Introduction to Huobi Global
Founded by former Oracle engineer Leon Li in 2013, Huobi has earned a reputation as being a dependable player in the altcoin exchange industry. In general, they are regarded as being a quick, efficient and customer-friendly way to purchase Bitcoin and hundreds of altcoins. As one of the first and longest lasting altcoin exchanges, Huobi recognizes that innovation should not be stifled in this industry and is willing to give a shot to new projects quite readily. They are considered to be a safe and fair exchange, with a great deal of respect for their customers and dedication to keeping user funds secure.
Why use Huobi Global?
With daily trading volumes exceeding $1.3 billion, Huobi is one of the most liquid of all major exchanges. This volume is spread across 500+ trading pairs, with some of it going to coins that aren’t normally carried on exchanges of Huobi’s magnitude. For more expert traders, Huobi offers up to 125x leverage on some derivatives instruments and offers margin trading of 5x for several coin pairings. Their number of futures trading instruments is pretty much unparalleled by other exchanges. For novice crypto users, Huobi offers options to make the purchasing experience extremely easy, as well.
Before getting started
Huobi Global is not available for customers in the U.S. or any of its territories, as well as Japan. Most services are available to customers in just about every other part of the world, so long as cryptocurrency trading is permitted by national law. Note that Futures trading (derivatives) is not allowed for citizens of Turkey, Bangladesh, Hong Kong, Cuba, and a handful of other countries. Additionally, be aware that you will have to perform KYC verification before you can make any sort of withdrawal from Huobi.
Registering an account on Huobi Global
After pressing the “Sign Up” button in the upper-right hand corner, you will notice that there are 2 different ways to register an account: by email or by phone. You will most likely want to use 2-Factor Authentication afterward, so it is recommended to sign up by email. You will be asked to enter your nationality, generate a password, agree to the terms and conditions, and then verify your email by entering a 6 digit code sent to it. After verifying your email, your account will have been created.
Note that once you have entered your nationality and created your account, it cannot be changed.
How to get verified on Huobi Global
KYC is pretty much an essential part of Huobi Global, and while it isn’t required for making coin deposits and trades, it is required to make a withdrawal. You will also need to complete the verification process in order to make fiat deposits. Luckily, the process is fairly simple. To get started, hover of the personal settings icon (to the right of the Orders tab in the top menu bar) and click on “Identification”. You will need to provide the following information:
- Passport / Driver’s License / other legal ID number
- First and last name
- Photo of the ID (or information page + photo for passport)
Next, click the “Verify” button. The verification process may take up to 24 hours to complete.
How to make a deposit on Huobi
To make a fiat deposit, hover over the “Balances” menu tab and select “Fiat Account”. It should be noted that fiat deposits are converted into USD, which can then be converted into a number of different stablecoins such as HUSD (Huobi’s dollar-backed stablecoin), USDT, PAX, TUSD or USDC.
The USD deposit option will be the first option listed. Click on the “Deposit” button in the right column to bring up the following deposit options:
- US Domestic Wire Transfer (ABA) (0% fee, 1 business day)
- International Wire Transfer – USD (SWIFT) (0% fee, 3-5 business days)
- International Wire Transfer – non-USD (0% fee, 3-5 business days)
- Silvergate Exchange Network (0% fee, instant)
After selecting your method and clicking “Deposit”, you will be asked to provide your banking information. Upon entering this information and electing to continue, your deposit will be processed and will be reflected in your USD balance upon arrival.
How to make a crypto purchase
If you are interested in purchasing crypto directly without having to go through the hassle of setting up an order for a trade, there are a couple of different ways to do this, both of which can be found by pressing the “Buy Crypto” menu tab towards the top of the screen.
The first option is “Buy/Sell Quick” which is set by default. Here USD funds can be used to quickly buy or sell any of the following coins: BTC, USDT, ETH, HT, EOS, BCH, XRP, LTC, HUSD, ETC, BSV, DASH, or HTP. Payments can be made using your USD balance or credit card, but you will get a less competitive rate when purchasing using credit card.
The second option is “P2P Market” trades which will connect you with a list of buyers and sellers of 13 different coins. These merchants offer different ways of making purchases, including credit card, AliPay, SWIFT, and Western Union. Information shown for each vendor includes the total amount of coins available on hand, min and max limits, the price (displayed in denominations of your local fiat currency), and payment methods. Choose a seller by clicking the blue “Buy” button in the right of the row, create a trader nickname and fund password, enter the amount you wish to purchase, and click “Confirm”.
How to trade on Huobi Global
The easiest way to find the coin pair you wish to trade is by clicking on the “Markets” menu tab, navigate to the pair base (USDT, HUSD, BTC, ETH, HT) and search for the coin to be traded using the search option in the upper-right hand corner of the menu. Coin pairs can also be displayed by Top Performances (highest gains) and Newest Listed. After finding the coin you want to trade, click the “Exchange” button on the right side of the listing. This will bring you to the Spot Trading screen. From here, the following types of orders can be placed:
- Market (buy/sell coins at the best available price)
- Limit (buy/sell coins at a price lower/higher than the current market price)
- Stop-Limit (enters a Limit order after a certain price has been reached)
- Trigger Order (enters a Limit or Market order after a certain price has been reached)
There are 3 different types of Spot trades that can be made for over 100 different coins:
- Exchange. This is for regular trades (buying or selling coins that can be moved on or off exchange)
- Margin. This is to buy or sell coins on margin, allowing you to borrow up to 5x your total collateral to increase the size of your trades (must be closed out for collateral to be returned)
- Brokerage (OTC). This is used to place extremely large orders (institution-sized) to get the best possible rates that may not be currently offered on the regular Spot market.
