Is Huobi Global Safe? An Honest Review
Safety is an imperative feature of trading platforms. Some safety measures used by trading platforms include two-factor authentication, user data encryption, and secure wallets. Huobi Global, although not as popular as some other crypto trading platforms, is a reliable place to trade crypto and futures.
But is Huobi safe? Which features does the platform have to ensure the security of traders' assets? In this guide, we'll discuss the safety features of Huobi Global and whether the platform provides protection comparable to major crypto exchanges.
Is Huobi Global safe? How is Huobi Protecting Your money?
Huobi Global
Huobi Global claims that the platform has managed over a billion dollars in the past four years and serviced millions of crypto traders. In addition, the platform's anti-DDOS attack system and distributed architecture make it safe for crypto trading.
Moreover, 98% of the cryptocurrency on the platform is stored in a cold purse that is multi-signed. A cold purse refers to a crypto address that is not held online and cannot be hacked.
A cold purse is an ideal way to store your cryptocurrency, especially if you hold a large amount of it. While hot wallets (wallets connected to the internet) are convenient for day-to-day use, they are very vulnerable to hacking.
Protection During Crypto Buying and Selling
When you buy crypto on Huobi Global, the platform freezes the merchant's coins. The coins are only released after you have paid the merchant. Plus, Huobi has two types of merchants.
Certified merchants require less stringent certification than super merchants. For example, suppose the platform freezes the payment account because the merchant received payments from an account with no real name.
The platform will survey the source of the crypto or futures asset. It may also cancel the merchant's certification. In doing so, the platform ensures that all merchants use real-name certification to execute trades.
Protection During Trades
Huobi Global also has protective measures to keep your transactions and trade executions safe. For example, the platform launched the Investor Protection Fund in 2018. The fund is meant to protect the investors' rights in case sudden or unprecedented risks affect trading.
Security Reserve Mechanism
In 2018, the platform initiated an asset protection system called the Security Reserve Mechanism. The reserve has 20000 Bitcoins that belong to the platform.
The BTCs are present in an independent address and provide a safety net in security accidents. Huobi uses this money to compensate users who suffer asset losses on the platform that are not caused by their own actions.
How is Huobi Regulated by Governments?
It's important to remember that Huobi is largely unregulated in the international market. The platform operates out of Seychelles and falls under an unlicensed entity. Due to this, it cannot operate in many countries worldwide.
Traders who value governmental regulations should consider this when trading on Huobi. It's also likely that Huobi might not be operational in your country or region.
In January 2023, the Thai SEC also announced that it would revoke the platform's license due to "irreparable" regulatory breaches. As a result, the Thai SEC suspended Huobi's services in Thailand and advised the Ministry of Finance to suspend the platform's license.
Has Huobi Global Had Any Security Compromises?
A breach in security on a cryptocurrency exchange can have devastating consequences for both the traders and the platform itself. However, there has been no such security compromise on Huobi.
Despite the absence of any security compromises, the platform takes active measures to protect the traders' interests. Some examples of these measures have been mentioned earlier.
Can I Use Huobi In the US?
You cannot use Huobi in the US since the platform is not available in the country. However, Huobi has a separate platform called HBUS. It is the platform's US Strategic Partner.
Traders only have to pay 0.1% trade fees on HBUS. However, keep in mind that you cannot use a VPN to trade on Huobi Global in the US either.
Huobi is available in many countries worldwide, such as Australia, Tonga, Oman, Bahamas, Kuwait, Belarus, Jamaica, Chile, Nepal, Canada, Japan, Maldives, etc. In addition, the platform has operation centers and trading offices in Hong Kong, the United States, Korea, Japan, and some other countries.
Huobi Global Security Rules
Huobi has several security features to keep the traders safe from security breaches and asset loss. Here are some of them.
Two-Factor Authentication
Two-factor authentication is an extra layer of security that requires not only your password but also a code from your phone. That makes it much harder for hackers to access your account.
After making your account on the platform, you can activate 2FA. For this, you need to download the Google 2FA app. Then, link the app to your Huobi account. Now, whenever you need to log in to your account, you'll have to enter the code generated by the app.
Whitelist
Huobi Global has a Whitelist, a security feature that lets traders create a list of addresses for withdrawal. After you've enabled this feature, you can only withdraw your crypto into these accounts.
When using the Whitelist, it's important to note that the platform will take some time to activate the feature. Likewise, if you need to disable the feature, the platform administrator will review your request before processing it. Therefore, you should only activate this feature if you stick to using one or a few withdrawal addresses.
Cold Storage
98% of Huobi's crypto assets are in cold storage. These assets are offline, in a physical device that's not connected to the internet. Keeping the assets offline makes it much harder for hackers to steal them.
The remaining 2% of the assets are kept in a hot wallet. That means they're online and can be used for trading.
Huobi Global Pros and Cons
Huobi Global is a massive platform that allows traders to buy and sell cryptocurrency safely. However, despite its plus points, the platform also has some shortcomings.
