Huobi, the giant crypto exchange, recently announced that it had launched a new mobile platform that will allow commission-free crypto trading. The platform, which is called Huobi Lite, is available on both iOS and Android.
Commission Free Crypto Trading
Huobi Lite was launched with nine crypto coins – ETH, BTC, HT, BCH, USDT, XRP, EOS, HUSD, and LTC. With time, the number of supported coins will be increased. According to the announcement, the platform will allow crypto trading against several fiat currencies such as the USD, Malaysian ringgit, Vietnamese dong, Chinese Yuna, and the Hong Kong dollar. Deposits will be allowed in various methods in the future. However, only credit card deposits will be allowed initially. For some crypto-to-crypto pairs, commission-free trading will be possible.
While discussing the platform, Huobi president of global business, Ciara Sun, said that the platform would offer traders a simpler method to trade in the crypto market. They would not have to compromise on performance, trust, and security, just like is expected with all products offered by Huobi.
On the platform, users will enjoy the same high level of security and reliability that Huobi has offered its clients in its six years of operations. Thus far, the platform has never suffered a major security incident. The platform also offers a high level of liquidity due to the huge number of users that use its platform. It also offers a 20,000 BTC security to all its users.
She noted that the current methods of trading in the crypto market were at times quite complex for ordinary people. As a result, Huobi had decided to reduce the process to just a few simple steps. With a reduction in the barriers to accessing the crypto market, they will be able to effectively serve both experienced and beginner traders. She added that they were working towards mainstream adoption of crypto trading globally, especially in Southeast Asia, which they feel is underserved.
The platform will eliminate the complex KYC process and create a frictionless experience that will allow new users to own their first Bitcoin in five minutes or less. Besides allowing crypto trading, the platform will allow users to seamlessly track, store, and manage their crypto portfolios.
About Huobi Crypto Exchange
Huobi was once the biggest Chinese crypto trading platform. However, it was forced to shut down its operations in the country after Chinese authorities began to crack down on the crypto trading industry. It moved to Singapore, where it has managed to re-establish itself as a leading global exchange. In addition, it was reported by Visionary Financial back in late 2019 that the cryptocurrency exchange had shut down U.S operations. At the time, the exchange mentioned that it was a temporary move to revamp their operations.
Besides crypto trading, the platform has expanded into other areas of the financial sector. For instance, it began offering brokerage services to institutional investors. It is also working on a blockchain platform for decentralized finance applications. In some regions around the world, the platform offers white-label solutions to crypto exchanges to help them expedite their service offering.
Fixing Key Issues
Huobi’s decision to launch a mobile platform will make it easier for anyone with a smartphone to join the crypto trading sector. It’s crucial for the exchange to have a mobile platform if they want to aid in mass adoption. If we take a look at the stock market, all of the largest stock brokerages have mobile connectivity. The fact that Huobi is working on user experience is also important. Too many first time investors are still extremely confused in the digital asset space. Many investing platforms exist, but many also scare away the 1st time user due to complexity around wallets, verification, money movement, and other areas. Huobi will look at this move down the road and quickly see the significance it had on user-onboarding and retention.
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