Huobi Review - Everything You Need to Know About The Gemini Crypto Exchange
With hundreds of cryptocurrency exchanges to select from, it may be tough for novice investors to choose which platform to use. Huobi is one of the few platforms that has gained millions of users’ confidence.
In this review, we’ll go over everything you need to know about Huobi before you use it. By the end, you will understand all of the benefits and drawbacks of the Huobi exchange, as well as if it is the appropriate platform for you.
Huobi is a Chinese cryptocurrency platform established in 2013, prior to the first crypto boom. Following the prohibition on bitcoin in China in 2017, Huobi established itself as a blockchain consultancy firm in the country. The business currently has offices all over the globe and operates as a crypto trading platform on a worldwide basis.
Hubi is one of Asia’s largest trading platforms, having handled over a billion dollars in transactions. It also offers a platform for exchanging digital assets. Huobi is available in three flavours: Huobi Global, which can be accessed from anywhere, Huobi Korea, and Huobi Japan.
Huobi is registered on the Hong Kong Stock Exchange as one of the Chinese corporations, with numerous stakes in Chinese firms.
In This Review
Huobi Exchange Features
Huobi offers a number of great features. Let us go through them quickly.
1. A Large Number of Cryptocurrencies Are Listed
Huobi is one of the first sites where new cryptocurrencies may be found. It now contains over 300 listed coins, with more being added on a daily basis. Huobi is the place to go if you want to discover any hidden gems for big profits with a lot of volatility.
This function is fantastic, particularly if you are an experienced investor. You can take advantage of the new currencies and further diversify your portfolio with the choices provided by Huobi. Because of the vast amount of coins available on the site, it may also be a fantastic location to find new projects.
2. User-Interface Interactivity
No matter how many listed currencies a platform has, it will be useless if it has a decent user interface. Fortunately, Huobi offers a great user interface that even newcomers can easily get accustomed to. The user interfaces are similar to those of Binance. Huobi, on the other hand, is considerably easier to use and has everything correctly stacked.
3. Accepts fiat currencies
Huobi, being a worldwide exchange, accepts nearly all fiat currencies. Unlike other prominent exchanges, like as Coinbase, Huobi Global allows you to buy cryptocurrency using credit cards from anywhere in the globe.
In certain countries, the site also allows bank transfers. The payment options available on the Huobi platform may be restricted. There is, however, a peer-to-peer market where you may buy cryptocurrency directly from a peer and pay them instead of the platform. In the P2P market, you may discover a variety of payment methods such as PayPal, Paytm, and other easier payment alternatives.
4. Huobi Finance
Huobi Finance is a new service that allows users to make money by investing in their bitcoins. Huobi Finance also offers the ETH 2.0 staking option, which is growing in popularity by the day.
Huobi Finance also offers a variety of additional services such as flexible savings, fixed savings, crypto staking, and so on. If you believe you know all there is to know about the crypto world, you may take advantage of these characteristics and make money every day.
5. Pre-Installed Trading Bot
Huobi is one of the few platforms that have a trading bot. Trading bots in the crypto realm function similarly to conventional trading bots. However, trading methods may vary somewhat.
Huobi is currently testing the trading bot functionality. The function has just entered the beta stage and is gaining traction in the trading community. The trading bot does not promise that you will make more money. However, if you are unfamiliar with technical analysis, you may utilize the bot to make educated choices.
6. Cutting-Edge Security
One of the greatest aspects of Huobi is the best-in-class security they provide. Despite the fact that the platform has been in place for the greater part of a decade, there haven’t been many instances that have jeopardised the security of users’ assets.
Huobi, like any other cryptocurrency exchange site, conducts regular pen testing to guarantee that all user assets are secure on their platform.
The Disadvantages of Using Huobi
1. Excessive Number of New Cryptocurrencies
If you are new to the crypto world, it may be tough to distinguish between genuine currencies and spam or currencies with little promise. Because of the large number of cryptocurrencies offered on Huobi, novice users may find it difficult to get started.
On Huobi, you may even come across certain “must avoid” coins. However, if you know what you’re doing, you may exploit this disadvantage to find new currencies, enabling you to fund large projects early on.
2. Previous Disputes
Huobi has been in business since 2013, and it has been engaged in a number of scandals. Huobi was formerly avoided by a large number of cryptocurrency speculators. This was, however, in the early part of the previous decade. Huobi seems to have made tremendous gains since then, with no controversies since 2018.
3. There is no anonymity
Huobi may not be the greatest option if you want to remain anonymous when buying bitcoin. Huobi is mainly concerned with increasing user security. By removing the element of anonymity, the community becomes a safer, more controlled environment.
Even though anonymity is appealing, it makes P2P transactions more susceptible to spammers.
Signing Up With Huobi
Signing up with Huobi and utilising it is a straightforward process. Go to the Huobi Global website first. Huobi also offers Huobi Kore and Huobi Japan. You may sign up using either your phone number or your email address. When you click on register, you’ll be directed to a new page where you’ll need to fill out some additional information.
Before registering, please read the user policy. The policy contains information such as how the data will be used and how secure the assets are, among other things that every user should be informed of.
After confirming that you are not a robot, you will be sent a one-time Password to the email address or phone number you provided. On the following screen, enter this OTP. After completing the OTP verification, you will be routed to the Huobi Global home page.
You may modify your account by going to the account security page. From this page, you may activate Two Factor Authentication. If you want to keep your assets safe, you must use two-factor authentication (2FA). Then, you can either use Google Authenticator or email to install 2FA.
Is Huobi Reliable?
Huobi has been around for quite some time. It has millions of users and is regarded as the third largest platform in terms of trading volume after Coinbase and Binance. This fact alone suffices to establish Huobi’s legitimacy.
Huobi, on the other hand, has received its fair share of criticism. Huobi issued a statement in 2014 stating that a large amount of Bitcoin and Litecoin had been moved to a separate account by mistake. They did, however, act on the problem and quickly returned the users’ valuables.
Huobi Global has a very active community as well. Such communities may be found on Reddit or Discord. If you have any problems while using Huobi, you may leave a message in the community.
Almost any nation may access the Huobi global website. However, before you begin trading on the platform, check to see whether there are any restrictions in your country.
How to Purchase Cryptocurrency on Huobi
Buying cryptocurrency on Huobi is a straightforward process. You may deposit money into your Huobi account and use it to buy cryptocurrencies after you’ve created an account. Many investors buy stable coins like Tether first, then utilise the stable coins to buy other cryptocurrencies. This is done because the cost will be reduced and they will be able to get the cryptocurrency they want at a reasonable price.
Instead of purchasing cryptocurrency immediately, you may put fiat money into your account and hold it until the optimal price is reached. Deposits often have more possibilities than direct purchases, such as local or international wire transfers and the Silvergate Exchange Network.