What is Huobi? How to use Huobi Exchange

What is Huobi Global?

Huobi Global is a centralized exchange that was originally founded in China. Currently, it has gone worldwide with offices in Hong Kong, South Korea, Japan, and the United States.

Huobi Global has an astonishing performance, keeping it in the top 9 by Exchange Score, ranked by Coinmarketcap.

Where is Huobi Global located?

Huobi Global was founded in 2013 by Leon Li - a prior computer engineer at Oracle.

In December 2013, Huobi Global reached over 30 Billion yuan in trading volume, making it China's largest digital asset trading platform at that time. Nevertheless, due to regulations, Huobi Global had to cease operations in China in 2021, just like every other China-based CEX.

For the time being, Huobi Global is located in Seychelles - an archipelagic island country.

What is Huobi Global used for?

As a centralized exchange, Huobi Global is used mainly for trading cryptocurrencies, as well as other crypto services.

How does Huobi Global work?

As a cryptocurrency exchange, Huobi Global works in a similar way to any other CEX. The main flywheel of Huobi Global can be seen as:

Step 1: Huobi Global was released with some initial markets and assets.

Step 2: Huobi Global incentivized users to trade on their platforms. This can be done in multiple ways (Advertisement, Marketing, Incentive Program...).

Step 3: Huobi Global gains more users and trading volume.

Step 4: As a result, Huobi Global receives more revenue.

Step 5: Huobi Global grows in value, and continues to attract more users and trading volume by introducing more markets and assets.

Huobi Global Review

Advantages

• Support a large number of cryptocurrencies & fiat currencies.
• Own various markets, specifically 1127 - ranked top 6.
• Possess various services and instruments.
• Available worldwide.
• Build more products alongside the CEX: Ventures, Blockchain, Research,... that will benefit its development.
• Decent trading experience as well as customer service.

Disadvantages

• Not available in the U.S.
• Trading volume is not as impressive as other top-tier CEXs on the market.

Who are Huobi Global's customers?

Huobi Global, as its name suggests, is available all over the world except for Singapore, China, Hong Kong, Cuba, Iran, North Korea, Crimea, Sudan, Syria, United States, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol or any other jurisdictions where the services provided by BGL are restricted.

As a result, Huobi Global customers vary from country to country.

Key products of Huobi Global exchange

Huobi Global provides a diverse range of crypto services, including:

• Spot Trading: Spot Trading is the most basic function that every exchange must have. It is simply the direct buying and selling of different currencies, like BTC or ETH.
• Margin Trading: Margin Trading is closely similar to Spot Trading. The only difference is that Margin Trading allows you to borrow more capital to leverage your position while Spot Trading does not.
• Derivatives Trading: Derivatives are financial contracts between two or more entities that have their values based on the performance of an underlying asset. Derivatives Trading on Huobi Global includes Futures and Options contracts.
• Trading Bot: Trading Bot provides a number of strategies, often automatically performed by bots, to make profits. At the time of writing, Huobi Global only supports 1 Trading Bot strategy, which is Grid Trading (Automatically buy low sell high).
• Brokerage (OTC): Huobi Brokerage provides digital asset financial services with ensured security and compliance to institutional and high net worth clients around the world with 2 main features: OTC (Over The Counter) Trading and Lending.
• Staking: Staking allows earning yields by temporarily locking up cryptocurrencies. Staking on Huobi Global currently supports 11 assets.
• Primepool: Primepool allows users to lock crypto assets to get free airdrops. For example, you can lock HT tokens to receive STF, SKU, or TALK of your choice.
• Polkadot Parachain Slot Auction: Polkadot (DOT) Parachain Slot Auction is a parachain auction, whereas projects bid to earn a Parachain slot on the Polkadot blockchain.
• Huobi Earn: Huobi Earn offers Flexible Earnings and Fixed Earnings by depositing cryptocurrencies over a certain period of time, similar to earning passive income via banks.
• ETH 2.0: Huobi Global offers ETH 2.0 Beacon Chain Genesis Mining: Stake ETH to receive BETH and earn yields by holding BETH.
• Crypto Loans: Users can borrow cryptocurrencies with collateral directly from Huobi Global.
• Huobi Group ecology: Huobi is more than just an exchange, for it has a whole ecology behind it: Huobi Pool, Huobi Chat, Huobi Wallet, Huobi blockchain (HECO)...

