Huobi is a popular cryptocurrency exchange that has its headquarter in Seychelles. It is a bitcoin trading platform. It has about 400 cryptocurrency trading pairs available. You can use it to trade for other cryptocurrencies on the platform. It has gained a good reputation in Asia. By trade volume, it is the largest cryptocurrency exchange and is available in more than 130 countries. Its token Huobi Token (HT) is listed on Coin Market Cap.
Benefits of Huobi
One of the major benefits of Huobi is that it can buy back 20% of its currency, which is the Huobi Token. It provides lower transaction fees to those people who buy currency with Huobi tokens. It has two versions: Huobi OTC and Huobi Pro. The Huobi OTC is the simpler version having 25 fiat currencies. The Huobi Pro is for advanced traders and offers more than 100 cryptocurrencies.
How does Huobi work?
Huobi works like any other cryptocurrency exchange. People trade cryptocurrencies and the platform earns money from the transaction fee. s money by charging a transaction fee. It’s now focusing on stablecoins that are backed by US Dollar. Using Huobi tokens people can reduce the fees when they trade on the Huobi platform. This low transaction fee is a very attractive feature of the Huobi token. The loyal customers of Huobi token also get free tokens sometimes. They also get the special voting right to choose the next token that must be included in the exchange. Huobi is now looking forward to having more investors. The Huobi Chain, a public blockchain, is on the way that will create a very technologically sophisticated chain. Huobi token will be later migrated to this chain. Huobi has announcedan expansion plan recently for South Asia, Africa, and the Middle East.
Huobi has recently banned crypto derivatives trading for users in China. They have also introduced a 24-hour token withdrawal delay for the trades done over the counter. In such a case it will take about 36 hours for the high-risk users to withdraw money. Recently, Huobi has suspended futures trading in many countries because of changes in regulations in those countries.
Huobi tokens now have a very strong foothold in the cryptocurrency market today. Though it was initially aimed at the Chinese market, now it is globally available. Hopefully, more countries will adopt it in the future and the laws of some countries will be relaxed to allow the trade of Huobi tokens.