Huobi Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team
Huobi Review – is it scam or safe?
Huobi is a cryptocurrency exchange with a large focus on the Southeast Asian markets. The company used to be even more specific, targeting mostly Chinese clients, but since the ban on exchanges in the country, they have re-registered in the Seychelles. While the company has cut a lot of its functionality, due to regulatory pressure, they still have a solid trading volume.
Fees in line with others – The costs of trading at Huobi are currently set at 0.20% of the total transaction value. They used to offer very different conditions and distinguishing between market “makers” and “takers” was present. Nowadays this is replaced by a flat and relatively fair fee.
Over 20 coins available – There are over 20 different assets traded at Huobi. This may not make them an “altcoin heaven”, like Bittrex. At the time of writing of this review, trading is done against USDT (Tether, the cryptocurrency, backed by US dollars), BTC and ETH.
Enjoyable trading platform – Huobi’s solution to the trading platform issue seems like one of the best ones in the cryptocurrency space, from a trader’s perspective. Charting is provided by TradingView, which is always a solid option. The rest of the platform is also aligned in an intuitive way. Here is a snapshot (a white theme is also available):
Focus on China – Huobi used to be entirely oriented towards China, even accepting Yuan deposits and offering trading against the local currency. That being said, the ban has forced them to turn more globally, but registering an account at this point in time if you are not Chinese will be difficult.
Lacking presentation – Huobi does not mention a lot of details, when it comes to the trading conditions. Methods of payment, deposit and withdrawal fees as well as a few other details are not mentioned in an easily accessible place.
No leverage (currently) – At the time of writing of this review (several weeks after the ban on Chinese exchanges) Huobi does not offer trading on margin. Like a lot of other things, this didn’t use to be the case.
In case you are looking to trade Bitcoin speculatively, some of the forex brokers which provide cryptocurrency CFDs, like IG, may be a nice alternative. That being said, they are not suitable for a long term investment, as most of them charge overnight fees. For all the details, check our in-depth guide.
Few and mixed reviews – It shouldn’t come as a surprise at this point, but the English user reviews on Huobi have been few. Some people believe the volumes traded on this exchange are fake and aimed at increasing their credibility (and potentially misleading clients).
Was hacked in the past – Huobi was hacked in the past. There are reports of various attacks against the exchange, with one allegedly leading to the loss of BTC 12,000. Obvviously, this does not exactly inspire confidence
Huobi Review – is it scam or safe? Conclusion
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