What is Huobi Exchange (HTX)? Latest Overview of Huobi Exchange in 2024

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Have you ever wondered about the journey that led to the establishment of Huobi Global – one of the leading cryptocurrency exchanges in the market? Since its inception in 2013, Huobi has undergone a long and tumultuous journey. Let’s explore the detailed history of the formation and development of Huobi Global together with AZC.News.

What is Huobi Exchange (HTX)?

Huobi Exchange (HTX) is a cryptocurrency exchange established in 2013 in China. From a small cryptocurrency exchange, Huobi has rapidly grown to become one of the leading cryptocurrency trading platforms globally. Currently headquartered in Singapore, Huobi also has offices in various countries such as Japan, South Korea, the United States, and more. The exchange provides trading services for over 600 different cryptocurrencies, including Bitcoin, Ethereum, USDT, BNB, etc.

Huobi is committed to providing its users with the safest, most efficient, and professional trading services. Their mission is “Cooperation Creates Value,” focusing on creating the most favorable conditions for users to safely and efficiently participate in the cryptocurrency market.

History of Huobi Exchange Establishment

May 2013: Huobi Group acquired the domain huobi.com.
August 2013: Huobi launched a simulated trading platform.
September 2013: Introduction of Bitcoin trading platform.
November 2013: Received angel investment from Dai Zhikang and Zhen Fund.
2014: Secured a $10 million venture capital investment from Sequoia Capital.
August 2014: Acquired Bitcoin wallet provider Quick Wallet.
September 2014: Returned 920 bitcoins and 8,100 litecoins sent by mistake.
August 2017: Invested 1 billion RMB in asset management products.
September 2017: Compliance with the Chinese government’s ban on ICOs and domestic cryptocurrency trading.
October 2017: Expanded to South Korea and commenced trading in the US in March 2018.
November 2020: Launched Huobi Labuan in Malaysia.
September 2021: Ceased serving customers in mainland China.
September 2023: Rebranded as HTX.

Prominent Services of Huobi Exchange

Huobi Exchange is not just a place for buying and selling cryptocurrencies but also a comprehensive financial ecosystem that meets all investors’ needs. Here are some notable services on Huobi:

Cryptocurrency Trading:

Diverse Support: Huobi offers over 600 popular cryptocurrencies such as Bitcoin, Ethereum, USDT, BNB, etc.
Flexible Payments:
- Direct Purchase: Use Visa/MasterCard or domestic Vietnamese bank cards to buy cryptocurrencies.
- Huobi P2P: Direct trading with other users on the platform, freely choosing prices and payment methods.
Spot Trading: Instant buy/sell of cryptocurrencies at the current market price.

Advanced Trading:

Margin Trading: Increase profit potential by trading with high leverage.
Autotrade (Grid Trading): Automate trading strategies, buying low and selling high within a certain price range.
Huobi OTC Exchange: Trading large quantities of Bitcoin or other cryptocurrencies at preferential prices.
Futures Contracts: Predict price fluctuations and trade futures contracts on a variety of assets.

Profit-making Services:

Huobi Staking: Lock tokens to receive attractive annual yields (APY).

Primepool: Participate in liquidity pools to receive airdropped newly launched tokens.
Huobi Earn: Deposit cryptocurrencies into savings funds with high-interest rates.
Crypto Loans: Borrow cryptocurrencies by collateralizing other assets.

Optimization Support:

Stake ETH 2.0: Contribute to the ETH 2.0 network and receive attractive rewards.
Huobi Academy: Provides free cryptocurrency knowledge and education.
Huobi Research: Market analysis and credible price forecasts.
24/7 Customer Support: Prompt and dedicated response to all inquiries.

Trading Fees on Huobi Global

Spot Trading Fees:

Regular Users:
- Fee: 0.2% per trade.
Using HTX for Payment:
- Fee gradually decreases from 0.07% to 0.18% depending on the amount of HTX held.
Professional Users (owning over 1,000 BTC):
- Nine different fee levels, requiring a combination of BTC and HTX:
  - Maker Fee: From 0.0097% to 0.0362%.
  - Taker Fee: From 0.0193% to 0.0462%.

