The crypto craze is going from strength to strength and more speculators are looking forward to investing in this phenomenal commodity because the returns are quite high. So, when it’s about investing in these digital currencies, it’s certainly about understanding cryptocurrency exchanges. These trading sites are quite similar to a traditional stock exchange—so if you’ve traded in the stock market before, you’ll easily find your way into the world of crypto trading as well.
However, there are currently tons of crypto exchanges out there. The moment you google “crypto exchange,” you’ll be simply amazed by the number of results. So, the task of picking the right exchange among the entire lot is a bit puzzling. But, wait, we’re there to help. We’ve been reviewing several crypto exchanges for some time now, and that’s why we’ve thought of analyzing Huobi.Pro—a crypto exchange that has risen to fame in a very short space of time.
Now, without delay, let’s get down to the analysis part.
Headquartered in Singapore, Huobi.Pro is providing fresh investment and the trading services of more than 100 digital assets. In 2013, the team backing this trading website saw the great potential blockchain had; it knew that this revolutionary piece of tech could easily rewrite the future of different global financial systems. The team therefore founded this website that’s involved in trading crypto coins.
According to its team, this portal has the mission to make the whole financial vertical more efficient and accessible to everyone. In short, this ecosystem is all about letting every one of its users make more wealth through crypto trading. The platform’s team is absolutely dedicated to offering professional, trustworthy, safe, world-class services. According to its website, Huobi.Pro claims that its team is already creating client-first culture. The portal has its offices in the US, Korea, Japan, Hong Kong, Singapore, and another 130 countries located across the world. So, considering this, the reach of this trading platform is amazing.
Now, let’s look at our first impressions of Huobi.Pro.
Well, if we’re talking about first impressions, then we have to factor in the site’s interface. When we land on a trading site—or any other site for that matter—we first look at its interface. And the interface of this website looks damn good because it’s quite easy to use and responsive. The site is available in two languages—English and Chinese.
Apart from the interface, we have to see the USP of this portal. The solution that Huobi.Pro is bringing to the cryptocurrency space is quite innovative especially from the perspective of a user. The site let users analyze quite easily—so if you’re someone who likes to dig deep into charts and graphs before making an investment, then this site is for you.
All the charts on the site are provided by TradingView; and, frankly speaking, these charts are accurate and can create rock-solid trading analyses and insights. Also, the rest of the trading portal is aligned intuitively. Here’s one snapshot. (And in case you’re not a big fan of dark-themed webpages, the site is also available in a white theme.)
A high-liquidity trading site such as Huobi.Pro has to be responsive no matter what, and the team working on this site knows this fact very well. That’s precisely why the site is quick to load and super responsive. The platform is even available as an app for iOS and Android. So, if you like trading on the go, then this trading ecosystem has got you covered.
Initially, the exchange was largely focused on Southeast Asian markets. However, since the ban by China on crypto trading, the platform has been registered again in the Seychelles. Due to growing regulatory pressure, the company had to cut some of its functionalities—despite that fact, the site still maintains an impressive trading volume.
This is one of the first crypto coin exchanges with a 24 × 7 customer service support. That’s not all – this portal has its own independent evaluation system for cryptocurrencies. Best of all, if you’re new to the game of crypto trading, then you’ll benefit from its pre-trade educational program too. The site even develops a full-blown investor protection fund for managing all the legitimate investment claims made by clients. In terms of the project’s transparency, it has got its own open-processing progress indicators.
Apart from the regular crypto-asset exchange, this platform offers a range of other trading-related services.
A short overview for each of these services is given below.
- SMARTchain: This is a qualitative model that’ll evaluate all the existing blockchain-backed assets available in the market.
- LABS: This is a consultancy service for blockchain start-ups; this service has a lot of subsections including designing business models, tutoring the development team, and developing big-ticket strategic plans.
- Huobi Mining Pool: As a robust platform, this network provides its own pool that’ll make mining easier.
- Huobi Ecology: This is just like an end-to-end partnering ecosystem where this exchange network joins hands with some of the leading names in the blockchain space. That way, this platform plans to make the whole blockchain sector more powerful.
- Huobi Capital: This is an initiative where new influential investments are made, and innovative asset management methods are built to accelerate the blockchain’s implementation.
Overall, Huobi is one robust ecosystem that has remodeled the concept of the crypto exchange and has even taken this sort of trading to a whole new level.
Signing up on Huobi.Pro
Step 1: First off, you have to click the “Sign Up” button.
Step 2: Then, you must fill in your email address. Once you’ve done that, press the “Send” button. Afterwards, you have to key in your password twice.
Step 3: Now, you’ll have to open the registered email ID and see a message like the one given in the image below. After all this, use that six-digit confirmation code and feed that into the appropriate field present on the sign-up page.
As you can see, registration is quite quick and straightforward. Now, let’s see what you must do if you want to deposit some funds into your account on this exchange.
Making a deposit to your Huobi.Pro account
On this exchange, the credits will be only deposited in the form of crypto coins. However, there’s a caveat—currently, you can’t transfer fiat money or euros directly on the platform. So, for that reason, you should use another platform to buy Bitcoins or other altcoins. Once you’ve bought the digital asset, you’ll have to deposit it to your wallet. Finally, from the wallet, you’ll have to transfer the assets to Huobi.pro.
Now, once you’ve got your assets in your exchange account, you’re all set to begin the trading game. Follow these steps to begin the action.
Step 1: Start by selecting “Balances” present on the topmost menu. Afterwards, you have to click on “Deposit & Withdraw.” To deposit to your exchange account, your trading account will already have been selected.
