Dear Community,
Thanks all for participating in our Huobi Global AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you.
Introduction!
Mayank – Hello @ciarasun welcome to CryptoNationIN 🥳 Glad to have you here 🎊
Ciara – Thank you! Hello everyone, nice to e-meet you all. Pleasure to be here.
Mayank – Before we start, Could you share with me why you choose to work for Huobi and what’s about Huobi that attracts you so much.
Ciara – Having worked with some of the top financial institutions like Boston Consulting Group, Deloitte Consulting, and Ernst & Young before, I wanted to join Huobi because not only this company had the vision and ability to innovate the finance industry, but also the infrastructure to scale globally like the companies I had worked with. That’s why I chose to join Huobi. We move fast and constantly innovate with blockchain and digital assets but we have many of the protocols and procedures in place that you’d expect from a multinational organization. This is the very essence of Huobi, and we place a high value on compliance, security, and user safety.
Mayank – What are the key Strengths of Huobi vis-a-vis other exchanges and how would you like to articulate those strengthen in real life to the Indian community?
Ciara – Honest Trading Volume. At Huobi, we are user centred, honesty and security driven. We are sitting at the center of the decentralized digital economy so we’re seeing record growth across all of our business units as crypto adoption rises at an increasing pace. But I had some exciting news to share with our dear Indian users. Amid all of this growth and ahead of our 7th anniversary in September, we have some big updates planned across Huobi Group, including our spot exchange Huobi Global; our derivatives exchange Huobi Futures, our institutional arm Huobi Brokerage, our mining pool Huobi Pool, and Huobi Wallet. I’m excited to share an update on these as well as a preview of what’s to come this month. This year, we have seen over 908 million in average daily trading on our spot exchange, 26.54% increase compared to the same time last year. Just a few days ago, Huobi Global Announces Exclusive and Lowest Fee Rate Bands for India Crypto Spot Trading Market. The standard fee band is 0.099% and users can apply the HT offset to the 0.07% trading fee. Users with more than 2 Bitcoin idle funds can enjoy the lowest trading fee rate of 0.055%. This low fee discount is exclusive to the Indian market.
Mayank – A ton of derivatives exchanges have seen problems during volatile movements, especially when their index price is based on only 2 or 3 exchanges. How will Houbi Futures protect traders & ensure they are safe?
Ciara – Almost everybody understands that top volume and good market depth are of great importance though this can be fake. As a derivative exchange which requires demanding liquidity, risk control and security protection, every tiny element can bring about huge potential risks. It is well known, Huobi including Huobi Futures is renowned for its strong risk control with over 6 years’ experience in risk management. We can write a long article on it but I’d like to mention four typical features that play most important roles with regard to security.
- Robust Risk Management
We have multiple Limits in the purpose of risk management (Price limit, order limit and position limit) to prohibit from manipulation; Real-time Surveillance such as real-time monitoring index prices and abnormal deals is also one of the measurements to ensure secure trading, etc. - Tiered Adjustment Factor & Partial Liquidation Mechanism combined with Lowest Adjustment Factors
As mentioned above, investors are most vulnerable to liquidation risks in derivatives sphere. As an exchange, we have been working hard to offer safe trading environments and less unnecessary liquidation risks by introducing policies like tiered adjustment factors, partial liquidation without additional liquidation fees, lowering the tired adjustment factors, etc. - 2+1 Investors Protection
On Huobi Futures, we have 2+1 investor protections to minimize investors losses.
8/4 Risk Management Insurance Fund: Each trading pair has a corresponding risk management insurance fund to cope with unfilled liquidation orders losses.
8/4 $2 Million clawback bet to cope with potential clawback losses. Currently we have been keeping “ZERO Clawback” world record pledging no default losses to users since launch. - Well-performed system with high concurrency and low latency.
System performance is vital to our users especially when the Bitcoin halving and our perpetual swaps is up to come which requires higher system load and faster speed due to the potentially high transaction. We’d prefer to have everything prepared to cater for users’ needs. That’s why devoted so much time and effort to upgrade system to V3.3.0 which is now increased by at least 50% in throughput and system response speed become at least 1 times faster.
Mayank – Why is Huobi Token better than other native exchange tokens? What are the main differences?
Ciara – HT is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group on Jan 24, 2018. A few months ago, HT was launched in Japan as the First Global Leading Exchange Token Approved By Japanese Regulators, HT is burned with the 20% of Huobi Global monthly revenue. For instance, in May,3.425 million HT was burned (13.84 million USDT), an 11.1% increase month over month on burn volume. 209,012,000 HT has been burned as of June 15th.
HT is similar to brokerage, which is immune to the bull/bear market. Moreover, HT can also be applied in over 20 different scenarios including the deduction of service fees, exercising other VIP rights, Liquidity mining, DeFi mining etc.
Twitter Questions
Q1. Am a new girl in trading field, as I concerned, what is your best advice to recommend to newbies on trading? And can you give a tutorial on how to get the $170 trading bonus for newbies?
