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Is Huobi The Exchange For You?

Huobi is part of the global “Big Three” exchanges. The platform has claimed to have attained the record of having 380,000 BTC traded daily. The downside is that the exchange does not allow US investors. Earlier, US customers were referred to as HBUS – a division of Huobi’s company group. However, on December 15th, Huobi decided to leave the US and close down HBUS. In fact, traders have until the end of January 2020 to withdraw their funds.

This quick guide will touch upon the pros and cons of Huobi while detailing its background, trading fee, funding options, and other features.

Why Should Beginners Choose Huobi?

  • Super-high liquidity

  • 24/7 phone support

What’s not to like?

  • Provides minimal information in English

  • Could be faking trading volume

Brief Background of Huobi

Huobi was founded by Leon Li in September of 2013 and has since then come to be known as China’s largest crypto exchange platform. The company is based out of Beijing, China. Though the company primarily focused on the Chinese market, it did venture into other markets as well, namely the USA, Hong Kong, South Korea, and Japan.

What is the Trading Fees on Huobi?

The fee for trading in USD is 0.1% for makers. The fee varies for takers as per the volumes traded in 30 days.

This is the fee schedule for takers:

below 50 BTC – 0.2 percent

over 50 BTC – 0.18 percent

over 200 BTC – 0.16 percent

over 600 BTC – 0.14 percent

over 1500 BTC – 0.12 percent

over 5000 BTC – 0.10 percent

over 10000 BTC – 0.08 percent

If you are trading using the Chinese Yuan, a flat of 0.2% is incurred. Earlier, the exchange had a no-fee policy for the Chinese trader, which was abolished in January 2017 in the spirit of maintaining a competitive and high-liquidity market.

How Does HT Token Help?

HT token or Huobi token is a native token of the HADAX exchange and Huobi Pro. Users can gain exclusive benefits by holding these tokens. For instance, HT token payers enjoy trading fee discounts, as high as, 50%. They get VIP memberships and the right to vote for token listing in the HADAX exchange. HT token also helps in creating liquidity since it is purchased by Huobi every quarter.

How to Deposit and Withdraw Funds?

USD and CNY (Chinese Yuan) are accepted by the exchange. Digital currencies accepted as a funding option include Litecoin and Bitcoin. There is no charge for deposits made in the Chinese Yuan.

However, deposits made in USD are subject to the following fee:

OKPAY – 1.5 percent of the amount

International Wire Transfer – 1% of the amount (maximum limit of transfer is $150,000)

Withdrawals in US dollars are subject to the following fee:

OKPAY – 0.5 percent of the amount

International Wire Transfer – 1% of the amount (minimum fee charged shall be USD 33)

While Chinese Yuan deposits do not incur a fee, withdrawals do. These are in accordance with the level of the user. Huobi uses a point-based system to ascertain the VIP level. Following schedule explains the withdrawal fee when using Chinese Yuan:

VIP0 – 0 points – 0.50 percent

VIP1 – 10000 points – 0.45 percent

VIP2 – 100000 points – 0.40 percent

VIP3 – 300000 points – 0.38 percent

VIP4 – 500000 points – 0.35 percent

VIP5 – 1000000 points – 0.30 percent

VIP6 – Paid Service – 0.30 percent

Withdrawals made in cryptocurrencies are charged as 0.001 LTC and 0.0001 BTC.

Is Huobi Versatile in Terms of Trading?

Huobi supports several cryptocurrencies, with the more popular ones being:

  • Bitcoin (BTC)

  • Bitcoin Cash (BCH)

  • Bitcoin Gold (BTG)

  • Dash (DASH)

  • Litecoin (LTC)

  • Ethereum (ETH)

  • Ethereum Classic (ETC)

  • The exchange also offers the following order types:

  • Market order

  • Limit order

  • Stop Limit order

Besides these, Huobi offers margin trading in both BTC and LTC. 5x leverage is offered on both the coins with the 24-hours fee pegged at 0.1%.

The Flash Trade function is most definitely the best feature offered by Huobi. It incorporates chart index, order book, and market chart. Flash Trade allows for real-time trading which can be highly profitable in times of price volatility.

Huobi does not support futures trading and derivatives.

How User-Friendly is Huobi?

Huobi interface looks fairly clean and easy to use. While the website claims to be in two languages – English and Chinese, you would find that it is only partially translated into English. This can be very difficult for non-Chinese speaking users. Otherwise, the website is fast, responsive, and highly liquid. The platform also offers iOS and Android apps for mobile users.

The Bottom Line

Huobi has a great support team to take care of your queries with a response time of 2 to 3 hours. The only downside to this exchange is that it is not very user-friendly for non-Chinese speaking users. The fee is on the low side and it supports several popular cryptocurrencies.

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