Huobi Review for Australia 2022
Making Cryptocurrency Simple
Huobi was founded in 2013 by Leon Li in Beijing, China, though soon after China passed a law that forbade crypto and ICOs altogether and the platform was forced to relocate. It currently resides in the Seychelles and Singapore.
Huobi supports a selection of 700 tokens and derivatives and is regularly featured among the top cryptocurrency exchanges when it comes to trading volumes. The platform offers advanced trading features, such as margin and futures trading, swaps on both coin-margined as well as USDT-margined currencies, a dedicated OTC desk, and exchange apps such as the Huobi Wallet and the Huobi Chat, which make the life of a trader a whole lot easier.
Their security measures are nothing to scoff at either, as Huobi has a BTC Security Reserve Fund with 20,000 BTC at hand and keeps all user funds in cold wallet storage.
If you’re looking for other reliable cryptocurrency exchanges based in Australia, you can read more here.
About the Exchange
Huobi has managed to grow into one of the biggest and most prominent crypto exchange platforms by supporting ICO tokens and a slew of digital assets and cryptocurrencies. At the same time, it’s making serious strides in the advancement of blockchain technology.
With over 3 million registered accounts, Huobi not only survived the Chinese ban on ICOs and crypto trading, but thrived on top of it, as it expanded its infrastructure to the USA, South Korea, and Japan. So, the crypto ban in China and Huobi’s expulsion from the nation could not prevent the exchange from growing operations, and Huobi presently has over 3 million active account holders.
Huobi Pro is Huobi’s flagship extension that houses over 100 of the most popular cryptocurrencies, where users are able to choose any pair and swiftly engage in multiple trades, enjoy the high liquidity pool, and engage in advanced trading features, such as margin trading and stop order trading.
Huobi cleared $4 billion in its first three months and a staggering $247 billion by 2016. Traders have chosen the platform time and again largely due to its easy-to-use interface that is seamless to navigate. Users have everything sorted out for them: all the features and data they need are just a tap away. The platform’s HADAX exchange extension offers a selection of more obscure tokens and altcoins but still runs on Huobi’s API and intuitive interface.
Huobi is accessible from all major operating systems, such as Mac, iOS, Windows, and Android. It offers margin and futures trading for Bitcoin (BTC) as well as Litecoin (LTC) and Ethereum (ETH), with up to 5x leverage as well as features such as limit order, market order and stop limit order that come at a 0.1% fee during the initial 24 hours.
The Flash Trade function features a comprehensive market chart, as well as an order book and a chart index. Here, users can preview trading volumes in real time, as they’re coming in. If you happen to be familiar with Binance’s SAFU trust fund, then you will easily wrap your head around Huobi’s user protection fund that covers users, their assets, and their wallets in case of a breach, hack, or any other unfortunate event.
From the very beginning, Huobi had its sights on moving forward, so it comes as no surprise that the trading platform offers swaps, C2C, and margin and futures trading markets. The platform also features an OTC (over-the-counter) desk along with dark pool trading, which is geared towards institutional investors. The Smart-Chain analysis feature offers users valuable insight into over 50 trade indicators. If all that wasn’t enough, Huobi also provides users with the option to code trading bots via Huobi API keys and REST API.to, an application programming interface that interacts with and integrates web services.
Huobi offers the latest technological advancements in security. It offers 2-factor authentication in the form of SMS messages as well as authenticator apps.
The platform has an advanced security infrastructure that keeps 98% of client assets in cold storage wallets, offline. In order to access the funds, users have to go through the multi-signature protocol. Huobi has never been breached or implicated in a cybersecurity scam in the whole of its existence.
Huobi Fees, Limits & Payment Methods
Huobi is constantly shoulder-to-shoulder with some of the biggest and most well-known crypto exchanges such as Bibox, KuCoin, and Binance. Users can choose a preferred deposit method including credit card transfers, debit card transfers, bank transfers, or instant swap providers such as Osko and PayID.
The platform accepts deposits in the form of cryptocurrency, namely Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), and their native Huobi Token (HT), as well as fiat currencies such as US Dollar (USD) and Chinese Yuan (CNY) currencies. The Huobi cryptocurrency trading fees are very competitive and they are the same for both makers and takers. The platform administers a flat 0.2% trading fee that can go down to 0.1% for customers dealing in larger trading volumes. The withdrawal fees come in the form of mining fees. The trading platform can be used without KYC tests, however, this does restrict withdrawals to a 0.1 BTC per day.
The HT token is powered by the Ethereum blockchain and is not given as an ICO, rather a loyalty scheme. The HADAX platform allows users to voice their opinions regarding new tokens and their employment. When users are in possession of Huobi tokens and place orders dealing in Huobi’s native digital asset, then they are in for big discounts on trading fees. The trading platform also offers VIP memberships which can further reduce trading fees up to 65%.
Huobi provides swift solutions and is known to respond to user questions in less than an hour. This is very impressive as the platform has a vast and diverse clientele on a global scale.
The support team can help you in both English and Mandarin and can be reached by email, telephone, or online chat. Users can also file for a ticket for their quarry or resort to Huobi’s social media pages and messaging apps.
- Supports over 300 cryptocurrencies and tokens
- Impressive platform interface
- High-level cyber security system
- Users have the right to vote on the alternative HADAX exchange which supports multiple altcoins
- Good customer support
- Does not support fiat deposits and withdrawals
- The verification process is quite slow
Frequently Asked Questions
Is Huobi safe?
Yes, the exchange platform has never experienced a breach or fallen prey to a scam. Plus, it stores almost all customer funds in cold storage. Huobi’s security infrastructure plays a big role in why the platform has been able to grow as quickly as it has and why it’s regarded as one of the most trustworthy crypto exchanges on the market.
Does Huobi have a mobile App?
Yes. The platform offers a mobile app that is compatible with both iOS and Android. The app mirrors the desktop interface and offers users all the regular bells and whistles.
Furthermore, new users are able to register an account and go through all the verification steps directly from their mobile phone app – not a computer mouse in sight.
A Few Words Before You Go…
Huobi is one of the quickest rising and expanding exchange platforms in the crypto industry. It has dealt with every obstacle that has come its way and has only managed to grow and further establish itself in the process. They even have their own native coin, a VIP membership, and a User Protection Fund. The platform offers different affiliates and extensions based on user location and their customer support is up to par with their offering. If it isn’t already, Huobi should definetry be on everyone’s short list of favourite crypto exchanges.