Huobi was originally founded in 2013 with their offices based in China. Due to the changing regulatory landscape around Bitcoin and other cryptocurrencies in China, Huobi moved their exchange operations out of the country in 2017. The crypto exchange is mostly known for their strong trading volumes in the Asia market.
By: CryptoVantage Staff | Jan 17, 2020 | Modified Sep 25, 2020
|Bank Account (ACH)||No||No||n/a|
|Wire Transfer||Yes||Yes||1-3 Days|
The sign-up process for Huobi is relatively short and simple. The base information that must be provided to create an account includes:
It should be noted that users will not be able to make a deposit unless they go through additional levels of verification. Most exchanges require that you go through an extensive KYC (Know Your Customer) process in order to remain compliant with local regulators. In the end, this offers you a layer of comfort, knowing that the exchange is doing their best to protect themselves, and their users. It is the compliance with these regulations, along with their attention to security that ultimately protects your funds.
Huobi has one of the largest lists of tradeable assets of any exchange on the market. The list of available crypto assets includes:
Huobi is available through all major desktop operating systems, and there are also mobile apps available for Android and iOS users. There is also a non-custodial wallet offered by Huobi called Huobi Wallet. The Huobi wallet supports many of the features that are trending in the cryptocurrency space such as staking, and general rewards for using the wallet. Check out the Huobi wallet announcements page for the latest updates on how you can earn additional cryptocurrency simply by using the wallet.
Absolutely. Huobi has been on of the leading cryptocurrency exchanges since 2013 and has built a stellar reputation in that time span. It initially raised money with the world-renowned venture capitalist firm Sequoia Capital to give you an idea of the kind of companies that Huobi has partnered with in the past.
Huobi utilizes all the latest security features for exchanges with client’s funds held in dedicated multi-signature cold wallets and 24/7 system monitoring. The exchange also has a 20,000 BTC security reserve fund.
There have been several incidents over the years that have led to customers losing a small amount of funds but the company has been quick to respond and reimburse them entirely, which is always a good sign.
Huobi Global initiated a tiered fee structure in 2019. The fees paid for trading on the exchange will decline as a customer’s monthly trading volume increases. Maker and taker fees will be 0.2% for the first $5 million worth of trading, but the fees decline quite substantially after that. This is quite a common approach to structuring fees, as it incentivizes the user to spend more time trading on their platform in order to increase their overall profits.
Huobi is one of the oldest exchanges in existence, launching in 2013. The exchange hasn’t faced any major security issues, and it even has a 20,000 BTC reserve fund that can be tapped in a situation where the exchange is hacked.
In addition to its traditional exchange platform, Huobi also allows users to purchase cryptocurrency with a credit card through one of their partners.
Huobi was originally based in China, but it is now has offices in Singapore, Japan, the United States, and South Korea. Although Huobi can no longer be used in China, or the United States, the company still has a global presence with a focus on blockchain research and consulting.
Huobi is a legitimate options for English speakers; however, the version of the platform for users based in the United States is no longer available.
You can view alternatives to Huobi for Americans here: Buying Crypto in the United States.
Huobi has strict identity verification because the exchange must follow various Know Your Customer and Anti Money-Laundering regulations around the world. These regulations were put into place by governments to make it much easier for funds to be tracked around the global financial system and prevent activities like terrorist financing and illicit commerce.
Huobi has never had any cryptocurrency stolen from its platform, although there was one incident in 2014 where 880 Bitcoin and 5,400 Litecoin were accidentally deposited into the wrong customer accounts. According to Huobi, this problem was caused by the company’s customer service department.
In the early days of cryptocurrency trading in China, many of the exchanges were accused of faking their trading volume in an effort to gain more notoriety. Many of the executives behind these exchanges would claim that the higher trading volumes found on their platforms were due to the zero-fee trading policies that were popular at the time.
Eventually, the Chinese government forced exchanges to charge a fee on every trade in an effort to push back against potential market manipulation and extreme price volatility.
These days, the trading volumes on many Bitcoin exchanges are viewed with skepticism. A 2019 report from Bitwise Assest Management indicates Huobi’s trading volume numbers may still not be trustworthy to this day.