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Huobi Review and Tutorial

Featured image of Huobi

Introduction 

Established in Beijing Province of China in 2013, Huobi is one of the first Exchanges to start its business in Asia. Later they shifted their central office to Singapore. With more than 700 trading pairs and $780M equivalent of daily trading volumes, Huobi is one of the biggest Asia centric exchanges. Their platform provides an easy and intuitive UI perfect for beginner traders. 

They also control their own USD backed stablecoin HUSD and have their own personal token called HT.  


How to Register at Huobi?

Signing up for trading accounts is a simple process. Five minutes of your time is enough to get you an account running at Huobi. 

However, you may need to complete an additional verification process in order to truly make use of their service. It is required to avoid system abuse and trading for illegal purposes. In the following tutorial, we just walk you through the basic process of registering at Huobi. Verification is not covered. 

Registration at Huobi: Quick Tutorial

Below is a detailed walkthrough of how you can get an account up and running in Huobi Global in under 5 minutes. We’ve also provided screenshots for simplicity. 

Step 1: Visit their official website. 

The first step is to visit the Huobi Global homepage here.

Sign up button

On the top right corner, there should be a “Sign up” button. Click on it. 

Step 2:  Signing up with your email 

Huobi provides options for signing up in two different ways. One of them being Sign up with email, the other one being signing up by phone. On our tutorial, we move forward with the email. 

Register with email

In the second red field, as seen in the photo, a city based on your location will be already chosen. If not, then you can click on the drop-down menu and choose a country of your resident. 

In the last field, you need to type your email address where you’d like to register the account. Double-check your email address to make sure it’s correct. 

Step 3: Finalizing registration

When you’re done, you need to choose a password between 8-20 characters. Use a strong alpha-numeric password or a passphrase to make sure it’s secure. 

Finalize sign up at Huobi

You need to re-enter your password for clarification on the next field. 

Then, make sure the User Agreement box is checked and you’re good to go. Click on the “sign up” button to move forward. 

Step 4: Sign-up captcha

The next step requires you to pass their custom captcha. 

Internal custom captcha for Huobi

All you need to do is slide the bar to the extreme right 

Step 5: Email confirmation

Once you’ve gone through the process, you should receive an official email from Huobi on the email that you provided. The email contains a 6 digit OTP that you need to enter in the OTP field below to finish the sign up process. 

Email verification

Congratulations, you’ve successfully signed up for Huobi. 


How to Deposit funds at Huobi?

Huobi supports both fiat and crypto deposits. The fiat list just includes USD, however, after you make the transfer, your funds will be converted to HUSD. But if you wish to withdraw the HUSD will be converted back to USD. They also provide a wide variety of cryptocurrencies you can choose from. 

What is the ratio of HUSD to USD?

Huobi guarantees its customers that the value of USD and HUSD will always be equal. Meaning, the ratio stays 1:1

What are the deposit fees at Huobi? 

Huobi doesn’t charge you any money to deposit funds to your account. But indeed there is a minimum level of how much you can deposit at a given time. 

What is the minimum number of confirmations needed to make a deposit?

Huobi requires a minimum of 2 confirmations from the blockchain network to deposit the funds on your account. 

Deposits at Huobi: Quick Tutorial 

In the following text, we walk you through a quick tutorial on how you can fund your account at Huobi. Screenshots are provided for simplicity. 

Step 1: Open the “Exchange Account” page.

The first step is to visit the Huobi Global homepage here. Make sure, you’re logged in. 

The Account exchanges dashboard

On the top right corner, under the “Balances” tab, choose the first option called “Exchange Account”. 

It will open a dashboard-like page for your deposits and withdrawals. 

Step 2: Choose the deposit option. 

The next thing you need to do is click on “Deposit”.

The deposit section at Huobi

Step 3: Choose your “type” of currency 

The next screen will show you two types of options. Whether you wish to deposit fiats or cryptocurrency. For our tutorial, we go for the second option, called “Tokens”. 

Choose your type of currency to deposit

Step 4: Choosing your cryptocurrency. 

On the top left of your dashboard. There is a drop-down menu where you can select your currency of choice. 

Choose your altcoin of choice for deposits

For our purposes, we move on with Bitcoin. This is a bad thing to do. 

Step 5: Getting the Deposit Address

Finally, the next screen will show you the deposit address of your Huobi wallet. Either you can copy-paste the information or just scan the QR code to get it. 

Generate your Huobi deposit address

Once you send the money. After two confirmations from the blockchain network, the funds will be reflected on your account. 


How to withdraw funds at Huobi?

Withdrawing funds at Huobi is also simple. But you need to pay a small fee in order to make the withdrawal. Not to mention, there is a minimum limit to how much you can withdraw at a time. 

What are the minimum withdrawal amounts? 

For popular cryptocurrencies like Bitcoin, Litecoin, Etherum, the minimum withdrawal amounts are 0.001 BTC, 0.1 LTC and 0.05 ETH respectively. 

What are the withdrawal fees at Huobi?

The withdrawal fees for withdrawal for popular cryptocurrencies like Bitcoin, Litecoin and Etherum are 0.0005 BTC, 0.001 LTC and 0.007 ETH respectively. 

Withdrawals at Huobi: Quick Tutorial

This is a step by step tutorial on how you can withdraw funds from your Huobi accounts. Let’s get started. 

