Huobi exchange has been operational since September 2013 operating from Beijing China. However, following the 2017 Chinese government crackdown on cryptocurrency exchanges, Huobi expanded its reach and moved out of China to the island state of Singapore. Currently, Huobi offers its cryptocurrency exchange services in over 130 countries worldwide. They have branch offices in Hong Kong, Japan, Singapore, South Korea, and in the USA. Despite having a world-wide reach, it mostly caters to the Asian cryptocurrency market.
The over-the-counter, segment of Huobi offers potential buyers and merchants an option of moving large amounts of coins without exposure to the risk associated with the exchange platform. Certified traders can register in the OTC section, and they can minimize their losses by linking traders directly as opposed to making market orders.
How Huobi Works
Trading and navigating on the Huobi interface is not rocket science, but in the event that you have an issue with your account or transaction, Huobi offers 24/7 client support. Huobi maintains that it the sole exchange using such a model. You can use the live chat section on the website, or drop them an email, which takes roughly 12 hours for a response.
The website also has an FAQ section where the Huobi team gives answers to some of the most popular and crucial questions faced by users.
Several cryptocurrency exchanges have been hacked in the past years and Huobi, has incorporated the best security protocols it has in in the market today. When you come around to setting up your Huobi trader’s account, you will need to enter and confirm your email address. For an added layer of protection on your account, add and confirm your telephone number, and enable 2-factor authentication using Google Authenticator. For account verification, you must attach a photo of your government issued ID or passport.
Huobi offers a decentralized security structure that also integrates anti-DDoS protection system. Over 98% of the cryptocurrencies are stored in multi-signature cold wallets. All these security protocols coupled with their platform that has been running every day from 2013, you can see that they are doing pretty well on the security front.
Fees and Limits
Whenever you choose an exchange always make it a point to know the amount of their taker and maker fees. Huobi has imposed 0.2% maker fee which is the same as the taker fee. VIP members on the other hand can get discounts which are purchased with the platform’s Huobi Token (HT).
Deposits are free but withdrawals attract fees which vary depending on the coins. For transfers, Huobi has placed withdrawal limits that depend on the coin chosen, and the verification status of your account. Huobi accepts over 80 cryptocurrencies including, BTC, ZEC, XRP, ELF, HT, ABT, XZC, ETH, LTC, just to name a few.
Finally, while it might come off as an overwhelming platform for beginners, but it gets easier the more you use it. The best form of action is to verify your account as soon as possible and get more service from the company in the form of VIP discounts and the ability to withdrawal more funds. Y0ou can join in on the conversation with other Huobi user on Telegram and be the first to know of any Huobi news by following them on Twitter and subscribing to their newsletter.