Huobi vs Binance: Fees, Cryptos Compared 2023

So you’re looking to invest in cryptocurrencies, and you’ve decided that you need an exchange to do so. Great choice! But now the question is, which exchange should you choose? In this blog post, we will compare Huobi vs Binance – two of the most popular cryptocurrency exchanges around. We will look at things like fees, KYC requirements, and more. By the end of this post, you should have a better idea of which exchange is right for you. Let’s get started!

Advantages and disadvantages of Huobi

About Huobi exchange

Huobi Global (Huobi) is an exchange for buying, selling, cryptocurrency, margin and futures trading. It was founded in 2013 in Singapore and within a short period of time has managed to become one of the most actively developing cryptocurrency platforms in the world. Huobi is among the largest trading platforms in terms of turnover and is known for its high quality and reliability. Registration is open for most countries of the world, without the need to confirm the identity.

About Binance Exchange

Binance is the largest cryptocurrency exchange with great functionality. The exchange is suitable for all cryptoinvestors. Binance has long gone beyond cryptocurrency trading, and actively promotes other investment instruments.

Comparative analysis of Huobi and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

Huobi offers: 

Binance offers:

Available countries

Huobi and Binance exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your Huobi and Binance account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on Huobi and Binance.

Available Cryptos and Tokens

Huobi currently supports 1003 and 638 coins. 

Binance supports 1466 trading pairs and 357 coins.

Regulation

There is no information about the Huobi regulation and the corresponding license.

The most popular crypto exchange has changed jurisdictions several times during its existence, and there have been many rumors about it (Caymans, Malta, Singapore, Seychelles). The platform is actively recruiting regulatory staff and working towards licensing in major states.

At the moment, the legally independent Binance US platform for the US is fully legal. A list of licenses and regulators for each state is here.

Interface

The interface of the exchanges is quite convenient and clear. Any user can immediately understand all the functions. Do not worry, if you do not understand something, you can always see the training and tips.

Verification (KYC)

Unverified Huobi users have restrictions - for example, they can't trade more than $999 a day in the p2p market, buy cryptocurrency for fiat, etc. Withdrawal limits are also reduced. Having confirmed the identity, the user can withdraw up to 100 BTC per day, and without confirmation - no more than 1 BTC. And if you can accept the limits, the reduced functionality is not too handy. So it is recommended for everyone who wants to actively use this exchange to pass the verification (KYC, Know Your Customer).

New Binance users must pass a KYC to gain access to the bitcoin exchange's products and services, including making cryptocurrency deposits, trading and withdrawals.

Account deposit

Exchanges offer the following options for funding the account:

Comparison of Trading Fees

Huobi:

Binance:

Account security

Huobi Exchange allows you to increase the security of your account. To do this, go to the section "Account and security" in the Profile.

The user has the ability to activate the following functions: synchronize the account with the e-mail address, set the SMS authentication, activate Google Authenticator.
Also, to increase the security of the account, you can go through the procedure of identity verification.

Binance offers users Two Factor Authentication (2FA), hardware key, email and phone confirmations, whitelisting for withdrawals, anti-phishing code, monitoring of devices used and account activity.

Passive earn on exchanges

The Huobi Earn section gives you the opportunity to earn effortlessly by investing unused cryptocurrency in proposed investment plans and projects.

There are several investment options, such as: ETH2.0 Stacking, Primepool - Airdrops, Polkadot slot auctions, deposits with flexible or fixed term. Crypto loans tool is also present.

Binance has a section called Binance Earn that includes many different tools for earning cryptocurrency. They can be divided into two sections:

Less risky and less profitable. Deposits (flexible and fixed), staking (including Etherium 2.0), slot auctions Polkadot, BNB Vault, autoinvestment).
Riskier and more profitable. DeFi-stacking, bicurrency investments, Liquid Swap liquidity supply earnings.

Which to choose - Huobi or Binance

Binance has a larger user base than Huobi, but Huobi has a larger token listing, which means there's a higher chance of finding the token you want that other sites haven't added yet.

Binance provides very high security, and its customers have not encountered any serious threats to their accounts in more than five years of operation, but only if the user has activated all the necessary settings. Huobi has been operating longer, and has not been involved in any major hacking scandals in its history either.
       
Binance offers lower trading commissions on the spot market. Given the wider range of features and currencies, we can conclude that Binance is value for money. However, Huobi has the advantage that there is no requirement for mandatory identity verification. You are left to prioritize and decide what is more important.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is Huobi a good exchange?

Huobi is one of the largest cryptocurrency exchanges in the world and has been in operation since 2013. The exchange offers trading in a wide variety of digital assets, including Bitcoin, Ethereum, Litecoin, and more. Huobi also offers a Institutional Investor program and an Over-the-Counter (OTC) trading desk.

Is Huobi a Chinese company?

Huobi is a Chinese company that was founded in 2013. It is currently the third-largest digital currency exchange in the world by trade volume. The company offers both a cryptocurrency wallet and a cryptocurrency exchange. Huobi has offices in Beijing, Hong Kong, South Korea, and the United States.

Which is better Binance or Huobi?

There is no simple answer to this question, as both Binance and Huobi are large and popular cryptocurrency exchanges with a lot to offer users. However, there are some key differences between the two platforms that may make one a better choice for you over the other

Binance is generally considered to be the more user-friendly of the two exchanges, due largely to its clean and intuitive interface. This can be a big advantage for first-time crypto investors who may find Huobi's interface somewhat confusing. Additionally, Binance offers a wider range of altcoins than Huobi does, so if you're looking to trade less common coins, Binance may be a better option.

Is the Binance app legit?

Yes, the Binance app is legit. It's a safe and easy way to buy and sell cryptocurrency. The app has a user-friendly interface and allows you to trade cryptocurrencies on the go.

Conclusion

Both Binance and Huobi are major players in the cryptocurrency market, and both companies have earned these statuses. The quality of their work has been tested over the years, trading activity, as well as communication in chats and social networks demonstrate high demand among users. So it is not surprising that beginning traders find it difficult to choose a platform that is right for them. In this case, we advise you to think carefully about your goals, the features you are interested in, the cryptocurrencies you are targeting for trading, the methods of depositing and withdrawing funds. And based on your own needs, make an informed choice.