Huobi 2023 Review

In this 2023 Huobi crypto exchange review, I will examine what Huobi is, its history, the team, the pros and cons of the platform, and much more. 

As the cryptocurrency industry has taken off over the past decade, there has been a substantial number of untrustworthy exchanges. 

You don’t want to be involved with an untrustworthy exchange when there are plenty of good ones out there like Huobi. This Huobi exchange review explains all the relevant features that you need to consider when choosing your cryptocurrency exchange. 

Have you been wondering, is Huobi legit? Is Huobi safe? Is there such a thing as a Huobi scam? I’ll answer all of these questions and more in the paragraphs below.

We’ll go over everything you need to know to make the decision about if Huobi is right for you.

Should you open an account today?
 

1. Key Takeaways 

Don’t worry about not having time to read the full review. Below is an actionable summary to give you an idea of what to expect with Huobi.
 

Pros of Huobi

Cons of Huobi

2. Background

Cryptocurrencies: 397 different ones
 

3. Reputation and Security 7.5/10

Huobi generally has a good reputation in most parts of the world. They operate in over 130 countries even though cryptocurrency is still a widely contested issue in some of these places.

Huobi has built a number of smaller service offerings and financial products that have been met with great accolades from their users. 

There do exist allegations online of the exchange doing what is called wash trading, which artificially inflates their trading volume. This has never been proven and may not be the case. 

The exchange offers more cryptocurrencies than I’ve seen elsewhere so it would make sense that they accumulate a large amount of volume.
 

Security Features

AML & KYC 

Huobi adheres to the Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations which are the industry standards in terms of verifying the user base of an exchange. These regulations require users to submit identification documents to verify who they are before they can deposit or withdraw their funds. 
 

Complaints Received

Huobi has received a moderate number of complaints about their customer service not being helpful. Others complain that the company is not registered in every country that it operates in like Spain, for instance. 

Other reviews said they have really enjoyed their experience with Huobi and would recommend it as a crypto exchange. 

Huobi has not responded to individual complaints but they have left their help number as a general comment on various third-party review sites. 
 

Team

Leon Li is the founder of Huobi. He used to work at the computing company, Oracle and founded Huobi in 2013. His profile is active on LinkedIn and he seems like an upstanding citizen and crypto advocate. 

The Huobi company has many smaller teams such as the Huobi DeFi labs team and the Huobi broker platform which is catered towards other professional trading platforms and institutions. 

Huobi caters to a number of industries that revolve around cryptocurrency. They enable staking and lending by its users through third-party DeFi (decentralized finance) services. 
 
 

4. Prohibited Countries 

Before I move forward with the essence of my Huobi review, make sure you don’t use this platform if you reside in the following countries. 
 

United States

China

Japan

See All Prohibited Countries
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All other countries are Huobi supported countries.
 
 

5. Fees 9.0/10

Huobi fees are much lower than their competition. There are no Huobi deposit fees and no Huobi minimum deposits. 

The Huobi minimum withdrawal size is $100. This is five times as much as Binance’s $20 minimum withdrawal size.

Huobi’s fiat withdrawals are free although the Huobi withdrawal fee for cryptocurrency is $5. 
 

Fee Structure

The Huobi fee structure is degressive in the sense that you pay less the more you trade. This seems to be a common model that exchanges implement in order to stimulate more trading from their users. 

There are various specifications for professional traders but below is a table of Huobi’s generalized fee structure. 
 

For all the details on Huobi transaction fees, including Huobi’s margin fees, please refer to the articles in the help section of the website. 

All in all, Huobi trading fees are very low! 

For perspective, Coinbase will charge you up to 9.99%.
 
 

6. Exchange Features 9.0/10

Huobi has all the features of a top-tier exchange. 
 

Advanced Trading Interface

Huobi’s spot trading interface has everything you would want, from an adjustable layout to a real-time order book.
 

Exchange Token

Huobi actually offers two different exchange tokens, HUSD and HT. HUSD is a USD-backed stable coin and HT is the platform token. 