Mayank – Good question. I would recommend watching our blockchain 101 videos to get updated with knowledge within the crypto industry. Next make sure to ask all the questions you have in our telegram community. We are here to support each other especially with any questions about Huobi. As far as the welcome bonus its pretty simple just click the link and follow the directions. If you have any questions our community is very active and ready to assit you.
Blockchain 101 video : https://www.youtube.com/playlist?list=PLVIIuyYBVSwb9HPGLNo9K3KILJd9gR_LE
Welcome Bonus: https://www.huobi.com/en-us/topic/welcome-bonus/?inviter_id=11329430
Q2. As a crypto trading platform ,Why Huobi Exchange is best then others exchange?
Ciara – Trading volume alone isn’t what determines success. In the 7 years we’ve been around, our exchange hasn’t been affected by a major security breach and we plan to keep it that way. Just a few months ago, we launched Star Atlas, an on-chain analysis tool to monitor for illicit transactions. Even as we see record trading volume and user activity, we continue to prioritize our users’ safety. We’re also proud that our exchange hasn’t experienced any major outages during extremely volatile moments when there are a large number of concurrent users. We’ve been able to maintain the uptime unlike some of the other major exchanges because we’ve invested heavily into our backend infrastructure. Huobi has over 500 in-house developers globally to support the technical development of the platform. Many exchanges including some of the big names have outsourced the IT development to the third party.
Q3. Many users of futures trading are still inexperienced and do not know the risks. What would you suggest for users with low experience to trade on Huobi Futures?
Ciara – User education is what we always pay attention to. There are some useful links where you can find educational videos / articles. Official User Guide: https://bit.ly/2yWzFxW.
Huobi Derivatives Market Medium: https://medium.com/huobi-dm-news-roundup-archieves.
Huobi Youtube Channel: https://www.youtube.com/HuobiGlobal.
Huobi DM Twitter: https://twitter.com/HuobiDM_Futures.
Q4. DeFi transforms our relationships with money, investment, credit and debt. So, what do you think about the future of DeFi? What are the factors that allow HUOBI to make a difference.
Ciara – Our teams at Huobi always keep close attention to innovations and new changes in the market. However, we do take the current trend prudently. Instead of following trend blindly, Huobi conducts complete processes of risk assessment for our users. Here we face a dilemma. On the one hand, Defi is heated with high liquidity; on the other hand, there are potential high risks. Huobi has an obligation to both provide the right opportunities for our users and to protect them from risks of an overheating market. That is the initial idea of Inno Hub. A perfect balance that should fulfil both of our obligations to our valued users. Huobi offers the best liquidity, and one-stop trading services. We have products from perpetual swaps, lending, staking, to crypto savings to meet the needs of users for diverse financial products.
Q5. Huobi Future has gain momentum in recent times & users are also leaving Binance Future & moving to Huobi Future platform. What do you see as the main attraction point of Huobi Future?
Ciara – On the derivatives side, Huobi Futures has seen nearly 80% growth average daily trading volume compared to the same time last year. Derivatives markets are most active during times of extreme volatility and we were able to use it to further improve our user experience. In an effort to protect user assets, Huobi Futures rolled out a new partial liquidation mechanism to prevent unnecessary losses in times of extreme volatility. But we also know traders don’t just want to hedge risk; they want ways to create arbitrage. So, we followed up with the launch of coin-margined perpetual swaps, which recently topped the market in 24h trading volume, and bi-quarterly futures contracts. On Sep 01st, Huobi Futures launched Options trading which has seen huge interest from our users.
Q6. What yield farming opportunities are available on Huobi platform. What other assets can I farm by staking Huobi Token? What are the other ways to earn $HT?
Ciara – Yield farm with HT/HPT/USDT/ and enjoy these benefits:
Zero gas cost
APY up to 225% or more
Maximized gains with projects already listed on Huobi
A one-stop shop without having to send your crypto elsewhere
Check out the past project: https://www.huobi.com/en-us/topic/defi-list/.
Q7. Can you share some recent update on the products/services available on Huobi exchange that might be appealing to traders?
Ciara – These are the new updates and campaigns we launched for our users/traders recently.
- Share Airdrop from the pool of 18000 USDT.
From 00:00, October 13th, 2020 to 23:59, October 17th, 2020 (GMT+8)
Event A: Trade to share daily airdrops – 3000 USDT for grabs
Event B: Share the campaign posts to get 3 USDT, first come first serve.
For more details you can check this link https://docs.google.com/forms/d/e/1FAIpQLSeGABzRFcdKA0BwbymUwMsmKbA7UKjyVfJYCskNg2boc3CTxw/viewform.
2. We launched “Staking HT to Share the Reward of DeFi Liquidity Mining” campaign. We provided 10 million USDT worth of blockchain assets (total 50 million USDT worth of blockchain assets projected) for DeFi Liquidity Mining. Rewards generated from DeFi Liquidity Mining will be distributed to all participants who holding HT or HPT.
