Huobi Review: Advantages and Disadvantages of the Platform

Huobi is a cryptocurrency exchange with high-quality trading and is distinguished from its counterparts by its high reliability and asset safety. It was founded in 2013 before Bitcoin showed phenomenal growth. Today, this exchange is one of the most popular in Asia, especially in China.

Huobi cryptocurrency platform is suitable for both professional traders and beginners. The transaction fee here is relatively low, and with the high liquidity of digital currencies, you can make good money on this service.

Huobi’s Services 

Huobi provides its customers with access to the following:

  • Exchanger

You can not only place your orders for the purchase and sale of cryptocurrencies but also exchange currency at the bargain price that the exchange offers.

  • Margin trading

This is exactly the same as with cryptocurrency trading, but not all markets and all currencies are accessible and account for such trading are separate. You will trade on borrowed funds which you will then be required to repay.

  • Using the opportunities that are associated with the development of blockchain technologies

You can take part in the development of various projects through the Huobi Labs application. Also, your project may receive financial support if it receives the approval and interest of investors.

  • Using votes to promote the best crypto projects

You will be able to help promote projects in which you yourself are interested and make good money in the future.

How To Trade On Huobi

To start trading on the platform, the trader must go to the first item “Exchange” on the toolbar. By selecting the appropriate menu item located next to the logo, you will get access to the following interface.

Next, you should choose the market in which we will trade. You will see all the currencies corresponding to it, for example, BTC / USDT.

On the right is a chart with all sorts of settings for analyzing the course. Scroll down the screen: in the next step, you will determine the type of order. By choosing the type of order, you set the price (if it is a limit order) and the required number of coins to buy or sell. Next, you will need to click the “Buy” or “Sell” button. You can also make a deposit here – the “Deposit” button opposite each currency, and there is also a section with the “Commission” button (usually 0.2% for any transaction).

You can also find there a list of open orders, order history, market depth, and recent offers.

Is Huobi Safe?

Huobi cryptocurrency exchange has a high degree of security. These features can be activated on the “Account and Security” tab in your account.

Huobi functionality allows you to attach a mobile phone to your profile, and every time you try to log in to your account, the system will request a code that will be sent to your phone as an SMS message. You can also synchronize your account with an email to increase the complexity of the access to it by unauthorized persons. In addition, the platform uses a specialized distributed system of protection against hacker attacks and 98% of user funds are stored offline on cold wallets with many signatures.

Review results

Huobi Cryptocurrency Exchange is a popular and quite good trading platform that provides traders with the opportunity to work with more than 200 pairs of cryptocurrencies, divided into 3 main markets: BTC, ETH, and USDT.

Huobi trading terminal has good functionality: clients can build a variety of charts, choose time periods, use a set of options to configure charts. The technical indicators of the platform in their functionality are practically not inferior in capabilities to the MT4 terminal tools. Moreover, the exchange provides a wide range of information regarding open orders, transaction history, and market depth. 

But in addition to the advantages, traders should also pay attention to the following disadvantages of the company: a complicated procedure of identity verification, limited methods of replenishing the wallet and withdrawing funds and some information sections that are available only in the Chinese language.