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Huobi Review + Opinions (2022) | Safe And Fast?

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Huobi Review

Huobi is one of the largest cryptocurrency exchanges in the world. In this Huobi review you will find a clear overview of this company. We cover the pros and cons and important information such as reliability, payment methods and other components. This way you can orientate yourself on crypto-broker Huobi.

How are the Huobi experiences?

Huobi was founded in 2013 with a focus on the Asian market. Since then, Huobi is available in 130 countries around the world and has achieved sales of over $1.2 trillion. A special feature of the party is its vast array of cryptocurrencies.

Advantages

  • Huobi offers more than 180 different crypto-currencies;
  • Crypto-to-crypto exchanges possible;
  • The trading platform is well-organized with a user-friendly interface;
  • There is an easily accessible customer service department available;
  • The company offers helpful explanations and tutorials for beginners, which explain all parts of the platform in a calm manner;
  • The company has its website and app well secured;

Disadvantages

  • The company charges commissions on trading. This commission is 0.2%, similar to competitors in the same industry;
  • The trading platform is primarily focused on the Asian market. Much information is therefore not available in English or is unclear;
  • The mobile app is not available in the App Store or the Google Play Store, you will have to download it via an external APK file;
  • With an account that is not verified, the maximum amount you can withdraw from the company is very limited. Therefore, it is advisable to get your account verified soon;
  • Huobi is not regulated by any outside party;
  • It is only possible to pay or trade with crypto currencies. So you will have to buy crypto currency first, before you can trade through Huobi;

Is Huobi scam: reliability and safety

Huobi’s website offers users the option to log in with two-factor authentication. This is also known as 2fa and means that when you want to log in, a code appears in the corresponding app ‘Authenticator’. You then enter this code on the website after which you can log in. This means that you need to have your phone handy to log into the website. At the same time it makes it more difficult for others to log into your account, which benefits the security of the website and your account.

The 2fa is an option. It is recommended that you turn it on immediately and use it when you have opened an account. This will keep your money and your personal information better protected.
Huobi Protection Fund
The company offers something special that benefits the reliability of the company: the Huobi Protection Fund. This is a fund that protects your funds. The broker itself sets aside about 20% of its annual turnover for this, just in case the company gets into trouble in the future.

What about Huobi’s regulation and licensing?”

The company is currently not regulated by any external party. This makes this type of exchange platform generally less reliable: namely, there is no external party that can assure users of the platform that they will get their money back in the event of, for example, bankruptcy of the company.

It is advisable to choose a regulated company of which you are sure that your money is kept in a safe place.
Use of SSL encryption

The Huobi website is protected by both TLS and SSL encryption. These are both systems that protect your personal information online from third parties. It is positive that the company uses these two encryptions on its website, this makes using the platforms safer for users.

How to create an account with Huobi?

Creating an account with Huobi is easy to arrange through the company’s website. It only requires a working email address and your nationality to create the account. After creating your account, you will receive a verification code in the mail. You will need this code to log in to the website again.

Strict cash withdrawal limits on unverified accounts
You can stop the signup process here: you have a working account and you can deposit and withdraw money. However, there are very strict limits on withdrawals from an account that is not verified. With a verified account these withdrawal limits are a lot more reasonable. Therefore it is advisable to verify your account as well.

Account Verification
In order to verifyëren your account, Huobi requires some personal information, including a copy of a valid ID. Once you have sent this information, it will be verified by an employee of the company. It will take at least 24 hours for your account to be fully verified.

Account Overview

The company offers few different types of accounts. In addition to a standard trading account, there are VIP groups that allow for discounts. More information about that below.

