Spotlight on Huobi Global- Part 1

Background

While the decentralized exchanges have gained popularity in recent times solving the liquidity issue with the AMM model, we can't straightaway disregard the centralized exchanges. We need to admit that there are varied use-cases of exchange facilities(such as spot, derivatives, etc) and all of them can't be facilitated with decentralized exchanges.

Therefore the exchange domain in front of us has offered choices and we need to choose a suitable one as per our immediate requirement and priority. We also need to admit that DEX and CEX co-exist together and they should not be categorized as a replacement of the other.

The sheer market volume and low latency, simplicity in use(in the context of general understanding of a naive trader) speak how relevant the CEXs are even after 10 years of trading decentralized assets. On the other hand, those who are critical about the decentralized control of the asset at any given time are free to use a DEX.

In the segment of CEX, Huobi Global is a very relevant and a leading exchange facility in front of us. The basic & general understanding of a popular and best exchange facility if defined by its ease of use, KYC/No KYC, security grade, low latency, better liquidity, cost-effective exchange, wide-list of exchange pairs, etc.

In the ongoing (#ilovehuobi) week, I will cover all aspects of Huobi Global as an exchange facility, I will also cover how good it is from the perspective of an average trader & where does it stand as one of the best exchange facilities.

Today's publication will cover the overview of Huobi Global, getting started with Huobi Global & How to deposit & withdraw crypto assets.

Huobi Global

Huobi Global has been serving as an exchange facility since 2013. An early adopter of crypto! It has gone through many developments since then and today it has been able to establish itself as one of the pioneers of the exchange domain in cryptos.

It quickly responds to the changing dynamics of the market and has evolved itself as a better exchange facility covering both basic as well as advanced trading features. Within the crypto, it has as many as 835 pairs in spot trading and it also connects to the legacy financial ecosystem by enabling users to deposit USD(via wire transfers), users can also buy crypto with cards. By doing so, it creates room to attract more players from the traditional market to adopt crypto.

It has gone further to allow users p2p trading. The regional market players can easily create P2P orders and directly trade their crypto assets with regional currency. And most importantly they can do so within the platform.

It also lowers the barrier to entry by allowing users to register with just an email ID to achieve LV.1 status allowing both deposit and withdrawal without KYC(tiers limit apply).

The trading volume in Huobi Global is second best, the reported last 24 hr trading volume is as high as 1.661 Billion USD in Spot Trading. That's huge, second best after Binance($4.16 Billion).

_{Source: https://coinmarketcap.com/rankings/exchanges/}

Huobi offers 5 different exchange markets-- BTC, ETH, USDT, HT, HUSD. In ALTS it offers BTC/TRX pair only.

With No-KYC you can withdraw up to 0.1 BTC, 1500 USDT, 2.5 ETH per day, beyond that you need to comply with KYC requirement.

Fee Schedule

At the very basic level(LV.1) the market maker and taker fee is flat 0.2%. The different tiers in Huobi Global are defined by the monthly trading volume and HT holding. As the traders rise in tiers, they enjoy additional discounts & privileges.

In fiat trading, the same Maker fee applies(0.2%) and the Taker fee is free(means no fee).

In Futures trading, the Maker Fee is 0.02% and the Taker Fee is 0.04%.

Crypto Withdrawal Fees

The popular markets across the entire exchange domain are- BTC, USDT, ETH. Let's have a look at the crypto withdrawal fees on these markets.

• BTC- 0.0005 BTC
• USDT- 3 USDT
• ETH- 0.007 ETH

If you are looking for a cost-effective exchange, then it is better to go with the HT market, as the withdrawal fee is 0.1 HT(worth 0.4 USD approx) only. If a particular paring (you are looking for) is not available in HT markets, you should go for a 2-fold exchange.

Security

The latest performance test at observatory villa by Mozilla shows that the security grade of Huobi Exchange stands at B-, which is comfortably an above-average security score than the industry standard. You can perform the security test at Observatory by Mozilla-- https://observatory.mozilla.org/

Different niches of trading in Huobi

Diversity is the name of the game in today's reality for an exchange facility. You can't drive that kind of volume by just offering a simple exchange facility. You have to include all types of trading to invite the basic as well as professional traders. On top of that, you must engineer a way to connect to the regional currency(p2p trade is one of the suitable options for that).

Binance has mastered this, so as Huobi. Perhaps that is why Huobi has rendered the second spot in terms of trading volume today.

Let's see what are the different niche of trading that Huobi offers to its user/traders.

(1) Spot Trading

• Exchange
• Margin
• OTC- KYC Needed

(2) Derivatives

• Futures- KYC Needed
• Coin-margined swaps- KYC Needed (Leverage up to 125X)
• USDT-margined swaps- KYC Needed(Leverage up to 125X)
• Options- KYC Needed

(3) Wealth Management & DeFi

• Locking & Mining- Locking Period-(Flexible, 7 days, 30 days, 60 days, 90 days)
• C2C Lending- Customizable-(10 days, 20 days, 30 days)
• Saving- 7% for USDT, 3.47% fo BTC
• Pool Saving- Lock for the specified period to earn interest

(4) P2P Trading & Buying crypto with Cards

• P2P Market(Buy/Sell crypto with regional currency)
• Buy crypto with cards

Getting started with Huobi Global

• Go to https://www.huobi.com/en-us/fee/

• Click on Signup. A pop-up will appear where you need to enter your Email, set your Password, Agree to the User Agreement, then click on Signup.

