If you’re wondering what Huobi is, how it works, and where it came from, this guide is for you! I’ll tell you everything about Huobi, from its history to its features, services, pros and cons, and how to register.
Huobi is a blockchain-based digital asset exchange headquartered in Singapore. They offer trading services for digital currencies, tokens, futures, and binary options. The exchange supports fiat and cryptocurrencies for trading. It is a member of the Blockchain Association of New York.
Although many cryptocurrencies have suffered a bear market, none have ever been as brutally crushed as bitcoin was in 2017. Chinese authorities shut down the world’s largest and most important exchange for all cryptocurrencies. After the shutdown, most cryptocurrencies experienced their biggest losses in history. All the essential factors about the platform are discussed to help the traders understand how it works and what benefits it offers.
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Quick Overview of Huobi
Huobi is a Hong Kong-based cryptocurrency exchange that offers an extensive list of cryptocurrencies for trade. You can also insulate yourself against risk by taking out a full protection policy through them.
Customer service should be provided on multiple channels. Click here to check out the huobi global review by Traders Union Analysts.
What Is Huobi?
Huobi is a digital exchange that allows users to buy, sell, and trade different types of cryptocurrencies. Initially headquartered in China, it has since relocated to Singapore, where it continues to develop and support the growing industry.
Huobi moved its headquarters from China to Singapore. And following the Chinese government’s ban on ICOs, it also established its offices in other parts of the world like Hong Kong, the US, and South Korea, and started to explore the crypto markets in Japan.
This is why many crypto traders have been looking at alternatives such as the Huobi Exchange, which has over 3 million active account holders. Huobi has the potential to become a global exchange for the world’s crypto-traders. Sign up now.
How Does Huobi Work?
Huobi is one of the most popular trading platforms where a wide variety of cryptocurrencies are listed for trading. In addition to the listing, users can select their preferred pairs for trading.
History of Huobi
Huobi’s history is the story of Leon Li, who was a former Oracle Engineer who bought the Huobi domain and then took on BTC live trading. In 2013, he was prompted to capitalize on the emerging Bitcoin market in China and did so by raising capital. Sequoia Capital was among his investors.
By 2016, the Huobi token has quadrupled in value. It has shown that it will be able to capture the Asian market.
As per Huobi reviews, Huobi is the largest crypto-to-crypto exchange in the world, as they have a huge customer base. Moreover, their market cap is also one of the highest.
To combat this blow, Huobi, in one single move, decided to pull out all of its crypto operations from China and came up with an alternative plan. Huobi migrated to Singapore at that time, and it focused solely on the Chinese market until then.
The exchange was able to survive in the crypto industry only because of its innovative approach to trading. This led it to expand its operations globally; it started to explore markets in Japan, Russia, Korea, etc.
Features of Huobi
Easy User Interface
The Huobi website is easy to use. The platform is easy to navigate and balances functionalities, visual pleasure, and elegance. There are proper price feeds, charting tools, and market depth data organized structurally within the trading interface.
The alternative HADAX crypto market, which supports smaller tokens and altcoins, also benefits from Huobi’s professional interface and functionalities.
Multiple Order Types
Multiple order types. The exchange offers the following order types:- Limit order. Market order. Stop Limit order. It supports margin trading in Bitcoin (BTC) and Litecoin (LTC) with 5x leverage and a fee of 0.1% for 24 hours.
This is one of the most exciting features of Huobi that integrates an order book, a chart index, and a market chart. Flash Trade enables traders to try real-time trading volume, especially at times of high volatility.
Huobi’s security measures are robust. Huobi is incorporated in Singapore, where the crypto regulations are advanced and support numerous blockchain startups. It offers many security mechanisms to protect its users’ accounts like two-factor authentication is available for both SMS and Authenticator apps.
User Protection Fund
You must use a unique ID to use Huobi. For example, the ID will look something like HBC0F8B6Y5H8C9Z. This is a unique string of characters with no spaces, punctuation, or special symbols. It is always in lowercase letters and has a maximum length of 25 characters.
Assurance of getting their funds back in case something goes wrong while trading on the exchange is a massive plus for their customers because it means they won’t have to worry about having their money stolen.
Huobi keeps client assets in multi-signature cold wallets and maintains a 20,000 BTC Security Reserve Fund to deal with serious protection incidents and give a high level of security to its users. Huobi Global is a Seychelles-based unregulated company. This indicates that they may not have a licence in your jurisdiction.
You should also be wary of Huobi because they will be restricted from doing business in Singapore soon.
The exchange has just received regulatory approval to set up a crypto spot trading business in Gibraltar. It already holds a DLT provider license from the Gibraltar Financial Services Commission.
This will allow Huobi to offer its cryptocurrency buying and selling services through a regulated entity.