Huobi Pro: Everything You Need to Know

History and About

Huobi is one of the global leading trading platforms looking to give investors a professional, secure, and honest transaction platform.

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The exchange faced an uncertain future when the Chinese government began its clampdown, but the company responded by moving its servers to Huobi.pro, and launching a different take on cryptocurrency. According to the website, the company has set up numerous offices in Singapore, Japan and Hong Kong, and it still has certain departments which operate in China.

Exactly who comprises the team that is running Huobi is a little more tricky. Whilst its founder and CEO is Leon Li (who founded the operational system in 2013), there is little more information available about the system’s origins beyond that. Despite this, the exchange has grown extremely quickly, taking markets not just in China but across the world.

Despite the scale of Huobi’s operations, there has been little in terms of hacking, a feat quite unusual for the world of crypto.

Holding over $1 billion in various assets, Huobi can be accessed in over 130 countries. It also offers margin trading, though to make use of the feature,  users have to agree to special terms provided by the company. Margin accounts bring about more risk with them, so one needs to be more careful if creating this type of account.

Huobi Labs is a more unique aspect of the platform. In essence, it is a blockchain incubator, which tackles pre-ICO projects, looking at their viability, providing advice and guidance, and finally providing startups with the opportunity to introduce their digital assets via Huobi.

Trading Pairs and Trading Volume

Huobi offers a wide range of tokens which are traded, with the number exceeding 190. Plenty of major tokens are being traded such as Bitcoin, Ethereum, Litecoin and Dash, along with numerous other ones. Unfortunately there is no capability for fiat at this moment, though this is something looking to be rectified in the near future. Until, then users can trade the currencies that are currently available.

The most popular trading pairs are BTC/USDT which are traded at a volume of $131,584,000 over 24 hrs. This makes up roughly 12.67% of the the trading volume of the exchange, at a price of $7875.54. There have been some reports that the company has been misleading about its trading volumes in the past though.

User Reputation and Customer Service

Customer support is readily provided for Huobi users 24/7. While there is no number to call, queries can be made over Huobi’s website, with the response times generally being between 2-3 hours. The responses are provided quickly and the team looks to resolve any potential issues to the best of their abilities.

There have been some issues reported by users in accessing funds as well, and given that the company operates in China, with its stringent crypto-laws there have been some concerns raised in that respect.

The reviews on reddit for the exchange are mainly positive. However, there are some users who raised concerns about potential malware that the exchange may result in as well as the trouble withdrawing certain currency. This can be confirmed by the company’s official twitter drawing attention to the withdrawal of Nebulas on May 21:

Nebulas (NAS) withdrawal has been suspended on #Huobi Pro. Kindly stay tune to our public announcement for updates.
We sincerely apologize for any inconvenient caused.

Announcement url: https://t.co/n7YBpjgFdo#Nebulas #NAS

— Huobi Pro (@Huobi_Pro) May 21, 2018

Security

Huobi offers two-factor authentication as well as notifications via SMS and email, and PGP encryption. It stores over 98% of its users funds on cold storage platforms, offering another added layer of security. These wallets are monitored every hour of every day, and though there have been some reports of hacks previously, the hackers were not able to access the customer’s funds.

Huobi has licensure to operate in numerous places including the USA, which offer it a large share of the market to target. One does need to be careful given the company originated in China, and its stance on Cryptocurrency is not particularly positive currently. Whilst this may change in the future this is something to be aware of.

Creating an Account

Huobi’s accounts can be a little tricky to set up as the process is undertaken in Chinese. The accounts available are targeted at new users rather than institutional trading, though either can be undertaken on the platform. Some aspects of the site are in English and once you’ve gone through the complex verification process the interface and set-up is relatively easy to use for novices.

Its identity verification process is one of the more rigorous ones out there in the sense that they take security very seriously. Not only do they verify the email, they also want to ensure that the user’s real name is verified as well.

The username and name of account have to match together as well, after which the system requires the nationality of the user to be verified as well. One must then take a picture with their national document and a picture confirming the deposit towards at least 3 transactions. The security layer is then completed through mobile verification.