- Note that digital assets launched on HADAX are typically still in early stages of development. As such, they could entail a higher degree of risk.
In order to be listed on a centralised cryptocurrency exchange, coins and tokens generally have to go through a strict evaluation process. While this is designed to help reduce the risks for crypto buyers and ensure that only legitimate, quality assets are listed, it’s often also a time-consuming process that struggles to keep pace with the rapidly expanding cryptocurrency market.
To combat this problem, the team behind Huobi has launched an autonomous token listing exchange. Known as the Huobi Autonomous Digital Asset eXchange, or HADAX for short, the platform lets its users vote on the tokens they would like to see listed and made available to trade.
So, how does the platform work and what benefits can it offer users? Let’s take a closer look.
|Product Name||HADAX (Huobi Autonomous Digital Asset eXchange)|
|Cryptocurrencies||BTC, ETH, 18T, BUT, LXT, CDC, UUU, AAC, CNN, UIP, UC, GSC, IIC, MEX, EGCC, SHE|
*VIP user discounts available
|Withdrawal Fees||Fees vary|
HADAX is a digital asset exchange where customers can use Huobi Tokens to vote for the currencies they want to see listed on the exchange. This approach is designed to meet two key goals: to give professional traders more options to choose from and to give digital asset startups the opportunity to connect with professional investors.
HADAX is a sub-brand of Huobi, a cryptocurrency exchange where users can trade more than 190 currency pairs. The platform is operated by Huobi Global Limited, a cryptocurrency financial services group that was established in China in 2013 but which is currently incorporated in the Republic of Seychelles.
Huobi Global offers cryptocurrency trading platforms to users in over 130 countries and has offices in Singapore, the United States, Japan, Korea and Hong Kong.
At time of writing (13/04/2018) HADAX listed the following cryptocurrencies in trading pairs with bitcoin (BTC) and Ether (ETH):
The process for listing or voting for a token on HADAX is as follows:
HADAX offers its platform to users in more than 130 countries around the world, including Australia. If you are unsure whether your country of residence is supported, contact the Huobi team for more information.
The only way to deposit funds into your HADAX account is via cryptocurrency transfer, for example by sending bitcoin or Ether.
HADAX offers the same fee structure as the Huobi exchange:
However, VIP users can access discounted platform fees with Huobi Tokens (HT). The table below outlines the fee discounts available:
|Membership level||Fee discount||Cost of membership level|
|VIP1||10% off||120 HT / month|
|VIP2||20% off||600 HT / month|
|VIP3||30% off||1,200 HT / month|
|VIP4||40% off||6,000 HT / month|
|VIP5||50% off||12,000 HT / month|
There are no fees for depositing cryptocurrency into your account, but withdrawal fees are charged. For example, bitcoin withdrawals attract a 0.001 BTC fee, while Ether withdrawals incur a 0.01 ETH fee.
As Hadax is a sub-brand of Huobi, the platform offers the same service and security features as Huobi. If you are already a user of Huobi, you can sign into HADAX using the same login details.
To register for an account you must:
You will also need to provide a photo of your passport to fully verify your account.
Huobi says that it stores more than 98% of digital assets in multi-signature cold wallets. Another factor in the platform’s favour is that while HADAX is only a relatively new offering, the company behind it has been operating since 2013.
Customer support is a key plank of Huobi’s service, and the platform provides 24/7 assistance to users. You can get in touch with the support team via live chat or email, while the answers to a handful of important FAQs are also available online.
At the time of writing, the author holds IOTA and XLM.
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