There are several options for traders to buy cryptocurrencies like Bitcoin, Litecoin, or ADA. One of them is Huobi. This regulated crypto exchange allows UK investors to buy, sell, hold and trade digital assets easily. The interface is intuitive, and the payment options are quite flexible.
But, is Huobi, the best broker for you? In this Huobi Review UK, we cover everything you need to know and whether Huobi is the best cryptocurrency exchange or if there is a better recommended exchange.
67% of retail investor accounts lose money when trading CFDs with this provider.
- 1 What is Huobi?
- 2 Supported Coins
- 3 Huobi Fees
- 4 Huobi Buying Limits
- 5 Huobi Wallet
- 6 Huobi Mobile App
- 7 Huobi User Experience
- 8 Huobi Tools and Features
- 9 Huobi Payments
- 10 Huobi Regulation & Licensing
- 11 How to Buy on Huobi
- 12 Huobi vs eToro
- 13 The Verdict – eToro – Best Broker to Buy Cryptocurrency in the UK
- 14 FAQs
What is Huobi?
Huobi is a Singapore-based cryptocurrency exchange and online brokerage firm. Besides giving access to popular crypto-assets like Bitcoin, Ethereum, and XRP, Huobi also allows users to get their hands on initial coin offering (ICO) tokens before they go mainstream. Huobi’s origin can be traced to Beijing, China. The company’s presence grew rapidly in the Chinese crypto before it was expelled due to the government’s expulsion of crypto exchanges in 2017.
It subsequently moved to fellow Asian nation Singapore due to friendlier crypto laws. Huobi supports over 355 crypto-assets across the board. The platform boasts of over 5 million active users globally trading from 130 countries. Huobi is ranked No 3 in the list of top cryptocurrency exchanges based on daily trading volume, according to data from Coinmarketcap. Coinbase and Bithumb feature prominently on the list.
One of the reasons why Huobi review 2021 is so popular is because it is user-friendly and great for newbies and more seasoned traders.
It takes about two minutes to get your account fully set up, and you can do this at the click of a button.
Huobi hasn’t experienced a security breach on its company wallets since it launched.The platform has maintained this enviable record due to its adherence to strict security protocols. Huobi stores its crypto funds in an off-chain cold storage facility, making it impossible for these bad actors to get their hands on them.
Once you are through with your account setup and verification process, you can make your choice across a multitude of cryptocurrency options, as shown in our Huobi Review UK.
There are 218 cryptocurrencies available for trading on the platform, so you have a huge amount of coins to choose from. This includes major cryptocurrencies like Bitcoin, Ethereum and Ripple, as well as many more niche and up-and-coming coins.
Huobi offers some of the most affordable fees for most cryptocurrency trading exchanges. The fees are all laid out on its tiered fees page, and we will briefly touch on a few.
Trading Fee/ Commission
Huobi started out with a zero-fee service with other Chinese crypto exchanges like OKCoin, and BTCC. But Chinese regulators mandated them to impose a flat fee to forestall against market manipulation and increase liquidity.
Huobi exchange review offers a flat 0.2% for both its maker and taker fee rates in the spot trading market. Its margin interest rate is 0.098%, and its fiat trading fee rate is 0.20% for the maker and free for the taker. Huobi’s 0.20% spot trading fees are lower than the industry average of 0.25%.
Despite this, it is still expensive compared to eToro’s zero-commission offering for trades executed on the eToro platform.
Huobi also makes it easier for users to make more money by reducing their trading fee whenever they use the platform’s native coin, the Huobi Token (HT).
The Huobi token offers a discount for trading fees of up to 50%. It is also a governance tool by which HT holders can vote on the platform’s direction, and they can also participate in initial exchange offerings (IEOs) with them. The more HTs you have, the lesser the trading fee drops.
Huobi Deposit Fees
Deposits from fiat currencies like the Pounds and the US Dollars attract a fee. According to Huobi, you would be charged 1% of your total deposits for international wire transfer and 1.5% of the amount for using the e-Wallet option OKPAY.
It runs a tiered fee system which reduces the more you trade and level up
Huobi Withdrawal Fees
Huobi charges 1% of the total amount for international wire transfers and 0.5% if you use OKPAY to make the withdrawal.
