Huobi Review 2024

Huobi

Huobi is a leading cryptocurrency exchange and trading platform. They support 596 coins across 880 markets.

Huobi

In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.

Summary

Pros

  • Supports over 600 cryptocurrencies, including major and altcoins
  • Competitive trading fees, with a tiered fee structure offering lower fees for high-volume traders
  • Offers advanced trading features such as futures, margin trading, and customizable trading bots
  • Huobi Prime for participating in Initial Exchange Offerings (IEOs)
  • Strong security measures including two-factor authentication and cold storage for assets
  • Provides a range of financial services including staking, lending, and earning interest on crypto assets
  • User-friendly mobile app available for both iOS and Android
  • Supports multiple fiat currencies and payment methods, including bank transfers and credit/debit cards
  • Educational resources and community support available for users
  • High liquidity and efficient trading engine

Cons

  • Not available to users in certain countries, including the US
  • Complex interface may be challenging for beginners
  • Past regulatory issues and closure of US arm (HBUS)
  • Reports of slow customer support response times
  • High withdrawal fees for certain cryptocurrencies
  • Mandatory KYC verification for full access to features and higher withdrawal limits
  • Inflexible staking options requiring long lock-up periods
  • Limited support for advanced trading strategies in trading bots

Features

Spot Trading

Huobi allows you to trade, buy, and sell, crypto on spot markets. Meaning you're trading the real thing. You can deposit and withdraw this crypto.

Futures Trading

Huobi supports futures trading. Derivative contracts that you can trade on leverage without providing margin.

P2P Trading

Huobi support P2P trading. Where you trade directly with other people through specific payment methods or giftcards.

Trading Bots

Huobi has trading bots that you can use to automate your trading strategies.

Copy Trading

Huobi supports copy trading, an automated method of copying other people's trades; great if you're a newbie, or if you're not the best trader.

Staking

Huobi allows you to stake your crypto and earn passive income.

Margin Trading

Huobi supports trading on margin. Leveraged trading where you must put up collateral.

Money

Fees

Like all centralized exchanges, Huobi charges fees. This is how they generate revenue, and keep their operation running.

  • Deposit fees. Fortunately, most centralized exchanges don't charge deposit fees when you deposit with crypto. Though, they charge for fiat deposits, which vary dependant on the payment processor and fiat option that you're using.
  • Withdrawal fees. Huobi charges withdrawal fees. They vary based on what you are withdrawing and the payment method that you're using. Crypto withdrawals will also incur network transaction fees, they are not paid for by Huobi.
  • Huobi's maker fees: 0.18%*
  • Huobi's Taker fees: 0.18%*

Maker/taker fees are tiered. As you trade more and generate volume, they often fall.

Payment Methods

Huobi supports 2 payment method(s). You can use the following the deposit/withdraw to/from the exchange.

  • Credit/Debit Card
  • Bank Transfer

Be aware that they may be withdrawal/deposit limits imposed, and the payment methods may also vary based on your location.

Huobi supports 47 fiat currencies.

Security

Keeping your funds safe

Huobi offers 2 additional layer(s) of security. Aside from the obvious -- email and password.

  • 2FA
  • SMS

KYC

Huobi requires KYC to use their services. KYC usually involves sharing your personal details, some form of ID, a mobile phone number, and in some cases, proof of address.