Hoo is this a scam? Reviews and description

In June 2019, the company announced that it had acquired Chaince and OAX, two startup exchanges in China, and fully transitioned to a blockchain asset servicing platform, with operations expanding to crypto exchanges. In this review, we will consider what exactly offers users this site, whether this project is not a scam.

Why Hoo?

It is one of the world's leading blockchain asset servicing platforms, offering a huge number of digital coins for trading, already more than 400 of them. However, there are no trading pairs with classic global currencies. Fiat money is not quoted. The trading system works on the model of the stock market - it uses the latest developments of the Tokyo Stock Exchange. It is modern, convenient and secure.

Hoo Exchange conducts transactions in cryptocurrencies. Now it has a daily turnover of more than a billion dollars, making it one of the largest exchanges for token trading. About a hundred different coins are available. From the top ones like Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC), to little-known ones like CyberMiles (CMT) or ZCoin (XZC).

You can fund your account in American dollars, South Korean won and Chinese yuan. The project is aimed at customers from the UAE, South Korea, Japan, England, Singapore and Hong Kong. There is no Russian-language version of the platform. The pluses of the exchange Hu include:

• intuitive platform interface;
• wide choice of currency pairs - BTC/USDT, DOT/USDT, BCH/USDT, etc. (more than 520 pairs);
• other financial instruments - OTC market (OTC), futures, digitization of asset rights, swaps;
• The project's own token with the same name - 1 HOO = 0.71895698 USDT, can be exchanged for other digital coins on the HooSwap platform;
• low commissions - up to 0.2% from each transaction (floats and varies depending on the market value of coins);
• bonus rewards and referral program;
• Verification is not required for trading, only for the withdrawal of funds.

How to exchange cryptocurrency on hoo.com platform?

Cryptocurrency exchange can be done through OTC or HooSwap. To make an exchange through OTC, you need to select "Quick Trade" or "Favories". In Quick Trade you can buy or sell digital coins. Here you need to specify the amount in euros, dollars, hryvnias or other currency and which crypto you want to buy/sell. Then select the payment method and click on "Buy Now"/"Sell Now".

In HooSwap you can exchange your own Hoo exchange token for another crypto. You need to specify the amount of digital coin, the system will give you the amount of exchange, and then click on Swap.

Verification on the Hu platform

To be verified, you must first register on the site hoo.com. To do this, click on Sign Up and fill in the registration form: phone number or e-mail address, SMS-code and password. You can trade without verification, but it is obligatory for withdrawal.

Click "KYC" on the My Assets page. Select the type of ID and enter your personal information. Click "Next" and upload the necessary files: your passport information page and a photo of you holding your passport and the paper that says "Hoo KYC and the date".

Deposit and withdrawal

You can fund your account by bank transfer. Find the "My Assets" page under "Total Assets". Select which coin you want to deposit. For example, BTC, and you will be able to enter your address using the QR code.

You can withdraw funds to any cryptocurrency wallet. To do this, go to the "Withdraw" section of the "My Assets" page. Select, for example, BTC, and enter the address to which you want to make the transaction.

Commission of the crypto exchange hoo.com

When depositing funds into the account, there are no commissions. Withdrawal fees are minimal - up to 0.2 % from each transaction. % floats and changes depending on the market value of coins. Also % depends on the level of the client:

• VIP0 - 0.20% (taker), 0.20% (maker);
• VIP1 - 0.16% (taker), 0.16% (maker);
• VIP2 - 0.14% (taker), 0.14% (maker);
• VIP3 - 0.12% (taker), 0.10% (maker);
• VIP4 - 0.10% (taker), 0.05% (maker);
• VIP5 - 0.05% (taker), 0.00% (maker);
• VIP6 - 0.02% (taker), 0.00% (maker).

Hoo Bonuses

Hoo offers customers bonus rewards depending on the level, raffles, and a referral program. That's what we're going to talk to you about next.

VIP scores

Points can be awarded not only through the referral program, but also when trading digital assets. The volume of trading, equivalent to 1 BTC, brings 100 points. Points can be exchanged, payment will be calculated as follows: 100 points = 5 US dollars. When exchanging for Hoo, everyone receives 1000 points, which can be used when trading crypto.

