HTX (Huobi Global) is this a scam? Review and Customers Reviews

HTX, formerly known as Huobi Global, is among China’s largest exchanges, established in Beijing in 2013. Offering services for buying, selling, and margin trading cryptocurrencies, it currently ranks among the top ten exchanges worldwide by trading volume.

In this review, we’ll delve into the platform’s features to determine whether HTX is a trustworthy cryptocurrency trading platform or potentially a scam.

 

Why Huobi Global?

Huobi Global is an established exchange that appeared on the financial market in May 2013. The company’s website is htx.com The company has been translated into 12 languages, indicating its focus on the international market. The main office is located in Singapore, where the project is regulated.

The organization provides its clients with comfortable and favorable conditions for cooperation. Traders can work with more than 200 cryptocurrency pairs, which in turn are divided into three main markets – VTS, ETN, and USDT (How to Make Money on Cryptocurrency?). The platform’s listing includes the most in-demand cryptocurrencies combined with little-known forks. The exchange also has its own HT Huobi Token, which allows users to get a discount on any type of commission on the platform. What’s more, customers get to vote to make important decisions. The website features a blog with informative articles regarding the latest news. All the information is presented in English. For beginners, there is also a detailed guide that contains instructions.

The trading terminal has good functionality and allows clients to create different charts, use options to customize them, and choose time intervals. Also, technical indicators can be found on the platform. Clients have an opportunity to place market and limit deals.

The page of the trading terminal itself is conditionally divided into several parts:

• On the left, the client can find the main markets.
• In the middle, there is a chart of the price movement for the asset, as well as displaying the tools and indicators available for trading. It is possible to select the interval of price movement and change the screen type to the extended version.
• On the right side, you can find the stacks of trades to buy and sell cryptocurrencies (Cryptocurrency Trading Strategies).
• Above the graph is a numerical change in the value of the price for the asset.

For those customers who cannot access the platform via a computer, a mobile version of the exchange has been created, as well as software for the computer, available on Windows and Mac. The mobile app can be downloaded from app stores.

Among the main advantages of the exchange Huobi Global are:

• Active platform development.
• A professional blockchain asset valuation system.
• A special system of protection against DDoS attacks.
• 98% in cold purses.
• Service centers around the world.
• A mobile app is available.

 

How to Exchange Cryptocurrency on the htx.com platform?

To make a cryptocurrency exchange, you should perform the following actions:

• Choose the necessary pair from the options presented on the exchange.
• Select the type of order.
• Enter the desired amount of an asset.
• Click on the purchase button.

 

Verification on the Huobi Global platform

Verification is optional on the project, but it affects the maximum amount a user can withdraw per day. So, an unverified client can withdraw up to 2,500 XRP in 24 hours, while a verified client can withdraw 4,000,000 XRP. To complete the verification, go to your profile and click on “Verification” in the menu. Then a form appears, specify the citizenship, passport number, driver’s license or other legal document, name, and surname, as well as upload a photo of the informative page of the document. There are the following requirements for the image:

• The file must be in JPG or PNG format and not less than 5M in size;
• The information in the document, especially the document number, last name, first name, and middle name, should be visible and unchanged.

After verification, you will need to wait for a response from the organizers. On average, the process may take several days to several weeks.

 

Deposit and Withdrawal

To make a deposit, you need to go to the site and click on “Deposits”, and then from the drop-down list click on “Deposits and withdrawal”. Then opposite to the necessary currency that the client wants to deposit, click on “Deposit”. A page will open, where you should perform some simple actions:

• choose where you want to enter funds: a currency account or a margin account;
• copy the created address of the digital wallet, where the funds will be transferred.

This address should be entered in the “Recipient Address” column, from where the user wants to transfer funds.

Withdrawal of Funds

To withdraw earnings from the exchange, you must be on the same page “Deposit and withdrawal” opposite the desired cryptocurrency, click on “Withdrawal” and fill out the form that opens:

• specify the address of the wallet to which the money will be withdrawn;
• enter the required number of coins to withdraw;
• read the information about the fee and the final amount that will be received on the specified number of the purse;
• click the “Output” button.

Huobi Global Crypto Exchange Commission

The commission of the exchange depends directly on the currency used, as well as the trading volume. A taker often pays 0.1% of the transaction amount. Takers who close a trade pay a commission, which depends on the trading volume of the currency for the last month. If the user works with the dollar, the commission is formed as follows:

• > 50 BTC – 0.2%;
• 50 < BTC – 0.18%;
• 200 < BTC – 0.16%;
• 600 < BTC – 0.14%;
• 1500 < BTC – 0.12%;
• 5000 < BTC – 0.1%;
• 10,000 < BTC – 0.08%.

Withdrawal Commission

When performing trading operations, customers are assigned a VIP-level, which directly affects the commission for the withdrawal of funds:

• 0 level (0 points) – 0.5;
• Level 1 (10,000 points) – 0.45%;
• Level 2 (100,000 points) – 0.4%;
• Level 3 (300,000 points) – 0.38;.
• Level 4 (500,000 points) – 0.35%;
• Level 5 (1,000,000 points) – 0.3%;
• Level 6 (available only on a fee basis) – 0.3%.

 

Huobi Global Bonuses

The company provides a bonus in the form of cashback for its customers. When users invite new members to join the htx.com platform, they receive cashback in USDT, points, or HT (Huobi Token) deposited directly into their account. The cashback is 30%.

 

Complaints Against Huobi Global

Since the exchange appeared online quite a long time ago, you can find a considerable number of reviews from customers. In general, users are satisfied with the conditions provided by the platform. On the other hand, users note the difficult verification procedure. Also, customers note that if there are problems or malfunctions, technical support quickly responds to the message and solves the situation.