For crypto withdrawals, you have to pay 0.0001 BTC and 0.001 LTC, respectively.
Huobi Buying Limits
Huobi does not have a specified limit for your crypto purchases, but it sets a £750 for users who have not verified their account by uploading their documents. The maximum withdrawal limit for verified accounts is set at 200 BTC.
Huobi Wallet offers a multi-currency storage facility that gives you full control over your digital currencies. The wallet has a simple and sleek design that makes it super easy to complete transactions on the wallet. You can easily withdraw and deposit your favorite cryptocurrencies there. It supports 16 major cryptocurrencies, including Bitcoin, ATOM, Ethereum, XRP, DOGE, LTC, and others.
Stablecoins like USDt, HUSD, USDC, TUSD, GUSD, PAX, EYRT, DAI, and EURS can also be stored here. And to crown it all, all ERC-20 tokens are supported on the Huobi wallet.
Huobi uses an advanced distributed system architecture where it stores 98% of customer assets in multi-signature cold storage wallets. This makes it impossible for it to be accessed online and helps it forestall a possible security breach.
Huobi Mobile App
Huobi offers a mobile version of their trading platform for users, and it is compatible with Android, iOS, and Windows smartphones. Huobi mobile app supports multi-currency trading just like its wallet stores different virtual currencies. It also provides you with real-time market data allowing you to assume the best position on time.
You will also be treated to professional market charting tools much like you get when you use the desktop version. You can make fast deposits and withdrawals, get price alerts, and get 24/7 multi-lingual service support whenever you are stuck and need help. You are also treated to a detailed trading history to keep you updated on what you have been spending your money on.
Huobi User Experience
As we mentioned at the beginning of this Huobi Review UK, getting things done on the Huobi cryptocurrency platform is super easy to do. Huobi also has a simple and sleek design which enhances the user experience, especially compared to Coinone which has a far more complicated layout. The ease users enjoy with Huobi has seen it carve out a market for itself in the UK.
For instance, opening an account will take you less than five minutes to complete. You’ll also be required to verify your identity and other KYC measures.
You can take snapshots with your webcam in real-time, saving you the time of taking the pictures and uploading them from your system’s memory. In most cases, the verification of your documents does not take long.
And the deposit process is quite seamless. All you need to do is click on “Buy Crypto” on the top bar, and you will be directed to a purchase page. At the time of the writing of the Huobi review 2021, they offered 2.5% cashback for BTC/USDt purchase when you buy with your debit/ credit card.
The spot trade is also quite easy to wrap your head around.
From the homepage, you can easily search for your favorite crypto asset via the search bar.
From there, you will be given a full view of the exchange rate of the trading pair, the order book, and the market trade in real-time.
You can also choose how much you are willing to invest in each digital asset. Huobi does a great job showing you the total cost for each trade, the set price, and fees.
Huobi Tools and Features
Huobi has a great many features that have endeared it to many crypto users. With its clean-cut and responsive user interface, it is quite easy for users to make trades without stress. But aside from this, there are a few features that make it stand out.
Large Inventory of Trading Pairs
Huobi review 2021 has one of the largest trading pairs in the crypto industry. Boasting over 300 cryptocurrencies hosted on the platform, there is a high possibility that you won’t run out of digital assets to invest in.
Huobi is also very supportive of upcoming crypto projects, so you might run into one or two digital assets you may not have known before.
Prompt Customer Service
Huobi customer support is readily available to answer any questions you may have while trading. There is a possibility that a customer service personnel will get back to you within the hour, making it one of the foremost customer-focused exchanges in the industry.
Huobi User Protection Fund
Just like Binance’s Secure Asset Fund for Users (SAFU), Huobi keeps part of its profits in its User Protection Fund (UPF) as an insurance cover against hacks, thefts, and unforeseen accidents that may see users’ balance eroded. For a customer, this is a huge plus because you know that your funds are always protected no matter what happens.