Step 2: After that, you’ll transfer all the desired crypto coins through “Deposit” to Huobi. The receiver’s address will always be displayed in your own wallet—and this value can be displayed as a unique QR code or can be directly copied to your system’s clipboard.
Now, once you’ve sent the coins to the stated address and you’ve received all the necessary confirmation from the exchange, you’ll cross-check. This cross-checking will be done by viewing the balance of your on-premise wallet.
How should you buy cryptocurrency from Huobi.Pro?
Whenever the balance in your Huobi.Pro account is credited, you’re ready to buy and sell crypto coins.
The existing prices of the crypto coins and different currency pairs are clearly displayed as line charts, overviews, or standard “candlestick charts”. Plus, you can simply customize these plans to have the kind of analysis that suits your tastes and preferences.
For trading purposes, you need to click on the “Exchange” tab that’s present at the menu’s top. Afterwards, you will select the most appropriate currency pair. Then, the currency pairs are merged with the market prices of ETH, BTC, and USDT, and that updated pricing is displayed under its respective tab.
As the trading site considers itself to be a powerful incubator of different ICOs, more and more innovative coins will be presented separately from the pre-established currencies. Because of this, under the ETH section, there’ll be an overwhelming list of the most innovative ERC20 tokens; while all the classic coins will be found in the “Main” upper section.
Furthermore, the trade can be simply executed as a market order or a limit order.
For instance, if you want to trade the XPR/USDT currency pair, you’ll have to first pick USDT and then XRP. Once you’ve selected the desired currency, you’ll have to feed the amount into the order form. After that, you’ll have to confirm it. However, instead of feeding the amount directly, you may even click on any corresponding entry under the “Sell” or “Buy” tab in the order book; this will be done if the transaction is based on a limit order. That way, the picked offer will be easily included with the sell/buy order and the specific corresponding price.
Note: Whenever you place a complete purchase order within the order book, you’ll have to select a sale offer. This will be a line that’s red that is labeled as “Sell,” and then you’ll click on the green “Buy” order to accept it.
A purchase order will only be published once the order is confirmed under “Buy.” The time taken to automatically complete the order will usually range from a few seconds to minutes. If, however, it doesn’t work with a specific limit order, then that’ll mean the price of the commodity will rise sharply and you’re buying it too cheaply. This buying price can be adjusted through the limit order.
Once the order is successfully completed, the bought coins will simply be credited to your wallet.
So, in short, we can say that if you trade a couple of times on this exchange, you’ll quickly get the hang of things.
Is Huobi.Pro safe to use?
This trading portal has invested a lot of time in raising its security game. For that purpose, it has even passed a number of third-party tests. In terms of Huobi’s security, it offers two-factor authentication, email notifications, and SMS alerts. (The emails from this portal follow PGP–encryption standards.)
On this portal, more than 98% of customer assets are stored inside a multi-sig cold wallet. The outputs of this wallet are limited to the platform’s native hot wallet. These wallets are monitored 24/7; as a result you can expect the staff to react immediately if there’s a breach. Adding to its safety features, the platform has collaborated with Goldman Sachs to secure its client’s funds.
Plus, there’s nothing like hands-on experience; that’s why the team has a rich experience in managing a range of crypto assets. Last but not least, the platform has a decentralized architecture and follows the anti–DDOS protection system.
Now, let’s get to know what kind of verification system this platform follows.
A solid verification process
The platform’s verification process is more demanding than that of other networks. Once users are registered, they’ll need to have their email verified. After the email verification is over, the user’s real name is also verified. For this platform, it’s important that a username matches with the name mentioned in her/his bank account linked to Huobi.
The name verification is followed by the verification of a user’s nationality. Here, you’ll select the country where you’re living. (To select your country, you’ll be given a dropdown menu.) The Chinese users will either provide a government ID card, social insurance number, driving license number, or military officer certificate. However, the foreign users will have to provide their passport. The users will even have to take a selfie with a government document; plus, they’ll have to take a picture that depicts three deposit transactions. In the end, the user will have to have their mobile number verified.
So, by the look of things, the security of this platform is quite strong—and can’t be easily breached. Just like security, customer service is also important. So, now, let’s see how the platform scores in terms of serving its customers.
Huobi.Pro’s customer support
Unlike many crypto exchanges, this one has got a stellar customer support team that can be easily reached by email, ticket, social network, or phone. The support staff are very polite and does whatever it takes to solve customer queries in the shortest turnaround. The typical response time on this platform ranges anywhere between two and three hours.
Withdrawing cryptocurrency from Huobi.Pro to your crypto wallet
The withdrawal process is quite similar to making a deposit on this network. So, here’s a step-by-step guide to successfully withdrawing the funds from your exchange account.
To make a withdrawal, you should click on “Withdraw” for the specific account of a cryptocurrency. There, you’ll fill in the destination’s address where you want the funds to be transferred. The transfer fees are displayed loud and clear, and they can be simply adjusted within a defined range.
Before the withdrawal is completed, the procedure has to be confirmed by all the second factors—if you’ve enabled any through the security settings.
After reviewing all the details, Huobi.Pro seems to be a reliable crypto exchange located in China. Due to its solid trading volume and high liquidity, this exchange is ranked among the best platforms across the world. Plus, let’s not forget the 24 × 7 customer support that this platform is offering—listening to its customer queries every time is truly a remarkable feat. So, all in all, if you want to experience cryptocurrency trading at its best, Huobi.Pro is the go-to portal.