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Huobi Review - is it scam or safe?

Huobi Review - Is huobi.pro scam or good cryptocurrency exchange?

RATING: 2.9 / 13 REVIEWS Huobi

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

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

 

Huobi is a cryptocurrency exchange with a large focus on the Southeast Asian markets. The company has been through several phases, after the implementations of certain rules in China. Nowadays they are operated mainly from Singapore, but there was a transitional period when they were registered on the Seychelles.


This review reflects their state in the early part of 2018.

 

Huobi Advantages

 

Fees in line with others –   The costs of trading at Huobi are currently set at 0.20% of the total transaction value. They used to distinguish between market “makers” and “takers”, but this is no longer the case.


Over 100 coins available – Huobi has become somewhat of an “altcoin heaven”, with the constant additions of new assets. The list may grow even further in the future, but currently features a lot of the “major” coins: BTC, ETH, XRP, LTC, IOTA, XEM, DASH, NEO and many more. Trading is done vs BTC, ETH and USDT.

 

Launched a second brand for riskier coins – there is another exchange running on the same technology, called HADAX. The ley difference is the fact, the community votes for the assets to be listed on it. This means they will be the less popular (and riskier) altcoins.

 

Non-exchange activity – Huobi has done a lot to establish itself as an authority on cryptocrurrencies and something more than an exchange. The company offers a mining pool, a Blockchain Asset Assessment Model, frequent updates on their YouTube channel and attending live events. We believe this is mainly done to clear the somewhat shadier image from the past.

Enjoyable trading platform + desktop client soon – Huobi’s web based trading platform seems like one of the best ones in the cryptocurrency space, from a trader’s perspective. Charting is provided by TradingView, which is always a solid option. The rest of the platform is also aligned in an intuitive way. Here is a snapshot (a white theme is also available):


 

The web-based platform at Huobi



A standalone desktop client will also be available soon, but we didn’t manage to download it, for the purposes of this review. Old school traders may prefer having a piece of software to going through a web-browser (presuming the solution is solid).

 

Margin trading available, but complicated – the way this is done at Huobi is a bit unusual. One can borrow coins only for a specific trading pair, a fee is charged every 24 hours and the maximum leverage ratio isn’t disclosed anywhere. Apparently your initial margin has to be in the same coin you are borrowing (which is understandable) and the lowest borrowing rate is 0.1%. Here is a snapshot of the lending screen for BTC/USDT:




 

 

>>Bitcoin trading with leverage<< 

 

In case you are looking to trade Bitcoin speculatively, some of the forex brokers which provide cryptocurrency CFDs, like IG, may be a nice alternative. That being said, they are not suitable for a long term investment, as most of them charge overnight fees. For all the details, check our in-depth guide.

 

 

CNY deposits done via third parties – the OTC section of Huobi facilitates something which feels more like an online shopping website than an exchange. Other providers offer their services to convert fiat to crypto. A lot of currencies are technically supported, but the majority of the offers are for CNY. Here is a preview:



 

>>Where can you buy crypto with a credit card?<<
 

 

Huobi Disadvantages

 

Focus on Asian markets – Huobi used to be entirely oriented towards China, even accepting Yuan deposits directly and offering trading against the local currency. The legal developments in the country forced them to change their strategy, but they are predominantly targeting Southeast Asia.

 

Few and mixed reviews – when combined with the previous point, the feedback on this exchange isn’t that surprising. While you should always take this factor with a grain of salt, a lot of users have complained about Huobi (including in the comments section below this review). Some people believe the volumes traded on this exchange are fake and aimed at increasing their credibility (and potentially misleading clients).

 

USDT supported – while a lot of exchanges do this, we have to mention there are some risks involved with USD Tether. This is a coin created by a US–based company, which claims the asset to be fully backed by real dollars. A lot of industry experts have expressed doubts about this and advise against using the token for a prolonged period of time.

 

High withdrawal fees on some coins – charging traders “at the exit” is a common practice, but we have seen much lower fees on other exchanges. The ones which caught our attention were the 0.001 BTC and 20 USDT, for two of the most popular asset classes.

 

Was hacked in the past - there are reports of various attacks against the exchange, with one allegedly leading to the loss of BTC 12,000. Obviously, this does not inspire confidence.

 

Conclusion

 

Huobi used to be one of the leading crypto-exchanges in China, but went through a lot of different phases. Nowadays they have a more global focus and embrace a lot of altcoins. While the exchange looks better than ever, the shadows from the past still lurk over it.


Keep in mind, a certain level of counterparty risk will always be present in the cryptoverse. On the other hand, some of the forex brokers, which provide crypto are overseen by regulatory agencies. This makes trading with the much safer. Check out link for more information.
 

