Huobi: A Comprehensive Review

Huobi: A Comprehensive Review
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Cryptocurrency is always at a risk of being a gamble for many. Picking out which cryptocurrency you should invest into is never easy. There are ones that are thrive in the market now, ultimately ending up losing money tomorrow. How to tackle such a situation? In reality, you cannot. 

You can however invest in cryptocurrencies that you find worthy. So let us talk about one such cryptocurrency today- Huobi. Should you invest in it? Should you consider it to have future potential? Here is our review on Huobi. 

About Huobi

Huobi is a cryptocurrency exchange founded in China. They operate in countries such as Japan, South Korea and Hong Kong. Huobi were affected by the ban from 2017, which caused them to stop Bitcoin operations and withdrawals. They still operate as a blockchain consultation and research group, however.

Since November 2020, Huobi has successfully launched what is known as Huobi Labuan. This would be their way of realizing crypto trade in Malaysia, under proper rules and regulations. Although having faced controversy a few times in their history, Huobi have succeeded in fighting back. 

Not only that, but they have greatly overcome a lot of obstacles. You can probably guess that being a crypto platform from China is not easy, as they have strict laws and regulations to operate there. Surprisingly, Huobi have fought back and done some credible things today. Let us understand some of these. 

Top Features

There are some features that makes Huobi special, let us go through some of these now.

Trading Pairs

When investing in Huobi, you will never have to see the same digital assets. Granted, that you can if you want to. The point is that the trading pairs come in an amazing amount of variety. In the East, it is probably not a common feature for a crypto currency to have so many trading pairs.

This large selection of trading pairs mainly focuses on crypto currencies from Asia. Huobi includes exchange pairs with some of the highest valued crypto in the market. This includes both Bitcoin and Ethereum, to name a couple.

For those of you not opting to take bigger risks, Huobi can be a great option. This large variety of trading pairs means that you will have many options to exchange with.

Fast Responses from Customer Care

Crypto currency platforms usually end up taking days to weeks to respond. That is not surprising given how many issues and queries they have to deal with. There have been cases regarding Dogecoin and Bitcoin recently that customers have had to contact the platforms for weeks before being met with a response.

This is not the case about Huobi, as they are very fast responding to their customers. Issues with your Huobi account, any error in a transaction or just general information – contact them and you will be met with a response quite fast. Expect to be contact within a few hours after you have initiated conversation.

Protection Funds

With cryptocurrencies, you always run the risk of falling victim to attacks of thefts. There have been too many cases of this and it should worry you as a customer. Many cryptocurrency firms are now trying to implement control over this by having a user protection fund.

Huobi is no different as they are trying to funnel their profit into user protection funds. This idea is going to work as an insuarance policy in case hacks, attacks or thefts take place. If your wallet has fallen victim to such an unforeseen attack, you can contact customer care to see if something can be done. 

This is a huge plust as a customer as you get to stay free of worry. Even if Huobi falls to such attacks and your wallet gets compromised, it is their responsibility to make up for that. 

Professional User Interface

The more recently upgraded Huobi Wallet site and application have a superior interface. When you open the app, you will be able to browse all the assets  that are available at that particular moment. You will also be able to make payment for whatever you purchase right on the home screen.

On previous versions of the Huobi app, there were complains about the simplicity of it. This new redesigned application has fallen into good grounds with them. Users will also be able to add their favorite coins that will already be implemented into the application.

The application also supports the top eight coins in the current cryptocurrency market. This makes transactions of assets convenient and comprehensive.

Restricted from Third Parties

Huobi wallet lets you have full control over their assets. There will not be any third party involvement when managing private keys. You will find great convenient in exporting private keys and managing the security of assets. 

If you are trying to look for modifying the wallet’s name, this will also be possible for you. Hiding the wallet and other nitpicks can be adjusted according to the personal preferences of the user.

Institutional Trading Accounts

Huobi has been able to attract the attention of big game traders over the last few years. This means that you will be able to carry out exchanges on the platform, while other institutional accounts do too.

This makes the platform more reliable and secure, as ensured by Huobi. 

Encryption and Security

Huobi, being a Chinese firm has already got a secure system taking care of everything. The Huobi team have also created a keyboard system to make sure that your information stays secure. 

To give you an idea for this, let us consider the fact that hackers are very creative in today’s day and age. Often, they will try ways to read your inputs from your keyboard. This means they can read everything you type on your phones or keyboards. 

Huobi’s secure keyboard keeps you safe from such attempts as their keyboard inputs include encryption. Adding to the data encryption and secure isolation, this makes your Huobi wallet greatly safe, thanks to the Huobi Wallet Security Team.

