Spotlight On Huobi; How Huobi Compares With Other Exchanges

Hello everyone, so good to have you back.

Today in the spotlight on Huobi challenge, I will be writing on how Huobi could be compared to other exchanges.

The Huobi exchange being one of the largest and most trusted has some amazing features and services. Hence, to determine it's worthiness, there is need to look at those features in respect to other cryptocurrency exchanges.

There are several ways to compare Huobi to other exchanges, and below are some of the aspects of comparison;

Security

In the aspect of security, Huobi exchange when compared to other exchanges has recorded a huge success. Many top exchanges have had some large-scale hack issues and concerns which also affected their trading volume afterwards.

Huobi exchange storing about 98% of its funds in cold wallets and also using a decentralized exchange structure to prevent DDOS attacks shows the exchange's potential of maintaining its high-level security standard.

In addition to the User protection Fund initiative, There is also the "Huobi Security Reserve" Service which the exchange plans to store about 20,000 BTC for insurance.

All of this places Huobi on a higher rank when compared to other exchanges in terms of security.

Trading Options

In contrast to some exchanges who save as a sole centralized market maker, Huobi allows an over-the-counter trade. This is an avenue for peer-to-peer transactions. Also, there is a separate platform for margin trading in the Huobi exchange. This also places Huobi in the same level with other major exchanges like poloniex who also have this feature.

Withdrawal Limitations

Just like many exchanges on the market, Huobi has withdrawal limitations and this is based on various levels of user verification.

Although, there are some concerns regarding the withdrawal based on citizenship. What I mean is that if a trader is from China for instance, such trader cannot withdraw any funds with level 1 verification or at zero verification. While traders from US can. This is not so common in other exchanges.

However, withdraw limits on Huobi is relatively low compared to other exchanges.

Customer Support/Service Experience

If I'm asked to rate Huobi's customer service with respect to other exchanges, I would say it is near perfection. Huobi's customer service is simply excellent. Getting response from an exchange customer service within an hour is rare. And with Huobi, customer support is 24/7.

Trading Fees

Huobi has a trading fee of 0.2 percent for both takers and makers for transactions ranging from $0 to $5,000,000. This is high compared to Binance whose fee is 0.1 percent; and low compared to GDAX whose fee is 0.3 percent.

However, Huobi's tiered fee structure keeps the exchange in a competitive level by reducing trading fees for high volume trades. Also, users pay less by becoming a VIP member.

There are no deposit fees. This is also applicable to some other major exchanges. However, there are withdrawal fees and minimums. This also adds to the transaction costs.

Liquidity And trading Volume

Huobi exchange can boast of a super high liquidity and an ultra high trading Volume. If you want to compare this to other exchanges, Huobi maintains a leading position in all.

In addition to all of the above, Huobi has a host of crypto coins scattered around the exchange to be traded on and also support traditional (Fiat) payment method. This also makes Huobi measure up to other large exchanges.

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In conclusion, Huobi has gained the trust of multiples of users in over 170 countries. There may be minimal limitations on the Huobi exchange, but the huge successes recorded as well as its high reputation outgrows those limitations and makes Huobi second to none.

Thank you so much for having me. I really appreciate all the support.