VIP groups
It is possible to belong to a VIP group on Huobi’s platform. There are 5 different VIP groups of which VIP5 is the most difficult to join. The benefits of having a VIP account lie with the commission costs or Huobi fees on trading. The table below shows the different discounts that different VIP groups receive.
VIP Group: Korting op Huobi fees:
VIP 1 10%
VIP 2 20%
VIP 3

30%

VIP 4 40%
VIP 5 50%

Huobi payment methods

It is only possible to place crypto currency in your account of the trading platform. Thus, it is not possible to transfer money directly to the company in currencies such as Euro or US Dollar. Therefore, you will have to buy some crypto currencies first before you can trade on the platform.

So the only payment methods accepted are with crypto coins. Er is een minimale storting vereist van 0.001 BTC (Bitcoin). Wanneer u dit over heeft gemaakt, kan het nog enkele tijd duren voordat deze hoeveelheid BTC in uw account te zien is.

Withdrawing money at Huobi

You pay fees to withdraw money or coins from Huobi. These withdrawal fees vary by cryptovauta and are influenced by market conditions. Therefore, this fee may increase or decrease over time.

You can only be paid in crypto. It is therefore not possible to be paid in euros or US dollars. You arrange a payout in the company’s online platform. You can then convert the crypto you have paid out into euros at an external party, in order to still receive payments into your account. For this you need an online BTC Wallet.

In the table below you will find an overview of several commonly used crypto currencies and the withdrawal fees with these crypto currencies. None of these crypto currencies charge a fee for depositing money. Besides these 7 examples of accepted crypto currencies, there are many more crypto currencies that are accepted by Huobi.

Valuta: Tarief voor geldopnames Tarief voor stortingen
Bitcoin (BTC) 0,0005 BTC
Ethereum 0,005 ETH
XRP 0,1 XRP
Bitcoin Cash 0,0001 BCH
EOS 0,1 EOS
Litecoin 0,001 LTC
Tether 5.0 USDT

Offered at Huobi

Eigen valuta: HT

Extremely special about this company’s offering is its own crypto currency HT or Huobi Token. This crypto currency is given away by the company to loyal users, and can be used to buy packages on the platforms that normally charge a service fee. The coin can also be used to vote for crypto currencies that users want Huobi to include in its offerings. In the first 14 days since it was introduced, the coin has sold as much as $300 million HT.

Trading Platform

When you log in to Huobi Global, you can choose from 3 different trading platforms. These are Huobi OTC Markets, HADAX platform and Huobi Pro Exchange.

Huobi Pro Exchange

The Huobi Pro Exchange account is suitable when you want to buy and sell crypto currency. You can place orders with this platform using the balance in your electronic wallet. It is the simplest way to trade at Huobi.

Huobi OTC Markets

This trading platform is suitable for standard exchanges and margin trading exchanges. To use the margin trading exchange, you need at least the right amount of margin in your account. All the risks associated with margin trading are also present on this trading platform. OTC stands for Over The Counter trades. This means that traders can trade among themselves. OTC trading is possible, but not yet very widely used by Huobi users. Users seem to prefer the other forms of crypto trading offered by the company.

HADAX platform
This is a trading platform is where you can vote on coin listings for coins that are not yet known, or barely known. The HT coin allows users to vote on which crypto coins will be added to this platform. This option exists because there are now a huge number of different crypto currencies going around, and this supply is growing every day. The company does not manage to evaluate all of these crypto currencies itself. Therefore, the company lets its users vote with HT coins on crypto currencies they want to trade in.

Mobile app

A mobile app is available for users of Huobi Prime. This mobile app is available for Android and iOS and gives you access to many of the functionalities that the web platform also offers. Registration and verification can also be done through the mobile app. The app is unfortunately not available in the App Store or the Google Play Store. So you will have to download this application via an external APK.

Customer service

The customer service of Huobi global is in order. You can reach the company through a phone support team, through a live chat feature on the website and through the customer service email address. In addition, it is also possible to send the company a message via Telegram. Ultimately, the customer support team is available 24/7 through all of these channels, which means that you can always turn to them for questions or assistance.

