How Does Huobi Cryptocurrency Exchange Work?

Coinscapture
4 min readMar 19

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Huobi, which started in China but is now headquartered in Seychelles, is a major Crypto exchange. The company originally targeted Chinese investors, but has since expanded to serve customers in more than 130 nations. Huobi, one of the first Cryptocurrencies, was established in 2013 and has since expanded to include offices in Hong Kong, Japan, South Korea, Great Britain, Australia, Canada, as well as Brazil. The Huobi Token (HT) is Huobi’s native currency; this was released at the beginning of 2018 and is now ranked inside the top 100 Cryptos by market valuation.

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Working Process of Huobi Cryptocurrency Exchange

By allowing holders of Huobi Tokens to vote on platform development, get early accessibility to emerging Cryptos, as well as receive discounts on trading costs, Huobi Tokens aim to improve the customer experiences on Huobi Marketplace. Members of the HT exchange stand to gain directly from the continued success of the platform. If Huobi’s prominence keeps growing, then too will the value of HT in holders’ accounts. DeFi applications, such as distributed marketplaces for lending and borrowing, are hosted on the Huobi Eco Chain, which is supported by the Huobi Token. Similarities exist between the Eco Chain and BSC, a well-established blockchain for Cryptocurrency trading. Tokenized as an ERC-20 token, HT ensures the safety of the Huobi platform and offers its customers access to services and a variety of payment options. It has a backbone functionality very similar to Binance Coin (BNB). Its tokenomics are similar to those of BNB, which include buyback and coin-burning mechanisms. Huobi uses twenty percent of contract proceeds to repurchase HT from the system, thereby reducing the supply and thus increasing the worth of the Cryptocurrency. Total HT supply is 500,000,000, with 100,000,000,000 set aside for platform maintenance as well as user incentives. The Huobi team has been awarded 100 million tokens as a reward, as well as 300 million HTs were distributed to customers in exchange for reward tickets or other rewards.

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What Makes Huobi Unique?

Huobi’s individualized user experience, available in two flavors (Huobi OTC and Huobi Pro), is one of the platform’s strongest points. Huobi OTC provides a streamlined interface in which customers may exchange any of 25 fiat monies for any of the 6 Cryptos it supports. In addition, there are no hidden costs associated with exchanging Bitcoin, Ethereum, or Tether (USDT). The Huobi Pro platform, on the other hand, allows users to trade over 100 different Cryptocurrencies and provides a more comprehensive interface. In most circumstances, a 0.2% charge is attached to all transactions. Huobi’s customer interface is quite similar to Binance’s, and the platform’s custom user experience is very identical as well. Both platforms employ straightforward drop-down choices to provide dealers with a wide variety of advanced settings.

Huobi Deposits and Withdrawal

To its credit, Huobi accepts payments from a wide variety of sources, including wire transfers and credit card payments. Customers may get their hands on their assets much more quickly thanks to the platform’s instant purchase option. Withdrawals and deposits may be made on Huobi using the right channels at this time like Faster Transactions, Visa/Mastercard, SWIFT Global Transfer, USD Balance, United states ABA Transfer, SEN, and Penalties. Huobi has a minimum deposit of $100, and if you want to fund your account using an overseas wire transfer, you’ll be charged a one percent fee. After you’ve verified your identity using Know Your Customer documentation, you’ll be able to withdraw up to 200 BTC, less the existing withdrawal charge of 1% for overseas wire transfers. Withdrawals of Bitcoin and Litecoin are now limited to a value of 0.0001 BTC and 0.001 LTC, accordingly.

Learning from Past Mistakes

Huobi’s platform design is a clear reflection of the company’s ten years of expertise in the Cryptocurrency industry. Huobi has flourished in spite of facing formidable difficulties due to regulatory demands in recent years. If you’re a trader seeking an alternative to Binance, you should know that Huobi’s framework offers a very comparable user experience and degree of comprehensiveness that will appeal to consumers of various expertise stages. Huobi’s history will undoubtedly define a secure and inventive future in the industry, thanks to its own blockchain and amazing local currency.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.

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Coinscapture

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