In 2013, Huobi was founded in Beijing by Leon Li and Eric Cheng. The company relocated to Singapore last year as China banned the trading of cryptocurrencies with fiats due to unregulated volatility on exchanges. Now headquartered in Singapore, Huobi still operates a significant cryptocurrency exchange consisting of Bitcoin (BTC), Ethereum (ETH), Litecoin(LTC) among other popular coins although they are also invested heavily into ICOs through their own investing platform known as HADAX which has been live for about three months now and is open only for token holders who have passed KYC procedures. Huobi Pro is a digital asset exchange that not just deals solely with crypto but supports Initial Coin Offerings or “ICOs” too.
Huobi Pro has been forced to leave China, but that hasn’t slowed them down. They now have over 3 million account holders and half of those are from mainland China. Huobi Pro also just launched its own cryptocurrency token called the HT which runs on the Ethereum blockchain. The HADAX platform saw a surge in user participation and trading activity after launching HT, with over $300 million worth of token being sold during the first 14 days. The tokens are given to account holders as part of their loyalty scheme for free or can be used on its exchange service fee packages instead; this makes it appealing to crypto traders who want more control over how they pay fees.
Exchange Platform
Huobi.Pro is an impressive piece of tech and it’s up there with the best trading platforms in traditional financial markets, making it easy to get a feel for individual cryptocurrencies at your fingertips! The HADAX market that supports smaller alt coins also benefits from Huobi Pro’s professional platform interface which provides quick access to all sorts of information about each cryptocurrency including price feeds, charting data, profiles describing the coin – everything you need on one screen.
A particularly useful value-added functionality of the trading platform is the ‘Smartchain’ analysis and research service. It provides insights and research on different Blockchain assets and over 50 different indicators.
Exchange Markets
Huobi Pro and the HADAX alternative exchange offer users a lot of choice in cryptocurrencies. Over 100 currencies are listed on Huobi Pro, with more being added all the time; while its competitor is barely one month old it has quickly amassed over hundred coins for trading including small-cap altcoins that may not be as well known to traders outside China. Unfortunately, Huobi Pro and HADAX are popular cryptocurrency exchanges, but they don’t support Fiat currencies. Tethers can act as a proxy for these currencies to provide the stability that many investors desire, making them one of Huobi Pro’s most important features.
Fees
Huobi Pro offers cryptocurrency deposits and withdrawals for all of their account holders. They offer an easy way to trade between cryptocurrencies with a small fee, which is very reasonable compared to other exchanges’ fees that typically charge at least 0.1%.
Fairness and Security
Huobi Pro has seen more than 4 years of success as the first cryptocurrency exchange to achieve a listing with China’s National Equities Exchange and Quotations (NEEQ) in March 2016. This is due largely in part to their strict security measures, which include 98% of assets held in multi-signature cold storage wallets that cannot be accessed from online, an advanced distributed system architecture where data can only enter through encrypted channels using two factor authentication methods; Huobi pro makes protecting its traders and asset holdings one priority it takes seriously.
Support
Huobi Pro has support in English and Mandarin, with customer service being available by phone to one of its several country offices as well. It also maintains social networks on messaging apps where you can make inquiries for help if needed. The company’s response time is typically 2-3 hours via email ticketing system, but the agents are polite and helpful.
Pros
- Impressive trading platform
- Over 100 cryptocurrencies and tokens supported on the main exchange
- Alternative HADAX exchange listing altcoins that are voted on
- High-level cybersecurity
- Strong customer support
Cons
- Fiat deposits and withdrawals not supported
- Lengthy account registration process
Conclusion
Huobi Pro is clearly an exchange with big ambitions. The exchanges aggressive international expansion strategy signifies that it has few rivals in the cryptocurrency market as a trading platform and its breadth of variety in cryptocurrencies supported such as BTC, ETH, BCH, EOS are real strengths. Huobi’s HADAX alternative also won over many fans by giving users access to emerging coins before they gain traction on other platforms like Coinbase or Kraken.
When it comes to the registration process for traders who are not from China, Hong Kong or Singapore, things can be a little more demanding than would ideally be expected. However as local versions of the exchange open up in other Western markets like America and Europe hopefully that will improve. There aren’t many criticisms that can be leveled at Huobi Pro and overcoming years we can expect this to become one of the dominant cryptocurrency exchanges internationally.
