Huobi Review: Digital Asset Exchange

Description

Huobi is a global digital asset exchange founded in China in 2013 and headquartered in Seychelles. It offers various payment methods and features, including quick trade, P2P, OTC Desk, staking, and futures and margin trading. The exchange allows you to conduct transactions without KYC (Know-Your-Customer) verification; however, its functionality will be significantly limited. To fully use all the tools and functions, you must complete the ID verification.

Huobi Features

• OTC trades: Huobi’s OTC trading platform is designed for large-volume trades. It enables you to buy or sell significant amounts of bitcoin without affecting the market price.
• P2P: Huobi P2P platform allows users to trade directly with other participants.
• Spot Trading: You can buy or sell bitcoin at current market prices.
• Futures Trading: Huobi also offers futures contracts, allowing buying and selling bitcoin contracts rather than the actual bitcoin. It’s a way to profit from the changing prices of bitcoins without actually owning them.
• Margin Trading: On Huobi, there are isolated margin trading options (when the margin balance is isolated to a specific trade) and cross-margin trading (in this method, all assets in the margin account are used as collateral for the borrowed funds).
• Staking: The service provides the possibility to stack bitcoin to earn rewards.
• Savings: Huobi offers a savings account where users can deposit their sats to earn interest.
• Crypto Loan: You can pledge your cryptocurrency holdings on Huobi to borrow other crypto assets.
• Huobi Earn: This feature allows you to earn interest on your cryptocurrency holdings.
• Rewards Hub: This is a feature for new users who can complete beginner tasks to earn rewards.
• Prime Membership: This feature offers competitive benefits on the platform.
• Copy Trading: The trading strategies of successful traders can be replicated.
• Trading Bot: It offers automated trading strategies.

How Huobi Works

Start by registering on the Huobi website or via a mobile application available for iOS and Android devices, providing necessary details such as email or phone number and setting a password. After registration, you may need to verify your identity, especially if you intend to trade large volumes or withdraw significant amounts. This process involves submitting identification documents. Huobi also recommends enabling 2FA, which requires a second form of verification in addition to the password for added security.

After logging in, you will be presented with options to deposit funds either in the form of fiat money or cryptocurrency. Depositing bitcoin is possible from your external wallets or another exchange to your Huobi wallet address. You can copy the deposit address directly or scan the provided QR Code to get the address. In regions where Huobi supports fiat transactions, deposit traditional currency using bank transfers or other available payment methods.

For buying and selling bitcoin, go to the Quick Buy/Sell page, the OTC DESK page or P2P platform and request a trade that matches your requirements. For withdrawing, click on the “Withdraw” button on the Balances page, confirm the transaction, and the blockchain will process your withdrawal.

Huobi Supported Currencies and Payment Methods

As for fiat deposits, Huobi supports the following currencies: USD, GBP, KZT, UAH, EUR, TRY, RUB, BRL, VND, CLP, ARS, PYG, UYU. For quick buy/sell transactions, Huobi exchange offers credit/debit cards and third-party payment method as Mercuryo. It is also possible to use deposited fiat currencies on balance.

Huobi supports more than 140 fiat currencies on its P2P platform, including ALL, BGN, CHF, CZK, PLN, RON, SEK, TRY, UAH, HKD, AUD, KZT, THB, PHP, and USD. Huobi P2P platform has now supported over 90 types of payment methods to buy and sell bitcoin; among them, there are SWIFT, Apple Pay, Google Pay, Western Union, PayPal, and Revolut, as well as many local options. The Huobi platform currently supports cash in person as a payment method for P2P transactions.

Please be aware of the potential risks and take precautions before choosing this payment method, as the Huobi platform will not be directly or indirectly involved in the transaction, and therefore will not be held responsible for any risks or losses arising from this payment method.

Huobi Fees

Huobi does not charge any fees for deposits. The exact withdrawal fees and limits can be viewed by logging into your Huobi account. The service charges a base fee of 0.20% for spot trading for both a maker and a taker. Huobi employs a tiered fee structure. This means that the fees you pay for trading on the platform are determined by your trading volume over the last 30 days.

More Information About Huobi

• Huobi website
• Huobi on Twitter
• Huobi reviews on Trustpilot

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