Huobi application

Huobi has 4 applications for its products: Huobi Global, Huobi Chat, Huobi Pool, and Huobi Wallet. You can download their applications right here.

How to open an account on Huobi Global

In this part, Coin98 Insights will introduce you to the process of opening an account on Huobi Global, so that you can explore and use Huobi Global on your own.

How to set up an account on Huobi Global

First, you need to set up an account on Huobi Global.

Go to their Sign Up or Log in interface via this link: https://coin98.xyz/huobi

You will now be given 2 options, to sign up using either email or phone number. Choose the one that suits you the most, and click on “Sign Up”. Coin98 Insights will sign up using a phone number as an example.

Remember that your password has to be at least 8 characters and cannot be all numbers.

Hold and drag the slide to the right to verify.

Enter the verification code that has been sent to your email/mobile phone.

You have successfully created an account on Huobi Global.

How to enable 2FA on Huobi Global

Enabling 2FA (Two-factor authentication will increase your account safety. On the main page, point to the human icon and click on “Account & Security”.

You will have 2 options: GA Verification or Email Verification. Coin98 Insights will take the former option as an example.

Follow the instructions then click on “Submit”. If you are not familiar with Google Authenticator, you can use this article from Coin98 Insights as a reference.

How to complete KYC Verification on Huobi Global

KYC stands for “know your customer”. It is a process that financial institutions use to verify the identity of their customers. KYC helps businesses build trust with their customers by ensuring that they are who they say they are.

To enhance your account’s security as well as open up all account limits, you need to complete the KYC Verification. On the main page, point to the human icon and click on “Identification”.

You will be given 2 options to verify: Personal or Institutional.

Aside from the demand for enterprise trading, the majority of users are standalone traders, so Personal Verification is often the way to go. Coin98 Insights will also take this option as an example. Click on “Verify Now”.

Continue by clicking on “Verify”.

Choose the country/region you are in, then click on “Confirm”.

Select an ID document (ID card, Passport, Driver's license) to verify your identity, then click on “Verify”. If your computer does not have a camera, scan the QR Code at the bottom right with your phone and proceed.

Once you are done, it will take from 5 minutes to 6 hours for your KYC to be completed. You will be notified once your account is verified.

How to use Huobi Global exchange basically

How to deposit into Huobi Global

On the main page, point to “Balances” and select “Spot Account”.

Click on “Deposit”.

Choose the token you want to deposit, and the blockchain network you want to send it from. Afterwards, click on “Send Deposit Address”.

The deposit address will be sent to your mobile phone so that you can double-check with that on the website. Click on “Confirm”.

The deposit address will now show up. Send the chosen token from the correct blockchain network to this address. When your transaction is finalized, your assets will appear on Huobi Global.

How to withdraw from Huobi Global

The process of withdrawing is pretty similar to that of depositing. On the main page, point to “Balances” and select “Spot Account”.

Click on “Withdraw”.

Some tips will show up before you can actually withdraw. Tick on the checkbox and click on “Confirm”.

Choose the token you want to withdraw, enter your withdrawal address along with its network as well as the withdrawal amount, and then click on “Withdraw”.

How to buy/sell tokens on Huobi Global

There are many ways to buy and sell tokens on Huobi Global. For example, you can exchange directly from fiat currencies to a specific cryptocurrency. Here’s how.

On the main page, point to “Buy Crypto” and select “Quick Buy/Sell”.

Here you can buy cryptocurrency with Fiat, using 1 of the 3 payment methods: Credit/Debit Card, Third-Party, or P2P.

Types of orders on Huobi Global

There are 4 types of orders on Huobi Global:

• Limit Order: Allows users to buy or sell tokens at a predetermined price. If the market price does not reach the user’s set price, the order will not be executed.
• Market Order: Is a more basic type of trade. Market Order allows users to immediately execute the order at the current market price. It is guaranteed that you can buy/sell your tokens instantly.
• Stop - Limit Order (Stop Loss Order): Allows users to place a Limit Order right when a specified price hits.
• Trigger Order: Places a market or limit order when a specific price level is crossed. Trigger orders do not freeze assets when placed whereas others do.