3. Inno Hub: to further explore high-potential projects and focus on high-quality resources in the industry, Huobi Global will set up a new section, “Inno Hub” where is under the “Main” board.”Inno Hub” is a section set up specifically for high-potential projects in blockchain industry on Huobi Global platform. It is committed to exploring the potential applicable and innovative projects of next generation in blockchain field reshaping the global economy and helps Huobi Global become the core platform leading the next generation of encryption revolution.
- Huobi Savings was launched on Huobi at 14:00 SGT on 20th August 2020. The launch included opening the flexible savings section and releasing an exclusive promotional product with an 88% annualized rate of return for new registered users. Huobi Savings contains products including flexible savings and promotions. You can deposit and subscribe for specific digital assets to receive income according to maturity and yield rates.
You can read more about Huobi Savings here : https://huobiglobal.zendesk.com/hc/en-us/articles/900002208563. - Welcome bonus for new users upto $170. New users can complete simple tasks to earn guaranteed bonus of upto $170.
Telegram Questions
Q8. What makes you believe this Partial liquidation fiture gonna bring new atmosfer to Huobi Futures?
Ciara – Its a great tool for the traders. During high volatility they can escape from getting fully liquidated. Its very useful which makes trading Huobi Futures more competitive.
Q9. A lot of DeFi projects are controversial today. How is Huobi participating in the development of the DEFI space and ensuring the safety of its users, also what new innovations has Huobi brought to the DEFI space?
Ciara – When Huobi decides to list a token, all codes has to be reviewed by Huobi’s internal risk control group. Besides codes reviewing, legal and compliance teams at Huobi has to run strict and meticulous risk control process to make sure the assets we list are safe for our users.
Q10. In your opinion, which is more important for the Huobi, and why :
- Community
- Investors
- Market or exchange
Ciara – All are important, we need everyones support for the growth of the industry.
Q11. We are aware of the regulatory issues currently facing Bitmex for violating CFTC rules, which includes anti-money laundering and KYC issues. This resulted a drop in their rank as one of the trusted exchange. How does Huobi comply with these regulatory issues? The recent hack of KuCoin which resulted in loss of funds worth $150million showed us that any exchange can be vulnerable. How secured is Huobi platform? Why should we trust Huobi platform for safety of our funds?
Ciara – We have very strict AML policy. Just a few months ago, we launched Star Atlas, an on-chain analysis tool to monitor for illicit transactions.
Following are our main security features:
- Robust Risk Management
We have multiple Limits in the purpose of risk management (Price limit, order limit and position limit) to prohibit from manipulation; Real-time Surveillance such as real-time monitoring index prices and abnormal deals is also one of the measurements to ensure secure trading, etc. - Tiered Adjustment Factor & Partial Liquidation Mechanism combined with Lowest Adjustment Factors.
- 2+1 Investors Protection
On Huobi Futures, we have 2+1 investor protections to minimize investors losses
8/4 Huobi Security Insurance Fund: Huobi takes 20,000 BTC as the special security insurance fund to cope with extreme security incidents.
8/4 Risk Management Insurance Fund: Each trading pair has a corresponding risk management insurance fund to cope with unfilled liquidation orders losses.
8/4 $2 Million clawback bet to cope with potential clawback losses. Currently we have been keeping “ZERO Clawback” world record pledging no default losses to users since launch.
- Well-performed system with high concurrency and low latency.
Q12. Where does HT staking rewards come from?
Ciara – It comes from the trading fees generated.
Q13. How easy is it for regular users to buy cryptocurrency using Huobi exchange?
Ciara – If you are planning to buy crypto using fiat, we have two easy options:
• Bank Wire to Huobi to get HUSD which is a stablecoin tied to the United States Dollar just like tether : https://www.huobi.com/en-us/fiat/usd/deposit/.
• Huobi OTC P2P> Search by payment method and select ad you want to buy or place your own advertising at NO Cost – It’s free https://otc.huobi.com/en-us/trade/buy-usdt.
Q14. Can you describe why we should use Huobi? Is there a VIP member system on Huobi Based on token holdings or trading volume? What are the benefits?
Ciara – We have very attractive VIP membership program which comes with lots of benefits. You can go through this to learn more https://support.hbfile.net/hc/en-us/articles/360000197742-What-is-a-VIP-How-do-I-become-a-VIP-.
Q15. Kucoin recently got hacked, even though they boasted of a high level of security, If this can happen how safe are the funds of Huobi users ? What form of mechanism do you employ to prevent such attacks and are funds SAFU on Huobi exchange incase of such occurrence ?
Ciara – Huobi Security Insurance Fund: Huobi takes 20,000 BTC as the special security insurance fund to cope with extreme security incidents.
Q16. Many exchange still don’t have this feature, the feature is to swap left over tiny ballance of a token/coin that we just sell to some Coin than just left it there being useless, in the future will huobi have feature to handle this problem?
Ciara – We have already implemented this.
Q17. What is the next development progress we will see on Huobi? Is there any future plan to attract more users to increase the trading volume?
Ciara – Yes, we have so many exciting new campaigns. Some of them I have already mentioned in the beginning.
Thank you to Ciara Sun, and Community for participating in the AMA. Have a nice day
