Person 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’ll be able to even full tasks like account registration and verification directly via the app. In Google Play, the Huobi Global app has a mean ranking of 4.1 stars out of 3,730 reviews. Nevertheless, in December 2018 and January 2019, some customers have stated that the Android app won’t let them login on account of an error with Captcha. On the Apple App Store, Huobi boasts an average ranking of 4.9 stars out of over 4,800 reviews.
Many centralized exchanges serve as the only real, centralized market maker. In distinction, Huobi also means that you can trade over the counter (OTC). This means that you can purchase and promote cryptocurrencies peer-to-peer on Huobi. Regardless that this option exists on the alternate, it has but to gain adoption from traders. Various commenters have mentioned that there’s a lack of OTC offers. Still, this is still an modern technical feature.
If you’re a margin trader, Houbi has a separate platform specifically for this. You can access this by going to the margin tab within the header. The amount of leverage you’ll be able to have varies from coin-to-coin. For example, BTC is around 3x. Compared to different margin trading platforms, this is low. Nonetheless, it’s an attractive option for potential users.
In December 2018, Huobi Spinoff Market issued BTC contracts and ETH contracts (together with weekly, bi-weekly and quarterly, respectively), and flexible 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 other exchanges, Huobi continues to excel from a security perspective. Many prime exchanges suffer from giant-scale hacks, with various outcomes by way of trading quantity afterward. In 2015, a Bitstamp hacker withdrew 12,000 BTC from Huobi. Nonetheless, this situation did not relate to the security of Huobi. Huobi reported a DDOS assault in 2015 but this didn’t cause a safety breach. According to one review, a person person lost USDT and EOS on Huobi. This reviewer states that the issue was caused by a technical error with Huobi’s 2FA. One comment suggests 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 trade stores around ninety eight percent of funds in cold wallets. Moreover, Huobi now makes use of a decentralized trade construction to forestall DDOS attacks. The trade even has a Person Safety Fund Initiative. Twenty p.c of net revenue that the exchanges beneficial properties from trades will go to this fund, which it can use to buy back Huobi Token (HT). It also has a service called Huobi Safety Reserve. As a part of this, the trade plans to store 20,000 BTC for insurance. This is a preventative measure that will help Huobi reimburse customers within the case of any future hacks.
Huobi has a 0.2 % price that applies to each market makers and takers for quantities between $zero and $5,000,000 over the course of a 30-day period. As compared, different prime exchanges like Binance have 0.1 percent fees. Meanwhile, GDAX has 0.3 p.c fees.
In January 2019, Huobi Global launched a tiered charge construction that significantly reduces charges for higher volume traders. This is comparatively aggressive when compared to different exchanges. Customers even have the option to reduce trading fees on Huobi by becoming a VIP member. This involves paying a monthly fee of HT, which varies depending on the membership level (1-5).
Like most exchanges Huobi has no fees on deposits. However, Huobi does have withdrawal fees and minimums that fluctuate from coin-to-coin. For example, withdrawing Bitcoin (BTC) prices 0.001 BTC, with a minimal withdrawal quantity of 0.01 BTC. For Tether (USDT), the flat price is 5 USDT and minimum withdrawal quantity is 20 USDT. General, this signifies that Huobi fees are usually higher than most exchanges for lower withdrawal amounts. A few exceptions exist. For instance, TUSD has a withdrawal minimum of $20 but a withdrawal charge of only $2.
Foreign money Options
As of the top of January 2019, Huobi has 182 cash and 416 trading pairs. There are three major crypto markets for trading pairs (USDT, BTC and ETH) and one main fiat market (USD) for the US market. Some of the prime crypto-to-crypto trading pair options (by trade volume) include 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 almost definitely because USD foreign money withdrawal and deposit services didn’t grow to be available till January 4, 2019 for United States residents. At the moment, for US residents wire transfers are the only option. Huobi also requires stage 2 verification to access this feature.
For various locations throughout the world, it is best to check whether or not Huobi supports trading on your native currency. If you’re in the US, for example, you most likely won’t see the option to trade Australian Dollars (AUD) on the Huobi platform, however you’ll in all probability see an option for USD and vice versa. In other words, you probably will only see the fiat forex that’s utilized in your current location.