Spotlight on Huobi challenge [100% Power Up]

ahmed05 (72)in #ilovehuobi • 4 years ago

Hello Lovely People,

Today I am very happy to be able to participate in the Spotlight on Huobi Challenge. Today's article will explain what you will have, Key Facts, Margin Trading, security, fees and many more information. Hope you can easily understand that. So let's get started.

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Introduction

Huobi is one of the most prominent cryptocurrency exchanges. Thinking about jumping into cryptocurrency can be exciting. However, once you learn a bit more about the crypto markets, things become more complicated than they first appeared. Most people then find out that the promising new cryptocurrency they want to get their hands on is not available on Coinbase. This means investors are faced with the problem of choosing the right cryptocurrency exchange to buy their more exotic cryptocurrencies.

When it comes to choosing the best cryptocurrency exchange for you, we know there are many different factors to take into account. Many of you will be asking the question: Is Huobi safe? Why choose to use the Huobi exchange? That’s why our Huobi exchange review covers everything you need to know. We know that setting up an account properly can sometimes be daunting. Don’t worry, we will also show you how to open your Huobi exchange account in a simple walkthrough.

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Key Facts About The Huobi Exchange

When choosing a cryptocurrency exchange, you naturally need to know the facts and then make up your own mind. We have sifted through the nitty gritty to bring you a brief summary of the important bits:

Accepted Currencies: The Huobi exchange accepts US Dollars, Chinese Yuan, Bitcoin and Ethereum.
The number Of Cryptos Available: You can trade over 100 different cryptocurrencies on the exchange.
Where Is The Huobi Exchange Located? The exchange has its main office in Singapore. However, they also have other offices in Hong Kong, Japan, South Korea, USA and many other countries.
What Is Huobi.Pro? This feature is Huobi’s global peer to peer exchange.
Can I Used A Credit Card on Huobi exchange? No, the exchange does not accept any credit card transactions whatsoever.
How Old Must You Be To Use Huobi? Huobi doesn’t accept accounts for anyone under the age of 16. If the statutory age of entering into contracts is higher in your country, you will need to meet those age criteria. In the West, this is usually 18 years old.
High Liquidity: The problem with small exchanges is that even $1,000 could significantly move the market price of a cryptocurrency. High liquidity simply means that there are a lot of buy and sell orders and this means your order can be executed quickly. Huobi has the third best liquidity in the world and this makes buying cryptocurrencies easy.
Supported Devices: Huobi offers a MAC and Windows download. It also has iOS and Android apps as well.

Margin Trading

First off, margin trading is incredibly risky and can result in massive profit or losses. It is a sophisticated product that TotalCrypto cannot recommend unless you know what you are doing and fully understand the risks involved. In margin trading, you borrow funds from a broker and these are used to trade cryptocurrencies. The cryptocurrency you buy is then used as broker collateral. This type of trading gives you the option to go long or short the market and positions can be leveraged. This leverage magnifies gains and losses. You should also be aware that for every day the broker loan is outstanding you will be charged interest.

Pros and Cons

1. Pros

Huobi is working hard to comply with US regulation. This shows a high level of professionalism that is sometimes not evident with other cryptocurrency exchanges.
It’s become the third biggest exchange in the world. This is pretty incredible as Huobi has only recently accepted customers outside of Asia.
The exchange has high levels of liquidity. At the time of writing over half a billion dollars is traded on the exchange every day.
Huobi actually delists bad cryptocurrencies. This is great as marginal projects are not available to be traded on the exchange. It shows that the team cares about its customers.
Fiat deposits available over the counter. This is a massive game changer in cryptocurrency. Hardly any other exchange offers this feature and Huobi are certainly leading the way in this regard.
Huobi has a mind-boggling number of features. This means that customers have more options the further they get into cryptocurrency.
The Android and iOS apps are first class. They are ideal for trading on the go.
Huobi also sets money aside in case they get hacked. The idea is that these funds would be used to reimburse customers if their security systems failed.
There are lots of ways to reduce trading fees. The default fees are also some of the best in the market.

2. Cons

Huobi lists fewer cryptocurrencies than competitors such as Binance.
Conventional currency deposits through over the counter services could be easier.
Although the exchange accepts customers from over 130 countries, it does not accept investors from everywhere in the world.
We are not sure if 100% of trading volume is only from customers. It looks likely that a proportion of the daily trading volume is from market makers.
It seems a little unfair that Chinese traders don’t pay any fees and Western traders do.

Conclusion

Huobi offers an elevated exchange experience that lives up to its high-flying reputation as one of crypto’s best exchanges. It’s not easy to impress when it comes to exchanges but Huobi does exactly that with its instant customer service, fast and smooth user interface, and highly secure exchange with a litany of options for protecting your account.

About the only thing that’s not to like is that some aspects of the exchange are quite confusing. The excess of domain names and complicated presentation of its VIP memberships against Huobi Token make it difficult to parse through which is the best option. It’s odd that Huobi even bothers with VIP membership at all when it can simply roll all those benefits into owning HT at different tiers (like Binance does).

Despite those shortcomings, Huobi delivers where it counts and gives us access to tokens from the Asian market that we wouldn’t otherwise feel comfortable trading.