HUOBI GLOBAL

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Huobi Global is a leading Asian exchange that has been around since 2013, launching just two years after Binance (the world’s leading exchange) and moving abroad in 2017 because of the changing regulatory landscape in China.

INTRODUCTION

Huobi (Chinese: 火币网; pinyin: Huǒbìwǎng) is a Seychelles-based crypto currency exchange. Founded in China, the company now has offices in Hong Kong, South Korea, and Japan. Leon Li (Chairman, Founder). Jiawei Zhu (COO) Xianfeng Cheng (CTO) Charlie Tsai (CSO) Xiaofeng Chen (Vice President).

Huobi Global is the second largest digital asset exchange(DAX) platform with Binance being First, Due to the ban of Binance in some major places such as New York, Texas and UK. The search for another reliable exchange has become even more inevitable and that’s where HUOBI GLOBAL comes in.

Why use Huobi Global

Now just to highlight a few because this article can’t really exhaust all the reasons. Huobi Global’s web-app offers free online courses, this course is for anyone who wants to get into the crypto space and the best part is “It does not discriminate” i.e A Newbie can become a pro.

Since programming is executed mathematically, there is indirect encoding of assets. This includes blockchain assets like a cryptocurrency, which is the case in Bitcoin and Ethereum. Huobi’s engineers felt this made it “error-prone” to write programs based on crypto assets. This is why Huobi represents HT token as a resource.

Bitcoin and Ethereum’s language do a good job of protecting the scarcity of their main cryptocurrency. However, the languages are not well-built for creating new assets with scarce qualities. This particular issue is for the Ethereum VM, which allows for the creation of ERC-20 tokens. In these cases, developers must engineer scarcity on their own without support from the language. Huobi Global engineering team tackles this with their inextensible scarcity

Like with scarcity, Bitcoin and Ethereum keep a tight grip on the access of their main cryptocurrencies, so that ownership and transfer can not be tampered with. However, this is not easily expanded to other elements, nor can the level or means of access be customized. Like with scarcity, Huobi Global’s engineers sought to make these features more extensible and customizable to make the language more versatile and scalable thereby giving their network an inflexible access control.

The Huobi Token is an Ethereum-based digital asset issued by the Houbi Group.

which makes the Huobi Global exchange alot like the Pontem network, because  of its low-code development tool.

Huobi wash trading accusations

In 2019 Bitwise Asset Management accused Huobi Global of wash-trading after which Huobi trading volumes dropped, despite the asian company’s denial of such accusations which escalated to challenges that led to the closure of Huobi’s Global U.S arm, HBUS in late 2019.

💡 Wash-Trading: is an illegal type of trading in which a broker and trader collude to make profits by feeding misleading information to the market. It is not news that high-frequency trading uses this as a tactic to manipulate prices.

Although Huobi Global claims the company does not take part in wash trading. The company has reviewed its systems in response to Bitwise’s report regarding wash trading performed by cryptocurrency exchanges.

The spokesperson speaking for Huobi Global CEO Weng, says Huobi is not involved in any wash-trading as that would contradict “the company’s core value”

While Huobi Global says the review didn’t point to any systematic abuse, some market makers might have been partaking in the act. And the international cryptocurrency exchange company had communicated with the “market makers” and claimed they had discontinued the strategies in question.”

WHY HUOBI GLOBAL is not AVAILABLE IN THE US

The US dollar is the world’s global currency, So one might ask “Why is Huobi Global not available in the US market?” Well, below is a brief insight.

In the year 2018, Huobi Global had made an attempt to enter the U.S. market but did not because it lacked a strong commitment to the market at that time and didn’t have a good management team in the U.S.

Now Du, a co-founder of the Asian exchange company stated to CNBC that “asset management would be a bigger business than an exchange, which echoes the traditional finance market as well,” also stating that “exchange might not be a necessary element for entering the US market”

Although Du did not state which business Huobi will launch first in its re-entry to the U.S. But believes collectively that a step back into the U.S. market could put Huobi in competition with companies like Coinbase. Huobi is one of the top 10 biggest cryptocurrency exchanges by trading volume globally, according to CoinGecko.

The company said it would freeze U.S. user accounts and added that it would return to the market in a “more integrated and impactful fashion.”

In terms of buying and selling of crypto assets, Huobi global is very staright-foward and direct as a user can use their master card or even Gold to buy crypto directly or you could use the Peer to Peer(P2P).

Interface and usability: Huobi has a website and a mobile application, on the app Huobi has a really great interface, it

PROS

  • Huobi crypto asset ecosystem; Huobi Eco chain; the Huobi Token (HT), a dollar-backed stable-coin.
  • A user can upgrade to advanced, insider, premier, ambassador or partner
  • VIP accounts tiers based on no Huobi experience(EXP) users accumulate EXP based on their trading volume

CONS

  • Huobi 2 out of 5 star rating, highlights challenges in keeping its customers happy.
  • The platform allows GBP deposits but then restricting UK-based users from trading.
  • The Huobi platform may not be very user-friendly for users who are not already experienced with trading assets.

CONCLUSION

Personally I really like Huobi, in the meantime i will be putting all my crypto assets into Houbi’s exchange cause i feel like it is going to be the next big thing in the world of cryptocurrency exchanges.

  • Easy & quick sign-up process

  • Has one of the largest lists of tradable assets of any exchange on the market

  • Very good customer service

  • Offers a non-custodial wallet called the Huobi Wallet


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