Huobi Experience 2021 - Serious Broker or Pure Scam?

Overall Rating: 
5/5 stars

Quality

speed

cost

The big Huobi test: What does the crypto exchange offer, how high are the fees and is the service secure? You can find the answers in this Huobi review.

The Huobi Exchange has its headquarters in Singapore. The associated Huobi Holding was founded in Beijing in 2013. It is therefore an Asian crypto exchange. The review covers our Huobi experience and other important information.

This includes information about the Huobi fees, whether it is actually a reputable and secure provider, which Huobi alternative is recommended and all other important questions.

However, before we start with our detailed Huobi review, we would like to note that although Huobi is convincing in a few aspects, our current test winner in the crypto exchange comparison is eToro.

huobi wallet

Key data for Huobi

Key data

Huobi

Seat

Singapore

product

Crypto exchange of the chines. Huobi Global company

Trade offer

Lots of coins + ERC-20 compatible tokens

Payment methods

Only cryptos

languages

8

Margin trading

supports

What is Huobi - The history of the crypto exchange

Screenshot-2020-11-08-at-12-47-39

Huobi is an Asian cryptocurrency exchange and is considered one of the largest digital exchanges operating in Asia. This exchange has existed in its current form since 2013.

Initially, the exchange was operated out of Beijing, China, although it is a Singaporean company. Moreover, the company initially focused only on the Chinese market, but later the platform made some adjustments and started offering services as Huobi Global almost worldwide. Among other well-known cryptocurrencies, the exchange also offers its home currency Huobi Token on the platform.

The exchange has been in the cryptocurrency business for a long time and is named in one of the first crypto exchanges in the world. Huobi secured investments from well-known names in the venture capital industry such as Sequoia. The organisation employed more than 1,300 talented people globally to conduct its operations in over 130 countries.

Huobi's executives are skilled and experienced computer engineers with strong backgrounds working in Fortune 500 companies such as Oracle. Huobi was founded with the vision of replacing fiat currency with a secure digital currency. Initially, the company focused only on China and later expanded its operations in various countries around the world. The website has managed to secure the third place among other cryptocurrency platforms in terms of daily trading volume in the market.

Huobi experience: Advantages and disadvantages

Pros

  • 24/7 customer service and support
  • Large selection of cryptocurrencies
  • Many years of experience in the crypto market
  • Minimum deposit from as little as $50

Cons

  • Not regulated
  • Only trading of cryptocurrencies among each other possible
  • The website is not available
  • Some very dissatisfied customers can be found on the internet

Signing up for the Huobi Exchange

Our Huobi test showed that it is very easy to register with Huobi. The registration process should normally be completed within a few minutes.

In the meantime, it is even possible to buy Bitcoin directly by credit card at the Huobi Exchange. Therefore, the exchange is theoretically also suitable for absolute crypto beginners.

Also, the entire registration process is done in English (or Mandarin), as the platform is unfortunately not available. We would therefore like to help you better understand the Huobi registration process in the following section.

In the following, we explain the Huobi registration process step by step.

Step 1: Register your account

Bitrex registration

The first step of registration is similar to other crypto exchanges.

You have the option to register via your email or via your phone number. To do this, you must enter your nationality and either a valid telephone number or e-mail address.

Then you have to choose a password. Optionally, you can indicate who recommended you (Invitation Code).

There is also the option (hidden in the small print at the bottom) to open an institutional account. In the following Huobi review, however, we will concentrate on a personal account.

Then click on the "Sign Up" button.

Step 2: Verification

Within a few seconds you should now receive a confirmation email with a "Verification Code". Simply enter the code from the email on the Huobi registration page to confirm your email address.

Huobi ID Verification You can now already log in to the Huobi website. However, if you want to have full access to all Exchange features, you still need to verify your ID.

To do this, simply click on the small account icon at the top right and on "Verification".

Verification helps to prevent money laundering.

It should be noted that Huobi customers generally enjoy great anonymity. This is because the exchange is not officially regulated. However, it should be noted that completely anonymous trading is not possible, as the broker has to comply with the applicable money laundering laws and basic personal data of the users is entered as part of the registration process.

For identification purposes, you have to enter your ID number, your first name and surname and upload a photo of your ID.

