Exchange Reviews

11 features that summarize Huobi cryptocurrency exchange

Huobi is among the leading cryptocurrency exchanges in the world. With many others battling for a share of the cryptocurrency trading market, Huobi has managed to set itself apart through a combination of features.

Here, we summarize the exchange’s top 11 features.

1. Battle of the Altcoins

Huobi understands that operating a cryptocurrency exchange is a business and you have to make profits to stay afloat. Another way to make profits and keep users happy is by running a completion to make them feel involved and driving the trading volume at the same time.

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The ‘Battle of the Altcoins’ is a competition run by the exchange where it gives 10,000 U.S dollars to ten traders with the highest altcoin trading record within a specified time frame. Some traders may sneer at the prize but still take part in the competition for the title.

2. The Huobi Community Involvement

To help list only the coins with the highest impact, Huobi allows users on the platform to choose which coins to be listed. The process also keeps the community energized. Apart from the voice of the Huobi community, the exchange and the token developers engage in other factors such as risk assessment, circulation, and deposits.

Huobi allows those with Huobi tokens to have a higher say on the token/coin listing process. A combination of Huobi individual discussions with the token creators with a voice from its users helps prevent bogus coins from being listed.

3. Huobi Android and iOS App

Desktop and laptop computers are steadily being replaced by mobile devices. Huobi has already developed a mobile application that is available on Android and iOS platforms.  To make it even better, Huobi has enabled almost every aspect of web trading on the mobile application. With some traders leaving a nomadic life, the mobile application comes in handy. Additionally, with Huobi in your pocket in the train, office, or at the coffee shop, it can be the difference between a loss and profit.

4. Huobi Application Programming Interface (API)

The exchange provides an API to enable traders who want a hands-free trading experience to explore the world of automation. The API utilizes REST and the Huobi WebSocket. To prevent malicious usage of the API functionality, Huobi binds an API key with an IP address.

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However, the application programming interface can be bound to more than one IP address up to a maximum of four addresses. The API functionality requires a valid email address for use when generating or altering an existing API key.

5. Huobi Invite Program

Huobi operates a commission system where it pays users for inviting more users.  The Invite Program is structured in what is commonly known as a referral program. The exchange gives 30 percent cash back to the referred party on their first trade. However, the cashback is only given out once and in the form of the Tether stable coin (USDT), or it can be converted to points.

6. Huobi Customer Support

The exchange provides superior customer support. Their support is available 24 hours in a day and 7 days a week. The Huobi customer support responds to queries within 2 to 3 hours. The exchange’s customer service interfaces with queries either on the chat application inbuilt on the platform or using the official support email. For the email support, a query must be logged using the official email plus the unique user ID.

7. Supported Countries And Currencies

The exchange is located in Singapore but has been expanding to reach more users with offices in Hong Kong, the United States, among other countries. For the supported currencies, Huobi supports both crypto and fiat options.

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The crypto option includes over 180 coins while the fiat option includes the U.S dollar, the Chinese Yuan, the Singapore dollar, etc.

8. Huobi Fees

The fees charged by the exchange are higher compared to other exchanges like Binance. For example, market takers and makers are subjected to a 0.2 percent fee while Binance caps its fees at 0.1 percent. However, this is not the highest among exchanges considering GDAX charges a 0.3 percent fee.

9. Huobi OTC

Huobi offers an over the counter trading option which connects buyers with sellers. The trades do not appear on the exchange. OTC allows handling trades involving large amounts without moving the crypto price needle on the platform. The OTC option allows deposits in major fiat currencies like the U.S dollar, Chinese Yuan, among others. It also supports deposits as lows as 10 U.S dollars.

10. Huobi Margin Trading

The exchange supports margin trading. This option is recommended for people with a thick skin when it comes to losses and who have a huge appetite for profits.

Margin trading allows borrowing a loan and using the same to trade cryptocurrencies. Whether you make profits or losses, the loan has to be paid. Being a loan, the more it stays unpaid, the higher the interest amount will be paid.

11. Huobi Autonomous Digital Asset eXchange (HADAX)

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HADAX is a version of Huobi with the only difference being that it is used to trade cryptocurrencies with a high-risk tag. The risk is escalated since the cryptos listed on HADAX do not go through the same rigorous listing process employed on coins being listed on the normal exchange.

Conclusion

Huobi is one of the crypto exchanges that have been on the forefront in testing different approaches in enabling virtual currency trading. Although it has relatively high fees, having an effective mobile application and an alternative trading platform makes users look beyond the fees. Huobi’s margin trading has helped experienced cryptocurrency traders to make profits on shaky ground.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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