Huobi is one of the biggest cryptocurrency trading platforms in Singapore; it was founded in Beijing originally, but now has its main office there. The exchange supports both ICO tokens and cryptocurrencies and highlights the potential expansion of the Blockchain economy. Additionally, it offers a “Huobi Trading Bot” function that gives customers freedom when trading cryptocurrency bots. Huobi relocated to Singapore in 2020 after the Chinese government outlawed initial coin offerings (ICOs) and the trade of fiat currency for cryptocurrencies. Since then, Huobi has opened offices in Hong Kong, the United States, and South Korea, and has begun to explore the cryptocurrency markets in Japan. The crypto exchange is still operating today with over 3 million active account holders despite the prohibition on cryptocurrencies in China and Huobi’s expulsion from the country.
Institutional accounts for trading
As one of the biggest cryptocurrency exchanges, it has drawn institutional traders and investors from all over the globe. It has established a distinct trading desk that engages in both OTC (Over-the-Counter) and dark pool trading to serve the requirements of these institutional traders.
Smart-chain analysis
On the Huobi platform, there is a very helpful value-added tool called Smart-Chain analysis. It gives customers access to more than 50 distinct trading indicators as well as information on different blockchain assets.
Huobi API
Users of Huobi Global can program their cryptocurrency trading bots using the Huobi API key or the REST API. Before they can begin trading using the Huobi API, users must first generate an API key, which they must keep secret.
Huobi exchange signup procedure
On the Huobi trading platform, creating an account is fairly easy. Users in various areas may access different versions. Huobi US or HBUS is the ideal site for Americans. Users should carry out the following actions to begin trading on the platform:
Sign up
Clients should tap the “Sign Up” choice in the upper right corner of the landing page when they have tracked down the trade that best suits their citizenship. By doing so, they will be sent to the registration page where they must complete a registration form with basic information. Data such as an email address, telephone number, nation of home, and a protected secret word. Following a successful enrollment, the Huobi group will send the client’s enlisted email address an automatically created activation message, which they must click on to activate their account. Clients are currently asked to add 2FA security to their account in addition to the secret key to offer an extra layer of insurance for their cash and information.
Verification
After successfully creating an account and validating an email address, Huobi requests that users confirm their name and country of origin. Any user’s bank account that he wants to connect with his Huobi account should exactly match the user’s name as it appears on Huobi.com. For nationality verification, users must submit documents issued by the government, such as passports, driver’s licenses, Social Security cards, military credentials, etc. Users must post a selfie with any official government document and provide a screenshot of the last three deposit transactions once the papers have been submitted.
Start trading
After successful verification, users are sent to a page with a clear overview of the supported cryptocurrencies connected. It includes information about the total quantity of that coin, its usage, etc. for nationality verification users. With all this information, it becomes much simpler for cryptocurrency traders to choose their chosen crypto pair on the site.
Supported payment methods
Two government-issued types of money, the US dollar (USD) and the Chinese yuan (CNY) are acknowledged on the Huobi exchanging stage. They additionally take Bitcoin (BTC) and Litecoin (LTC), two famous computerized monetary standards.
Fees & limits for Huobi
Due to the platform’s move to a native token-based economy similar to KuCoin, BIbox, and Binance, Huobi trading costs are very competitive. Before China’s crypto ban, Huobi facilitated fee-free deposits and withdrawals in cryptocurrencies, supporting USD and Fiat Yuan transactions, due to its utilization of crypto-based trading accounts. The exchange charges a flat cost of 0.2% from them (taker and maker) and does not differentiate between the maker and taker, making trading expenses quite affordable. However, depending on trade volumes, the trading costs may potentially be decreased to 0.1% on a sliding scale. In addition to the mining price that is paid for the network services, Huobi levies a withdrawal fee.
Huobi token (HT)
Huobi has introduced the HT token, which uses the Ethereum network. HT cost as opposed to most local tokens made by crypto trades, was disseminated to account holders via a loyalty program rather than through an ICO. Holders of HT tokens might vote for new tokens to be added to the option HADAX platform or pay-for-service-fee packages. HT empowers clients to participate in exchange governance decisions, reduces crypto trading costs on the exchange by half, and takes part in several IEOs. Further, using HT to bring down charges on Huobi is straightforward. To use HT tokens for exchanging expenses, clients simply have to keep them in their favored cryptographic money wallet and pick the choice from the token setup page.
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