What is Huobi?
Huobi is operated by Huobi Global Limited, a company incorporated in the Republic of Seychelles. This cryptocurrency financial services group was established in September 2013 in Beijing. Having originally concentrated on the Chinese market, Huobi began focusing on crypto traders around the globe following the Chinese government’s crackdown on cryptocurrency exchanges in 2017.
Huobi Global now offers its platform to users in more than 130 countries and has offices in Singapore, the United States, Japan, Korea and Hong Kong.
Did you know?
The Huobi Group also runs the Huobi Autonomous Digital Asset eXchange (HADAX), where customers can use Huobi Tokens to vote for tokens they want to see listed on the exchange.
Huobi offers its services to users across more than 130 countries around the world, including Ireland. If you’re reading this from a country other than Ireland, contact the Huobi team to find out whether you can access the platform from your country of residence.
Which payment methods are accepted?
You can deposit funds into your Huobi trading account using a cryptocurrency transfer. However, make sure any currency you want to trade is supported by the platform before attempting to make a deposit.
How much will it cost me to use Huobi?
When buying and selling crypto coins on Huobi, make sure you’re aware of the following fees:
- Maker fees: 0.2%
- Taker fees: 0.2%
However, VIP users can access discounted platform fees based on their VIP membership level, which can be purchased with Huobi Tokens (HT). The table below outlines the fee discounts available:
|Membership level||Fee discount||Cost of membership level|
|VIP1||10% off||120 HT / month|
|VIP2||20% off||600 HT / month|
|VIP3||30% off||1,200 HT / month|
|VIP4||40% off||6,000 HT / month|
|VIP5||50% off||12,000 HT / month|
There are no fees for depositing funds into your account, but withdrawal fees do apply. The fees for some popular currencies are shown in the table below:
Are there any transfer limits?
The maximum amount you can withdraw from your account varies depending on the currency chosen and whether you have verified your identity. The withdrawal limits for a selection of popular digital currencies are shown in the table below:
|Currency||Minimum withdrawal amount||Maximum withdrawal amount per transaction||Maximum withdrawal amount per day|
There are also limits on the order sizes you can place with Huobi. You can find a full list of these limits here or check out the limits for a few key currency pairs in the table below:
|Trading pair||Minimum amount of limit order||Maximum amount of limit order||Minimum buy of market order||Maximum buy of market order||Minimum sell of market order||Maximum sell of market order|
Is it safe to use Huobi?
If you’re considering whether it is safe to use Huobi, you can start with factoring in the security features that it offers. When you sign up for an account with Huobi, you’ll need to enter and confirm your email address. You can also link and verify your phone number plus enable two-factor authentication using Google Authenticator. You’ll also need to provide a photo of your passport before your account can be fully verified.
Huobi claims to offer a decentralised structure and anti-DDOS protection system, with over 98% of its digital assets stored in multi-signature cold wallets. It’s also an established platform that’s been operating since 2013, which is a long time in the crypto world.
If you have a problem with a transaction or your account, Huobi claims to offer customer support 24 hours a day, 7 days a week, 365 days a year. You can access the support team via live chat or opt to leave a message instead. There’s also an online help centre with answers to a selection of FAQs.
Pros and cons
- Available on Windows and Mac operating systems as well as through iOS and Android trading apps
- Access to a wide range of digital coins and tokens
- 24/7/365 customer service
- Pre-trade education programs for new users
- Competitive fees
- Established in 2013
- Has previously been accused of falsifying trading volumes