For professional users, the fee level depends on the amount of BTC and HTX they hold on the Huobi Global exchange.

Futures Trading Fees:

Opening/Closing Position Fee: 0.02% for maker and 0.04% for taker.

This fee structure has been in effect since June 4, 2020. Previously, the taker fee was only 0.03%.

Advantages and Disadvantages of Huobi Exchange

Advantages

High Liquidity: Huobi is known for its high liquidity, with daily trading volumes reaching billions of dollars. This provides favorable conditions for users to execute trades easily and quickly.
HT Token: Similar to Binance’s BNB, Huobi also issues its own token called HT. This allows users to use the HT token to reduce trading fees and receive other special benefits on the platform.
Diverse Trading Functions: Huobi has developed various trading functions such as Margin, Option, OTC, Futures, etc., catering to the diverse needs of investors on the platform.
Multi-platform Support: Users can engage in trading on Huobi Exchange from any platform, including IOS and Android. Additionally, the Sub-account feature helps investors save time and easily manage multiple accounts simultaneously.
Multi-language Support: Huobi’s trading platform supports multiple languages, allowing users from various countries worldwide to conveniently use the service.

Disadvantages

High Trading Fees: One of the major drawbacks of Huobi Exchange is its relatively high trading fees compared to the market, up to 0.2%. Additionally, the exchange charges other fees such as deposit fees, withdrawal fees, holding fees for derivative trading, borrowing fees, etc. However, users can reduce trading fees by using the HT token to receive fee discounts based on the amount of tokens owned.

Is Huobi Exchange Trustworthy?

According to CoinGecko’s ranking, Huobi Exchange scores 9/10 for reliability. This reflects high evaluations of liquidity, operational scale, and security level of this exchange. Huobi has implemented various security measures such as supporting two-factor authentication (2FA) and providing insurance funds for customers, enhancing the safety of user accounts and data.

Trading Volume: Huobi is one of the largest trading platforms globally, with an average daily trading volume of over 2 billion USD. This indicates high liquidity and trust from many investors.
Security: Huobi employs advanced security measures to protect users’ assets, including two-factor authentication (2FA), cold storage, etc. The exchange has operated for many years without any major security incidents.
Customer Support: Huobi provides 24/7 customer support through various channels such as email, live chat, phone, etc. The exchange’s customer support team is highly regarded for its professionalism and effectiveness.

Has Huobi Exchange Been Hacked Before?

On September 24, 2022, Huobi Exchange was subjected to a cyberattack, resulting in the loss of 5,000 ETH (equivalent to approximately 7.9 million USD at that time) from the exchange’s hot wallet.

According to Huobi’s official announcement, the attacker exploited a security vulnerability to access the exchange’s hot wallet and steal the funds. The exchange detected the attack immediately and took measures to prevent the attacker from withdrawing the funds. Huobi fully compensated the stolen amount to affected users and conducted an investigation into the attack to enhance security and prevent similar attacks in the future.

While the attack raised concerns in the HTX community about security issues, the exchange quickly addressed the incident and protected users’ assets.

Additional Information about the Attack:

Attacker: No information about the identity of the attacker.
Attack Method: The attacker exploited a security vulnerability to access the exchange’s hot wallet.
Consequences: 5,000 ETH stolen; Huobi compensated the damage to users.
Remedial Measures: Huobi enhanced security and compensated the damage to users.

This attack serves as a reminder to investors about the risks associated with investing in cryptocurrencies. It is crucial to choose a reputable exchange with good security measures to protect your assets. Additionally, you should also safeguard your assets by using strong passwords, activating two-factor authentication (2FA), and storing your cryptocurrencies in cold wallets.

Conclusion

Huobi Exchange (HTX) has been fairly well-rated by many traders who have been or are trading. If you are looking for a reputable cryptocurrency trading environment, Huobi may be a suitable choice. Here, you are provided with a modern trading platform, supportive tools, timely market updates, and fast trading execution. However, the most crucial aspect remains the ability to analyze the market and make informed investment decisions.