VIP activity and rate increases

All VIP users of other exchanges can become Hoo VIPs through an exclusive channel. Bonus coupons will be issued until December 31, 2021, and can be received by email when registering at hoo.com. With turnover from 2 BTC to 10 BTC you can get VIP3 level and 1% pay rate benefits, from 10 BTC to 20 BTC vip4 + 1.5%, from 20 BTC to BTC 50 vip5 + 2%, from 50 BTC to 100 BTC or more vip6 + 3%.

Drawing of $30,000

You can trade the new trading pair WSG / USDT and make money on it. $30,000 will go to the top 100 players (the amount is divided among all). You can use your winnings to trade crypto at hoo.com.

Referral program

Under the terms of the affiliate program there are 2 levels of referrals: 1LI - friends of the exchange client, registered by referral code and 2LI - friends of friends of the first level. Depending on the level the company's client Hu can receive such a % commission:

• VIP0 - 3% with 1LI, 2% with 2LI;
• VIP1 - 10% with 1LI, 5% with 2LI;
• VIP2 - 12% with 1LI, 6% with 2LI;
• VIP3 - 14% with 1LI, 7% with 2LI;
• VIP4 - 16% with 1LI, 8% with 2LI;
• VIP5 - 18% with 1LI, 9% with 2LI;
• VIP6 - 20% with 1LI, 10% with 2LI.

Complaints about Hoo

Most customers comment on the platform hoo.com positive. They write that everything works smoothly, there are no problems with deposit and withdrawal of funds. Newcomers get a pleasant experience trading cryptocurrencies and note the friendliness of the tech support specialists. There are many markets, low commission, you can use your own wallet. There are no complaints as such. But there is dissatisfaction with the lack of a Russian-language version of the platform, the emphasis is on the Asian market. There is an English-language version, but you need a lot of patience to understand the deposit, withdrawal, creating orders.

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Regulation of the crypto exchange hoo.com

Before starting to cooperate with a crypto exchange, it is important to study legal information and understand the regulation of its activity. This largely determines the success of trading and reduces the risk of losing your money.

Regulator

It is only known that the company is registered in the Cayman Islands. There is no more information about the registration on the site, nor is there any contact information - address or phone number. But there is legal documentation, an e-mail address and a social network where you can contact the support service. However, the network indicates that in Iceland the company is regulated by the SFC - Securities and Futures Commission and FinCom - The Financial Commission.

• Read the "Investment Services Agreement" on the Hoo website.
• Read the "User Agreement" on the Hoo website.
• Read the "Privacy Policy" on the Hoo Exchange website.

Hu User Agreement

The "agreement" states that cryptocurrency trading involves a lot of risk. It is recommended that you think carefully about your decision before engaging in digital asset trading.

You may make a big profit or loss because of huge price fluctuations, but Hoo will not incur any liability and will not provide compensation for your investment.

The user is responsible for any damage caused by the user.

If fraudulent actions are noticed behind the user, Hu can freeze the account and even suppress an application to the court.

Customer Service

Ways to contact support:

• email: [email protected];
• feedback form and online chat on the site;
• Twitter;
• Telegram;
• Reddit;
• Facebook;
• Instagram.

Hoo is this a scam?

Hoo Although it does not provide legal information and contacts to the full extent, but it is impossible to call this project a scam. The company is actively developing, and it all started with a cryptocurrency wallet. Now hoo.com is one of the world's leading blockchain asset servicing platforms. Hoo serves customers from all over the world, but the emphasis is on the English-speaking and Asian audience. There is no Russian-language version of the site, so it is difficult to understand the terms of trade, deposit and withdrawal methods, legal and other information.

Judging by the reviews, most customers are satisfied with hoo.com platform. Hoo offers huge choice of cryptocurrencies and trading pairs, low commissions, use of any cryptocurrency wallet. They write that everything works smoothly, there are no problems with deposit and withdrawal. If you are a beginner and know English, you will understand the terms of trade on this site. Unfortunately, without knowledge of English, Chinese or Korean, it's difficult to understand what's what.

Conclusion

Hoo - is a young cryptocurrency exchange that positions itself as the world's leading platform for servicing blockchain assets. It offers a large number of tokens for trading. There are no trading pairs with classic global currencies. This project is popular with the English-speaking and Asian audience, there is no website in Russian. Hu offers a huge selection of cryptocurrencies, low commissions and attractive trading conditions. Participate in the discussion of this site on our site, leave your feedback! This will help us to give a more accurate assessment of Hoo.com activity.