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Reviewing Huobi.pro: our experiences with the crypto exchange for Bitcoin, Ether and numerous Altcoins

Our Huobi.pro review with answers to all questions about registration, deposits and withdrawals, fees and trading information


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Reviewing Huobi.pro: our experiences with the crypto exchange for Bitcoin, Ether and numerous Altcoins (c): Huobi.pro

22.02.2018

Huobi.pro is one of the world's leading crypto-exchanges based in Singapore. While other stock exchanges barely cope with the demand of new customers, China-based Huobi wants to expand vigorously in 2018 - and continue to set up further stock exchanges and globally distributed locations away from mainland China. Measured in terms of trading volume, the stock exchange should thus continue to be among the front runners in the future.

 





Huboi.pro at a glance

  • crypto-exchange, headquartered in Singapore
  • product of Chinese company Huobi Global
  • in addition to Bitcoin, trading of numerous Altcoins such as Bitcoin Cash, Ethereum, Ripple, Litecoin, Bitcoin Gold, Dash, EOS, Qtum and a large number of innovative ERC-20 compatible tokens and some very young coins is offered
  • "major currencies" are USDT, BTC and ETH, which can be traded as currencies pairs
  • deposits and withdrawals only possible with crypto-currencies, direct deposit/withdrawal of FIAT money is not supported
  • Huobi Labs offers professional information and research services related to blockchain technology and pre-ICO projects
  • margin trading supported
  • further expansions to Korea (March 2018) and Japan (June 2018) with support by the Japanese SBI Group, one of the largest venture capital firms in Asia
  • customer bonus program based on your own Huobi token (since January 24, 2018), which can be used for various discounts or events
  • supported languages: German, English, French, Spanish, Russian, Chinese, Korean, Japanese

Behind the Huobi.pro exchange there is the Chinese corporate network Huobi Global (https://www.huobi.com/), which, in addition to the trading platform, also offers a wallet (https://www.huobi.io/) and a Chinese news page on the subject Blockchain (https://www.huobi.cn). On the website Huboi.pro describes itself as a "global leading platform for trading digital currencies". Based on the trading volume of the last 24 hours, measured in US dollars, according to https://coinmarketcap.com/, Huboi.pro regularly ranks among the top 5 crypto-exchanges in the world. The countless tokens offered on Huobi.pro can be explained by Huobi investing in pre-ICO projects through their "Huobi-Labs" and including these tokens into their trading. The exchange, which also offers margin trading, launched its own point bonus system on 24th January 2018, based on its own ETC-20-based "Huobi token".


Registering on Huobi.pro

You can register on the crypto-exchange Huobi.pro under the following link:

https://www.huobi.pro/de-de/register.

You can either register via your mobile number or via your e-mail address. In both cases, you will then receive a code, which you must enter for confirmation when registering. After you have entered a password consisting of 8-20 characters, you have to accept the terms of use, then your account is created on Huobi and you can log in with your user data.

Huobi © "Huobi.pro"

Increase the security of the account

After signing up, you should increase the protection level for accessing your own account on Huobi.pro. The corresponding settings can be found in the menu under "account & security". In order to secure your account from unauthorized access, Huobi.pro has several factors to choose from: e-mail address, mobile number and the Google authenticator:

Huobi © "Huobi.pro"

Depending on whether you have decided upon registration for e-mail or mobile phone, this factor is already activated and will be requested when registering. Other factors can be connected to the following purposes: back up for withdrawals, recovering the password, adjusting security settings or managing the API.

For example, to connect your e-mail after registering your mobile phone, simply enter your e-mail address and you will receive an e-mail with a verification code. After you have entered this, you must then confirm this again with a sent SMS security code. The codes are only valid for 60 seconds and they will expire afterwards. The principle is the same as for back up via a mobile phone number, provided that you have registered via an e-mail address.

Huobi © "Huobi.pro"

We recommend connecting the Google authenticator for log in. To do this, you'll need to scan the displayed barcode in the Google authenticator app.

Huobi © "Huobi.pro"

Then you have to enter the code shown in the app on Huobi.pro and re-confirm the changes with your other factors.

Huobi © "Huobi.pro"

Now Google authenticator is linked to Huobi.pro and will be asked for with each login in the future. At the same time, you will be notified via SMS or e-mail as soon as a registration has taken place.

