User Interface and Mobile App
Available on iOS and Android, the Huobi mobile app options a lot of the functionalities available on the web platform. You may even full tasks like account registration and verification directly by way of the app. In Google Play, the Huobi Global app has a median score of 4.1 stars out of three,730 reviews. However, in December 2018 and January 2019, some users have stated that the Android app gained’t let them login due to an error with Captcha. On the Apple App Store, Huobi boasts an average rating of 4.9 stars out of over 4,800 reviews.
Many centralized exchanges serve as the only real, centralized market maker. In distinction, Huobi additionally lets you trade over the counter (OTC). This means that you can purchase and promote cryptocurrencies peer-to-peer on Huobi. Even though this option exists on the alternate, it has yet to gain adoption from traders. Numerous commenters have stated that there's a lack of OTC offers. Still, this remains to be an modern technical feature.
If you are a margin trader, Houbi has a separate platform specifically for this. You possibly can access this by going to the margin tab in the header. The quantity of leverage you'll be able to have varies from coin-to-coin. For example, BTC is round 3x. Compared to different margin trading platforms, this is low. Nonetheless, it's an attractive option for potential users.
In December 2018, Huobi Derivative Market issued BTC contracts and ETH contracts (including weekly, bi-weekly and quarterly, respectively), and versatile leverages, together with 1x, 5x, 10x and 20x. In the future, more digital currencies might be issued to meet varied funding demands.
Safety: Is Huobi Safe?
Compared to different exchanges, Huobi continues to excel from a safety perspective. Many high exchanges undergo from massive-scale hacks, with various outcomes in terms of trading quantity afterward. In 2015, a Bitstamp hacker withdrew 12,000 BTC from Huobi. However, this problem did not relate to the safety of Huobi. Huobi reported a DDOS assault in 2015 however this didn't cause a security breach. In line with one review, an individual consumer misplaced USDT and EOS on Huobi. This reviewer states that the problem was caused by a technical error with Huobi’s 2FA. One remark means that it was the result of a phishing scam.
Huobi claims that its risk controls have been developed by the likes of Goldman Sachs. The exchange stores around ninety eight p.c of funds in cold wallets. Moreover, Huobi now makes use of a decentralized exchange construction to stop DDOS attacks. The exchange even has a Person Protection Fund Initiative. Twenty % of net income that the exchanges gains from trades will go to this fund, which it should use to buy back Huobi Token (HT). It also has a service called Huobi Security Reserve. As part of this, the alternate plans to store 20,000 BTC for insurance. This is a preventative measure that will assist Huobi reimburse users within the case of any future hacks.
Huobi has a 0.2 % price that applies to both market makers and takers for amounts between $0 and $5,000,000 over the course of a 30-day period. As compared, other prime exchanges like Binance have 0.1 percent fees. Meanwhile, GDAX has 0.3 % fees.
In January 2019, Huobi Global launched a tiered price construction that significantly reduces charges for higher quantity traders. This is relatively aggressive when compared to other exchanges. Customers even have the option to reduce trading fees on Huobi by turning into a VIP member. This involves paying a month-to-month fee of HT, which varies relying on the membership stage (1-5).
Like most exchanges Huobi has no charges on deposits. Nevertheless, Huobi does have withdrawal fees and minimums that change from coin-to-coin. For instance, withdrawing Bitcoin (BTC) costs 0.001 BTC, with a minimal withdrawal amount of 0.01 BTC. For Tether (USDT), the flat payment is 5 USDT and minimum withdrawal amount is 20 USDT. Total, this implies that Huobi
fees are generally higher than most exchanges for lower withdrawal amounts. A couple of exceptions exist. For example, TUSD has a withdrawal minimal of $20 but a withdrawal charge of only $2.
As of the top of January 2019, Huobi has 182 cash and 416 trading pairs. There are three main crypto markets for trading pairs (USDT, BTC and ETH) and one main fiat market (USD) for the US market. Some of the high crypto-to-crypto trading pair options (by trade volume) embrace BTC-USDT, ETH-USDT, TRX-USDT, EOS-USDT and EOS-ETH.
As of January 28, 2019, the only options for USD trading are BTC, USDT, and ETH. This is probably because USD foreign money withdrawal and deposit providers didn’t turn into available until January four, 2019 for United States residents. At present, for US residents wire transfers are the only option. Huobi also requires degree 2 verification to access this feature.
For varied locations throughout the world, it is best to check whether or not Huobi supports trading in your native currency. In case you are in the US, for instance, you probably won’t see the option to trade Australian Dollars (AUD) on the Huobi platform, however you'll most likely see an option for USD and vice versa. In different words, you probably will only see the fiat currency that is utilized in your current location.