Huobi Exchange - A Concise Review
Huobi Global is one of the oldest crypto exchanges that emerged from the Asian market. Launched in 2013, the Huobi exchange offers an ecosystem of digital assets that comprise derivatives, spot trading, crypto loans, staking, and more.
Founded in Beijing, the exchange offers its products to individuals across the globe. Soon after its launch, the Huobi exchange became one of the top three crypto exchanges offering sufficient liquidity to traders. However, with the evolving regulatory landscape, it moved its operations to Seychelles with offices in Hong Kong, South Korea, Japan, and the United States. In this article, we are going to weigh the pros and cons of this exchange and even cover a bit about Huobi taxes.
Connecting your Huobi Address to ZenLedger For Your Huobi Tax Forms
Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. We support a direct API code import for many centralized exchanges, while others may require a CSV import. Decentralized exchanges may require a wallet address.
To import your transactions from an exchange, simply navigate to the "Exchanges" tab of the "Imports" page. Select the exchange that you are looking to import, and instructions will be provided for that specific exchange!
Pros and Cons of Huobi Exchange
Huobi has built a thriving digital asset ecosystem consisting of its blockchain network, Huobi Eco Chain; its native coin, Huobi Token (HT); stablecoin pegged to the value of the US dollar, HUSD, and a lot more. At the moment, Huobi has several million users across the globe. Here are some points that are working for and against the exchange:
- Liquidity: The exchange offers among the deepest liquidities in popular trading pairs like ETH/USDT and BTC/USDT.
- Large collection of tokens: Huobi offers 400+ tokens on the exchange.
- Yield-generating opportunities: Investors/traders can earn double-digit or even triple-digit yields by depositing funds on different tokens.
- Largely unregulated: The exchange’s unlicensed activity has resulted in a long list of countries where Huobi cannot operate.
- Not beginner-friendly: Newbies and beginners may get overwhelmed with its plethora of products and services.
Users can utilize this trading platform via a mobile app for both iOS and Android and a web-based platform. When you open an account on the Huobi exchange, you collect Huobi Experience Points (EXPs), and based on these points, you get VIP account tiers.
Users can accumulate EXPs by trading on the platform and holding tokens. Based on the EXPs a user has accumulated in the past 30 days, they can move up to Insider, Advanced, Ambassador, Premier, or Partner. If a user has a VIP account, they get gifts, increased trading limits, and more.
How to Open an Account on Huobi Global?
To open an account on the Huobi exchange, you’ll have to provide your email address and have to create a strong password. Next, you’ll get a confirmation email in your inbox.
Upon verifying your email, you can log in using your email and password and access the several products and features of the platform. However, you’ll have low trading and withdrawal limits and if you want to increase these limits, you’ll have to finish the ID verification process by providing your government-issued ID.
Tokens Available on Huobi Platform
Huobi supports 400+ cryptocurrencies and the exchange adds new tokens to its platform regularly. Here are some of the tokens that you can trade on the platform:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Monero (XMR)
- Litecoin (LTC)
- Huobi USD (HUSD)
- Huobi Token (HT)
- Tron (TRX)
- Tether (USDT)
- Zcash (ZEC)
- Uniswap (UNI)
Customer Service and Satisfaction
Huobi offers customer support via a support center, email, help tickets, and live chat. But, the exchange does not offer phone support. In the past few years, the platform's user satisfaction levels have dropped due to the sheer number of products and services along with the regulatory challenges. Several users have reported poor customer service experience, issues while withdrawing funds, and restrictions on GBP deposits for UK-based users.
Why Can't I See My Huobi Tax Forms?
When you trade in crypto, paying taxes is inevitable. Crypto exchanges such as Huobi have to provide their users with tax forms for crypto tax reporting. But, sometimes Huobi can’t generate tax forms for their users because the users utilize multiple exchanges, wallets, and platforms other than Huobi Global. Perhaps they used BlockFi or Coinbase to earn interest. Huobi’s tax reporting is only limited to its platform and if users use other platforms, wallets, or DeFi protocols, Huobi can’t provide the complete tax information including gains and losses.
In such circumstances, ZenLedger comes into play. ZenLedger can connect to more than 500 crypto exchanges and wallets. You can import your crypto trading history from all exchanges and wallets into ZenLedger and it will automatically calculate the fair market value, cost basis, and gains/losses for your transaction history.
Huobi exchange offers a myriad of products and services, but this sheer number of tokens, products, and services makes it complicated for the new users. However, for experienced traders, this exchange is perfect. While it offers high liquidity, the unregulated operations might throw some users off.