How to trade on Huobi Global

Spot Trading

On the main page, point to “Spot Trading” and select “Spot Trading”.

The interface for spot trading will show up. Here you can buy and sell various crypto assets by selecting them in the left column.

Margin Trading

On the main page, point to “Spot Trading” and select “Margin”.

The interface for margin trading will show up. With margin trading, you will have some options to choose from:

• Cross margin or isolated margin.
• Automatic loan, automatic repayment, or normal mode.
• Leverage: From 3x to 5x.

Trading Bot

On the main page, point to “Spot Trading” and select “Trading Bot”.

The interface for the trading bot will show up. You will have 2 options: either use AI to automatically manage your funds or set it up manually. If you choose the latter one, enter the price range for the trading bot and it will automatically buy low, sell high for your chosen asset.

Derivatives Trading

On the main page, point to “Derivatives”. There will be multiple options for you, and Coin98 Insights will take futures contracts as an example. Click on “Coin-margin Futures”.

The interface for futures contracts will show up. Before actually getting started with trading, Here are some tips on how to use leverage in Crypto in general and in futures particularly:

• Adjust leverage according to the risk/reward.
• Use stop-loss and take-profit to minimize loss and maximize returns.
• Use leverage with technical analysis to take advantage of a small rally/sell-off rather than building a long-term position.

Huobi Global supports up to 200x leverage on assets like Bitcoin (BTC), which is among the highest leverage level possible across all current CEXs.

How to earn on Huobi Global

There are various ways that you can earn with cryptocurrencies on Huobi Global. Here are some of the most popular strategies.

Staking

On the main page, point to “Finance” and select “Staking”.

A list of offered tokens will show up. Choose the one that you want to stake. Coin98 Insights will take SCRT as an example. Click on “Stake now”.

Enter the amount of token you want to stake, then click on “Stake now”.

Primepool

On the main page, point to “Finance” and select “Primepool”.

Change to “New Token List”.

Numerous options will be given out. Choose the one that suits you the most. Unfortunately, all current offers have ended at the time of writing (June 26th, 2022) so Coin98 Insights cannot guide you further.

Huobi Earn

On the main page, point to “Finance” and select “Huobi Earn”.

Change to either Featured (promo offers) or Prudent (normal offers). While promo offers give you more APY, the number of assets is limited and they only exist over a short period of time. Thereby, Coin98 Insights will take Prudent as an example.

A list of various cryptocurrencies will show up. Select the token you want along with the term (days), check its APY, and click on “Deposit Now”. Coin98 Insights will take USDT with a 14-day term as an example.

Enter the number of tokens you want to deposit, tick the checkbox I have read and agreed to Huobi Earn Contract, then click on “Next”.

Crypto Loans

On the main page, point to “Finance” and select “Crypto Loans”.

The interface for crypto loans will show up. Here you will have to do the following actions:

• Select the token to borrow. Enter the amount that you want to loan.
• Select the token as collateral.
• Select the term of the loan: 30 days, 45 days, or 90 days.
• Tick on the checkbox of User Service Agreement.

After all of them are done, click on “Borrow Now”.

Dual Investment

Huobi Dual Investment is a non-principal protected structured saving product with high yields, involving USDT and another currency. The product has an optional callable feature designed to reduce the risk of the product in exchange for a lower yield.

On the main page, point to “Finance” and select “Dual Investment”.

Firstly, you need to open the Options account on Huobi Global. Click on “Confirm to open”.

Switch to the tab “Dual Investment”.

Various options contracts will show up. Coin98 Insights will take the first option as an example. Click on “Purchase now”.

Enter the purchase amount and set a callable price (optional), then click on “Buy”.

Before participating in dual investment, note that this is an advanced strategy for experienced users. If you are not familiar with the process and how dual investment works, Coin98 Insights highly suggests you learn more about it before spending any funds.