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Regulation of the HTX Crypto Exchange

In the world of crypto exchanges, some are trustworthy while others are scams. To avoid getting scammed, it’s important to check if the exchange has the right licenses and documents on its website. Let’s look into how this project is regulated for user safety.

Regulators

According to the official website, HTX has secured licenses and registrations spanning major crypto trading regions worldwide, including Europe, America, Asia, and the Middle East: Deposit Virtual Currency Wallet Operator and Virtual Currency Exchange Operator Registration (Lithuania), Distributed Ledger Technology (DLT) License (Gibraltar), VARA Virtual Asset MVP Provisional License (Dubai), SIBA Investment Business License – Custody and Operation of Investment Exchange (BVI), AUSTRAC Digital Currency Exchange Provider Registration (Australia), and Payment and remittance services (South America).

The organization is regulated by the laws of Singapore, where the headquarters is located. Contact information of the organization is publicly available.

Documents from huobi.io:

• Read the “User Agreement” on the Huobi Global website (See);
• Read the “Privacy Policy” on the website of the exchange Huobi Global (See).

Huobi Global User Agreement

“User Agreement” is the main document of the project, the rules of which should be read by every user before starting registration on the site. The agreement contains the main rules of cooperation, as well as the duties of clients and organizers. Let’s consider some points in more detail.

It is stated at the beginning of the agreement that transactions with digital assets have extremely high risks and are not suitable for the vast majority of persons. The client must be aware of the fact that such investments can lead to partial or complete losses, therefore it is necessary to determine the amount of investment through the level of damage accepted. The Company does not bear any responsibility for possible losses of the user.

The information presented on the website is subject to change at any time without prior notice to customers. Also, the organizers do not guarantee the degree of accuracy of the information presented on the website and do not bear any losses directly or indirectly caused by messages on this website, inability to connect to the Internet, or delay/failure in sending or receiving any notifications and messages.

The rules of the agreement are subject to change without prior notification to the customers. The organizers make the changes publicly available by announcing them on the website. The date of change will be marked on the first page of the amended agreement. The clients should constantly review and follow the time of updating and the content of this agreement.

The organizers reserve the right to correct, suspend, or terminate the services of the website, and in case the services are changed or suspended, the client may not be notified in advance. If the client has not used the account and password to log in within one year, the company has the right to cancel it. After canceling the account, the corresponding user name becomes available for registration and use by others. The agreement also states that if the customer violates the agreement or other laws and regulations, the customer must compensate the company for a minimum of $2,000,000 and all expenses incurred in connection with the violation, including attorney’s fees. If that amount is insufficient to compensate for the actual damages, the user must pay them in full.

Traders should understand and accept the fact that the organization is not responsible for such factors:

• loss of income;
• transaction profit losses or contractual losses;
• interrupting operations;
• foreseeable monetary damages that can be reduced;
• loss of information;
• loss of opportunity, damage to commercial reputation or fame;
• damage or loss of data;
• the cost of substitute products or services purchased;
• any indirect, special, or consequential loss or damage caused by the breach of rights (including errors), breach of agreements, or any other cause, regardless of whether the company could have foreseen such loss or damage.

The user understands and accepts that the organization shall not be liable for compensation of any damages caused by any of the following circumstances:

• there are serious violations of the law or violations of agreements in specific transactions;
• the user’s actions on the site fall under suspicion of violating the law or not by standards of morality;
• costs and losses incurred in connection with the acquisition, receipt of any data or transactions through this platform;
• Misunderstandings by customers of the site’s services;
• other losses related to the services provided by the site, which occurred through the fault of the organizer.

Customer Service

You can contact support by one of the suggested options:

• email: [email protected];
• online chat.

Also on the site, you can find a separate page called “Help”, where the customer can see the answers to the most popular questions.

 

Is Huobi Global a Scam?

Huobi Global is an established exchange that appeared on the financial market in 2013. The service allows to carry out cryptocurrency trading. During this period, the platform has gained popularity among customers around the world and continues to evolve. The project is headquartered in Singapore, where the site is regulated.

The platform offers its clients simple and favorable conditions for cooperation. Users have the opportunity to work with a large number of currency pairs, which are divided into three markets – BTC, ETH, and USDT. The exchange is suitable for both experienced traders and beginners. For inexperienced users, there is a manual with detailed instructions. Trading is done through a platform with a user-friendly interface. The trading terminal has a wide functionality that allows clients to work with charts and technical indicators. Verification is available on the platform, but it is not required. The whole process takes from several days to several weeks.

There is also a referral program for users, which allows them to receive cashback from commissions. Thus, users can receive up to 30% from commissions. There is a mobile application available for easy access to the trading platform anytime, anywhere. The application is a convenient option for users who do not have the opportunity to log in from a computer or laptop.

Over the platform’s 6 years of operation, numerous user reviews have piled up online. The majority of these comments are positive, indicating that the company holds a strong reputation in the market. However, one drawback mentioned by users is the complex verification process. After thoroughly examining the platform’s offerings, it’s clear that Huobi Global isn’t a scam or run by scammers. The organization has been in the market for over 6 years, providing services to traders worldwide.

 

Conclusion

Huobi Global is an established exchange platform, serving users for an extended period. Offering services such as buying, selling, and margin trading in cryptocurrency, it has garnered popularity among customers globally over its 6-year tenure. The website boasts an array of tools and indicators to enhance the trading experience. However, potential clients should diligently review the rules to understand the associated risks before engaging with the company. Presently, the platform stands favorably among its competitors. If you’ve experienced Huobi Global’s services as a client, feel free to share your feedback on our website to contribute to an impartial rating of cryptocurrency exchanges.