In this review, I take you through the global cryptocurrency exchange Huobi Global. Huobi Global boasts a wide range of tradable assets such as cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and XRP and stable-coins USDT and USDC at low trading fees.
What is Huobi Exchange
Huobi Global is a long-standing cryptocurrency exchange that was launched back in 2013. The exchange was created in China but is now based in Seychelles with offices across Asia and the US.
Huobi has a whole host of trading options with spot and margin trading, derivates and futures. Plus they have loans and ways to earn with your cryptocurrencies. Plus they also have their own Huobi wallet available for managing your crypto assets.
Predominately crypto to crypto exchange, Huobi currently lists 345 crypto assets on their exchange. Meaning that you can swap between the likes of BTC, ETH, DOT, LTC, XRP. Plus stable-coins such as USDT, USDC, and their own HUSD and HT tokens.
With Huobi you can deposit a vast range of cryptos into the platform. These include the likes of BTC, ETH, DOGE, UNI and XRP. Huobi is predominately a crypto to crypto exchange. Meaning you’ll need to deposit crypto to start trading.
However, they do have 2 other options available. You can buy crypto directly from their site with the use of a credit card or faster payments for the likes of GBP. However, this does come with a price tag of 3.5% of the transaction and this fee is included in your purchase amount in your chosen currency. Which unfortunately can work out to be a pretty high fee to pay.
You can also deposit USD within 1 business day using domestic or international wires. Just be aware that when you deposit your USD that Huobi will be holding your USD as HUSD. This is their stablecoin that is pegged 1:1 to the US dollar. When you later go to withdraw the HUSD, it will be exchanged back into US dollars.
Huobi Tokens (HT) were initially issued in 2018, with a total supply of 500 million. The HT token can be used for fee discounts, voting on exchange decisions and gain early access to special events. Plus you can receive crypto rewards from seasonal buybacks and trade with other cryptocurrencies listed on the Huobi exchange.
To get reduced fees on the platform simply hold HT in your wallet use it for trading fees. In this way, you can reduce your fees from 0.2% all the way down to 0.07%. However, this will depend on your holding amount.
Cryptocurrencies can be traded on their spot exchange at 0.2% fees for maker or taker orders. These fees can be reduced further by holding their own HT tokens which you can purchase via the exchange. A full list of fees can be found on their fees page.
Although the exchange is crypto to crypto, users can also purchase crypto using credit or debit cards. This is at a rate of 3.5% of the transaction and the fee is included in your purchase amount in your chosen currency.
Huobi have a help centre which have a wide range of frequently asked questions. If you cant find the answer to your question, you can also submit a request via their site which will submit a support request.
Alternatively, they also have a live chat feature available in the bottom right of your screen. I have personally used this service. The live chat was very fast and they responded to my query within minutes. Unfortunately, they did need to escalate it to another department. However, I was very impressed with the speed and efficiency, which is unheard of in other cryptocurrency exchanges which are notoriously bad.
Is Huobi Safe?
Huobi Global state that client funds are held in dedicated multi-signature cold wallets. With 24/7 security monitoring. and a dedicated 20,000 BTC Security Reserve Fund.
Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.
After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.