Conclusion Huobi Review

Huobi Prime is one of the bigger players in the Asian exchange market. The company’s focus in the past was therefore mainly in Asiaë, meanwhile the company is developing and expanding in Europe and America. Its rates are comparable to those of its competing exchanges.

Huobi is especially interesting for people who want to trade in crypto coins. The company has an offering of as many as 180 different crypto coins. These include both large and well-known crypto coins as well as new or lesser known crypto coins. In addition, the crypto-currency offering is kept up-to-date and users are given the chance to participate in deciding which crypto-currencies to include in the program.

Special to the company is that they have launched their own crypto currency called HT (Huobi Token). This token can be used to vote on new crypto tokens that the company should add to its offerings. In addition, the HT can be used to purchase packages that would normally be charged service fees.

The customer service is easy to reach and the online security or cyber security is in good order. This Huobi review is fairly positive. Only disadvantages of the broker are the limits on an account that is not verified and that it is not possible to trade cryptocurrency directly with your money (euro or USD). You will therefore need to purchase crypto coins from an external party beforehand. You can then trade these crypto coins again in Huobi’s platform. Furthermore, Huobi is also not regulated by an external party.

Compares Huobi with its competitors

In this Huobi review, you have read the pros, cons and other important information about the company. Are you curious how the company scores against its competition? Then use the comparator on this page. Thanks to the comparator, it will be easier to find an online trading platform that is reliable and suits you.


★★★★★
BAMagazine score

★★★★★
BAMagazine score

★★★★★
BAMagazine score
Learn moreLearn more (review)Learn more (review)
Fees
$0
Per trade
Fees
$0
Per trade
Fees
$0
Per trade
Minimum Deposit
$50
Minimum Deposit
$50
Minimum Deposit
$50
Promotion
$50 – $5.000
Check conditions
Promotion
1 free stock
Check conditions
Promotion
1 free stock
Check conditions

Frequently asked questions

The safest and easiest way to buy Binance Exchange is by using a regulated broker like eToro. You can open an account with the platform, make a deposit and buy this investment all in under 5 minutes from start to finish.

Another option is using a regulated exchange like Binance or Coinbase. You can open an account with these exchanges and start buying or trading. ?

You will first want to find a licensed broker that supports Binance Exchange. eToro, for example, allows you to make investments into this asset from just $25 and only charges you the spread.

Another option is using a regulated exchange like Binance or Coinbase. You can open an account with these exchanges and start buying or trading. ?

As with any other asset, there is an element of risk associated with buying Binance. Therefore, you will want to study the market and make a decision based on your financial standing and the risk you are willing to take.

All cryptocurrencies are inherently volatile. The case with Binance Exchange is no different, with its price fluctuating dramatically within short periods. As such, if the market goes against you, then you will end up facing a loss. Consequently, it will be best to risk only small amounts into this digital asset.

You can trade Binance by first opening an account with a regulated platform and making a deposit in US dollars. Next, search for Binance and choose from a buy or sell order – depending on whether you think the crypto asset will rise or fall in value. If you speculated on Binance correctly, you will have made a profit. The size of your trading profit will ultimately be determined by your stake and at what percentage your position grew.

To sell your Binance Exchange investment, you can sign in to your brokerage account and cash out directly from within your portfolio. If you have stored the tokens elsewhere, you will first have to transfer them to a third-party exchange.

Coinbase is also considered to be the best Binance trading platform for beginners. However, you will pay a standard commission of 1.49% per slide and a debit/credit card fee of 3.99%. eToro, on the other hand, is also a top-rated platform for beginners, albeit, it charges significantly lower fees. For example, there are no fees to deposit with a debit/credit card and you only need to cover the spread when trading Binance Exchange.

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Freddy Agard
Freddy Agard

Freddy Agard writes daily about financial products and specializes particularly in the equity markets. He is happy to tell you more and enjoys reducing complex material to manageable and understandable information. Questions? Leave a comment at the bottom of the page!

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