Huobi Review: Highlights and Drawbacks
Huobi, now known as HTX, is an established exchange designed for pros. If you are one of the many traders interested in buying, selling, or investing in cryptocurrencies, HTX provides spot trading, futures, and leveraged trading options for you.
However, before you choose it as your primary trading platform, what do you need to know? We’ve done all the work for you, and this article provides all the details.
Key Features of Huobi
Huobi has established itself as a powerful crypto trading platform in the Asian market. It allows users to buy Bitcoin, Ethereum, and 700+ other cryptocurrencies. Its trustworthiness is well reflected in its #8 ranking among the world’s best crypto exchanges.
Here are some top features that make Huobi Global stand out despite the market’s intense competitiveness.
1. Spot Trading
You can access the spot market using Huobi’s “Instant Buy/Sell” or the order book. The trading feature allows investors to buy and sell Bitcoin and other crypto investments instantly using different order types. These include:
- Limit Order: This order type lets you choose the highest price you want to buy or sell a coin. A buy limit order can only be completed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.
- Market Order: This order is for investors who want to buy or sell quickly. It allows you to trade at the best available price to save time. However, there is no price guarantee.
- Stop-Limit Order: This order type allows you to enter both stop loss and limit prices before placing your initial order. Should the stop trigger price be elected, the system will submit a limit order at your specified limit price (or better).
- Trigger Order: This is also a type of order designed for risk management; it enables users to define prices that can be used to trigger a trade. There are two types of trigger orders: limit and market. This means that the type indicator tells the system that the user would like to place an order automatically in the trading engine, with a specific price and size pre-set by his order.
2. Copy Trading
The copy trading feature is also popular on Huobi. The tool is dedicated to crypto beginners, allowing them to mirror the trades of experienced traders with solid track records.
You can replicate their trades and copy their strategies for a profitable experience. All you have to do is choose a lead trader from the copy trading leaderboard or search for a trader’s name from the copy trading website.
Interestingly, HTX has a copy trading bot for users who want to automate their trades. So, instead of copying pro trades manually, you can configure a crypto trading bot to follow signals.
However, you should monitor their performance and returns to know if you need to change signals or stick with the same ones.
3. Futures Trading
There’s a dedicated Huobi Futures market where experienced traders can execute derivatives trading. You can short-sell or long-sell BTC and other supported cryptocurrencies using Coin-M and USDT-M contract options.
The flexible leverage for futures trading on HTX is another exciting feature. You can adjust leverages from 125x, 150x, and even 200x based on your risk appetite.
4. Crypto Loans
You can also access decentralized finance (DeFi) lending and borrowing on Huobi. Whether you are trading directly on the spot market or using the HTX over-the-counter (OTC) trading feature, you can access loans for your trading needs.
The loan tenors range from 7 to 90 days, offering flexibility. The loanable assets include BTC, USDT, and ETH. Annual loan rates are as low as 0.4%, and you can get up to 10 million USDT with up to 3x leverage using the OTC loan feature.
5. Huobi Earn
If you’re looking for other ways to make money from crypto outside the typical trading on exchanges, you’ll be excited to know that HTX has various earning features for passive income.
Under Huobi Earn, you’ll find opportunities like crypto staking, which lets you lock up your crypto assets over a certain period and earn rewards. Experienced investors can take their staking activities a notch higher with on-chain staking and liquid re-staking.
There are also flexible/fixed savings and Shark Fin for users to earn money regardless of the market conditions.
Huobi Pros and Cons
Despite its numerous features and exciting perks, Houbi is no perfect cryptocurrency exchange. We highlight the platform’s pros and cons below.
Pros | Cons |
700+ cryptocurrencies are available | Not available in the US |
Copy trading and trading bot | Best suited to experienced investors and traders |
Various yield-earning opportunities | |
Spot, margin, and futures trading are available |
Exploring the Huobi Platform
The first thing to do before using an exchange is to test it. By doing so, you’ll understand its operational mechanism and easily determine whether you should proceed with it. We did the same for the Huobi Exchange, and upon its first launch, it was easy to see Huobi’s dedication to providing users with a modern crypto trading platform. You can easily find basic information about the platform from the home page, including the top supported assets, core products, and security.
These details are a microcosm of what you should expect when you join the trading platform. Here’s a breakdown of our discoveries in relation to the mobile app and user experience.
How to Download and Use the Huobi App
The download process takes only a few seconds. After it’s automatically installed, you can proceed with account registration. The Huobi app is available on Android and iOS, and you can easily download it from the Apple App Store or the Google Play Store.
Alternatively, you can get the app directly from the exchange’s website. All you have to do is click the “App Store” or “ Google Play” icon. You can also create an account by scanning the QR code at the top-right corner of the website’s home screen.
