Huobi is one of the largest cryptocurrency exchanges based and catering to Asian audiences, having operated in the space since 2013. It has recently made some branding adjustments, and today its major offering is Huobi Global, its global crypto exchange offering an inviting platform to trade cryptocurrency – with a wide support for many altcoins and a large variety of stablecoins, alongside its own invention – HUSD, a USD-backed stablecoin. Huobi also has a token – Huobi Token, or HT – which they try to market as a utility token and are working hard to promote usage in it, for competitions, fee discounts, voting on certain matters and more.
Huobi’s User Experience is exceptional when compared to other altcoin exchanges, although not perfect. The website itself is easy to navigate and strikes a nice balance between functional, visually pleasing and elegant; The customer service surprised us, in a good way – the live chat representative became available very quickly and did their best to answer our questions. However, they still have some things to improve, mainly revise descriptions of some sections i.e Fees to make them more understandable and consequently reduce support tickets.
Huobi’s performance is average, with almost all points in this category deducted due to the many allegations that Huobi allows wash trading on its platform in order to inflate volume numbers; Nevertheless, they do manage to attract significant volumes to their platform and many of the trading pairs they offer see high trading activity compared to other exchanges.
In the trust factor, Huobi receives a favorable score – although we do have a few concerns. Firstly, it is incorporated and operated from Singapore, where crypto regulations are advanced and promote blockchain startups. Second, Huobi does provide users with multiple ways to safeguard their accounts, although not enough: while 2-factor authentication is available using both SMS and Authenticator apps, the platform does not require any special confirmation if the account is logged into from an unfamiliar IP address or location, and there is no option to whitelist addresses for asset withdrawal, allowing funds to be sent to any address input.
Huobi was never hacked, even though they do present a lucrative target for attackers, and we believe the exchange takes these threats seriously and does everything in their power to shield the exchange from hacks. Is also worth mentioning that Huobi does store user funds in cold storage to restrict access to them.
To conclude, Huobi Global has managed to build a successful exchange platform, operating in the space for a long time with its reputation steadilty increasing. The exchange offers a wide variety of coins to trade across many markets, and many users choose to place their funds and trust with the company, due to their proven track record, their impressive team and their lucrative features outside the score of regular exchanges. While we do not agree with some of the business choices Huobi has made such as minting an exchange token, our rating remains impartial and Huobi certainly deserves a high score in the ultra-competitive crypto exchange landscape.