Huobi Review 2021: Is it Safe to Use?

Huobi is one of the biggest crypto exchange platforms and provides a lot of features such as margin trading, futures trading, trading bot, etc. Hence, in this Huobi review, we’re going to cover all of those features and make sure you understand the platform’s pros and cons.

Summary (TL;DR)

  • Huobi supports more than 200 cryptocurrencies.
  • Currently, Huobi Global is available for 130 countries.
  • The Signup and verification process is quite simple and does not take much time to complete.
  • The platform offers many products such as futures trading, margin trading, staking, ETH 2.0 staking, Prime Pool, etc.
  • With the help of Huobi Tokens, the transaction fees get reduced.
  • The referral program lets you gain extra benefits.
  • Furthermore, you can buy cryptos instantly through Debit and Credit card at Huobi.
  • It has one of the highest security for both user’s assets and data.

What is Huobi?

Huobi is one of the largest cryptocurrency exchange platforms with an impressive $2.3 trillion trading volume, which means an average of 6.3 billion per day. Furthermore, Huobi is a Singapore-based exchange, which was first established in China and was founded by Leon Li. However, now its compliance service team is available in Singapore, Japan, South Korea, United Kingdom, Australia, Canada, Brazil, and Hong Kong to deliver its services to millions of users in over 130 countries.

One of its most extensive offerings has been Huobi Global, a global Huobi crypto exchange that supports more than 200 cryptocurrencies and has 15+ fiat currencies available. They also have a Huobi token or HT, which comes under the top 100 currencies by market caps. 

Huobi
Huobi

How to register at Huobi?

To register at the Huobi cryptocurrency exchange, follow the steps:

  1. Visit the official Huobi website. On their homepage, click on the “Sign up” button in the top right corner. 
  2. On the signup page, you can register either using a mobile phone or email address. Select your preferred choice.
  3. Fill in the fields and click on the “Sign Up.”
  4. You will receive a verification code on your email id or mobile phone based on your choice. Copy and paste it to complete your registration process.
Huobi Sign up
Huobi Sign up

You should carefully select their nationality because you cannot change it in later stages.

Huobi Verification

Before verifying yourself, you should consider the following points:

  • To verify a user’s ID, they can use a passport, ID, or driver’s license.
  • The Name and country of the user must match with their ID.
  • Huobi supports JPG or PNG as the image format.
  • The information on the ID should be visible, and the image should be less than 5Mb.

Now, follow the below steps to complete your verification of the Huobi exchange:

  1. To start your verification, firstly log into your Huobi account
  2. Next, click on your profile icon, and then click on “Identification.”
  3. Choose the type of document you want to upload.
  4. Thereafter, upload the document image, keeping in mind the above points. 
  5. After uploading, you will have to complete the face verification too.
  6. Finally, Huobi will process your verification within 24 hours once you submit all documents correctly.
Huobi Verification
Huobi Verification

How to deposit funds on Huobi?

Users can deposit either cryptocurrencies or fiat. Currently, Huobi supports only three Fiats for depositing, including USD, EUR, and RUB. Moreover, to deposit the amount as fiat, users have to complete their verification. 

Steps to deposit fiat:

  1. Login to your Huobi account and click on “Balances.”
  2. In the drop-down menu of balances, click on “Exchange Account.”
  3. Select the currency you want to deposit and click on the “Deposit” on the right-hand side of your preferred currency. 
  4. Thereafter, select the payment mode, enter the amount. Note that if you want to increase the limit, you have to complete the advanced verification.
  5. Click on “Next” and complete your transaction. 
Deposit funds
Deposit funds

You should note that Huobi allows its customers to buy crypto directly through debit or credit card also. Furthermore, you can also purchase cryptos from a seller on the Huobi P2P market.

Also, read Top 6 Bitcoin Credit Card | Best Crypto Debit Card

Huobi Fees

The Huobi started a new tiered fee structure on 22nd July 2019. The trading fee is generally divided into two: “General Tiered Fee Structure” and “Professional Trader Tiered Fee Program.”

General Tiered Fee Structure

The users whose 30-day trading volume is less than 1000 BTC fall under this category. Furthermore, the “Normal Users” are divided into levels based on their HTC holdings. The basic Huobi transaction fee rate is 0.2000%. However, the amount will reduce, and the level of the user will increase with their HTC holdings. Therefore, the more the HTC, the higher will be the discount on the Huobi trading fee. 

General Tiered Fee Structure
General Tiered Fee Structure

Professional Trader Tiered Fee Program

The users with more than 1000 BTC as their 30-day trading volume falls under the professional user’s category. Generally, the professionals’ maker and a taker fee start with 0.0700% and 0.0850%, respectively. 

Further discounts are given based on their HTC holdings and 30-day trading volume.