The verification of the data by the should normally take no more than 24 to 48 hours.

Step 3: Deposit

Huobi Deposit - DepositOnce the verification process is complete, you can start depositing money into your account.

Clicking on "Deposit Funds" gives you three options at Huobi.

You can deposit cryptocurrencies directly. (This is either Bitcoin or another cryptocurrency supported by Huobi).
You can deposit US dollars directly.
You can buy cryptocurrency directly by credit card. (This will save you one step).
After depositing your cryptocurrencies or normal money, you can start trading.

Registering, buying and also trading cryptocurrency is very easy at Huobi and should be done in a few minutes. Only our test winner eToro makes it even easier.

Screenshot-2020-11-08-at-13.16.48-273x300

Huobi fees: What does trading cost?

As with all crypto exchanges, Huobi is funded by charging fees, particularly transaction fees, which are incurred with each purchase or sale of cryptocurrencies.

Huobi transaction fees

The Huobi broker's pricing model is designed to be very simple and clear, as our Huobi review shows.

Moreover, Huobi is very competitive when it comes to trading fees, and this is largely due to its smart decision to switch to a native token-based economy similar to KuCoin, Binance and Bibox.

Huobi Token, or HT, gives users the right to halve trading fees, make governance decisions related to the platform and participate in ICOs.

Reducing fees on the platform with HT is simple. Simply hold HT in your wallet and select the option to use HT for trading fees in your user configuration window. Now you get a big discount on the standard fee of:

Arbismart Rating
  • Maker Fee (setup fee) 0.2% and Taker Fee (taker fee) 0.2%.

    With HT, each of these fees is reduced depending on how much HT you hold in your wallet. At Huobi, this is indicated in a "Fee Level".
  • At the time of this test, one Huobi token costs $3.72 US dollars. This means that to reach level 7, you would need to own a total of Huobi Tokens worth about $18,600 US dollars. Unfortunately, this is a lot compared to other providers.

    More favourable fees can be found, for example, at our test winner among the crypto exchanges - eToro.

Level

HT in the wallet

Maker Fee

Taker fairy

1
2
3
4th
5
6th
7th
0 to 9
10 to 99
100 to 499
500 to 999
1000 to 1999
2000 to 4999
5000+
0.2000%
0.1800%
0.1600%
0.1200%
0.0900%
0.0800%
0.0700%
0.2000%
0.1800%
0.1600%
0.1200%
0.0900%
0.0800%
0.0700%

Huobi Review - The Offer

Huobi Offer OverviewWhen choosing a crypto exchange like Huobi, investors should pay particular attention to the range of cryptocurrencies on offer as well as the level of fees and costs and the user-friendliness of the platform. These are therefore also the most important evaluation criteria in our Huobi test.

The Huobi offer is particularly characterised by the large selection of trading pairs, the customer service and many additional functionalities.

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Huobi User Protection Fund

Similar to Binance's SAFU, Huobi ensures that user profits go into the User Protection Fund as an insurance policy against hacks, thefts and other unforeseen events.

As a client, this is a big plus as it leads to greater protection of your deposits in case of unforeseen problems.

behind the operator

Institutional trading accounts

As one of the largest exchanges in the world, Huobi has attracted the attention of institutional traders and accounts around the world year after year. For this reason, Huobi has set up a separate trading desk for institutional and corporate users, covering both OTC and dark pool trading.

Derivatives trading

Wallets mandatory

Following pressure from other major exchanges, Huobi has also introduced its own derivatives products for futures and swap trading. This allows various products to be traded with leverage of up to 5x.

Huobi Wealth Management and Margin Trading
In addition to derivatives trading, Huobi has become one of the leading providers of margin and C2C loans.

Huobi HUSD

The Huobi Exchange offers trading in the HUSD stablecoin. HUSD is a stablecoin that is pegged to the US dollar on a 1:1 basis. As an ERC-20 coin, HUSD can also be traded with many other cryptocurrencies on the Huobi Global exchange.

Wide range of trading pairs

With Huobi, you almost never have to see the same digital asset twice if you don't want to. This is because the exchange has an impressive selection of trading pairs. In fact, even we are unfamiliar with half of the cryptocurrencies offered on Huobi.