Institutional Trading Accounts
As part of the top ten largest crypto exchanges in the world, Huobi has attracted many institutional traders to its platform. To cater to this increased demand, Huobi created an over-the-counter (OTC) and pool trading that allows these investors to make their trades on the Huobi exchange review platform.
It also runs a dedicated professional crypto exchange platform called HADAX, short for Huobi Autonomous Digital Asset Exchange.
HADAX users are mostly professional traders. The platform allows them to trade more volatile assets and vote on token listings, which HADAX then verifies before they go live on the site. New digital tokens are first listed on the HADAX platform before being moved permanently to the Huobi Global platform.
Derivatives and Margin Trading
Huobi also runs a derivative offering for both futures and swap trading markets. The platform also facilitates margin trading and consumer-to-consumer (C2C) lending on its platform.
Huobi has one of the most sophisticated trading views in the industry. You will find the order book, market trades, list of all listed crypto assets, and you can also see the buy, sell and stop limit on your trading page. Here is a picture of what you will likely see when you trade on Huobi.
We had previously covered payments when we spoke on trading fees and commission, but here’s a table detailing how it really works.
|Faster Payments||Large amount, GBP deposits, withdrawing||–||–||+||+||1-3 business days|
|US ABA Transfer||Large amount, GBP deposits, withdrawing||–||–||+||+||1 business day|
|SWIFT International Transfer||Large amount, GBP deposits, withdrawing||–||–||+||+||3-5 business days|
|SEN||Large amount, GBP deposits, withdrawing||–||–||+||+||Instantly|
|USD Balance||Buy Crypto||+||+||–||+||Instantly|
Huobi Minimum Deposit
Huobi review UK requires a minimum of $100 (about £72.95) to start your trading journey on the Huobi Review UK platform.
Huobi Regulation & Licensing
Huobi exchange review is regulated by the Financial Conduct Authority (FCA) and is licensed to operate in the UK. The exchange joins a small list of companies offering digital assets trading services to customers in the United Kingdom.
Huobi Contact and Customer Service
Huobi claims to have one of the best customer support services in the business.
The support staffs are available on a 24/7 basis. The online trading broker is widely reputed for adopting this means of staying in touch with its customers. This eagerness to respond to customer’s queries better espouses the idea that the company is ready to help out when customers face challenges using their platform.
Huobi customer service can be reached via telephone, email or by filling a support ticket on the site. Huobi claims to treat customer queries within a 24hrs period. Huobi offers customer support in English, Chinese, and French.
The Huobi website has a full multi-layered FAQ and helps sections to guide customers through their trading experience. These help sections are rather distributed across and not centrally stored on one page, which shows the Huobi exchange review has put a lot of thought into the process. This can come in handy for customers who may look for specific answers and not have to read a whole page of unrelated topics. But for some others, it may be frustrating in the least.
How to Buy on Huobi
Now that we have gone through what Huobi review UK has to offer, how do you purchase your favorite cryptocurrencies on the platform?
Huobi makes this process painless. In just a few clicks, you can have your first Bitcoin sitting pretty in your wallet.
So, we will show you step-by-step how you can begin your trading journey on the Huobi exchange review platform.
Step 1. Sign up to Huobi
The first thing you will need to do is open an account with them. You will be asked to select your country of residence and fill in your email and a password.
You also get the option of signing up with just your phone number, as the image shows. When you’re done supplying your email and picking a password (make sure it is unique and strong), you will come across an optional invitation code.
Step 2. Download the App
If you are a PC person like I am, you may skip this process. But if you depend heavily on your smartphone, there is a download button attached to the top of the page where you can download the Huobi Review UK app.
It works predominantly on the most popular operating systems, Windows, Mac OS, Android and iOS. You can choose to scan it or just click on the “View All” button to see the full array of download options.
Step 3. Deposit Funds
Huobi exchange review is unique in this aspect in that it does not mandate you supply personal documents before you deposit into the platform. You can fund your account with a minimum deposit of £72.95 and just get started trading immediately.
For new users, your account will be restricted on Huobi at the start. This places a limit on your maximum deposits and withdrawals. So, if you are keen on making more trades, you’ll need to provide more identification. These could be your proof of residence, driver’s license, or official passport to unlock more features.
Once you click on the “Buy Now” button on the landing page, where you will be redirected to the “Quick Buy/Sell” page. From there, select the “deposit” now button to make a deposit.
Huobi offers fiat deposits for three major denominations, namely USD, EUR, and the Russian RUB. You can also choose your payment method from a list of three. They cost zero deposit fees so you don’t have to worry about any hidden fees.
Step 4. Trade/Buy Stocks
Huobi offers two options; the “Quick Buy/Sell” option, where you can easily buy, sell and even convert cryptocurrencies with just a few clicks or use its “P2P Market” offering to get the best deals on your favorite crypto assets.
From the “Quick Buy/ Sell” page, you can select your payment option between Visa and MasterCard or using your USD balance. But its Visa/ MasterCard payment option is limited to a few countries, so you may still have to use the USD balance to purchase your crypto assets. After this is done, you can now head to the spot trading page to trade.
Huobi vs eToro
Huobi exchange review is a great exchange that will let you get exposure to all your favorite cryptocurrencies. Still, it is a new generation sort of exchange, meaning you won’t be able to buy your Apple stocks on this platform. If you are looking for an online broker that offers a mix of the old with the new, you need not look further than eToro.
eToro is a regulated online broker and is licensed by the Financial Conduct Authority (FCA), Financial Crimes Enforcement Network (FinCEN), Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC).
The trading platform founded in 2006 also offers exposure to over 3000 shares from 17 different stock exchanges, allowing investors to buy shares, indices, and commodities with ease. Not to be left out, the CFD trading platform also grants exposure to 16 major cryptocurrencies and runs exchange-traded funds for many established investment vehicles like lithium and gold.
You can also buy your Bitcoin or, if you’re conservative, add some precious metals to your portfolio. The socially-focused platform also lets you learn from more experienced traders through its CopyTrade feature, allowing you to make the same trade as other professional investors.
eToro also grants you access to an in-house managed CopyPortfolio that gives you exposure to a particular sector’s stocks. The digital trading platform runs a zero-commission trading platform, and its minimum deposit is £140 making it easy to buy shares for less. You can also trade the foreign exchange market as well.
Huobi is registered to operate and is regulated by the FCA. It also offers coverage of up to 85,000 GBP per investor for situations where it fails to meet its obligations.
The Verdict – eToro – Best Broker to Buy Cryptocurrency in the UK
eToro is a great place to begin your trading journey, given its user-friendly interactive design and the Copy Trading phenomenon. It also lets you spend less time thinking of what stocks you need to buy to utilize the CopyPortfolio to diversify your investment. The platform’s verification process is not tedious for newbie traders. You also get access to leveraged crypto products and staking offers to earn passive income.
eToro also gives a $50 (£36) welcome bonus to new customers. This is activated once you register through a referral link. You get $50, and the person who referred you will also be credited with a $50 compensation package.
Huobi is not terrible, but UK traders might have some difficulty using it. The navigation is a bit clunky, for starters. Also, some vital details are missing on the home page. If you’re based in the UK and want a broker that is easy to use for beginners and is completely transparent, you should consider eToro.
67% of retail investor accounts lose money when trading CFDs with this provider
Where is Huobi based?
Huobi UK is headquartered in Seychelles with several offices around the world. These includes operations in the UK, Singapore, Australia, and others.
Is Huobi good for trading?
The bottom line is Huobi UK is one of the largest cryptocurrency exchange available, offering multiple digital assets. While the digital asset platform offers top-tier security, cryptocurrencies can be volatile. It's important you consider the risks and only invest what you're willing to lose.
Is Huobi regulated?
Most cryptocurrency firms are placed in three categories due to the regulatory situation. They are either licensed to operate in the UK, have been granted a temporary license, or are waiting for a temporary license from the country's financial watchdog. Huobi UK is one of the few crypto trading companies granted a temporary registration license from the FCA earlier this year.
How many countries are supported by Huobi?
Traders from over 20 countries can trade on the Huobi platform. Huobi no longer offers services in the US but most European nations can trade on the platform.
Has Huobi ever been hacked?
Since it was launched in 2013, Huobi has never suffered a security breach.