Deposits and withdrawals on Huobi.pro

Deposits

On Huobi.pro, credits can only be deposited in crypto-currencies. A transfer of euros or other FIAT money is currently not possible. So you must use another platform, such as  Coinbase* (detailed test to Coinbase.com) to buy Bitcoins or Altcoins and deposit them in a wallet. From this wallet you can send coins to Huobi.pro.

This is quite simple. To do this, select "balances" in the top menu and click on "deposit & withdraw" or "deposit & withdraw". For depositing your "exchange account", i.e. your trading account is pre-selected, which you then use for this purpose.

Huobi © "Huobi.pro"

There you can transfer the desired crypto-currency via "deposit" to Huobi.
The receiver’s address will be displayed in every wallet and it can directly be copied to the clipboard or displayed as a QR code.

Huobi © "Huobi.pro"

As soon as you have sent coins to this address and you have received all confirmations from the network, you will see the balance in the wallet on Huobi.pro.

Withdrawals

The withdrawal process is similar to that of the deposits. To withdraw credit, click on "withdraw" for the corresponding account of a crypto currency.
There, the desired amount and the destination’s address, to which the credit is to be sent, have to be entered. Fees are displayed as well, which can be adjusted in a defined range.

Huobi © "Huobi.pro"

Before the withdrawal can be completed, the procedure must be confirmed by the second factor(s), if these are enabled in the security settings.

Note:
For each crypto-currency, there is a minimum and maximum amount of deposits and withdrawals. The minimum deposit amount is, e.g. for Bitcoin 0.001 BTC or for Ripple 0.1 XRP. The withdrawal limits are, e.g. 0.01 BTC or 20 XRP and the respective upper limits 0.1 BTC and 2500 XRP. To adjust these withdrawal limits, you will need to verify your ID card. If it is verified, then, as far as this example is concerned, the maximum limits would be 200 BTC or 4,000,000 XRP. The corresponding limits are displayed during the deposit and withdrawal as well as the resulting fees. The complete overview can be checked here: https://huobiglobal.zendesk.com/hc/en-us/articles/360000074411-Withdrawal-Limit-Fee

Accounts for margin trading on Huobi.pro

Since Huobi.pro also supports margin trading, there is also a credit or margin account. This is linked to your trading account, which is used as a kind of reference account for deposits and withdrawals for your margin trading account.

Huobi © "Huobi.pro"

How-to-buy: how does trading on Huobi.pro work?

Once the balance has been credited to Huobi.pro, coins can be bought or sold.

Huobi © "Huobi.pro"

The current prices and price changes of the currency pairs are displayed as various overviews, line charts or the usual "candlestick charts". You can customize these for detailed analysis according to your preferences (here in day mode):

Huobi © "Huobi.pro"

Note: you can change the visual appearance of Huobi to a day mode with a white background or a night mode with a black background.

For trading, click on "exchange" at the top of the menu and then select the appropriate currency pair. The currency pairs that are combined with the markets USDT, BTC and ETH are displayed under the respective tab. As Huobi.pro also considers itself as an incubator of ICOs, more innovative coins are presented separately from the already established currencies. Thus, especially for ETH under the section "new" there is a long list of innovative ERC-20 tokens, while the "classic" coins can be found in the upper section "main":

Huobi © "Huobi.pro"

The trade can be executed either as a limit order (buy/sell at a defined price or better) or as a market order (immediately executed buy/sell at the current market price).

Huobi © "Huobi.pro"

For example, if you would like to trade the USDT/XPR currency pair, first select USDT and then XRP, then enter the desired amount in the order form and then confirm it:

Huobi © "Huobi.pro"

Instead of entering the amount manually, you can also click on the corresponding entry under "buy" or "sell" in the order book for a limit order and the selected offer will be included in the buy/sell order with the corresponding price. Note that when you place a purchase order in the order book, you must select a sell offer, i.e. a line that is red and labelled "sell", and click on a green "buy" order to accept it.

A purchase order will be published after confirmation under "buy" and usually automatically completed within a few seconds to minutes. If this does not work for a limit order, this is because of the fact that the price is just rising sharply and you want to buy too cheaply. The price can be adjusted in the limit order.
If the order is successful, the just purchased coins will be credited to the wallet.
Selling coins is carried out analogous with the "sell" button.

