Binance vs Huobi Global are among the most recognized cryptocurrency exchanges available for traders. Thanks to the expansion of the crypto market, Binance is certainly a leader in terms of services offered by Huobi Global and is also among the most used crypto trading platforms in the world.
Both platforms are considered to be among the top when it comes to solutions offered to traders and crypto investors. Due to these reasons, we see that their trading volume is also among the largest. Of course, Binance is the largest crypto exchange, but Huobi is also one of the biggest as well.
The goal of this post is to share with you all the details about these crypto trading platforms. We will tell you why these crypto exchanges are among the best and which are the main differences between them. Hopefully, this information will be very useful for you to understand the differences between Binance vs Huobi Global.
What is a Cryptocurrency Exchange?
Cryptocurrency exchanges have become very popular in recent years. Thanks to the fact that virtual currencies expanded all over the world, there was a need for investors and retail users to get access to the crypto market. Cryptocurrency exchanges are now the best option for users that want to buy and sell virtual currencies.
These platforms do not only let traders buy and sell virtual currencies, but also you can get access to other services. Therefore, they are not only “cryptocurrency brokers” but are also a gateway between the traditional financial market and the cryptocurrency industry.
Nowadays, most cryptocurrency exchanges are offering users the possibility to buy and sell digital currencies using fiat currencies. That means that you can deposit your local virtual currency and make the purchases of digital assets that you want. Additionally, the payment methods offered are also large, meaning that you can easily use debit and credit cards or even bank transfers.
Some of the services that are currently being offered by cryptocurrency exchanges include buying and selling virtual currencies, staking solutions for some digital assets, initial exchange offering (IEO) platforms, lending and borrowing, and also other things, including blockchain-related solutions or OTC trading.
Due to their expansion, we can now say that cryptocurrency exchanges are a key pillar of the crypto market. They are not only allowing users to buy and sell digital assets but they are also offering many other solutions to investors that want to get access to digital currencies.
Take into consideration that you will have to pass KYC and AML checks before being able to deposit funds at a cryptocurrency exchange. That means that you will have to share private information such as an address, name, surname and even a photo of your ID.
What is Binance?
So what is Binance? Binance is the largest cryptocurrency exchange in the world on many different metrics. We focus on trading volume because this is a way to understand the level of engagement of users in a specific trading platform. Binance is definitely one of the most reliable crypto trading platforms in the market.
The platform was launched in 2017 and it was a great place for users that searched for more risk to get access to Initial Coin Offering (ICO) tokens. Let’s not forget that ICO tokens were not added to every single platform, but Binance was certainly a leader in terms of solutions offered to traders back in 2017.
In just a few months, Binance was able to reach a large user base and become one of the largest crypto trading platforms in the world. Indeed, it surpassed other cryptocurrency exchanges that were already leaders at that time: Coinbase, Kraken, Poloniex and Bitmex, among others.
As the market continued to move forward, there have been many other solutions offered by Binance besides trading solutions. The platforms focused a lot on their interface and also on the services that they could offer to investors. Therefore, we see a large number of traders using Binance because it is now letting investors lend funds, borrow digital assets, stake their coins to earn rewards and many other things.
In recent years, thanks to the growth of Decentralized Finance (DeFi) applications, Binance started offering DeFi solutions. Among these solutions, the exchange released a blockchain network called Binance Smart Chain (BSC). This BSC blockchain network competes with other blockchains such as Ethereum (ETH), and it was able to become one of the most reliable and fast blockchains in the market.
Furthermore, Binance is also offering investors the possibility to learn about different crypto projects through their Binance Academy platform. Therefore, we see that Binance became a clear leader in the market in terms of solutions offered and reliability when it comes to the crypto industry. In the future, with the growth of the crypto space, we might see new solutions being offered by Binance to users from all over the world.
What is Huobi Global?
Huobi Global is one of the largest cryptocurrency exchanges in the market. This platform has been operating since 2013 and it is now a clear leader in the Bitcoin and crypto markets. The company is offering a wide range of services, from spot trading to staking, borrowing and lending, among other solutions.
Over the last years, Huobi Global became a clear leader in the crypto market as the exchange offered many solutions that other smaller crypto exchanges did not offer. Indeed, we have seen a move of users from small local exchanges to large platforms such as Coinbase, Binance, Huobi Global, Kraken and KuCoin, among others.
The company started locally in China and it was then able to attract users from all over the world. Despite the fact that there has been FUD about this platform (accusations of wash trading), the company showed that it was ready to offer some of the best solutions for traders in the cryptocurrency industry.
Users can also enjoy the same experience offered by Huobi Global on its website but using a mobile app that is available for Android and also iOS. Similarly to what Binance has done in the past, Huobi Global has also released its own virtual currency called Huobi Token (HT). This token is nowadays used by investors to reduce the fees paid when using this platform and trading.
Hence, Huobi is a clear leader in terms of solutions offered in the crypto market to users from all over the world. But let’s get to the main Binance vs Huobi Global and the differences between these exchanges.
