The decentralized finance (DeFi) sector is rapidly growing but still faces significant challenges. For example, one of the biggest issues DeFi must address is Impermanent Loss (IL). This is a problem that can have serious consequences for liquidity providers. Today's review will examine how SMARDEX intends to solve the IL problem and end liquidity providers' unjust losses. We'll also look at all the services that SMARDEX offers and examine the project's tokenomics. What Is SMARDEX? SMARDEX is a project intending…
Huobi Review – Exchange Features, Trading Fees and Security
Huobi is a popular global cryptocurrency exchange focusing on servicing the Asian Markets. This well-recognized platform consistently ranks amongst the world’s top 10 largest exchanges by trade volume. Notably, the word “Huobi” is Mandarin for “currency.”
Features of The Huobi Exchange
Huobi platform has a reputation as a safe and solid exchange for trading a wide range of cryptocurrencies. In addition, the network features a user-friendly interface that allows new users to navigate the platform without confusion. This simplistic approach helped Huobi gain notoriety in the market.
Huobi serves an important role as a multi-national fiat on-ramp. The network supports an impressive 27 fiat currencies. Specifically, you can load your account with GBP, USD, AUD, EUR, INR, BRL, KHR, CAD, CNY, NZD, and 15+ more fiat options. The network is very responsive in this manner, and your funds deposit within minutes. Additionally, you can use your credit card to purchase Bitcoin.
Huobi users enjoy an excellent selection of coins to trade. The network supports over 350 cryptocurrencies and continually adds new projects based on their merit and popularity. This flexible approach to coin additions keeps Huobi users in the loop on all the latest and greatest projects.
Regarding security, Huobi has one of the best records in the market. This massive blockchain ecosystem has never had any major security breaches, hacks, or losses of users’ funds. Additionally, developers have gone the extra mile to protect user funds. For example, 98% of user funds are stored in cold storage to remove hacking risks.
Huobi funded an investor protection fund to further investor confidence and add protection against loss. This fund currently holds 20,000 BTC that would be used to repay any losses due to hacks. In this way, Huobi users are more protected.
As one of the top 10 crypto exchanges globally in market capitalization, Huobi enjoys deep liquidity. As a result, you can always find a trader to take up your trades. This liquidity makes Huobi attractive to whales and large financial institutions because they can complete major trades in real time.
Huobi provides a responsive customer service portal that is available 24/7. New users can ask questions about trading strategies and functionalities. Best of all, you don’t have to wait days for a response. In most instances, your concerns are addressed in under 24 hours.
To become a better trader, you need to educate yourself. The platform offers various pre-trade education programs to help you accomplish your goal of becoming an expert trader. As a result, users gain valuable insight into the market and how to come out of their positions with higher ROIs. This feature is a huge plus for new users needing more clarification on the concepts and why certain projects and strategies hold value.
Huobi features a high level of interoperability in the market. You can integrate outside interfaces, and trading bots using the platform’s internal API. API support is vital nowadays because it allows experienced investors to maximize their ROIs and market monitoring capabilities.
How Does The Huobi Exchange Work
Huobi is a custodial, centralized exchange. This designation means you must load your funds onto an exchange wallet to participate in trades. Centralized exchanges like Huobi hold the advantage of being regulated. Regulated exchanges are held to a higher standard of customer care and include customer protection mechanisms.
One of the coolest features of Huobi is its OTC feature. This option is ideal for large orders because it provides whale investors access to minuscule fees.
Huobi supports margin trading. Specifically, you can enjoy 5X leverage for spot trading using the platform. In addition, the network recently introduced Coin Margin Swaps and USDT Margin Swaps as part of its ongoing commitment to providing advanced trading tools.
Huobi offers trading futures on top cryptocurrencies such as Bitcoin. Futures are a powerful tool allowing users to earn profits from the volatility of blockchain without directly purchasing cryptocurrency. This feature allows for more access by large financial institutions that cannot purchase cryptocurrencies directly.
Users can also trade cryptocurrency options using the platform. Options are a powerful trading tool allowing users to trade the right to buy a specific number of coins at a pre-set price. They are very popular amongst stock traders. Like Futures, you’re not trading the actual asset but a contract based on the underlying coin when you trade options.
The exchange is available in a mobile version—iOS and Android support this app. The download is free, and it only takes a few minutes to register.
HUSD is the native stablecoin of the network. Users can access discounted fees, more trading pairs, and exclusive features when holding HUSD. For example, HUSD holders can store their tokens in an interest-earning savings account.
Huobi is one of only a few exchanges that offer savings accounts. In addition, the network provides BTC and USDT investors with this option.
History of The Huobi Exchange
Huobi was founded in China in 2013 by Leon Li. At one point, it dominated the sector. Huobi accounted for nearly 90 percent of Chinese Bitcoin trading volume in its early days. Moreover, before the Chinese blockchain crackdown of 2017, the exchange was among its top three crypto exchanges.
Following the Chinese regulatory changes, Huobi moved to Seychelles. Today, the exchange operates as a regulated platform according to Seychelles’ regulatory requirements. The platform also opened offices in Hong Kong, South Korea, Japan, and the US.
Huobi – Still a Top Performing Exchange
The market doesn’t lie. Huobi users continue to support this exchange due to its easy access and excellent selection of features. In addition, the exchange has proven to be flexible and committed to pushing crypto adoption to new heights. For these reasons, its future looks as bright as its past.