Margin Trading on Huobi.pro

If you want, you can also execute the riskier margin trading on Huobi.pro - trading with borrowed funds. The condition is that you have previously passed through a successful verification on Huobi.pro. This procedure can be started in the menu under "verification". You will need your identity card, which you have to upload to the website for a review.

Huobi © "Huobi.pro"

Furthermore, a deposit must be made to the aforementioned "margin" account. For this you click on "transfer in" for one of the offered currency pairs.

Huobi © "Huobi.pro"

There you can then carry out a transfer from your trading account.

Huobi © "Huobi.pro"

Attention: each currency pair has its own account. No balance can be moved between these accounts, but only through the trading account.

To start with margin trading, select "margin" above. There you can execute limit or market orders in the same way as described above.

Again, with every currency pair, you have the option of transferring additional funds from your trading account to the margin account via the "transfer in" link. To increase the leverage when buying and selling, you can increase your credit balance. For this you click on "margin management".

Huobi © "Huobi.pro"

Margin management will show you a maximum loan amount and the fees, which are valid for 24 hours, depending on the balance already paid. The risk indicator is a measure based on your deposited and borrowed balance (wallet balance (margin + loaned amount)/loaned amount x 100%).

With the button "loan" the application is executed and displayed as a position. If an amount has to be repaid, this is done via the link "repay".

What are the fees on Huobi?

The trading fees are reported according to the maker/taker model and are equal to 0.2% for all currency pairs - regardless of whether you create liquidity as a maker or as a taker. The fees can be reduced by up to 50% as Huobi VIP, the exclusive member area of Huobi.pro.

Huobi.pro API

Huobi provides users, especially developers, with a documented API. This allows market data to be queried, automated trading and much more. Up to five API keys can be created per user.

Which currencies are traded on Huobi.Pro?

On Huobi.Pro there is a large amount, sometimes very young coins in the portfolio. Given the number we only offer a selection here:

  • Tether USD (usdt)
  • Bitcoin (btc)
  • Bitcoin Cash (bch)
  • Ethereum (eth)
  • Ripple (xrp)
  • Litecoin (ltc)
  • Bitcoin Gold (btg)
  • Dash (dash)
  • Ethereum Classic (etc)
  • EOS (eos)
  • Qtum (qtum)
  • Zcash (zec)
  • OmiseGo (omg)
  • Decentraland (mana)
  • TenX (pay)
  • Golem (gnt)
  • DigixDao (dgd)
  • Raiden Network (rdn)
  • Status Network Token (snt)
  • Basic Attention Token (bat)
  • Vechain (ven)
  • Cyber Network (knc)
  • storj (storj)
  • ZRX (zrx)
  • QASH (qash)

The complete list with background information on the individual coins can be checked here on Huobi.pro: https://www.huobi.pro/assetintro/

Review and conclusion: our experiences and evaluation of Huobi.pro

If you want to trade innovative coins with a focus on Asia and on a professional platform, then Huobi.pro is a very good address. The fact, that Huobi even accompanies ICOs and offers the tokens for trading, makes it easy to enjoy countless young coins via this platform. Huobi provides suitable background data and notes on risks, so that you feel well informed. Huobi Lab is the incubator of blockchain developments in this aspect, offering advice on ICOs or trading to offices around the world - and not just in Asia, but also in San Francisco, Ottawa, Berlin and Bern. Margin trading is offered on Huobi.pro as well as a customer loyalty program.

Unfortunately, trading is currently supported only via crypto-currencies, and direct FIAT money is not available yet. Although Huobi.pro is available in several languages, those who need support will experience that the platform focuses on customers in China and Asia. If you do not know Chinese, you will have problems. This can also be read in some comments, but that is usually the case with other Asian exchanges as well.

Huobi.pro is expanding vigorously, starting in spring 2018 with two more exchanges in Korea and Japan and opening new operation centers in Europe, Canada and Australia, as well as other Huobi Labs in global financial centers. Huobi.pro is definitely a market that should be continuously observed.

 



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1.452x Views | 0 Comments

C

4 Stars

A leading crypto-exchange with many innovative coins concentrating on Asia. Due to further expansion you should keep watching out for further development.

Christian



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