About Huobi Token

Huobi Coin Review: Mining Guide, Price & Analysis of Houbi Cryptocurrency

Huobi is an exchange that supports the trading of different cryptocurrencies. it operates mostly in Asia. It is the biggest cryptocurrency exchange in Asia. Such success does not come often. It takes hard work to get to the top. This is especially true in the cryptocurrency space. This is because there are so many options out there for users. 
Huobi claims that they have clients coming from over 130 countries. It now ranks among the top ten best exchanges in the world. This shows the dedication of the development team. Moreover, it shows that the exchange is revolutionary and advanced. Clients can have peace of mind when trading with the coin.

It is projects like Huobi that make cryptocurrency a household name. More and more people will onboard cryptocurrencies when it is easy to obtain. Moreover, the coin makes it easy to sell one’s coins. Furthermore, the coin hosts the exchange of a wide range of cryptocurrencies. This includes some of the top coins such as Bitcoin, Ethereum and XRP.

How Huobi Works

Trading on Huobi is very simple. All you need is to have an active account. the coin boasts of having cheap transaction fees. However, it is more expensive compared to a platform like Binance. But you can get a discount if you are a holder of the Huobi tokens. 
The amount of its tokens you have will determine the discount you get. You need to have 5000 Huobi tokens to get the biggest discount. While this is encouraging, it is still more expensive than some other exchanges. 

To buy coins, you must first log in with your account. Then you click buy crypto on the top left. You s then select the coin you want to purchase and the payment mode you wish to use. The next step is to enter your credit card details and finalizing the order. You will then receive the currency you bought on your account.
Trading coins on Huobi is similarly straightforward. Once you log in, the rest is easy. This is because of the useful graphical user interface.

Deposit and Withdrawals

Depositing on Huobi is relatively easy. It is a simple process that even beginners can master. You first need to log in to your account. Then you navigate to Balances and click on deposit. Then you select Exchange account. This will give you all the currency addresses you need to replenish your account. Copy the relevant address and send funds to that address.  Like many others, Depositing on Huobi is totally free.

This is not to say that operations are free on Huobi. There are fees that user have to pay. Fees are a critical part of an exchange. The effect these fees have on a wallet may make or break a trader.  Huobi involves withdrawal fees. However, this is really the cryptocurrency network fee or mining fee.
Further, Huobi has some withdrawal limitations. For example, withdrawal amounts vary greatly depending on your citizenship. Moreover, in some areas, the withdrawal limits are very low.

Can Investors Mine Huobi Coins?

Yes, investors can mine Huobi coins. The mining process employs the Proof of Work protocol. Miners have to solve a cryptographic puzzle in order to receive rewards. The proof is when they crack the cryptographic puzzle. By doing so, they allow for transactions to go through.
Mining of its coins is not easy. Hence, miners are investing in ASIC hardware to improve their mining power. The problem is that such hardware is costly. This makes solo mining an unprofitable operation.
As such, the developers encourage miners to join mining pools. Mining pools help people to combine their mining power. This increases their chances of creating a new block and receiving a reward.
Interestingly, It allows mining from a mobile phone. However, you have to install an application called MinerGate.

Huobi Coins Performance

Before investing in a cryptocurrency, it is good to look at how it is doing in the markets. Huobi coins are giving other cryptocurrencies a run for their money. Currently, The coin is rank 34th in market cap share. This is very impressive. This success is mainly due to the continued adoption of the Huobi exchange.
While it is impossible to predict the direction this coin will take, it is showing a lot of promise. The coin has the potential to grow even more in value. The market cap for this coin stands at $805,212,835. Further, the 24-hour trading volume stands at $87,149,897.
The total supply of the coin is 500,000,000, and the circulating supply is 204,811,752. 

Privacy and Security

Many exchanges have fallen victim to hackers. Therefore, Investors always want to know they are using a completely secure exchange. As it stands, Huobi’s security checks out. It does not any attacks in its record. This is despite being in the market for over five years.
Huobi claims to have top security and risk controls. Moreover, the Exchange is decentralized. This protects it from attacks such as Denial of Service Attacks. The nodes work together to keep the whole network secure. Moreover, they help each other recover in case of an attack.
Additionally, Huobi uses the standard two-factor authentication to further brace security. However, this is not engaged by default. Therefore, users have to engage it manually.

Our Take on Huobi

The success that Huobi is seeing does not come easy. It takes dedication and vast experience. The developers are showing that they have exactly that. As a result, Huobi is among the top ten Exchanges in trading volume. 
Moreover, it doesn’t hurt that Huobi provides access to a wide range of digital currencies. Buying and selling of the various coins is very easy. Furthermore, it supports fiat payments. All these provide an excellent case for Huobi.
However, Huobi is not perfect. It still has a lot of competitors that are doing better. They have cheaper fees and are well-funded. To compete with such exchanges, Huobi has to up its game. Otherwise, other exchanges will see more adoption while the dwindles in support.

Advantages

• The platform offers access to a wide range of digital coins.
• it  hosts fast and secure transactions.
• Strong liquidity is available to users.

Disadvantages

• Stiff competition from other exchanges.
• Has previously been accused of faking trading volume.
• Low Withdrawal limits.

How to Buy Huobi Coins

There are many exchanges that support the trade of Huobi coins. Of course, one of them is Huobi Global. Other top exchanges include Bitfinex, Poloniex HBTC, Dsdaq, Hydax exchanges and Xtheta Global. 
Huobi coins are showing signs of growth in value. This means that they are a great coin to hold and sell at a later date. You can keep your coins inside Huobi’s own wallet, Huobi Wallet.

Final Verdict

The success the Huobi sees is a testament to the capabilities of this cryptocurrency exchange. It managed to become Asia’s top cryptocurrency exchange in no time. Further, it is among the top ten exchanges in terms of volume traded. 
Therefore, this exchange has a lot of potentials to dethrone some of the coins ahead of it. But to do this, Huobi needs to up their game. The competition is very stiff in the cryptocurrency space. In the meantime, this is an exchange to keep an eye on.