• Verify the Captcha. Then go to your email account to find the 6-digit code(received from Huobi) which you need to enter to "Confirm" your registration. Once you enter the code, click on Confirm. Now you will see a message "Successfully signed-up".

• Once you are registered, you are entitled to LV.1 tier. You can also see a message that if you hold 10 HT tokens(a native token of Huobi Exchange Platform) you will be upgraded to LV.2. Different tiers have different privileges & discounts. A particular tier is defined by the trading volume & HT holding.

Please note that when you perform withdrawal every time it will send a code to your Email ID. For better security and control you should either enable 2FA or link your Phone number.

• Click on Account & Securiy.
• Click on GA.
• Scan the QR code, copy the key and keep it safe so that you can retrieve it when you lose or change your phone.
• Enter the 6-digit code(from the GA) in the relevant field. Click on Submit.
• You are good to go now.

If you verify you account and comply with the KYC requirement, then you will be entitled to a $10 bonus, which is redeemable to pay the trading fees.

How do I deposit & withdraw in Huobi?

Deposit

• You can deposit any coin or even deposit fiat(USD) to your account.

• To deposit crypto(for example STEEM), keep the cursor on Balances and then click on Exchange Account. This is the section where you can perform all deposit/withdrawal operations(including fiat currency like USD).

• Now enter the desired currency in the "Search" field, e.g. STEEM, it will display the currency(if it a listed one in the exchange).

• Click on Deposit. Then click on Send Deposit Address. A pop-up will appear, stating your deposit address has been sent to your registered email address, go and check your Email inbox. Click on Confirm if you have received the Deposit Address, else click on Resend.

• Pay attention to the tag and address, click on Confirm.

• Please note that the minimum deposit of STEEM in the Huobi platform is 0.5 STEEM. So make sure you send that much at least, otherwise, it will not reflect in your Huobi Exchange wallet.

• Go to Steemitwallet now. Assuming you are already logged in, click on Transfer(STEEM). Enter the deposit address as received in your email(and as displayed in your Huobi), enter the amount, and enter the Memo(don't make any transfer without a Memo). Click on Next. Then Click on OK. (If you are using Steem Keychain then authorize it by clicking on Confirm).

• After 1 network confirmation, the STEEM balance will reflect in your Huobi Exchange wallet.

Withdraw

• In a similar way, against a particular currency(that you want to withdraw), click on Withdraw.

• Pay attention to the "Withdrawal Risk Warning"(Check all the boxes-Agree to it). Click on Confirm.

• Now enter the target address(that you want to withdraw) and check if you need a tag or not. e.g. if you are withdrawing STEEM to your own account, you may not need a tag, but if you are transferring your STEEM from Huobi to another exchange wallet(say Binance), the tag is necessary. Further, pay attention to the minimum amount. In the case of STEEM, it is 1 STEEM minimum.

• Click on Withdraw. A pop-up will appear as a confirmation( Here you can perform a second check on the target address, if any error, you can go back and correct it). If you are satisfied with what is displayed in this pop-up then "tick" the box and click on Confirm.

• Now it will go through the security authentication. you need to check your Email to find the code received from Huobi and enter that code here, finally click on Confirm. (You can click on Resend if you have not received the code yet).

Pros & Cons

Pros

• No KYC, No Name required for registration. One can get started with a simple Email Address to achieve the basic level LV.1
• Intuitive user interface.
• With HT holding and better monthly trading volume, a trader can enjoy additional discounts & privileges.
• Wide list of supported cryptocurrencies+ 835 different pairs available to trade.
• It also allows traders to deposit fiat like USD via wire transfer, allows them to buy crypto with cards.
• P2P trading is available to connect buyers/sellers with regional currency.
• A variety of DeFi use-cases- Lending, Staking, Saving, Pool Saving, etc.
• Excellent Live Support.
• It covers almost all niches of trading(from basic to advanced to DeFi opportunity).

Cons

• In the Exchange Wallet, it does not display the currency(with a balance) at the top of the list.
• It restricts users to trade Futures & options without KYC.
• Trading Fee is somewhat higher(0.2%) as compared to Binance(0.1%) at the basic level.

Conclusion

The overall assessment of Huobi Global describes Huobi as a comprehensive exchange facility. The average traders to advanced traders find it convenient to use this exchange platform not just on the basis of all the avenues of specialized trading but also because of the No KYC policy at the basic level. The additional DeFi opportunities extended by the platform also attract the HODL traders. We can say Huobi Global has arrived in 2020.

Thank you.

Cc:-
@steemitblog
@steemcurator01
@steemcurator02

Unless otherwise stated, all the images, infographics, charts, tables, etc(if any) are my original works. Screenshots are taken from the Huobi Global official exchange site.

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