In addition, Huobi offers 2 types of Derivatives for trading BTC, ETH, EOS, LINK, BCH, BSV, LTC, XRP, ETC, TRX, ADA, ATOM, IOTA, NEO, ONT, XLM, XMR, XTZ, DASH, ZEC, KNC, ALGO, and ZRX:
- Futures. Trade contracts representing coin prices with up to 125x leverage. Contracts represent prices ending on Weekly, Bi-Weekly, Quarterly or Bi-Quarterly time periods.
- Swap. These are perpetual swap contracts that have no end date, which can also be traded with up to 125x leverage.
Huobi’s trading screen can be viewed in 3 different ways:
- Original. A basic chart screen which only shows price as represented by candles across a custom time period.
- Trading View. A more extensive screen with chart drawing and TA overlays.
- Depth. For viewing the total market depth of orders on both buy and sell sides.
Funds on Huobi can be kept in any of 5 separate accounts, with each account having a special purpose. Clicking on the “Balances” menu item will bring up the list of accounts which are as follows:
- Exchange Account. This is where crypto funds are deposited and withdrawn from.
- Margin Account. An account dedicated to margin trading, funds kept here are used as collateral toward maintaining your margin balance.
- Fiat Account. This is where fiat (national currency) funds are deposited and withdrawn from.
- Derivatives Account. This is where funds are stored for the purpose of Futures trading. You will need ID verification to open this type of account.
- Pool Account. This is where coins can be deposited to be staked; additionally, this is where your mining rewards will go if you join one of Huobi’s mining pools (they currently having mining pools for BTC, BCH, BSV, ETH, ETC, LTC, and DCR).
Before making a Margin or Derivates trade, you will first need to transfer coins from your Exchange account into one of these accounts. The funds stored in these accounts will act as your collateral balance.
Huobi Global trading fees
For regular traders (those who make less than 1000 BTC worth of trades every month), Huobi offers a flat 0.20% for both Maker (limit order) and Taker (market order) fees. For accounts that hold Huobi Token (HT), fees are discounted in tiered levels depending on the total amount of tokens being held. For instance, holding between 10 and 100 HT rewards the trader with 0.18% Maker/Taker fees, and holding between 100 and 500 HT rewards them with 0.16% Maker/Taker fees. This continues all the way down to 0.07% Maker/Taker fees for those holding balances of more than 5,000 HT.
For a complete breakdown of Huobi’s trading fee structure, click here.
Huobi Global withdrawal fees
Withdrawal fees on Huobi are pretty much right in the middle of industry standards. At 0.0005 BTC, the withdrawal fee for Bitcoin is standard — perhaps a little on the steep side. Fees for withdrawing most other coins are quite lower in dollar price, with the fee for Ethereum being 0.005 ETH and the fee for Bitcoin Cash being 0.0001 BCH. All withdrawals must be conducted from your Exchange account.
Though it is not uncommon for Huobi users to fall victims to phishing scams and have their accounts hacked, Huobi itself has never actually been hacked. It was developed by software engineers with strong programming skills and has a reputation of knowing how to keep user funds safe and secure. In 2019, Huobi finished a security upgrade for their hot wallets, which included the addition of an Investor Protection Fund. These are a reserve of coins stored to cover withdrawals in the event of a hacking event, which they have thus far remained free of. Additionally, investor funds are stored in multi-signature cold wallets which make them particularly difficult to hack.
It is highly recommended that you make use of 2-FA before depositing funds on your account. This can be done by clicking on the personal settings tab (the person icon to the right of the “Orders” tab in the menu area towards the top of the screen) and selecting “Account and Security”. The 2 options for 2-FA on Huobi are Google Authenticator or receiving a text by phone. Here, you can also enable a Fund Password that must be entered before a withdrawal is made, as well as set an Anti-Phishing code that will be displayed on every email received from Huobi.
Benefits of Huobi Global (over competitors)
- Huge number of coin pairings, many with great liquidity.
- Several different options for buying/selling crypto, including instant purchases.
- Up to 125x leverage available for some futures instruments.
- Highly secured, well-established and well-run operation.
Limitations of Huobi Global
- KYC required for any sort of withdrawals and some fiat deposits.
- Doesn’t accept U.S. customers.
- Fiat trading options limited to USD.
- Limited amount of TA overlay options.
Wrapping it up
In all, Huobi Global is a solid, dependable exchange that is home to an enormous amount of trading pairs and carries a great amount of liquidity. After completing the verification process, it is quick and painless to get in and out of the exchange with the coins that you want acquired at a competitive price.
Besides not servicing U.S.-based customers and being strict on the KYC requirements, we don’t have much bad to say about Huobi. The more advanced traders may be a bit put off by their lack of sophisticated charting options, but to make up for it they offer an insane amount of leverage for some futures products, and a good selection of derivatives-based trading instruments that aren’t normally found elsewhere.