Huobi Pro Review: Cryptocurrency Exchange and Token
About Huobi Pro
Huobi Pro is a popular cryptocurrency exchange and financial services group which has been operating in the industry since 2013.
Huobi.pro is a brand operated by Huobi Global Limited, a company based in the Republic of Seychelles. The financial group was first established in Beijing, and because of this, they focused mostly on the Chinese market in the beginning. After the Chinese government started cracking down on cryptocurrency exchanges in 2017, Huobi started expanding its trading operations to more locations from all over the world.
Even though it currently operates in over 100 countries, Huobi is still very much concentrated on the Asian market, having offices Japan, Korea, and Hong Kong, along with its main office in Singapore.
Huobi also has one office that handles operations in the U.S. But, as of May 2018, site visitors from the U.S. cannot register on Huobi’s platform because of U.S. regulations. The company has expressed its intent to open a service for U.S. citizens in the near future, which will be headquartered in San Francisco, California.
Huobi Global also has under its management HADAX (Huobi Autonomous Digital Asset Exchange) which is the first ever exchange to feature autonomous token listing. On this platform, HT token owners can vote for the tokens that they want the HADAX exchange to list and sometimes if the winning token complies with Huobi Pro’s listing standards, it is also featured on Pro.
Huobi Account Registration
Creating an account on the exchange is quite easy. On the top corner of the homepage, one can access the link for the account creation. You will be asked to select your country of origin, but be careful as this cannot be modified once entered.
You will then be required to supply either a telephone number or an email address, and then select a username and password for your account. Huobi warns that the email address verification might be mistakenly sent to your spam inbox and that you should check your spam folder for the verification email.
Once the account has been created, and your email has been verified you will be able to log in. the first time you log in, a welcome screen will appear which will feature cryptocurrency purchasing options with Chinese Yuan (CNY), US dollars (USD) and Singapore dollars (SGD) by making use of their OTC service or transferring currency you already own onto the exchange.
The OTC (over-the-counter) section of Huobi lets potential buyers and sellers move large amounts of coins without being exposed to the erratic exchange market. Only certified merchants can register here, and performance declines can be lessened by pairing buyers and sellers directly instead of making market orders.
HT Token & Its Benefits
Huobi Pro’s and HADAX exchange have a native token which is called the HT token (Huobi token), which is an ERC20 token issued by the Ethereum blockchain. Owning this token lets users gain access to exclusive benefits. HT token holders can benefit from the following:
- HT token payers can receive trading fee discounts (up to 50%) as well as VIP memberships.
- HT token holders can vote for which tokens can get listed on HADAX exchange.
- HT token offers liquidity. The tokens are also repurchased by Huobi each quarter and allocated to the Huobi Investor Protection Fund.
Huobi Pro currently supports more than 275 currencies and their respective pairs. The full list can be found on CoinMarketCap. Some of the popular currencies it supports are the following: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Dash (DASH), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC), Monero (XMR), and Ripple (XRP).
Huobi Pro offers its trading and financial services in more than 130 countries and has opened trading offices and operation bases in Singapore, the United States, Japan, Korea, and Hong Kong. The platform also offers support for 13 languages for its customer.
Fee Schedule of Huobi Pro
Huobi Pro exchange features nominal fees and uses a maker/taker agenda for the trading fee in this manner: Maker fees consist 0.2% and Taker fees are also 0.2%.
But, as mentioned above, this fee can be considerably diminished (up to 50%) by purchasing a VIP membership for the exchange. The subscription can be bought on a monthly basis, and a user can also become a VIP by buying different plans.
Huobi.pro has implemented various security features to keep the funds of its users secure. Upon signing up for an account, you are required to enter and confirm your email address. The user also has the option to link and verify their phone number, as well as activate a 2-factor authentication mechanism by using Google Authenticator. The user will also be asked to provide a photo of their ID before their account can be fully verified.
Huobi.pro claims it uses a decentralized framework and anti-DDoS security system, having over 98% of its crypto funs kept in multi-signature cold wallets.
Should a customer have any kind of issues with their account, Huobi claims that their support team is available to answer to their questions and problems 24 hours a day, 7 days a week, 365 days a year. Customer support can be accessed through live chat or one can leave a message on the live chat instead. The site also features an online help center that has answers to a range of FAQs.
Huobi is an established crypto exchange platform that has been for quite some time on the market. Its services can be considered secure and reliable, and both experienced and beginner traders can benefit from its security and many trading options.