Welcome to our Huobi review on tradingreens.com/au, where we explore the features and benefits of this popular trading platform.
Huobi review – Partnerships
One of the things that shows whether or not a platform is well-known and respected is the partnerships it has with other companies and trading platforms.
Huobi is no stranger to partnering up with other respected entities and one of the most fruitful partnerships was created in 2015. That year Huobi decided to partner up with Tsinghua University, to work on a “Digital Asset Research Initiative”. Huobi also sponsored a “Digital Asset Research Project” for the Wudaokou Tsinghua School of Finance.
One year later, in December 2016 Huobi also joined forces with the Fintech Digital Asset Alliance (Shenzhen) alongside the Fintech Research Institute China under the watchful eye of the Shenzhen Municipal Government. These partnerships show that Huobi is a rather prestigious company to team up with.
Huobi review – Security
Huobi is among the safest platforms we have come across during our different reviews. The company is actively working on improving security across the board and has also launched an investor protection fund.
Huobi actively supports this fund and channels 20% of its profits into buybacks. The company then stores the repurchased HTs (Huobi Tokens) in the Huobi User Protection Fund, establishing a reserve to address potential adverse events or contingencies proactively.
Huobi basically pays compensation upfront for all incurred losses that weren’t a result of the users’ own actions. Aside from this fund and several security measures on the platform itself, Huobi also offers guides to help users secure their own accounts.
This is a good way to avoid any pitfalls, especially for new traders that may not have as much of an affinity for trading platforms and the web in general.
Huobi review – What is the Huobi Token?
As is common for most trading platforms these days, Huobi too has its own Token called the Huobi Token. It is part of the Huobi ecosystem, which in turn is the third largest crypto trading platform in the world. The Huobi Token is similar to other popular coins such as BNB and was definitely inspired by it, as it comes with many of the same features.
One of the big advantages of using the Huobi Token is the many benefits that come with holding the Token, such as lower trading fees and lower transaction fees. You’ll also be able to gain access to IEOs, which are basically fundraising events taking place on crypto exchanges.
Huobi Review – Mobile App
The Huobi mobile app is available both for iOS and Mac and can be downloaded on the official website as well as the Google App Store and the Apple Store. We really liked the design of the mobile app.
Huobi basically managed to translate the desktop version of the trading platform into the mobile app, making the interface rather inuitive.
It’s a great way to enjoy your trading experience on the go without the hassles that plaque so many mobile apps of other platforms out there.
User scores on the mentioned app stores also align with this sentiment, as users commonly concur that the mobile app is quite commendable.
Huobi review – What are the pros and cons of Huobi?
When we tested the Huobi trading platform, we were pretty satisfied with the platform overall. Among its strong points were the high security, the Huobi customer protection fund as well as the rather large variety of cryptocurrencies on offer. Huobi’s very high liquidity also made this one of the more attractive platforms of the bunch.
The crypto exchange also provides attractive yield-generating opportunities for traders who prefer a less risky approach. However, it’s important to note that the platform is unregulated, although it compensates for this with robust security measures. For newcomers to the trading world, this platform may not be the best choice, as it lacks comprehensive guides tailored specifically for beginners. Coupled with the vast array of trading options and features, this complexity can easily overwhelm novice traders. Additionally, the platform has a reputation for subpar customer service, which will be discussed in more detail below.
Pros of using Huobi
- Over 400+ cryptocurrencies
- Very high liquidity
- Great yield-generating opportunities
Cons of using eToro
- Not a good platform for new traders
- Mostly unregulated
- Rumours of wash trading
- Customer support is problematic
Huobi review – Customer support
Though there’s apparently no landline number available to reach customer support by phone, there’s a live chat option that is basically available 24/7.
You’ll also be able to leave a message and the Huobi customer support will reply to you via email to help you with your issues.
Overall the experience with customer support was not so good. Answers usually took long or were not helpful at all. Users across the board seem to agree as the platform has gotten a lot of pretty bad reviews regardings its customer service. This is something Huobi really needs to fix in the future, if they want to stay competitive.
Huobi Fees
Huobi offers competitive trading fees, often ranking within the top 10 platforms in this regard. The platform provides users with a transparent fee structure, including various transaction fees, minimum deposit requirements, and withdrawal limits. While these limits may vary due to the dynamic nature of cryptocurrency markets,
Huobi ensures real-time updates, allowing users to have precise information when making deposits or withdrawals. This fee structure makes Huobi an attractive choice for traders looking to optimize their costs when dealing with various cryptocurrencies.
Huobi review – Payment methods of Huobi
In our Huobi review, one of the most surprising aspects is the extensive range of available payment options. Unlike many crypto-to-crypto exchanges that typically provide limited payment methods, Huobi stands out by offering over 90 diverse payment options. This abundance allows for remarkable flexibility when depositing or withdrawing funds.
Here’s an overview of the different payment options:
As you can see a lot of well known Payment Service Providers are offered here such as PayPal, Skill, SWIFT or Alipay. We’re kinda missing Payoneer as another payment option, but aside from that all the well-known payment options are there.
Huobi review – Huobi Earn
Huobi Earn is a new feature Huobi introduced. This feature provides you to earn interest on coins and tokens with flexible and fixed lock-up terms. You can deposit funds and earn interest that is compounded daily on the most popular cryptocurrencies and DeFi tokens.
There are many coins and tokens available to make use of Huobi Earn, among them many of the popular ones we have listed earlier.
Huobi P2P Marketplace
The Huobi P2P Marketplace allows users to exchange their coins in tokes in a very convenient and quick fashion. The minimum trade value starts at just 100$ and there’s no trading fees, making this one of the best P2P Marketplaces you can find.
The big 4 coins, Bitcoin, Ethereum, Tether and HT are all available on the marketplace, and the platforms’ filtering system makes the marketplace rather easy to use.
Huobi review – What can I trade on this platform?
The Huobi trading platform offers trading for more than 400 cryptocurrencies, establishing itself as one of the most diverse crypto exchanges available for trading.
With this many cryptocurrencies at your disposal, you’ll be able to set up your trading strategy to your liking. Huobi also supports margin trading, and with the right strategy, it is certainly worth exploring.
Depending on your account type and the type of trader you are, you’ll also profit from the benefits and features inherent to the Huobi trading platform.
