Who and how created the Huobi cryptocurrency exchange
Huobi Cryptocurrency Exchange was founded in 2013 in Beijing, before Bitcoin showed phenomenal growth. Today, this exchange is one of the most popular in Asia, and is especially popular in China. The exchange, according to CoinMarketCap, is in the top 6 in daily trading volume and supports automatic trading.
Huobi, one of the largest digital currency trading platforms, allows you to use the most advanced tools. Beginners and experienced traders will find for themselves everything that is necessary for the successful trading of bitcoins, ethereum and other tokens.
Important! 3commas has partnership agreements with Huobi, so services to all exchange users are provided free of charge. This is one of the great benefits of such collaboration.
Huobi crypto exchange was founded by Chinese developers. Leon Lee, having worked for enough time at Oracle, decided to open his own project. In the spring of 2013, he bought the huobi.com domain. In the summer, I managed to launch a working platform, although so far in test mode. After checking all the mechanisms in the fall, the site began its full-fledged work.
In the same year, the project attracted the attention of many large funds, there was rumor about the exchange in the cryptocurrency community. Funds such as Dai Zhikang and Zhen were the first to invest large sums. Already in 2014, the cryptocurrency exchange received the first money from the institutional investor Sequoia Capital – 10 million US dollars. With the growing popularity of the exchange in the world, its trade turnover increased, which by 2016 reached the psychologically important mark of 1 trillion yuan, which is equivalent to 144 billion dollars. By the end of the year, trade exceeded $ 250 billion.
The exchange had a serious problem in 2017, when the Chinese authorities decided to outlaw digital currency trading and ICO projects. After that, the exchange safely moved to South Korea, and also opened its branches in Singapore, Japan and the United States. By the way, at this time the exchange had to change the domain – to huobi.pro. Because of this, the auction even temporarily stopped. In the same 2016, the leadership of the cryptocurrency exchange bought the BitYes platform in order to be able to attract traders from Europe and the USA.
Today, according to the LinkedIn cryptocurrency exchange profile, the company has nearly 400 employees. These are mainly programmers, developers, as well as marketers and risk managers.
How to register and verify
Registering on the exchange is as easy as on other similar sites. Difficulties may arise during verification. This procedure is implemented rather inconveniently, care must be taken when checking personal data.
When you register, you will automatically receive an email from the exchange. You will need to follow the link from the letter to activate your profile. During registration, real information should be indicated, because the exchange has a serious control system. Most likely, the site security service will not confirm the profile with fake data.
Huobi requires the following data:
- Phone number,
- Passport data (name, passport number, date of birth, etc.),
- Bank details.
As usual, to confirm passport data, you will need to take a picture with the expanded main page of the passport. Photos should be of high quality without any traces of photoshop. Name, date of birth and other data should be distinguishable. In addition, you will have to send scans of all pages of the passport to the support service. The phone number is confirmed standardly via SMS.
Attention! Often users are denied registration due to the fact that on the scans of a passport or photograph with a passport the edges of the document do not completely fall into the frame. That’s why I advise you to immediately take high-quality photos and make sure that the pages of your passport do not go beyond the scans.
What digital currencies can I trade on Huobi
In 2013, only Bitcoin and Lightcoin could be traded on the site. Over time, the possibilities of the cryptocurrency exchange have expanded significantly. Today, on Huobi, according to CoinMarketCap, you can trade nearly 300 digital currencies. The top cryptocurrencies traditionally have Bitcoins, Ethereum, EOS, XRP, Lightcoin and their own coin from the Huobi Token exchange. The most popular type of trading on the exchange is the purchase and sale of digital currencies for stablecoin USDT. Using auto trading tools, it’s quite easy to make a profit from a pair of BTC / USDT or ETH / USDT. I strongly recommend that you use the 3commas auto trading features. The service has a free tariff!
Huobi Token (HT) own crypto exchange token is developed on the basis of Ethereum technology according to the ERC-20 standard. Using it, it’s convenient to pay exchange commissions, and HT also allows you to become a member of the exchange’s VIP club (read more on this).
Today, approximately 0.5 billion Huobi tokens are circulating in circulation. The price of HT has been continuously growing throughout 2019 and has now almost reached the level of 5 US dollars.
In the picture below you can see how the HT price has changed in dollars and bitcoins, as well as market capitalization.
Huobi crypto exchange allows users to apply three types of orders:
- Market – allows you to buy and sell digital currencies at a market price.
- Limit – allows you to set the desired price if you want to buy or sell cryptocurrency.
- Stop-Limit – allows you to lock in profit or loss. The user can use an insurance order to close the deal automatically when reaching previously set indicators.