Experience With Huobi Login and Registration
Creating an account is pretty straightforward. Once you click the “Sign Up” button, you only need to enter your email and the verification code sent to it to complete the registration process. After a successful Huobi login, you can use the platform’s demo trading feature to see how things work and test your strategies. That way, you can practice and refine your skills before switching to a live account.
There are no rigorous KYC checks that require submitting multiple documents and undergoing stringent identity checks at the initial registration phase. As a new user, you can even get a welcome bonus of up to 241 USDT.
Review of Huobi Malaysia Operations
As a major player in the Asian crypto market, Huobi was a prominent crypto trading platform in Malaysia until it stopped operations in May 2023. The halt on Huobi Malaysia operations came after the Malaysia Securities Commission (SC) ordered the exchange to shut down due to its unregulated operations. The SC described the exchange’s operations as illegal, leading to the exchange disabling its website and mobile app on digital platforms that are accessible to Malaysian residents.
The decision caused concerns among many investors, especially since there were questions about the platform’s legitimacy and user protection after the ban.
It’s crucial to research properly before trading on HTX or choosing an investment platform. If you reside in Malaysia and need Huobi alternatives, you can opt for licensed exchanges like Binance, Bybit, and Luno.
There are no guarantees, but we may see HTX returning to Malaysia in the future, provided the exchange meets the country’s licensing requirements.
Trading Options with Huobi
Though HTX has its operations shut down in Malaysia, you can still trade on the platform using alternative methods like the Huobi P2P or peer-to-peer exchange and the native Huobi Token.
How to Use Huobi P2P for Trades
This feature creates a secure trading environment where buyers and sellers can connect to exchange cryptocurrencies. The HTX P2P is open to everyone and is easy to use. Interestingly, Malaysian residents can still access HTX via the P2P platform.
The process involves converting fiat currencies into crypto and vice versa. To initiate transactions, you simply have to complete KYC and navigate to the P2P market, where you can find other traders.
However, there are numerous reports of scams and other fraudulent activities on HTX P2P. Ensure you transact with only verified traders on the platform to avoid falling prey to such people.
How to leverage the Huobi Token
The Huobi Token (HT) is the exchange’s native asset that provides users with various trading opportunities and perks. One of the most common uses of the HT token is staking. Investors who believe in the HTX project lock up their HT tokens for long-term opportunities.
The token also allows holders to get discounted trading fees and participate in the exchange’s governance voting.
Apart from these use cases, you can trade on Huobi using the HT token. The trading opportunities include buying and selling the HT/USDT pair on the spot market or entering a futures contract to go long or short on the asset.
If you’re unable to purchase HT directly from Huobi because you reside in Malaysia, you can get it on another exchange and transfer it to your wallet. Afterward, you can access the P2P centre and swap your HT tokens for other cryptocurrencies of your choice.
Review of Huobi Wallet
Huobi doesn’t stop at providing users with a crypto trading platform only. The crypto company also has a secure Huobi wallet for managing and storing your assets. The wallet uses advanced security features like high-level encryption to safeguard users’ funds.
Moreover, you have full control over your private keys and can employ biometric authentication to protect against unauthorized access.
It is also user-friendly, making it ideal for all kinds of traders looking for an accessible crypto storage wallet.
Some key features of the Huobi Wallet include:
- Multi-Currency Support
The HTX Wallet supports diverse cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Tron, and ERC-20 tokens.
- Access to DeFi Platforms
You can seamlessly integrate your Huobi Wallet to buy or sell crypto on DEXs and DeFi platforms. You can also access various opportunities, including staking, lending, and borrowing.
- Integration with Ledger Live
The Ledger Wallet brand is a popular hardware provider that offers different cold wallets to users. Though the Huobi Wallet is a hot wallet, you can connect it to Ledger Live on your hardware wallet for additional security.
Moreover, this makes it easy for you to execute transactions securely via the cold wallet.
- Cold Storage
HTX says its wallet stores a large chunk of users’ coins in cold wallets. The offline storage system makes it difficult for hackers or other malicious actors to steal users’ funds.
Here’s an overview of how the HTX Wallet compares to other popular cryptocurrency wallets on the market.
Wallet Name | Cost | Number of Supported Assets | Software or Hardware |
Huobi | Free | 1,000+ | Software |
Ledger | Starting from $69 | 5,000+ | Hardware |
Trezor | Starting from $59 | 1,000+ | Hardware |
Coinbase | Free | 1,000+ | Software |
FAQ
Yes, Huobi supports both crypto and fiat deposits and withdrawals by visiting the exchange or using the Huobi download mobile app. However, you must have been fully verified to complete a fiat transaction on the exchange.
Huobi safeguards its customers using modern security features. These include top-notch encryption, secure key management systems, cold asset storage, and proof of reserves.
You can speak to Huobi using the 24/7 customer support channels, including email and live chat.