorporated in Singapore where crypto regulations are advanced. the exchange stores 98% of its digital assets in multi-signed cold wallet storage. The remaining two percent are stored in hot wallets.
The exchange is secured with advanced distributed system architecture and an anti-DDOS system.
In January 2018, the exchange launched the Investor Protection Fund to protect users’ funds globally. The Investor Protection Fund is made up of all repurchased HT. As stated earlier, Huobi Global uses 20% of its monthly income to buy back HT tokens.
In December 2019 Huobi Global launched another user protection program known as the Security Reserve Mechanism. The program adopted some security mechanisms for users’ funds which includes the establishment of a Huobi Security reserve with a total of 20,000 BTC. Huobi Global will also pay users compensation from the reserve for any losses arising from security incidents excluding losses caused by the user.
The exchange also conducts strict verification and certification of traders on the platform to ensure that fraudulent traders do not gain access to the P2P marketplace.
Huobi Review: Staking Rewards
Huobi Global offers up to 35% estimated APY on over 14 crypto assets for staking including APE, ADA, AVAX, LINK, ATOM, ADA, ZIL, AVAX, TRX, BTT, XPRT, SOL, CRO, LUNC, ELF, and SCRF.
Supported Countries
Huobi Global has tens of millions of users from over 130 countries globally. Supported countries include New Zealand, Australia, Poland, Netherlands, Spain, Kazakhstan, India, Hong Kong, the Philippines, the United Kingdom, Saudi Arabia, Brazil, etc.
Huobi Review: Opening a Huobi Account
To open an account go to https://huobi.com and click the Sign-Up button located at the upper right corner of the website.
Alternatively, you can click the following link: https://www.huobi.com/en-us/register/.
Select your nationality. Keep in mind that you can only pick your nationality once and it cannot be changed after registration.
Next, you can choose to register your account using your email address or phone number.
Once that’s done, you’ll need to select a password and click the Sign-Up button.
That’s it! You’ve successfully created a Huobi exchange account.
Huobi Review: Trading Experience
The Huobi Global exchange is available via the web and its mobile app, which supports both Android and iOS devices.
As with most large cryptocurrency exchanges, Huobi Global offers a trading experience more suited to advanced users.
Beginners will find the Huobi trading platform and the trading interface complex and confusing.
The crypto exchange offers differing VIP account tiers dependent on a user account rating factor called Huobi Experience points. These Huobi EXP points can be accumulated based on your trade volume and the number of crypto coins that you hold on the crypto exchange.
Users can also upgrade to Advanced, Insider, Premier, Ambassador, or Partner trading accounts depending on the number of Huobi EXP points connected in the previous 30 days.
There are several benefits of holding a VIP on the trading platform including increased crypto trading limits.
Customer Service
Huobi offers online customer support via Live Chat and support tickets. There is also a Help Center with lots of helpful guides that users can check for answers to their problems. Users are encouraged to check the Help Center before contacting the customer support team.
Users can contact the support team by clicking the “Contact Us” button at the bottom right corner of the Help Center page. Information on the Huobi website shows that customer service agents respond to customer support requests within minutes.
Customer Satisfaction
While Huobi Global offers live customer support, Huobi exchange review on third-party review platforms show that a lot of customers have difficulty getting helpful support from the customer support team. However, the availability of lots of support articles in the Help Center makes troubleshooting easy.
Huobi Global Review: Does Huobi Exchange Offer Education?
Yes, Huobi Global offers cryptocurrency educational resources via its education center: https://www.huobi.com/learn/en-us/.
The Huobi Learn platform offers resources for beginner and intermediate crypto trading.
For advanced crypto trading, the platform has a coming soon message.
Resources on the platform cover topics like play-to-earn, staking, crypto trading, etc.
Huobi Review: Is Huobi Right for You?
Huobi is right for you if you’re searching for cryptocurrency exchanges that offer a large selection of crypto coins and advanced trading features. Also, if you don’t mind an unregulated exchange, Huobi is a great choice.
Final Thoughts
Huobi Global is one of the largest crypto exchanges in the world and it offers a wide selection of crypto assets. However, the trading platform interface is complex for beginners and targeted at experienced traders.
It has also faced multiple regulation challenges worth noting.
FAQ
Most frequent questions and answers
Huobi Global was founded in China but due to issues with the Chinese Government and its regulatory limitations, the crypto exchange moved its headquarters to the Seychelles.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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