Huobi Global began operations in 2013 was created to function as an exchange for cryptocurrency and digital assets, and since inception, the exchange has continued to grow unprecedentedly, so much so that there was a report by Bloomberg about Huobi processing daily volumes of between $600 million and $1.4 billion, and in all of its five years as an exchange, Huobi has been able to trade digital assets worth more than $1.2 trillion, and at some point, it was a leading exchange according to volume.
Problems
At some point there was an increased attack on exchanges that had many people skeptical about investing in cryptocurrency and joining the crypto world, news made the rounds about some investors losing their crypto investments to hackers who had gained access to exchanges that also functioned as wallets. Furthermore, there was the problem of DDOS attacks to consider, as well as the exorbitant exchange fees that a lot of the other crypto exchanges were collecting for transactions on their platforms. A combination of these problems made it difficult for users to trade with each other, it prevented some crypto investors from creating their portfolios, and it generally slowed down the adoption of cryptocurrencies, which is yet to be a mainstream means of payment.
Huobi Global Exchange Solutions
Seeing as the crypto world was experiencing different challenges, there was the need to step in with solutions that will correct the irregularities, and Huobi Global was birthed as a solution to the challenges. The platform allows traders to trade in more than 200 coins and stablecoins. Furthermore, users of the platform can withdraw as much as $2,000 daily for those traders who have gone beyond the first level of verification.
It will interest you to know that Huobi Global also has an Over-the-Counter (OTC) exchange, and even though the volume is nowhere near the Huobi Global exchange, it can be seen that the OTC exchange is gaining a lot of traction and allows users to carry out their transactions on a peer-to-peer basis, as is done on other crypto exchanges that are decentralized. Another benefit of the Huobi OTC exchange is the fact that the underlying asset’s market price does not get affected.
Margin traders are not left out of the deal, because Huobi also considers them and has a loan system with a daily interest rate of about 0.1%, and this gets activated when a trade is executed with leverage. Traders on the platform have the ability to trade on the Huobi Global exchange with about 20x leverage.
The exchange fees are considerably low, as the system is designed to allow assets get traded at 0.2% trade fee, and the fee is applicable to both the market takers and makers.
As part of its drive to function as a secure platform, Huobi has implemented different security protocols and has a topnotch risk management system.
Huobi is available for download for Android and iOS mobile devices, and there are client downloads for Huobi Global and Huobi OTC.
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