>>Regulated Bitcoin forex brokers<<

 

Here is a summary of this exchange, which still leaves mixed feelings:

 
Pros
Cons
Fees in line with others Focus on Asian markets
Over 100 coins available Few and mixed reviews
Launched a second brand for riskier coins USDT supported
Non-exchange activity High withdrawal fees on some coins
Enjoyable trading platform + desktop client soon Was hacked in the past
Margin trading available, but complicated  
CNY deposits done via third parties  

 

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Traders` reviews for Huobi

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Slippage

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Summary

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Scam voleurs ladron

Scam [email protected] use he's admin right to scam people.
I loose 3 ETH.

Bad site ... Run away

Blanka 12/20/2018

Dilemma

First Huobi said the min deposit amount is 0.0001 BTC. Then after is transferred 13000 satoshi to it but immediately it changed to min deposit amount is 0.001 BTC. My BTC is trap. Nither i have BTC to deposit nor Huobi refund. Now i think better alternative was Binance. Binance give Binance token either amount is 100 sat or 1 BTC.

Shanker 11/10/2018

Experienced Forex trader

Still waiting after 1 month. I sent ETH from Bitstamp to Huobi. The problem is they don't support smart contract recharge (not so clear and explicit on huobi warnings). Wrote about 20 emails to support and received always same confusional "wait patiently" botty answers. Watch out for huobi exchange!

Tony Ash 06/04/2018

ETH not received

Hello

I have send 0.7 ETH from Binance and after 10 days they still not appear in my HUObi account...
I opened three tickets and some stupid robot says in a poor english that i must have patience, patience, at least one month patience because "having problems"...

Bad luck with HUObi, stay away and tell all your friends about !!!

Stefan 05/25/2018

Horrible

horrible huobi,
Just for 100 xrp is not deposited to my account correctly..
3 months waiting to solve issue, 15 emails sent and received... it turned out to be nightmare.
Terrible experience..
Never, ever use Huobi again...!!!!!
Stay away for your health...

Thieves 05/21/2018

Thief exchange

Huobi first closed my account without any reason. It was no longer possible to login.
After I have been complaining through telegram, they reopen my account; but I could no longer withdraw. The woman on telegram wrote me that it is because my account is suspended. It might be because they reopen my account with the country China in my settings (I'm living outside China).
Huobi took me all my cryptocurrencies.
Huobi is the worst exchange.

Richter 04/10/2018

Be careful

I have sent ETH from Binance but they never arrived. Be careful dont even register there!

Itham 02/02/2018

Scam exchange

Scam exchange! The support don't respond, telegram also or they ask 10 times the same docs like a robot. Unable to access my account or withdraw. I'm not alone in this case. Easy to proof by historical email

Steve 01/18/2018

ETH transfer from Coinbase

I've sent 0.0097 ETH (almost 12$) from coinbase to their platform, and guess what, NEVER arrived there. I've tried to speak with them but their english level is POOR, or very poor!

Do not use!

Marius 01/15/2018

Pure Pump Scam

Hey Guys just be really CAREFULL about HUOBI!
I don't like to spread rumors on internet, but this is not a rumor, it is a fact. On Huobi website they always say when a new coin is about to launch, they even say the date and EXACTLY TIME for a coin to be listed in the system.
I was waiting for a coin to be listed on their time which is GMT+8 and waited. The coin launch time was predicted to be at 14h pm, I waited for 35 minutes, and the coin was not listed and suddenly it appeared on the system with inflating pump and it was listed on their system 10 minutes before the predicted time, so get your conclusions!!! Never ever more in my life I will bet on Huobi, Master of SCAMMMMMMMMMMMMMMMMMMMMMMMM

Sun 01/11/2018

Problem sending Ether (ETH) from Bitstamp contract wallet to Huobi - deposit failed

I made a stupid mistake, I have sent ETH to Huobi from my Bitstamp account and after 6 days the money still does not appear in my accounts. Huobi told me that they need about one month. What....?!!

Someone who encountered the same problem and solved the problem till now?

Marcel 01/09/2018

Huobi has problems with deposits

My ETH deposit has successfully been transacted but it WILL NOT show in my Huobi account. The help chat is not helpful and this is the only response I get:

"Hello, need to give you feedback on the technical processing, your ETH is the contract recharge, fire coins do not support the contract reload"

NOWHERE on the webiste or account opening information does it say anything about restrictions on depositing ETH. Rather, it gives clear instructions on depositing, which I followed, but which Huobi is refusing to honour my deposit.

DO NOT use Huobi if you don't want to lose your deposits.

Mei 12/30/2017

be careul!

be careful! this exchange have withdraw limits, but this information is not published on web site! i spent too much time, chatting with support to find this information, and i got it after 6 hours!

not trusted

Alexey 12/24/2017
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