This is because Huobi's selection places great emphasis on projects from Asia. As a result, you will find a particularly large number of emerging coins (ICOs) from Korea, Singapore and China on the Huobi Exchange. You will therefore not find many of these on Western exchanges.

The Huobi cryptocurrencies

When looking for an exchange for cryptocurrencies, the offer naturally plays a very large role. As already mentioned, the selection of cryptocurrencies at Huobi is excellent.

One special feature is certainly the Huobi Token, but regardless of whether you want to trade IOTA, Bitcoin or an as yet unknown coin with Huobi, the choice is almost endless.

A small excerpt of the 10 largest coins currently traded on Huobi.

The Huobi HB10 Index

Bitcoin
ChainLink
Ethereum
Bitcoin Cash
Litecoin
Ripple
EOS
TRON
Bitcoin SV
BitTorrent
BTC
LINK
ETH
BCH
LTC
XRP
EOS
TRX
BSV
BTT

Huobi additional fees

Huobi does not charge any other fees for account creation, account maintenance or inactivity.

Payment methods at Huobi

Huobi payment methods - FiatHuobi unfortunately only supports a limited number of deposit methods. Mainly, the provider supports the deposit via cryptocurrencies.

Otherwise, depositing and buying cryptocurrency via credit card is possible.

As a safety tip, we advise you to only deposit as much money as you actively need for trading. It is best to store coins that you do not want to trade actively in a private wallet and not leave them in the Huobi account.

This is the best way to protect yourself from outside access, even though the majority of Huobi crypto assets are in cold wallets that are not connected to the internet.

Here is an overview of the payment methods at Huobi:

Screenshot-2020-11-08-at-14.40.30-300x300
Supported cryptocurrencies

Payment method

yes/no

Credit card (after additional verification)

Yes

Paypal

no

Instant bank transfer

no

Skrill

no

Neteller

no

Paysafecard

no

Bank Transfer

no

Cryptocurrencies

Yes

By the way: Our test winner eToro offers a pleasant Huobi alternative to direct crypto trading and allows you to top up your CFD trading account with various user-friendly payment service providers, including PayPal and eWallets such as Skrill and Neteller.

AvaTrade Review
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Is there a Huobi Wallet?

After you have bought a cryptocurrency, you need to be able to access it. The codes to access cryptocurrencies are stored in wallets.

Wallets can be online, where they are called hot storage. Or offline, where they are called cold storage.

Note: A wallet has public and private keys. You can give your public key to anyone and they can send you cryptocurrency. Your private keys should not be shown to anyone! Think of it as an email account. The public key is your address and the private key is your password.

But is Huobi now its own wallet? The answer is sort of, but not really.

As you already learned in our Huobi review, Huobi is a crypto exchange that can (but shouldn't!) be used as a wallet. Huobi uses storage for both hot and cold wallets.

You should never hold all your cryptocurrency online. A combination of hot and cold storage is best. It is also better to keep hot and cold storage outside of Huobi, so you minimise the risk of damage from a hacker attack.

Is there a Huobi App

The trend towards mobile crypto trading is on the rise. More and more traders prefer the mobile offers of brokers to the desktop version. The Huobi broker has also taken note of this development.

As a trader, you have the option of using the Huobi functions on the move.

Since Huobi offers a full-fledged app for Android and iOS. The Huobi review shows that the Huobi app proves to be very handy and allows for a great and complete Huobi experience, as the app keeps you flexible and not tied to your desktop at home, but allows you to trade crypto on the go. Downloading and using the Huobi app is completely free.

The mobile offering is easy to use and offers a pleasant Huobi alternative to the desktop version. The core functions are covered and the app also offers the option to trade cryptos on the go.

While the Huobi app is well-designed and offers important core functions, it is not completely convincing in comparison with other providers. There are crypto brokers that offer an even better mobile trading experience. Huobi is therefore not the best provider here . If you want to trade cryptocurrencies profitably, you should take a closer look at our multiple test winner eToro.

The eToro app offers easy access to buying and selling 16 cryptocurrencies, with new coins being added all the time. Either real cryptocurrencies can be bought and securely deposited in the eToro Wallet (mobile wallet), or users can use the crypto CFDs preferred for crypto trading.