How to deposit and withdraw funds
Until 2017, the cryptocurrency exchange supported the withdrawal of money in fiat, but after the ban of the Chinese authorities and the move to South Korea, the withdrawal in dollars and yuan was canceled. Now all operations on the exchange are made only in digital currencies. That is why, as we said above, USDT is used for trading – a stable cryptocurrency tied to the dollar.
You can withdraw funds from an account on the exchange using the Balance toolkit. To replenish the account, it is necessary to transfer digital currencies to the address specified in the settings of your personal account.
You can withdraw any cryptocurrencies, including the rarest ones. However, it should be borne in mind that for each digital currency on the exchange different fees are set.
It is easiest for beginners to buy digital currencies using the Huobi OTC platform. It can be paid in national currencies, dollars, euros, rubles, etc.
Although a huge number of trading pairs and many other trading options are available on the Huobi cryptocurrency exchange (auto trading, margin trading, etc.), the site has a simple commission system. The seller and the buyer pay 0.2%.
At the same time, commissions for trading the internal token of the HT exchange will be less – this is the so-called “support system”. As we wrote above, the owners of the site tokens can join the VIP-club and reduce the commission for operations. There are five levels of membership, at the first level commissions are reduced by 10%, and at the fifth – by all 50%! In other words, depending on the level of membership, commissions will range from 0.18% to 0.1%.
How exchange trading security is maintained
The security of trading on the crypto-exchange is supported by a multi-level system. There are several types of accounts that have different protection options:
- Linking your account to email is considered the most vulnerable to hacking. It is the default for all accounts.
- Phone number protection is a fairly standard option that Internet banking users are used to. To enter the account, you must enter the code from SMS.
- The highest level of protection gives Google Authenticator. This application allows you to use two-step authentication on your smartphone, which requires you to enter not only a password, but also a verification code.
If you encounter any problems, it is recommended that you contact support specialists. Unfortunately, Huobi workers do not speak Russian. You can communicate with them in either Chinese or English.
You can contact the service by phone, email, via Telegram and using the application form on the site. In my experience, service workers usually respond in a few days. Huobi users generally appreciate the work of the support service, note the courtesy of employees and their desire to always understand the situation.
We list the advantages of the exchange
- 3commas is a partner of Huobi, and all users of this exchange have free services.
- Huobi is a large exchange with huge daily trading volume. It is popular not only among the Chinese, but also known in Europe and the USA.
- A special algorithm checks all digital currencies before listing.
- A special security system 100% protects against DDoS attacks.
- Almost 99% of the assets of the crypto exchange are kept in cold wallets and are protected by multi-signature.
- To protect accounts, Google Authenticator is used.
- A large set of tools and features for working on desktops and mobile systems.
- User-friendly exchange interface for smartphones, which is easy to understand.
- A variety of digital currencies and trading pairs.
- Commissions can be reduced to 0.1% if you become a member of the VIP club.
- There is an interface in Russian (and eight other other languages).
- The exchange has proven its reliability over six years of operation.
Cons of Huobi
- Passing account verification is not for the faint of heart.
- It will be difficult for residents of Russia and the entire post-Soviet space to withdraw funds.
- Some documents necessary for successful work on the exchange are only in Chinese.
How the exchange will develop further
So, we talked in detail about what the Huobi cryptocurrency exchange is like. Today, this site can be considered one of the most promising both in China, and in the United States and Europe. Indeed, in the USA, Huobi works according to all the rules of American regulators and is successfully developing.
The exchange plans to capture new markets. So, in Japan, the Huobi leadership bought the Bit Trade crypto exchange, a branch of the Myhuobi.ru exchange in Russia was founded. Soon new exchanges will be opened in Africa, South Asia and other regions.
The list of digital currencies of the exchange is constantly expanding and enriched with new outlandish tokens. The most demanding trader will be able to find on the exchange that digital currency that he needs at a given time. Note that both beginners and seasoned professionals can trade on the exchange. Various tools are available, you can use bots and auto trading. With Huobi, everyone will be able to increase their income, including through margin trading. For many users, the HADAX crypto exchange, which we described above, will be useful.
A big plus of Huobi is its constant development. The company’s developers do not sit still and regularly introduce new tools and improvements. So, at the end of last year, the HUSD breakthrough tool was introduced, which allows you to effectively exchange stable coins. At the same time, Huobi launched a new service for trading in digital derivatives. This is a big step towards attracting institutional investors, which, according to many experts, should become the basis for the development of the cryptocurrency industry in the future.
One can not help but recall one drawback that is common to many crypto exchanges, including Huobi. The fact is that digital currency exchanges regularly fake their reporting. So, some sites increase the trading volume by 10 times at once! This follows from a study conducted by analyst Sylvian Rybs. Alas, Huobi has taken its place in this study. The exchange overestimated its performance by more than 5 times!