Huobi Global Exchange Review with Pros and Cons – Is it Safe?

Huobi Global is one of the better, more balanced exchanges, as you have the ability to exchange cryptocurrencies, margin trade, or use their futures market.

Table of Contents

  1. When did they start?
  2. Do we know the founders?
  3. Does it have an exchange token?
  4. How secure is it, is there 2FA, etc.?
  5. What’s the withdrawal limit for unverified/verified users?
  6. Is it insured, if not, is there a backup fund?
  7. What does the exchange focus on?
  8. Does it hold IEOs?
  9. What are the fees?

START AND FOUNDER

Huobi is one of the earliest cryptocurrency exchange, started in 2013, founded by Leon Li, who used to work as a computer engineer at Oracle before founding Huobi.

The Headquarters is located in Singapore, and Leon Li is still the CEO of the exchange.

THE TOKEN

They launched their own token on February 28th, 2018, with a goal of reaching $300 Million.

The goal was reached fully, and while the majority of the altcoins lost 90-95% of their value during the 2018-2019 bear market, Huobi Token was one of the few that managed to not only keep its value but to increase it.

There are multiple benefits of holding Huobi Token, such as discounted trading fees, or the ability to participate in airdrops.

Huobi Token also has its own trading pairs on the exchange.

SECURITY

You can secure your account by 2FA like Google Authenticator or Authy, as well as with SMS Authentication.

If you are going to use SMS authentication, please also enable 2FA, so you can’t get sim-swapped.

The withdrawal limits depend on the individual cryptocurrency, as each of them has a different maximum amount.

Thanks to that, you can withdraw large amounts of money using multiple cryptocurrencies, without having to verify yourself.

BACKUP FUNDS

It is unclear if the exchange has any kind of backup fund.

THE EXCHANGES FOCUS

The exchange focuses on providing a smooth trading experience while giving you the option to Margin trade or use their futures contracts.

They also hold Initial Exchange Offerings.

FEES

They have a 0.2% Maker and 0.2% Taker Fee, which can be reduced by holding Huobi Tokens.

MakerTakerHuobi Token Holding
0.20% 0.20%≥ 0
0.18% 0.18%≥ 10
0.16% 0.16%≥ 100
0.12% 0.12%≥ 500
0.09% 0.09%≥ 1000
0.08% 0.08%≥ 2000
0.07% 0.07%≥ 5000

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Huobi Global

8.5

Ease of Use

8.8/10

Security

7.7/10

Fees

9.0/10

Pros

  • Wide variety of cryptocurrencies
  • One of the longest standing exchange
  • Gives you the option for margin trading

Cons

  • It is unclear if they have a backup fund/insurance in case a hack happens