With crypto CFDs, money can be made from the performance of cryptocurrencies, regardless of whether these prices rise or fall, simply by taking the appropriate buy or sell position. In addition, crypto CFDs can be traded with leverage, which, however, also entails a higher risk.

behind the operator

Is Huobi a scam?

This question can be answered very quickly and easily. No, Huobi is in no way a scam.

Huobi is a trustworthy site that has been active on the cryptocurrency market for several years.

You can therefore buy or sell coins via Huobi without having to worry about being ripped off by the provider.

We can say with certainty: Huobi is not a scam.

Huobi Rating: Licence and Security


If you want to invest in cryptocurrencies and are looking for the right provider, you should only turn to the most experienced brokers on the market who operate with a valid licence.

However, there are so many different crypto providers that it is easy to lose track of who is really a high-quality provider.

We have thoroughly investigated the Huobi Exchange with regard to its reliability and can assure you that the provider operates in a secure manner.

As expected from an exchange as large and well-developed as Huobi, cybersecurity measures are important to protect the exchange and its traders. The exchange itself is based on an advanced distributed system architecture. 98% of the assets are in cold storage with multiple signatures, so they are not available online.

In the years since its inception, there has been no security breach that we are aware of and it can be considered to meet the highest standards for cryptocurrency and traditional financial market exchanges.


regulation at AvaTrade

However, no exchange can promise 100 per cent security. There is always a certain residual risk when storing cryptocurrency.

But if you don't want to bother with additional security measures and fear for your coins, you should pay a visit to our test winner and Huobi alternative eToro.

The crypto CFD provider simplifies the crypto trading process through social trading, which benefits inexperienced traders in particular.

eToro enables traders to share in the success of other successful traders by copying their portfolios and strategies. In addition, eToro offers various training opportunities.

You do not have to worry about safekeeping of your coins when trading CFDs, as you do not own the coins directly.

Huobi Test: Customer Service & Support

All beginnings are difficult, - even with the user-friendly Huobi Exchange, questions can arise from time to time. Whether on topics such as payment conditions, trading platform, fees and much more.

A quality broker is characterised by a competent customer service, which can be reached quickly in the event of questions and problems and provides help and advice.

Huobi offers support in English and Mandarin. Customer service representatives can be reached by phone at one of the various country offices as well as by email ticket and online chat. The exchange also maintains several social networks and messaging app communities through which queries can also be made.

Typical response time to email tickets is said to be between 2 and 3 hours, and the company's customer service representatives are said to be courteous and helpful.


huobi wallet

Contact way


phone

Yes

e-mail

Yes

Live chat

Yes

contact form

Yes

FAQs

Yes

Huobi Community In fact, Huobi's support is one of the biggest pluses in our test. It's crazy how quickly Huobi responds to customer claims. When we contacted Huobi with account issues, we received a response within an hour. This fast response time beats almost any other exchange.

Huobi also offers an extensive help section, which reliably answers all general questions. So if you need quick answers, you should first take a look at the FAQ section, which in many cases offers an alternative to e-mail contact. Unfortunately, the FAQ section is not available either.

Screenshot-2020-11-08-at-15-18-16

Customer reviews of Huobi on the internet

Huobi experiences are not too good so far.

Huobi's rating on Trustpilot is insufficient with currently 35 reviews with 2.4 out of 5 stars. 20% have given the platform the highest rating and 49% think the platform is poor.

Here are a couple of reviews:

eToro enables

Florin John wrote on 02/13/2021:

"I think this is a big scam. Glad I didn't deposit too much. Also the service support is awful."

"I think this is a big scam and glad I didn't deposit too much. Also the customer support is awful."

The user who left a review on 07/02/2021 also doesn't leave a good mark on Huobi:

AVOID!!! Huobi Global will not let you transfer/withdraw any deposits you make. They will keep making ridiculous demands for more information to withdraw and lock up your funds forever. Don't waste your time or money!

"Stay away! Huobi Global will not pay you any money you have deposited. They will come with ridiculous demands for more info to make the payout and will block your funds forever. Don't waste your time or money!"

