Being an Asian cryptocurrency exchange, Huobi is serving its users since 2013. It is the largest digital cryptocurrency exchange in entire Asia. During its initiation period, Huobi’s operation was conducted in Beijing, China. Although being originally a Singaporean company, its first focus was on the Chinese market. After receiving a phenomenal response from the Chinese market, Huobi started offering its services to other parts of the world’s geography. So much so that currently Huobi Global operates to serve different geographies of the world comfortably. Competition with other reputed cryptocurrencies, this exchange is offering its native currency Huobi Token as well.
Being in the cryptocurrency business for seven years now, Huobi secured investments from renowned names in venture capital such as Sequoia. Huobi, as an organization employed more than one thousand three hundred people around the globe for running its operations in more than a hundred and thirty countries.
How to create an account on Huobi?
If you wish to trade using Huobi, it is no big deal. It can be done utilizing a few minutes of your time. All you need is a device to operate the internet, using which you need to gain entry in the URL of its website i.e. huobi.com. As soon as you land on the webpage of this website, your eyes will be struck with the spend and buy an option on the center screen of your device.
But for now, skip the center and look at the top right corner of the website wherein there is Login, Sign Up tabs with Download, and language tabs.
You need to click on Sign Up, after which you will be given two options:
- Sign Up using email.
- Sign Up using a phone number.
Depending on the option that you select you will be asked to enter other details such as your Nationality, email/phone number, Set Password, and Confirm password, and then you need to click on Sign Up. After doing so, you would be asked to confirm. Wherein you will get a code on your mentioned email id/ phone number. After doing so, your account will be opened.
Like other platforms, Huobi charges fees for trading on it. These fees are fixed at a 0.20 percent rate. There is a point to be mentioned over here about the way in which you can get a discount on these fees: When you hold the native Huobi Token of the exchange, you will get a discount on the Huobi fees. According to the number of Huobi tokens you have, you will be placed in a certain fee level. Currently, the price of one Huobi token is around $4.53. At the maximum, you can get 5000 Huobi Tokens which will cost you $19375.
There are mentions of two types of withdrawal limits on Huobi’s website. The first one is the daily asset withdrawal limit, and the second one is the monthly asset withdrawal limit. Once the limit is reached, you as a user cannot withdraw any further. Huobi has a withdrawal system wherein users of different verification levels have different daily and monthly asset withdrawal limits. It is obvious to state that the higher your verification level, the higher your withdrawal limit as a user becomes.
To understand the complete phenomenon of withdrawal, an example mentioned on Huobi’s website is: considering a user who has a daily withdrawal limit of $2000. He or she has a monthly withdrawal limit of $20000. In case he or she withdraws $100 worth of BTC, the daily withdrawal limit for the user for the remaining day would then change to $1900. And similarly his or her withdrawal limit for the remaining month changes to $19000. In case there are no more withdrawals on that day in that person’s account, the daily withdrawal limit would change to $2000, the next day, whereas the monthly withdrawal limit would still remain at $19000.
The plan to store 20K Bitcoins for insurance purposes is supported by a secure service that is reserved by Huobi security. Even if, as a user of Huobi exchange, you lose the coins to someone because of any hacks, you can gain that back, using this policy. Another aspect of security offered by Huobi and not other platforms that are its competitors is the user protection fund. Under this feature, 20 percent of the net revenue from the yearly trading that you do on Huobi goes directly to this fund for buying back the native cryptocurrency of exchange Huobi Tokens.
Apart from this, Huobi is a platform that has implemented secure and reliable safety measures on the platform. It has spent enough money on securing and informing about the seriousness of the company’s security platform. The website was able to pass multiple third-party security tests. The platform offers a 2FA email and message notifications on your Smartphone. Nearly 98 percent of the digital assets are stored in secure cold wallets; the transaction limits of the same are capped with hot wallets of the platform. In addition, the security team of exchange monitors the wallets day in day out for reaching timely in case of any breach in the system.
As mentioned in the Security section of this article, Huobi takes whatever care it is needed for ensuring the safety of its customer’s transactions online. Apart from this, in case of any breach, Huobi has a backup plan that does not immediately stop your trading options. Instead, you can still trade using Huobi, with the ongoing search process and the reason for your breach and its outcome results. This is all because of its insurance and protection measures.
Apart from the security aspect, in the case when you are trading, and you have any doubt regarding the transaction or there is a demand for an answer, you can always contact the Huobi local customer support team which is there to assist you 24*7 and clear your doubt out, before making your decision. Huobi considers supporting its customers by offering minimum waiting time customer support service as a very important factor involved in the customer making the right decision.
If you are a person who likes to trade in general, Huobi has the capacity to scale up your trading by not involving many risk factors. Also, unlike general trading, this digital trading of cryptocurrencies is very easy in nature. If you go to Huobi’s website, you would realize how you would not need many efforts in learning how the platform works. As soon as you reach on the website, the current rates of all the cryptocurrencies would be displayed. The major options i.e. to buy or sell are present right in front of you. There is also a twenty-four-hour chart present for each currency that will let you easily predict the nature of currency in the future, by giving you an insight into the past.
Scrolling down you have the option to download its application and trade using your Smartphone. There are tabs that are considered important on websites, such as, Spot Trading, Derivatives, Wealth Management, etc. All this would make your trading not only easy but exciting enough to let you lower your risk factor and scale up your earning opportunities.
Filip Kopa has an MA in Economics and Finances. When bitcoin first appeared, he thought of it as an interesting experiment. His little investments then hit a big turnover, after which he got hooked on cryptocurrencies and a new age of finance.