HT is a speculative asset and derives its value from its utility within the Huobi platform. This utility includes staking, HT holders being eligible to pay decreased fees, and also holders having the ability to vote on various issues. 
 

Asset Classes

Huobi offers spot trading, margin trading, futures trading, and staking. Staking enables users to generate a yield on their digital assets.
 

Market Share

The FTX Global Volume monitor did not list Huobi as being in the top 30 exchanges based on their traded volume in the last 24 hours. In order for an exchange to be on that list, an exchange needs a minimum of $10,000,000 traded within the last 24 hours. 

Given the number of countries that Huobi is available in, that is somewhat surprising - although there is a lot of competition in the crypto exchange industry. 
 
 

7. User Experience

The site is high functioning and distills a large amount of information fairly efficiently. Each of the pages loaded quickly and there was a wealth of pages to choose from. 

Below is an image of the Buy Crypto page that gives you an idea of the sleek design that Huobi has utilized.
 

The trading features are easy to maneuver and users should have no trouble finding what they’re looking for. The website is built in a modern fashion and looks great.
  

Liquidity

The liquidity for each asset will of course be different, but of all the reviews I read, a lack of liquidity was not mentioned once. 
 

Registration Process

The registration process for Huobi is simple. First, you’ll need to create an account and then you’ll have to upload verification documents that enable you to deposit and withdraw a certain amount of money. 
 
 

8. Payments 10.0/10

Deposit and Withdrawal Methods

You can deposit and withdraw any of the listed fiat currencies or cryptocurrencies on the platform. 

You have your choice of buying crypto with a Visa or Mastercard or depositing cash with bank transfers, SWIFT wires, and by connecting Paypal. 
 

Limits 

The Huobi withdrawal limits are measured in BTC. There are no Huobi deposit limits. 

The deposit and withdrawal limits vary depending on what tier of identification verification you have gone through. Verified users can withdraw up to 100 BTC every 24 hours. 

When you sign the user agreement, you are agreeing to the platform having the power to limit your deposits and withdrawals if necessary.

For unverified accounts, the max withdrawal size is 0.06 BTC.
 
 

9. Customer Service 7.0/10

Some users may not be aware of exactly what they are trading or how to do so. Huobi has done a great job building a help center to alleviate some of these issues, and they offer customer service in multiple different languages. 

Along with the chat and ticket support features, there are dozens if not hundreds of helpful articles sprawled throughout the site. 

Articles are featured primarily in the blog section but there is also an Introduction to Digital Assets section that breaks down the history and use cases of each of the 357 cryptocurrencies available. 
 
 

10. Noteworthy Features 9.0/10

Collateralized Loans

Huobi enables users to withdraw loans after submitting their digital asset portfolio as collateral. The rates will vary depending on what your portfolio contains and how much you’re borrowing. 
 

Learn

Huobi’s learn section is a comprehensive set of articles that help users understand the tenets of cryptocurrency and investing. You can filter these articles by specific topics. 
 

Cloud Wallet

Huobi’s newest product is their cloud wallet which custodies a user’s cryptocurrency. Holding tokens in a wallet off of an exchange is considered safer than keeping them on the exchange as it reduces counterparty risk. 

Users will be enabled to directly invest in their favorite DeFi protocols with this wallet.
 

Huobi Mobile

Huobi decided to release Huobi mobile and has made the app available in all the Huobi supported countries. It enables users to trade directly from their smart device and includes a robust trading interface.
 

Huobi Review: Final Thoughts

I hope you enjoyed this Huobi crypto exchange review. 

Over the last 8 years, Huobi has made a name for itself and has built an impressive suite of cryptocurrency-related investment products. They seem to be on top of things given they are enabling DeFi composability within their new Cloud Wallet. 

Let’s not forget about the massive offering of tokens they have. This is by far the most I’ve seen on a centralized exchange. It’s even more impressive when you consider how many countries Huobi operates in. 

If you’re looking for a diverse set of tokens and financial products, then you’ll love Huobi.