Step 1: Open the “Exchange Account” page. 

First, you need to open the homepage of Huobi

The Account exchanges dashboard

On the top right corner, under the “Balances” tab, click on the first option. It will take you to a general dashboard. 

Step 2: Choose the withdrawal option. 

On the top right of the dashboard, click on “Withdrawal”. 

The exchanges section at Huobi

Step 3:  Choose your “type” of currency.

The next screen is where you’ll be asked whether you wanna withdraw fiats or cryptocurrencies. 

Choose your type of currency to withdraw

For our tutorial, we move on with the second option for cryptocurrencies named “Token”. 

Step 4: Select the cryptocurrency. 

From the top left corner dropdown menu of the “Withdrawal” dashboard, you need to select the currency of your choice. 

Choose your altcoin of choice for withdrawal

We continue with Bitcoin for our tutorial. 

Step 5: Filling up withdrawal details

Once you’ve selected your currency. Then you need to put your local receiving address on the first highlighted field. 

Withdrawal confirmation

Then you need the amount of currency you’re withdrawing in the second field. Just right under that, it will show you the final amount you’ll be receiving after all the fees. Once the required information is provided, you can click on “Withdraw” and approve your accretion. 

And that’s how it’s done. ’ 


Trading Fees

The trading fees at Huobi are definitely higher than what some other Exchanges are currently offering in the market. They also use the taker-maker model to account for the trading fees. 

In terms of spot trading, initially, all the members are assigned Level 1. You can climb up the level ladder and as you buy some of their own HT tokens. The more number of tokens you have, the higher level you reach. 

What are the trading fees for level 1 users? 

Level 1 fees for both takers and makers are 0.200%. In level 2, the number gets 0.180% for both the taker and the maker, and so on. 

The trading fees for normal users are indeed very high compared to other exchanges. But for professional traders who trade a large number of funds, Huobi can become a really lucrative option as their fees get extremely lower if you’re a Pro level user. 

Who qualifies as a “Pro Level” user?

Every person who has traded more than 1000 BTC equivalent worth of funds and currently owns more than 2000 HT tokens are referred to Pro Level users. 

What are the trading fees for “Pro Level” users?

The maker and taker fees for Pro level users are 0.0362% and 0.0462% respectively. But the more HT token you own and the more funds you trade your fees keep even decreasing. 

It can reach as low as 0.0097% for makers and 0.0193% for takers. 


Security: Is Huobi safe to use?

Huobi is operated from Singapore. A place that prioritizes blockchain-based startups. And the track record of never getting hacked also puts them in a very unique list of Exchanges. But it also makes them a lucrative prey for vigilante hackers. 

They provide the necessary security features but lack the most advanced ones. You can use two-factor authentication, google authenticator app to access it but features like unknown IP logs aren’t there. There are no additional steps to verify if you are the actual owner (like extra security pins). 

But physically, it is said that they keep 98% of user funds in cold storage. This is an advantage so that the digital data corruption doesn’t affect it much. 

And although never getting hacked proves a really good point that they’re doing the best internally to keep user data safe, it is advised that you take the responsibility on yourself to keep the data safe on your end, as often most hacks are carried out on individuals than corporations.


Multiplatform Huobi Applications

Huobi has started to expand its presence across the globe. Having just a website is often not enough. With mobile phones becoming extremely handy nowadays, people want these services to be at their fingertips. For the same purpose, Huobi has released their apps across most platforms such as Android, iOS, macOS and Windows. 

Their mobile application adds features such as Huobi Chat, so you can chat with other users of Huobi, they provide professional multi-crypto wallets. 

Another cool feature is their Huobi Pool. You can earn coins through mining, clicking on lock-ins and voting. 


Huobi vs Competitors

Here, we discuss the differences between Huobi and some other Asia based crypto exchange platforms. 

1. Huobi vs. KuCoin

KuCoin is another Singapore based crypto-to-crypto exchange with their own coin named “KuCoin”. The main difference between the two is the trading fees. Huobi takes 0.2% cuts from both makers and takers for a trade where KuCoin only charges 0.1% for both. But given the recent hack with KuCoin, and none in the case of Huobi, the latter takes the crown. 

2. Huobi vs OKEx

OKEx is a Hong Kong based cryptocurrency exchange. Relative to Huobi, they came into the market much later, in 2017. But their trading fees are lower than Huobi as well. They charge 0.1% for makers and 0.15% for takers. Huobi and OKEx both prefer to store their data in cold storage. Another astonishing similarity they share is OKEx has never been breached either. 

3. Huobi vs. Bitfinex

Bitfinex is a Hong Kong based Exchange. But unlike Huobi, they’ve faced massive hacks in the past although now their system is much stable. They provide much more USD liquidity in regards to Huobi and a choice for many other fiat currencies to trade with. But Bitfinex charges 0.1% deposit fee to their users while it’s completely free for Huobi.

 

Conclusion

To conclude, we have to admit they’ve been one of the earliest names in the crypto exchanges industry. Managing to never get hacked even after 7 years of establishment, quite beginner-friendly and easy interface, ability to trade multiple cryptocurrencies with ease makes Huobi a good choice for traders. 


Edit by bitcoin - 10-10-2020, 11:09
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