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HADAX Review - is it scam or safe?

HADAX  Review - Is hadax.com scam or safe cryptocurrency exchange?

RATING: 2.8 / 0 REVIEWS HADAX

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Trading Accounts

 

Account type Leverage Trading fee Deposit Fee
Standard 1:1 0.20% Free


HADAX is the Huobi Autonomous Digital Asset Exchange. This is a project by the famous Asian cryptocurrency exchange, which will allow users to list (via voting) less popular assets and trade them. You will need to have an account with the parent company and should expect basically the same trading conditions.


HADAX Advantages


Backed by Huobi
– whatever opinion you have on Huobi (and a lot of the ones we have seen have been negative), the company is trying to improve its image and services. We believe HDAX will be a much more reliable option than some of the other exchanges where exotic coins are traded


Very alternative coins available – there are currently over 20 coins, which we have never heard of, traded at HADAX. This was exactly the purpose of the project – listing more alternative assets. They are being exchanged against BTC and ETH.


Voting system – the word “autonomous” in the HADAX abbreviation means the community decides which assets to be listed there. This is great for teams who have recently finished an ICO for their cool new idea. They simply have to convince enough traders (investors in the project) to vote for their token and trading will begin at the end of the current voting round.


Risk disclosure – Huobi has done a good job at explaining the risks involved with HADAX. While serius research goes into every cryptocurrency, before it is accepted on the main exchange, this isn’t the case with this version. Here is what a user sees every time he tries to log-in to HADAX (click to zoom):



Trading fees are the same – we were expecting one of the reasons for the creation of the new brand, by Huobi was charging higher fees. This is not the case, as market maklers and “takers” will still pay 0.20%, which is a competitive fee in the current environment.


The same nice interface– Huobi’s platform is top tier and a desktop client will even be available in the recent future. For now, the web interface provides excellent charts (by TradingView), though investors in these types of assets are likely not to rely that much on technical analysis:



The platform at HADAX


HADAX Disadvantages


Backed by Huobi – we feel the need to mention this in the negatives section as well, despite it looking somewhat strange. Our opinion on Huobi in general isn’t that clear, as you could have seen in the full review. The exchange has been through a lot and while they seem to be in a decent state now, they will have to prove themselves over time.


Only risky assets available – the main concept behind HADAX makes it a risky exchange in the beginning. While great rewards always come with great risk, be sure to do your research before buying one of these assets. We will refrain from using the popular term similar to “excrement coin”, but you probably got the picture by now.


No direct fiat options – there is no way of depositing with a bank transfer, or credit card, or something other than crypto to HADAX. Huobi facilitates an OTC system, where you can connect to a third party vendor to buy some coins, but it is basically only suitable for CNY transfers. Luckily there are plenty of other places where you can buy Bitcoin.


>>Where to buy Bitcoin with a bank transfer<<


No leverage – while the main exchange at Huobi has a complicated leverage system this isn’t the case for the exotic coins oriented platform. There is a good reason for that – these assets can be quite volatile by themselves.


 >>Bitcoin CFD brokers<<


If you are looking to trade the major cryptocurrencies with a bit of “gearing”, give forex brokers a look. Some companies have started offering crypto CFDs, which are nice for short term speculation. That being said this doesn’t grant you access to the actual coins in question. Check our guide for all the details.


Conclusion


HADAX is a brand owned by Huobi. They are basically the more speculative branch of the exchange. If you think buying Bitcoin is a risky investment, this trading venue isn’t for you. The first cryptocurrency is considered “as safe as hoses”, when compared to some of the assets at HADAX.


Huobi as a whole has done some work to overwrite its past, but the exchange has (allegedly) been hacked and users have reported issues. This is the nature of cryptocurrency investing. If you are an active trader, who wants to engage in this market from a safe distance, be sure to check our explanation about the regulatory environment in which some forex brokers operate.


>>Trusted Bitcoin forex brokers<<


To recap HADAX:

Pros Cons
Backed by Huobi Backed by Huobi
Very alternative coins available Only risky assets available
Voting system No direct fiat options
Risk disclosure No leverage
Trading fees are the same   
The same nice interface  

 

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Traders` reviews for HADAX

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