What is Huobi?
Huobi is one of the largest cryptocurrency exchanges by trade volume – comparable to OKEx and Bit-Z. It was initially aimed at the Chinese market but has since expanded to more than 130 countries.
It’s also one of the oldest exchanges – having launched in 2013. Huobi’s holding company, Huobi Global, has teams in Japan, South Korea, United Kingdom, Australia, Canada, Brazil, and Hong Kong.
Huobi has a token, Huobi Token (HT), which it issued in January 2018. It is listed on Coin Market Cap as one of the top 100 currencies by market cap.
How does Huobi work?
Huobi functions similarly to other cryptocurrency exchanges. People can buy and sell cryptocurrencies, and the platform makes money by charging a transaction fee.
A more recent move is the exchange’s focus on stablecoins backed by the US Dollar. These are coins that are pegged at the value of the US Dollar, which makes them less susceptible to volatility in the market. When someone deposits one of four stablecoins (Paxos Standard, True USD, US Dollar Coin and Gemini dollars), it will be automatically transferred into Huobi’s HUSD. Then when the person withdraws the currency, they can pick from any of those four in a 1:1 ratio. So you deposit one Gemini dollar, which gets automatically converted to one HUSD. Then when you withdraw it, you could take out one USD Coin. Huobi says the HUSD will eliminate the need to choose between stablecoins, and save on conversion costs.
Why should you choose Huobi?
- 6+ years of digital assets services experience since 2013
- Flat fee of 0.20% and get a discount when you hold Huobi Token
- Choose from 200+ cryptocurrencies
- Creditcard payments possible
- iOS and Android app
- 5x leverage trading
- 24/7 local customer support
Huobi offers a decentralized structure and anti-Denial of Service Attack protection. Also, more than 98% of its funds are stored in multi-layered protected cold wallets.