Huobi (meaning “fire coin“) is one of the oldest and most reputable Chinese based exchanges. The exchange a range of services, including spot exchange, futures and options, Huobi IEO platform, OTC, and Lending platform. With over $3 Billion dollars worth of USD trades per day, the platform boasts one the largest trading volumes and communities in the cryptocurrency space. Many of Huobi’s customers were originally from China – however, due to the ban on the cryptocurrency ban in 2017, the platform transitioned to become a global platform. Prior to the Chinese cryptocurrency ban, Huobi boasted China’s largest trading volume alongside rival OKex. Huobi is rumored to be one of the first cryptocurrency exchanges to be legalized in China.
Huobi’s claim to fame is its large deposit volume. As of 2020, Huobi has over $5.03 Billion USD worth of cryptocurrency assets saved on the exchange. This is in large due to the large numbers of miners, large wealthy individuals, and investors who use the platform.
The Exchange offers crypto-to-crypto and crypto-to-fiat trading pairs, futures contracts, perpetual swaps and spot and margin trading etc.
Offering crypto-to-fiat trading pairs is particularly useful as it allows people a convenient one-stop shop to immediately expand into cryptocurrency trading. Huobi offers one of the largest C2C markets, that allow users to trade between fiat and cryptocurrencies. This is largely because cryptocurrency trading with exchanges has been banned in China – therefore users are forced to trade peer-to-peer.
Huobi Dust Sweep
Huobi dust sweep is a convenience feature that allow coins with small and otherwise non-trad-able balances to be converted in HT.
Huobi is currently using a maker and taker model for cryptocurrency trades. Each trade is charged 0.20% in trading fees for both takers and makers (flat trading fee). 0.20% is slightly below the global industry average, with the industry average being 0.25%
In terms of withdraws, Huobi charges different withdraw fees depending on what coin is being withdrawn.
Huobi Token (HT)
Huobi Token is an exchange platform token offered by Huobi Global. The coin is used for various exchange platform services such as fee reduction and voting. The coin can also be used to gain maximum benefits such as OTC services, Huobi cloud, and use in the Huobi incubator platform. Huobi offers a repurchasing and destruction of HT tokens at regular intervals.
Huobi Mining Pool
Huobi Pool is also a very popular cryptocurrency and Bitcoin mining pool in China. Huobi pool allows miners to connect directly to the exchange to mine cryptocurrencies and receive the coins directly in the exchange account. Pool mining is popular because it allows miners to receive partial amounts of cryptocurrencies, instead of mining an entire block. Huobi pool boasts a large 6.48962456 EH/s of Hash power, making it one of the biggest mining pools in the world. ‘
Is Huobi safe to use?
OKEx has security measures both on the Exchange side, and for its users. OKEx uses distributed storage, as in the exchange uses various cold storage locations in different parts of the world to minimise risk. In terms of the Exchange’s hot wallets, the network stores the private keys offline. On the user side, users must use 2FA verification to access their exchange account. And mobile verification codes are required for withdrawing cryptocurrencies and changing settings.