Huobi Alternate Assessment

Huobi Alternate Assessment

User Interface and Mobile App
Available on iOS and Android, the Huobi mobile app options a lot of the functionalities available on the web platform. You may even complete duties like account registration and verification directly through the app. In Google Play, the Huobi Global app has a median ranking of 4.1 stars out of three,730 reviews. Nevertheless, in December 2018 and January 2019, some users have said that the Android app won’t allow them to login on account of an error with Captcha. On the Apple App Store, Huobi boasts an average rating of 4.9 stars out of over 4,800 reviews.

Trading Options
Many centralized exchanges function the sole, centralized market maker. In contrast, Huobi also means that you can trade over the counter (OTC). This means which you can purchase and promote cryptocurrencies peer-to-peer on Huobi. Despite the fact that this option exists on the change, it has yet to realize adoption from traders. Numerous commenters have stated that there is a lack of OTC offers. Still, this is still an modern technical feature.

If you're a margin trader, Houbi has a separate platform specifically for this. You can access this by going to the margin tab in the header. The quantity of leverage you can have varies from coin-to-coin. For example, BTC is around 3x. Compared to different margin trading platforms, this is low. Nonetheless, it is an attractive option for potential users.

In December 2018, Huobi Spinoff Market issued BTC contracts and ETH contracts (including weekly, bi-weekly and quarterly, respectively), and versatile leverages, together with 1x, 5x, 10x and 20x. In the future, more digital currencies might be issued to fulfill various investment demands.

Safety: Is Huobi Safe?
Compared to other exchanges, Huobi continues to excel from a security perspective. Many high exchanges suffer from large-scale hacks, with varying results when it comes to trading volume afterward. In 2015, a Bitstamp hacker withdrew 12,000 BTC from Huobi. However, this issue didn't relate to the safety of Huobi. Huobi reported a DDOS attack in 2015 but this did not cause a safety breach. In accordance with one overview, a person consumer lost USDT and EOS on Huobi. This reviewer states that the issue was caused by a technical error with Huobi’s 2FA. One remark suggests that it was the results of a phishing scam.

Huobi claims that its risk controls have been developed by the likes of Goldman Sachs. The alternate stores round 98 p.c of funds in cold wallets. Moreover, Huobi now makes use of a decentralized change structure to forestall DDOS attacks. The alternate even has a User Safety Fund Initiative. Twenty percent of net income that the exchanges features from trades will go to this fund, which it is going to use to buy back Huobi Token (HT). It additionally has a service called Huobi Security Reserve. As part of this, the exchange plans to store 20,000 BTC for insurance. This is a preventative measure that will assist Huobi reimburse customers in the case of any future hacks.

Huobi Charges
Huobi has a 0.2 p.c payment that applies to each market makers and takers for amounts between $0 and $5,000,000 over the course of a 30-day period. As compared, other high exchanges like Binance have 0.1 % fees. Meanwhile, GDAX has 0.3 p.c fees.

In January 2019, Huobi Global launched a tiered payment structure that significantly reduces fees for higher quantity traders. This is relatively aggressive when compared to different exchanges. Users even have the option to reduce trading charges on Huobi by changing into a VIP member. This includes paying a monthly fee of HT, which varies depending on the membership level (1-5).

Like most exchanges Huobi has no fees on deposits. Nevertheless, Huobi does have withdrawal charges and minimums that fluctuate from coin-to-coin. For instance, withdrawing Bitcoin (BTC) prices 0.001 BTC, with a minimal withdrawal amount of 0.01 BTC. For Tether (USDT), the flat charge is 5 USDT and minimal withdrawal amount is 20 USDT. General, this implies that Huobi fees are generally higher than most exchanges for decrease withdrawal amounts. A number of exceptions exist. For instance, TUSD has a withdrawal minimum of $20 however a withdrawal price of only $2.

Currency Options
As of the tip of January 2019, Huobi has 182 coins and 416 trading pairs. There are three main crypto markets for trading pairs (USDT, BTC and ETH) and one main fiat market (USD) for the US market. Among the top crypto-to-crypto trading pair options (by trade volume) embody BTC-USDT, ETH-USDT, TRX-USDT, EOS-USDT and EOS-ETH.

As of January 28, 2019, the only options for USD trading are BTC, USDT, and ETH. This is more than likely because USD currency withdrawal and deposit services didn’t change into available till January 4, 2019 for United States residents. At present, for US residents wire transfers are the only option. Huobi also requires degree 2 verification to access this feature.

For varied places all through the world, it's best to check whether or not Huobi helps trading to your native currency. If you are in the US, for instance, you probably received’t see the option to trade Australian Dollars (AUD) on the Huobi platform, however you'll probably see an option for USD and vice versa. In other words, you in all probability will only see the fiat forex that's used in your present location.