Overview of the Huobi Global Cryptocurrency Exchange
Huobi Exchange it occupies top positions among cryptocurrency trading platforms in terms of transaction turnover. Here you can buy or sell almost any cryptocurrency, there is also an opportunity to exchange it for fiat money. Liquidity, access to derivatives, margin and P2P trading, convenient functionality – all this makes the Huobi exchange popular among users.
Creation stories, team, regulation
Huobi cryptocurrency exchange was founded in China in 2013 as a platform for modeling (simulation) of exchange operations. The project quickly received support from business and began to actively develop as a platform for cryptocurrency trading. In 2016, 60% of bitcoin transactions were conducted on Huobi.
In 2017, the Chinese government tightened the legislation regarding cryptocurrency transactions. Therefore, Huobi is now registered in the Seychelles and has representative offices in many countries. The CEO of Huobi Global is Leon Lee, who worked at Oracle, but then switched his activities to the field of financial technology.
In 2021, the number of cryptocurrency pairs traded on the exchange exceeded 700. Huobi is among the top three in terms of trading volume.
Advantages and disadvantages of the Huobi crypto exchange
Huobi has all the advantages of leading cryptocurrency exchanges. Its popularity in the CIS countries is due to the fact that there is a Russified version of the site. You can use fiat currency to pay for transactions.
The rules of operation and the opportunities available to users of the exchange are constantly being improved. Now Huobi can be considered as an ecosystem with a wide functionality.
Among the shortcomings in the reviews about Huobi, users note the incomplete translation of sections into Russian and the slow work of the support service.
Huobi Exchange: registration and verification
To start trading, you need to register on the official website of the Huobi Global exchange. Users can be from any country (including Russia, Ukraine) in which cryptocurrency trading is not prohibited by law. The Russian representative office of the exchange was closed on September 30, 2020, and users from Russia could transfer all assets to the current Huobi Global website.
The registration process is standard. You need to click on the registration button and enter your email address or mobile phone number. Be sure to mark the field of agreement with the internal rules of the exchange.
Then you need to confirm the registration by clicking on the link from the email or by entering the code from the SMS.
Verification is not required, but verified users have access to advanced functionality, in particular, an increased withdrawal limit.
To start the verification process, click the “Verification” button, then upload a scan of your passport or driver’s license. Exchange administrators confirm the verification manually, usually within 2 days.
Trading functionality of the Huobi crypto exchange
The exchange has four main types of orders:
- market. The user determines the type and quantity of the currency to be purchased. If he agrees with the proposed price, the transaction occurs immediately, but “slippage” is possible. Technically, it takes up to 15 seconds to complete a transaction. If the asset price changes during this time, the transaction price will differ from the one the user expected;
- limit. In addition to the amount of currency, its value is indicated. The transaction is carried out as soon as a suitable offer appears on the market;
- stop limit. You can set the price a little lower than in the limit order. When this stop price is reached, a limit order will be formed. You can set a stop limit for both buying and selling. By combining several orders, you can automatically manage the asset;
- trigger order. The limit method with the setting of additional terms of the transaction.
Recently, the process of creating your own cryptocurrency has become available to users of the exchange.
The Huobi exchange has its own token, the holders of which have a number of privileges. They can participate in exchange events and partially pay transaction fees.
In addition to Huobi, the token is traded on other cryptocurrency exchanges.
The exchange’s wallet can be used as an application for mobile devices. There are versions for iOS and Android.
How to top up Huobi and withdraw funds, commissions
To top up your personal account balance on the exchange, you need to do the following:
- go to the Currency account section;
- choose the type of cryptocurrency;
- click the Deposit button;
- copy the address for transferring funds.
You can transfer currency from an external wallet. The minimum amount in bitcoins is 0.001.
Funds are withdrawn in the same way, you need to press the Withdrawal button.
Transactions can be carried out not only directly on the exchange’s website, but also install the application on a mobile device or personal computer.
Comparison with other top exchanges
In terms of functionality, Huobi is comparable to such top exchanges as Binance, Bittrex, Bitfinex and Bitmex. The advantage of Huobi is a good degree of protection of funds and user data. Since the foundation of the exchange, there has not been a single case of its hacking, although attempts have been made by hackers.
Reviews about Huobi
Among the reviews about the Huobi Global exchange there are both positive and negative responses. Among the disadvantages of the platform, users note high commissions, problems when working with some types of crypts, limited functionality for users without verification (to conduct transactions, you often need to use the services of other exchanges).
Published: 23 September, 2022