Strategy Mindset, on the other hand, who wrote a review on 2020/12/14, raves about Huobi:

Extremely great Crypto platform. I believe they are the biggest trading platform so far for crypto with or without margin trading. I use them more on OTC trading and they have the narrowest spreads and volume there. You can almost instantaneously find a buyer or seller there.

"Excellent crypto platform. I think Huobi is the biggest trading platform for cryptos with or without margin trading so far. I use it more for OTC trading and they have the lowest spreads and volumes there. You can find a buyer or seller there almost instantly."

Also Kenny, who wrote a review on 10/10/2020, is enthusiastic about Huobi:

"A very good OTC platform."

And Jade Smith even wrote on 2020/09/18:

"Finally an application process that is intelligent, fair and reasonable for anyone to handle. First impressions are indeed very good.

Have not made any deposits/exchanges yet and will update when I do as I have of course seen the many complaints about issues here. Sadly, only one way to find out. Never risk more than you can lose."

"Finally a decent registration process that is fair and reasonable for everyone. First impression is very good indeed.

Haven't made any deposits / transactions yet and will update this review once I have made deposits and transactions as I have read the many complaints about problems here of course. Unfortunately there is only one way to find out. Never risk more than you can lose."

Opinions on Huobi are thus mixed. At this point, we can once again recommend our test winner eToro.

Huobi Test - our conclusion

Huobi is an established provider on the crypto market and allows trading with hundreds of different cryptocurrencies.

The Huobi review shows that the broker takes the security of its customers very seriously. 2-factor authentication, storage of assets in cold storage and SSL encryption guarantee that users' sensitive data is protected from third-party access. So you don't have to fear Huobi fraud at all.

In our Huobi test, the provider scored particularly well with a large selection of cryptocurrencies, which is also available via a mobile Huobi app, so that every investor can find the right offer.

Huobi is an innovative platform and offers not only well-known cryptocurrencies but also unknown coins. Huobi stands out especially due to the large number of unknown Asian coins.

huobi wallet

We have to make concessions in the Huobi rating due to the limited deposit options. Deposits are only possible via cryptocurrency or credit card. Bank transfer, Neteller and PayPal are not offered.

For traders with little experience, it is recommended to fall back on a Huobi alternative.

We can recommend our test winner eToro at this point, as this crypto provider offers its users a demo account to gain experience. It also offers the possibility to make deposits with fiat currencies. Among other things, PayPal is available as a payment method, which makes using the platform particularly attractive.

Recommended alternative to Huobi: eToro

If you want to buy Bitcoin quickly, we recommend the broker eToro. In addition to a clear user interface, state regulation and copy trading, the big advantage of the platform is that both Bitcoin CFDs and real Bitcoin are available for trading. Moreover, with ~1.8% total costs, eToro also proves to be the top dog in terms of price.


Stock exchange and wallet in one
Regulated provider
Deposit with PayPal, credit card, SOFORT transfer and more
Over 14 other cryptos tradable
Equities and ETFs also available


FAQ

What is Huobi?

Huobi is a Singapore-based crypto exchange that is particularly well-known and popular in the Asian region. The exchange was one of the first major crypto exchanges and offers trading in over 250 leading cryptocurrencies.

How much money should I invest with Huobi?

There is a minimum deposit of $50 US dollars at Huobi. This means that trading can also be started with very small sums. How much money you invest ultimately depends on your own financial situation and risk tolerance.

 

How safe is Huobi?

Huobi is a secure crypto exchange that has been operating successfully on the crypto market for several years. Huobi is headquartered in Singapore and is partially regulated there.

What are the requirements for Huobi registration?

After signing up for Huobi, you have to confirm your email address and then verify your account. For this purpose, a proof of identity is carried out. A scan of the passport or identity card must be submitted for this purpose.

Can I buy Bitcoin with euros at Huobi?

No. You can only buy Bitcoin directly with US dollars. However, it is possible to deposit fiat currency such as euros.

How long does the Huobi payout take?

The Huobi payout usually takes between 1 and 3 business days. However, you cannot withdraw fiat currency, only cryptocurrency.

Is a Huobi account worth it?

A Huobi account is quickly opened and trading cryptocurrency can be worthwhile. However, we recommend that our readers open an account with eToro instead.

Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman