Are you familiar with the OKEx and Bit-Z stock exchanges? It is Hong Kong’s most well-known and well-established cryptocurrency exchange.

What exactly is Huobi?

Huobi is one of the largest cryptocurrency exchanges by trading volume, comparable to OKEx and Bit-Z. It was designed with the Chinese market in mind, but it has since expanded to over 130 countries.

Huobi works in the same way that other cryptocurrency exchanges do. People can buy and sell cryptocurrencies on the platform, which generates revenue through transaction fees.

It’s also one of the oldest, having been established in 2013. Huobi Global, Huobi’s parent company, has offices in Japan, Korea, the United Kingdom, Australia, Canada, Brazil, and Hong Kong.

Huobi Token (HT), Huobi’s Token, was released in January 2018. It is one of the top 100 currencies by market capitalization on Coin Market Cap.

What do we use Huobi Token for?

  • When trading on the Huobi platform, there are lower fees: On Huobi exchange, we will be charged a 0.2 percent fee when we exchange one currency for another. If the currency you’re exchanging is Huobi Token, however, you’ll pay a lower fee
  • Huobi Token holders who have held the token for a long time will be rewarded
  • Holders of Huobi Tokens are eligible to vote

Huobi token’s distinguishing features

Huobi’s own currency, the Huobi Token, is redeemable for 20% of its value. This redemption fund will be placed in the user protection fund, and it will be redistributed to the owners in the event of a hack.

  • Discount Policy: Huobi reduces transaction fees for those who buy currency with Huobi Tokens
  • Focus on stablecoins: The exchange focuses on stablecoins backed by the US dollar, which reduces market volatility. One of the four stablecoins (Paxos Standard, True USD, US Dollar Coin, and GUSD) is automatically transferred to Huobi’s HUSD when a deposit is made. When that person withdraws, they have a 1:1 chance to choose from any of the four options. According to Huobi, HUSD will eliminate the need to choose between stablecoins while also saving money on conversion fees
  • Huobi is available in two versions: Huobi OTC and Huobi Pro

Huobi OTC is a simplified and lighter version of Huobi. Despite the slow transaction times, they do not charge a transaction fee for most bitcoin, Ethereum, or Tether transactions.

Huobi Pro caters to advanced traders, with over 100 cryptocurrencies available and a 0.2 percent fee.

Some future plans for Huobi

Huobi’s future plans include more than just cryptocurrency trading. It recently began trading futures on its own derivatives market.

A futures contract is an agreement between a buyer and a seller for a transaction to occur in the future at a pre-determined price.

Huobi also wants to have a bigger global presence, which is why they’ve announced plans to expand into the Middle East, Africa, and South Asia.

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