Binance vs Huobi Global
As we have seen, both Binance vs Huobi have many differences. Each of them can be a great platform for different types of users, but let’s get into the details of which are the main Binance vs Huobi Global differences. We will focus on fees, trading pairs, customer support, payment methods and withdrawal fees.
Binance vs Huobi Global Fees
When it comes to trading fees, each cryptocurrency exchange charges fees for processing trades. If you buy or sell an asset, you need to pay a small fee. These trading fees are currently at 0.10% for Binance and 0.20% for Huobi Global. However, you should take into consideration that you can have rebates on both platforms if you hold and use their digital currency.
Binance Coin (BNB) offers discounts for users and the same happens with the Huobi Token (HT) digital asset. It depends on you whether you decide to start using these digital currencies to pay for fees. They would be definitely useful for users that perform many different trades and require efficiency.
Binance vs Huobi Global fees are quite similar. However, you will get a better option if you use Binance and Binance Coin (BNB) to pay for them.
Customer support is one of the main issues that cryptocurrency exchanges are currently facing. Handling millions of users in different languages and time zones is not an easy task. Indeed, it requires crypto trading firms to invest in high-quality customer support agents that would be able to answer all your requests in a short period of time.
Binance has been facing issues with accounts being blocked and users requesting additional information. Nonetheless, it has been somehow difficult for Binance to offer high-quality solutions to users when it comes to customer support. Instead, Huobi Global has also implemented a 24/7 customer support team that did not experience the same issues as Binance.
This could also be related to the fact that Binance has a larger user base and many more services than Huobi Global.
Binance vs Huobi Global Trading Pairs
At the time of writing this article, Binance has 1678 trading pairs with 391 coins supported. That means that users can trade a very large number of coins using Binance. Moreover, they also support different fiat currencies.
Instead, Huobi global has 1088 trading pairs but a larger number of coins available. They support 1088 markets and 501 coins. It is worth taking into account that Binance’s trading pairs are usually paired to BNB, which means that there is a large number of markets thanks to the fact that they pair many coins to BNB.
Despite that, both exchanges have a great offer for users that want to trade digital currencies. In the future, these platforms could add new and even more trading pairs. However, it would be very important to understand whether these trading pairs are reliable or not. What happened with UST and LUNA shows that there are some projects that still have to be carefully analysed by crypto exchanges.
Focusing on the trading volume of each of these platforms, we see that Binance is a clear leader with $13.17 billion traded in the last 24 hours. This is the highest volume in the crypto industry by a large margin. Meanwhile, Huobi Global is in the seventh position with a trading volume during the same period of time of $1.80 billion.
This shows that Huobi Global is far from reaching Binance’s trading volume. Despite that, Huobi Global is considered to be one of the most reliable trading platforms in the market, which is a very positive thing when it comes to users’ trust.
The larger the trading volume the better it would be to get a clear sense of the price of a cryptocurrency. Another thing to point out is related to the fact that larger trading volumes would be great for investors that want to open large positions. These trades would not move the market and the price will be a clear signal of supply and demand.
Payment methods are also quite important for investors. These payment methods will let us deposit funds and then purchase virtual currencies. Binance has been a leader in terms of payment methods supported. Nowadays, it is possible to deposit virtual currencies but also use other types of payment methods such as debit and credit cards and even bank transfers.
Huobi Global is offering similar solutions to users. Investors can deposit funds using Mastercard, Visa or Wire Transfers. The goal is to make it possible for users to deposit the currency they usually use and buy virtual currencies in just a few clicks.
Thanks to the expansion of the crypto market, exchanges have been working in order to offer new and more reliable payment methods. That means that it is now possible not only to deposit funds using debit and credit cards but can also to rely on third-party payment providers on some of these platforms.
Binance has been working quite hard to make it possible for users to deposit funds using a wide range of payment methods. Therefore, it should be quite easy in both platforms to get your account funded in just a few minutes.
Withdrawal fees are also very important. Exchanges have been discouraging users to withdraw funds from their platforms. Nowadays, Binance has a withdrawal fee of 0.0006 BTC (close to $23.76) for Bitcoin withdrawals. Bitcoin withdrawals at Huobi Global are currently at 0.0004 BTC ($15.84 at the time of writing).
Therefore, you should make sure you analyze which is the best exchange to withdraw your coins. It seems that Huobi Global offers a better option.
Cryptocurrency exchanges have been working in order for users not to withdraw funds from their platforms. The goal is for people to keep their BTC and coins in exchanges as long as possible. Therefore, withdrawal fees have become quite large in some cases, especially for traders and users located in developing countries where a withdrawal fee of 0.0006 BTC or 0.0004 BTC could make a large difference to their budgets.
Final Words on Binance vs Huobi Global
The Binance vs Huobi Global comparison shows that these are top-notch cryptocurrency exchanges with unique services and solutions offered to users from all over the world. There are also many things that you should take into consideration about these exchanges if you are planning to trade using one of these platforms in the future.
Binance vs Huobi Global have many things in common and are ready to offer investors in the cryptocurrency industry the possibility to get access to some of the most popular virtual currencies in the world.