EST 100'000 BTC
In spite of the resistance of some established financial systems, digital currencies have infiltrated the financial sector of major economies, giving investors the opportunity to grow wealth. There are companies that have played significant roles in the crypto market place in different hostile environment and Huobi is one of such.
Huobi is a major cryptocurrency exchanger based in China with extensive focus on the Southeast Asian market. The company was launched in 2013 and has remained an important platform for cryptocurrency traders in the region. Due to the government ban on cryptocurrency activities in China, Huobi has to make some important changes including reregistering in the Seychelles. It has also cut so many of its functionality in order to comply with regulatory standards, but it remains a relatively dependable platform for cryptocurrency enthusiasts and investors.
In spite of the challenges it has faced, Huobi has stayed strong and this is due to some smart business models that have helped them to keep the bulk of their customers after each. Here are some of the advantages that make the platform the choice exchange for customers in the Southeast Asian market:
Prior to the crisis that rocked the Chinese cryptocurrency industry, Huobi used to offer different conditions for market ‘makers’ and markers ‘takers’. Currently they offer flat rate for all players. Trading at the platforms comes at the cost of 0.20% of the total transaction value. That rate is in line with the best offers in the market and is considered really fair.
There are more than 20 different coins traded in Huobi. Though this is not as much as the biggest traders in the market that has hundreds of coins, it is still considered impressive for company that have been rocked by a hack and government interference. In Huobi, users can trade against BTC, ETH, and USDT (Tether, the cryptocurrency).
Huobi looks like a platform that was deliberately made to interest traders. It is definitely among the best ones in the cryptocurrency ecosystem, from the perspective of a trader. Just in the interface, there is a chart provided by TradingView. It is really easy to trade the right way with Huobi.
Though Huobi looks pretty much like traders favourite, there are still some things that do not feel so right about the platform. The fact that it was hacked in the past has reduced the confidence of some users. In the reported hack, about 12,000 Bitcoins were reportedly stolen. Besides that, there are some other disadvantages such as the following:
Prior to the ban in China, Huobi was exclusively a Chinese focused exchange. Currently, they seem to be open to the idea of global coverage, but the verification process is still not favourable.
Huobi does not mention in a clear manner the details of trading in their platform. Many find this uncomfortable. Deposits and withdrawal fees, as well as methods of payments are not properly presented in an accessible manner. There has also been concerns about the information about trading volume presented by the company. Many consider it to be fake and made to mislead traders.
Before the shakeup in China, Huobi was clearly among the leading exchanges in China. Though they have been shaken, the company remains relatively strong and appear like a good platform for traders in Southeast Asia.