Spotlight on Huobi Challenge | Huobi Review | Part-02

Hello everyone,

I came with the second part of Huobi Exchange. Those who have not read the first part can take it later by clicking on this link
Part-01. In the 1^st part, I showed you how you can create your account, security, deposit etc. Moreover, I have given many more shortcut summaries. Now You can come and see if you want.

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How to trade on Huobi Global

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Making a trade on Huobi Global is the same as many other crypto exchanges, and therefore, it’s nice and simple and you should have it mastered in a few minutes.

I was really pleased to see that Huobi Global have though about beginner traders by labelling the Buy/Sell buttons for each pair to avoid any confusion rather than just saying ‘Buy’ or ‘Sell’ – not sure what I mean? Here’s an example:

^{Buy/Sell Buttons on Huobi}

So, how exactly do you make a trade on Huobi Global. Firstly, make sure that you have deposited some funds to your account, you’ll need to do this before you make a trade as there is no demo account on Huobi Global.

Now that you have funds, find the asset you want to buy; for this example, let’s say I deposited Bitcoin (BTC) onto Huobi Global and want to buy Ethereum (ETH) with it. Go to ‘Markets‘ and search for the cryptocurrency you want to buy or sell. Once you’ve found it, select it and then press ‘Exchange‘.

^{Huobi Global Asset Selection}

You should now see a screen a bit like the one below. Now, before we jump into making a trade, let me explain the page a bit more so that you get a grasp of what it all means.

^{Huobi Global Trading}

On the left-hand side, you should see a large chart, this shows you the price of the asset against the trading pair you selected – in this example, it is showing that Ethereum has gone down in price against Bitcoin (become less valuable).

Below the chart is your orders tab, this shows you any open trades and historical ones allowing you to keep track of your orders. From this tab, you can cancel open orders as well as gather the information you may need for tax purposes etc.

So switching over to the right-hand side of the trading screen, at the top you can see what’s called the ‘Order Book’ – this tells you where people have orders to buy or sell that particular asset. In the example above, we can see that someone wants to buy 4 Ethereum (ETH) at 0.03026722 BTC per ETH.

Below that is the most important box, where you can trade the asset. You’ll see that this box has three different tabs, these are for different order types. There are three main order types on Huobi Global:

• Limit
• Market
• Stop-Limit

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Limit orders are saying ‘I will buy/sell X amount of Y at price Z’.

Market orders are saying that ‘I want to buy/sell X amount Y instantly, irrespective of the price’.

Stop-Limit orders are saying ‘I want to buy/sell X amount of Y if the price goes to Z’.

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Now that you’ve got a better idea of the main order types on Huobi Global, go ahead and select the one you want to use and then fill in the details (amount and price). Now to make the trade, all you have to do is press the corresponding Buy/Sell button – it’s that simple.

Once your order fills, you will see the balance change from one asset to the other, so for example, if I bought 1 ETH with my BTC, the corresponding balance would move from my BTC balance to my ETH balance. You can then withdraw the asset you exchange to should you so wish or trade it back to other assets at a later time. There is no limit to the number of trades you can make in one day on Huobi Global.

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Fees

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Huobi Global charges a 0.2% standard fee for buys and sells on the exchange which can be reduced by holding tiered amounts of HT – Huobi’s exchange token. So one standard trade on Huobi Global would cost you 0.4% of the total volume of your trade (1 buy & 1 sell or vice versa).

There are also other fee reductions you can make use of on the Huobi Global exchange including the Professional user program which basically means that the more you trade, the fewer fees you pay.

^{Huobi Global’s fees}

For more information on Huobi Global’s tiered fee structure, see this page

With regards to deposit & withdrawal fees, Huobi Global doesn’t charge any deposit fees although you do have to pay a withdrawal fee which varies depending on the asset that you want to withdraw. It’s pretty minimal though, so it doesn’t really affect me when I use the exchange. The withdrawal fees also change depending on market conditions, so you’ll need to sign up for a Huobi Global account to check the exact withdrawal fees.

There are no other fees associated with trading on Huobi Global that you need to know about – the exchange is pretty transparent in that regard.

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Making a Withdrawal

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Naturally, at some point (hopefully when you’ve made some nice profit), you will want to move your money off the exchange so that you can realize profit (or loss). To do this, go to your exchange account balances, find the asset you want to withdraw, select ‘Withdraw‘ and then proceed to make the withdrawal out of Huobi Global.

Handy Tip: Have your email account (or phone) that you used to sign up ready as you will need it to confirm the withdrawal.

^{Huobi Global Withdrawal}
There are some daily withdrawal limits if you do not verify your Huobi Global account, so if you are planning on trading with big bucks, you may wish to verify your identity.

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Huobi App

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You can also use the Huobi Global exchange on-the-go with the Huobi App. This advanced app available for IOS Apple App Store and Google Play Store (Android) allows you to trade and managed funds on your mobile device and is extremely secure and well-designed in my personal opinion (I use it all the time).

Download IOS Huobi App (iPhone, iPad etc.)

Download Android Huobi App (Google Play Store)

Some of the notable app features, in my opinion, are FaceID, instant orders and the ability to buy/sell crypto with credit & debit cards.

^{Huobi Global App}

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Customer Support

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Being able to get in touch with members of staff at a cryptocurrency exchange can be an arduous process, so let’s take a look at the support system of Huobi Global – at the end of the day, it’s one of the most important factors.

I’ve personally used Huobi Global’s support centre several times and found it sufficient every single time. The response was fast, and they managed to resolve my problems with ease.

To access Huobi Global support, visit and search for your issue, if you can’t find the answer there, submit a request.

You’re probably also wondering whether or not Huobi Global has a live chat. Yes, Huobi Global offers a Live Chat service from their web and mobile applications.

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Conclusion

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This Huobi exchange review has confirmed to us that Huobi is indeed a reliable and effective cryptocurrency exchange. There is a reason that they have become so successful and expanded their operations.

We found the platform to be greatly efficient as well as well laid out and beginner friendly. It also has many tools that day traders and technical analyst would find useful.

It is also quite impressive that Huobi has set up reserve funds that will act as insurance in the case of any hacks or unforeseen breaches. This is something that more exchanges should, and in fact are, doing.

While there is room for improvement as mentioned, these are relatively minor and should not detract you from using the exchange. Moreover, Huobi is only set to improve as it expands its operations globally.

In short, a well-established exchange with a strong reputation and a smooth trading experience.

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