For major exchanges like Binance or Bingbon, many people are probably familiar, and today we want to introduce a trading platform that is equally prominent with its name often appearing at the top of rankings. That is Huobi. Let’s explore what Huobi exchange is, its operational history, the ecosystem it has built over many years, an overall review of the platform, and finally a guide to creating an account on Huobi exchange in this article.
What is Huobi?
Huobi exchange is one of the largest digital asset trading platforms in the world, alongside names like Bingbon and Binance.
Previously, the platform’s activities were limited within the country, but due to tightening regulations on cryptocurrency trading by the government, Huobi shifted its target to the global market.
Although strict bans led to the removal of many features, the platform still maintains a high trading volume comparable to other big names.
In the Vietnamese market, Huobi ranks just behind Binance.
Brief history of Huobi
September 1, 2013: Huobi first appeared in the cryptocurrency market, introducing core services such as margin trading and a superior Litecoin trading platform.
December 2013: Just three months after launching, Huobi reached a trading volume of $4 billion. Consequently, Huobi naturally became the largest cryptocurrency trading platform in China.
September 2017: Starting from this point, a series of upheavals hit cryptocurrency exchanges in general and Huobi in particular. The Chinese government issued strict regulations overseeing trading and ICO services. Affected by these challenges, operators decided to relocate from the Chinese market to the international market to avoid strict regulations and to increase profits.
October 2017: Huobi entered the global market, beginning with South Korea, opening its headquarters in Seoul.
November 2017: Next was Singapore, where Huobi established another branch. This is also where Huobi’s main headquarters is located.
Understanding Huobi’s ecosystem
Since its establishment, Huobi has been determined to become a major player in the industry, so developers have built a vast, lively ecosystem.
Huobi labs: This project was created to support Blockchain platforms in their early stages.
Huobi Capital: This is a fund specializing in investing in projects within the Blockchain industry.
Huobi Mining Pool: Responsible for mining blocks within the Blockchain.
Huobi pro: A trading platform for electronic products in general, Huobi pro achieved notable success: ranked in the top 5 best exchanges in 2019.
HADAX: Originating from Huobi pro, designed specifically for professional investors, with transactions performed automatically.
Huobi OTC: An investment method suitable for traders who want to trade anonymously.
Review of Huobi platform
Types of fees on Huobi
If you deposit coins into your account, there is no fee, but withdrawals are subject to fees depending on each coin. Trading fees are 0.2% of the transaction volume for all trades. You can reduce this fee by using USDT to purchase point cards, which can help you at least 10% off the transaction fee.
Advantages of Huobi
- Wide variety of Cryptos: Almost all types of cryptos available on the market are traded on Huobi, with approximately 438 trading pairs.
- Huobi supports Vietnamese language: This is very convenient for Vietnamese traders, and the Vietnamese user community is quite large, making it easy to find trading partners and exchange experiences.
- Huobi platform provides various types of trading: margin trading, IEO purchasing, OTC… all available here.
- Huobi’s native coins have significant functions within this ecosystem (we will discuss the platform coin in later content).
- No individual or organization has successfully attacked Huobi’s network, which is another point in favor of the platform’s strong security.
Disadvantages of Huobi
- Transaction fees on Huobi are considered quite high at 0.2% per transaction.
- Huobi has many different domains but all belong to the same ecosystem, which can be confusing and complicated for users.
Brief overview of Huobi Token (HT)
Overview of Huobi Token (HT)
Huobi token (HT) is built on the Ethereum Blockchain platform, adhering to the ERC-20 standard, and is Huobi’s official coin.
HT was officially launched on January 24, 2018, through an ICO funding method.
- Contract: 0x6f259637dcd74c767781e37bc6133cd6a68aa161
- Blockchain platform: Ethereum
- Standard: ERC-20
- Total token supply on the market: 500,000,000 HT
- Circulating token supply: 50,000,200 HT
What functions does Huobi Token (HT) serve?
Using the exchange’s coin usually grants discounts on trading fees or IEO purchases. This is a common incentive across exchanges to encourage more users to use the platform’s native coin. Additionally, operators may use this coin to compensate users in some case of unexpected issues, often referred to as a user protection fund.
How to register an account on Huobi exchange
Visit the following link: https://www.huobi.br.com/vi-vi/register/?invite_code=xcgd3
Once accessed, the Vietnamese version of the platform will load. Fill in the required information on the form below:
- Nationality: Find and select “Vietnam” as shown in the image
- Email: You can register using either an email or phone number, but I recommend using email for better management
- Set password: Your password must be between 8 and 20 characters long.
- Confirm password: Re-enter your password.
- Invite code: Optional, but if you have an invitation code from friends or family, include it.
Complete the CAPTCHA by checking “I am not a…”
The server will send a confirmation email. Simply log in, open the email, and click to confirm.
Conclusion
The above article covers the fundamental issues related to Huobi, including What is Huobi, its operational history, diverse ecosystem, general platform review, introduction to the exchange coin, and finally a guide to creating an account. I hope this article provides useful information for your business.
See also: Kucoin exchange