👍 Huobi Pros
• Offers deep liquidity in ETH/USDT and BTC/USDT trading pairs
• Supports over 400 cryptocurrencies
• Allows users to earn high yields on their deposited funds
• Has many security features
• Charges a competitive fee of 0.2% per orders
• Has an advanced user interface
• Has a reserve to compensate users in case of a security breach
👎 Huobi Cons
• Is not beginner-friendly
• Hasn't been regulated by government or financial bodies
• Mobile app is hard to navigate
Is Huobi Good For Beginners?
Huobi Global is not a good choice for beginners since it has an advanced user interface and provides many trading features that are only useful for professional traders. In addition, the analytics and other information on the platform also use a rich crypto jargon that may be hard for beginners to grasp.
Summary
Is Huobi Global Safe? Huobi is a relatively safe platform that provides many protective features to its users. Moreover, the platform has a reserve to cover traders' losses if there's a security breach or unprecedented risks.
However, traders should consider the lack of regulation of the platform when choosing it for crypto trading. No government bodies or financial authorities have regulated the crypto exchange.
Top 10 Huobi Reviews
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Comment
What I liked about Huobi is that here you won’t be left alone with the market. They will always help if needed. They help those who are just starting and don’t currently have a strategy. It is important to note that trading and conditions here are suitable for everyone. Both novice and experienced traders feel comfortable here.
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Comment
HuobiGlobal trading platform includes a trading bot that you to trade with quant strategies. You can configure this bot to trade with strategies like mean reversion which focuses on the reverting of the price of stocks and financial instruments to their average value. This bots monitors the market, identify the best trade format, and executes the trade using the parameter set by the trader. The HTX grid trading bot an excellent tool for financial derivatives that to buys gradually when the market goes down, and sells automatically when the market starts to recover. The best way to maximize investors' profits in a volatile market is to buy coins during periods of declining value and earn USDT during periods of strong market conditions! Because major tokens are highly liquid and guarantee capital preservation and appreciation, the Grid Trading Bot is especially useful when trading them.HTX provides a grid trading user guide to help traders get started with the platform bots.
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Comment
HuobiGlobal customer service was helpful and patient with me during my account verification. Verification on HuobiGlobal took me time and to pass pass level 4 which is the address verification and it was approved after 2 days which I think was a long time to verify an account. But the account still hadn't verified the message from the customer care is account did not match with profile this was because the naming differences in profile and id. It then I realized that the name and country different. The issue was resolved with the help of the customer agent. So, I went through this long process because name and country was not same as seen on the passport.
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Comment
My impression of Huobi is quite ok. There are good charts. At first it was not quite usual to trade here, as there are still some peculiarities, but now everything is fine.
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Comment
I saw a lot of good reviews about Huobi Global and decided to try it about 2 months ago. Opening an account is easy, there were no problems with the deposit either. I trade modestly. To be honest, support leaves much to be desired. I want to try to open an account somewhere else, for comparison. Well, in general, orders are executed quickly, the platform works without problems, and money can be withdrawn normally.
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Comment
Huobi is a good crypto exchange with a wide choice of cryptocurrencies and an easy registration and account verification process. However, as with any other crypto exchange, caution and safety measures must always be taken when trading cryptocurrencies. But I did not notice any manipulation on the part of this exchange.
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Comment
huobi global quickly processes withdraws. Funds are credited instantly as soon as the request is submitted. This is of course a plus for the company. But there are plenty of downsides, I won’t lie. Sometimes, the platform is slow, and support cannot be reached....
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Comment
Of all the crypto companies that exist today, I recognize a few, including Huobi. I can’t say that this broker is perfect, but it’s quite decent. Not throwing, that's for sure. Try it.
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Comment
Among those crypto companies that offer services in the cryptocurrency market today, I personally choose Huobi. Maybe the conditions here are not the best, but the exchange really works and pays out money, and this is worth a lot.
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Comment
Personally, I like the platform. Although I have been trading not so long ago, I somehow figured it out quite quickly, although I still have to study and study. I don’t like only the commission for withdrawing funds, it would be possible to take less)
FAQs
Is Huobi Legit?
Yes, Huobi is a legitimate cryptocurrency exchange. It is one of the oldest and largest exchanges in the industry, with millions of users worldwide. The company has been around since 2013 and is headquartered in Singapore. Huobi has a strong team of experienced professionals and good financial backing.
What is Huobi Security Reserve?
Huobi has a security reserve fund to cover any losses due to hacking or other security breaches. It helps to keep traders safe from losses and ensures that the platform can continue operating even if there is a major security incident.
What Happens If I Lose My 2FA Service?
If you lose your 2FA device, you will need to contact Huobi customer support and go through a verification process to prove your identity. Once you have done this, you will be able to log in to your account and reset your 2FA. Huobi requires two-factor authentication for all accounts as an extra layer of security. You can add this feature by downloading the Google Authenticator app and linking it to your Huobi account.
Is Huobi Global Safe for Crypto Trading?
Yes, Huobi Global is a safe and secure platform for cryptocurrency trading. The exchange has several security features to keep traders safe, such as two-factor authentication and a Whitelist. In addition, Huobi has a security reserve fund to cover any unprecedented losses.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!