HTX Exchange Review

Description

HTX is a global Bitcoin exchange founded in China in 2013 as Huobi 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 limited transactions without KYC verification. To fully use all the tools and functions, you must complete the ID verification.

HTX Features

HTX not only allows you to buy and sell Bitcoin, but it also offers a diverse set of features, including:

• OTC trades: HTX’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: HTX P2P platform allows users to trade directly with other participants.
• Spot Trading: You can buy or sell bitcoin at current market prices.
• Futures Trading: HTX also offers Bitcoin ETFs, allowing buying and selling bitcoin future 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 HTX, 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 stake bitcoin to earn rewards.
• Savings: HTX offers a savings account where users can deposit their sats to earn interest.
• Crypto Loan: You can pledge your cryptocurrency holdings on HTX to borrow other crypto assets.
• HTX 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 HTX Works

Start by registering on the HTX 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. HTX 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 HTX wallet address. You can copy the deposit address directly or scan the provided QR Code to get the address. In regions where HTX 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.

HTX Supported Currencies and Payment Methods

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

HTX 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. HTX 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 HTX 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 HTX 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.

Which Countries Allow HTX?

HTX operates in a wide range of countries across various continents, including the Americas, Europe, Asia, Africa, and Oceania. However, HTX faces restrictions in certain jurisdictions due to local regulatory requirements. For instance, it does not operate in UK, Mainland China, Hong Kong, United States of America, Canada, Japan, Venezuela, Singapore, Uganda, Turkey, Pakistan, Nicaragua, Mali, Jamaica, Ghana, Germany, Cambodia, Albania, Bolivia, and Ecuador.

The availability of services may vary depending on the country, with some regions having access to only certain features like spot trading while being restricted from derivatives trading. As regulations and service availability can change, it is advisable to contact their support for the most current information.

HTX Fees

HTX does not charge any fees for deposits. The exact withdrawal fees and limits can be viewed by logging into your HTX account. The service charges a base fee of 0.20% for spot trading for both a maker and a taker. HTX 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.

How Safe and Trustworthy Is HTX Exchange?

HTX Exchange implements a range of security measures to protect user funds and data. This includes advanced encryption technologies, regular security audits, multi-signature wallets, and a robust anti-phishing framework. Two-factor authentication (2FA)](https://h17n.com/2fa/) further enhances account security.

To demonstrate its commitment to transparency and security, HTX Exchange also has a proof of reserve mechanism in place. This ensures that the exchange holds enough assets to cover all user deposits. Additionally, HTX Exchange operates a bounty program that incentivizes security researchers and white-hat hackers to identify and report vulnerabilities, contributing to ongoing improvements in security.

Despite these rigorous security protocols, HTX Exchange faced a significant challenge in early 2023. The exchange experienced a severe security breach where hackers exploited vulnerabilities to access and withdraw funds from user accounts, leading to a temporary suspension of withdrawals. This incident raised concerns about the overall security of the platform.

It’s important to note that proof of reserve, such as the one provided by HTX, doesn’t fully guarantee the safety of funds, as it doesn’t account for liabilities not represented in user balances (e.g., loans or leverage). However, it does offer a layer of trust and transparency that can increase user confidence in the exchange’s solvency.

HTX is a KYC exchange, which won’t be suitable for you if you are highly concerned about your privacy. You can, however, enjoy limited trading functionality without KYC. In this case, you might want to consider a non-KYC exchange for a full trading experience.

Unlike exchanges such as Pocket Bitcoin, Bittr, and Bitaroo that allow users to use their own self-custody wallet, HTX is a custodial exchange, meaning they hold the private keys.

It’s also worth noting that Huobi rebranded to HTX in September 2023, shortly after the collapse of FTX. Some Bitcoin users criticized this move, viewing it as a dishonest marketing tactic intended to capitalize on the fall of FTX.

We would not advise beginners to use HTX for several reasons. The platform has too many features and services that can be confusing to novices, and it is not Bitcoin-only, which means they push altcoins and tokens that can overwhelm beginners. It is highly advisable to focus on Bitcoin-only exchanges to avoid unnecessary complexity and maintain a clear focus on Bitcoin.

More Information About HTX

• HTX website
• HTX on Twitter

P2P Alternatives to HTX