Public Beta Blockchain

Huobi have launched their own personalized Blockchain in early 2020. Aptly named, the Huobi Chain is an open source public blockchain. It was designed to provide global blockchain based transactions with a financial infrastructure. 

This high end DeFi technology is in beta testing phases however. Nervos (a development partner) had assisted Huobi in implementing this new Blockchain idea of theirs. 

The Huobi Chain will be able to deploy financial services, including tokenized assets, identitiy verification, exchanges of crypto and lending services for those who may need it. 

Huobi: A Comprehensive Review

photo-Glenn Carstens-Peters

Review Summary

That was our descriptive analysis of the features that you will find through Huobi. Now let us take a more brief approach to understanding the disadvantages of Huobi. Let us get down into the pros and cons. 

Pros:

  • Multiple Institutional Trading accounts included
  • The minimal deposit needed to register is just over $50
  • Consistent 24/7 customer care and service is supported
  • Very wide range of pair exchanges for crypto trading
  • Great selection of educational resources 
  • Intuitive security system to make sure that your data is safe
  • Custom Huobi Chain implemented under the Huobi platform
  • Lets you start off contract trading right away after registration

Cons

As we have gone through a wide variety of pros and features, now we will talk about the cons. Spoiler warning, there are quite a few to keep in consideration.

Not Regulated

Huobi transactions are not regulated by the Seychelles Authority. This means that there was never a license issued to Huobi that allows them to conduct their services properly. The regulation body has seen instances of needing to warn the customers and investors when engaging with the platform.

Only Cryptocurrency Trading

Huobi have faced lots of criticism for this. They have created their platform for crypto trading only. This means that you cannot buy or sell anything else here. So in case you were looking to give your GPU away to the platform, you can forget about that as Huobi does not provide such a service.

No Clients in USA

Huobi, being a Chinese platform, do not have any clients in the USA. Despite having their network legally available to the USA, Americans have chosen to stay clear of Huobi.  

Not Good for Beginners

There are plenty of regulatory nitpicks and inconveniences that arrive with buying into Huobi. If you are experienced with cryptocurrency, then this is a good decision for you to opt for.

If however, you do not have much experience in the crypto scene, its best to stay away. You might risk losing money as well as risking your data.

Frequently Asked Questions (FAQ)

Here are some of the frequently asked questions that seem to occur the most in forums. 

Is Huobi a Cryptocurrency?

Yes, but not limited to it. Huobi is a cryptocurrency exchange platform, but there are other services that they provide too. This might cause users to get confused when seeing the Huobi name attached to other services. Aside cryptocurrency, they also have their own educational services and blockchain research units. 

Is Huobi a Fraudulent Platform?

No, they are not. You may be deceived by some of the headlines online at times, but Huobi is not fraudulent or a scam. The headlines you may have seen were possibly about clients under Huobi, who have been persecuted by the law for a scam.

This does not tie with Huobi directly, as they are not to be held responsible for the action of their clients. 

How Can I withdraw Digital Assets?

To withdraw digital assets that you already own, go to the global platform of Huobi. You will find the pro button at the upper right corner, and the deposit button on the balance page. You can find the rest of the instructions listed below there, if you wish to withdraw your digital assets.

Can I start Crypto trading Right Away?

Yes you can. Log in to the application or website, and opt for the Markets button. It will be available at the bottom left on your mobile application. This will let you view the prices of all the currencies tied to Huobi.

Choose the trading pair you want to go for. After clicking on any one, you will see a more detailed graph showing the rise and drops in prices of that particular cryptocurrency. You can then click on buy or sell to start off your journey with Huobi, or extend it further if you already have transactions with them.

What is Contract Trading?

Contract trading simply refers to how two investors can make a trade between themselves. You can do this by clicking on the contract button at the bottom of your Huobi Pro app.

After that, you will find an option named contract trading that lets you start away. Click on the open button, and this will run your through some verification steps. Proceed further after accepting user agreement and then click confirm button.

That is all! You are now open to start contract trading. Margin transfer is just one of the many options that will now be open to you.

Final Thoughts

The world of cryptocurrencies is a fairly new and mysterious one to many. Unlike a lot of other services, there are many issues at hand with crypto that will not be solved at any time soon. Huobi is just one of many platforms as such, but they have their advantages. For a platform like this to become more secure and trustworthy, it will take a lot of time and effort from the company itself. 

If Huobi has attracted your attention with any of the features mentioned above, feel free to invest in. They are still on a gradual growth, so do not invest too much into this. We do not encourage you to take big risks with the world of crypto, as it is still very open to change.

We hope this article has helped you understand the world of Huobi a little better.

You can also read- Bibox Exchange Review

Written by adminbitkch

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