Huobi Australia Digital Asset Exchange
- Buy/sell 100+ cryptocurrencies
- 0.2% trading fee
- Regulated by AUSTRAC
One of the world’s largest crypto exchanges with its sights set on Australia.
Huobi Pro is one of the most popular cryptocurrency exchanges in the world, regularly featuring among the top sites worldwide by 24-hour trading volume. However, on 5 July 2018, the team behind the Huobi platform launched Huobi Australia, a crypto-to-fiat trading platform for Australian users.
So, what features does Huobi Australia offer and is it the right digital currency exchange for you? To help you find out, we’ve compiled this Huobi Australia review.
| Product Name | Huobi Australia Digital Asset Exchange |
|---|---|
| Fiat Currencies | None |
| Cryptocurrencies | BTC, ETH, XRP, BCH, LTC, XLM, TRX, NEO, DASH, VET, ETC, QTUM, OMG, ZEC and 100+ more |
| Deposit Methods |
Bank transfer Cryptocurrency |
| Trading Fee |
Maker: 0.2%
Taker: 0.2% |
| Deposit Fees | None |
| Withdrawal Fees | None |
Pros
- Supports fiat-to-crypto trading
- Easy to use and navigate
- Operated by a leading global digital asset exchange
- Fully compliant with Australian regulations
- Competitive trading fees
- Supports 2-factor authentication
Cons
- Only supports a limited range of cryptocurrencies
- Bank wire transfers the only crypto deposit method currently supported
- Crypto-to-crypto trading not yet available
Huobi Australia
As of 26 February, Huobi Australia has ceased operations and been folded under the Huobi Global umbrella.
What is Huobi Australia?
Huobi Australia is a digital asset exchange where users can purchase 10 cryptocurrencies with Australian dollars. Launched in July 2018, the aim of the site is to provide easy access to the world of cryptocurrency through a fully-compliant platform.
Huobi Australia is owned by Huobi Group, a Singapore-based operation established in 2013. The group partnered with Blockchain Global to bring Huobi Australia to fruition.
Originally a fiat-to-crypto trading platform, Huobi Australia will add additional cryptocurrencies at a later date and also plans to eventually offer crypto-to-crypto trading. The platform is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a digital currency exchange.
Which cryptocurrencies can I buy/sell?
At launch, Huobi Australia will allow users to purchase the following cryptocurrencies with Australian dollars:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Power Ledger (POWR)
- Aelf (ELF)
- IOStoken (IOST)
- Cortex (CTXC)
- DATA (DTA)
Available countries
Although Huobi Australia is targeted at Australian users, registration to the platform is open to customers in a wide range of countries around the world. There are exceptions, however, such as users from the United States.
Which payment methods are accepted?
The only way to deposit funds into your Huobi Australia account is via direct bank transfer.
How much will it cost me to use Huobi Australia?
Huobi Australia imposes a 0.2% trading fee on all transactions, with this fee applied to both market makers and market takers.
Huobi Australia does not charge any deposit fees, but a flat $5 fee applies to all AUD withdrawals.
If you wish to withdraw cryptocurrency, the withdrawal fees that apply are outlined in the table below.
| Currency | Withdrawal fee |
|---|---|
| Bitcoin (BTC) | 0.001 BTC |
| Bitcoin Cash (BCH) | 0.0001 BCH |
| Ethereum (ETH) | 0.01 ETH |
| Ethereum Classic (ETC) | 0.01 ETC |
| Litecoin (LTC) | 0.001 LTC |
| Power Ledger (POWR) | 2 POWR |
| Aelf (ELF) | 5 ELF |
| IOStoken (IOST) | 100 IOST |
| Cortex (CTXC) | 2 CTXC |
| DATA (DTA) | 100 DTA |
How fast will my funds be available?
AUD deposits and withdrawals via bank transfer take between 1 and 3 business days to process. Processing times for cryptocurrency transactions vary depend on the currency being sent and the level of network congestion at that time.
Are there any transfer limits?
Yes. Huobi Australia’s minimum AUD deposit amount is $100. Withdrawal limits also apply but vary depending on the verification status and trading volume of your account (for AUD withdrawals) or the cryptocurrency being sent. These limits are outlined in the tables below.
AUD withdrawals
| Verification tier | Description | Daily deposit limit | Daily withdrawal limit |
|---|---|---|---|
| 1 | Verified account | Unlimited | $20,000 |
| 2 | Verified account with monthly trading volume higher than $500,000 | Unlimited | $50,000 |
| 3 | Verified account with monthly trading volume higher than $1,000,000 | Unlimited | $100,000 |
| 4 | Verified account with monthly trading volume higher than $3,000,000 | Unlimited | $1,000,000 |
Cryptocurrency withdrawals
| Cryptocurrency | Minimum deposit limit | Minimum withdrawal limit | Maximum withdrawal limit |
|---|---|---|---|
| Bitcoin (BTC) | 0.001 | 0.01 | 200 |
| Bitcoin Cash (BCH) | 0.01 | 0.01 | 200 |
| Ethereum (ETH) | 0.01 | 0.015 | 2,000 |
| Ethereum Classic (ETC) | 0.01 | 0.5 | 10,000 |
| Litecoin (LTC) | 0.1 | 0.1 | 5,000 |
| Power Ledger (POWR) | 2 | 14 | 2,000,000 |
| Aelf (ELF) | 5 | 10 | 5,000,000 |
| IOStoken (IOST) | 100 | 385 | 100,000,000 |
| Cortex (CTXC) | 2 | 4 | 2,000,000 |
| DATA (DTA) | 100 | 770 | 100,000,000 |
Is it safe to use Huobi Australia?
The Huobi Australia exchange is regulated by AUSTRAC, the Australian Securities and Investments Commission and the Australian Taxation Office. It supports 2-factor authentication to allow you to set up an extra layer of security for your account, and users will need to complete the Know Your Customer (KYC) verification process before being allowed to start trading.
Customer support
If you need help with your account or a specific transaction, Huobi Australia provides 24/7 online support. You can access an online FAQ section to search for answers, submit a support request via zendesk or email support@huobi.com.au.
Pros and cons
Pros
- Supports fiat-to-crypto trading
- Easy to use and navigate
- Operated by a leading global digital asset exchange
- Fully compliant with Australian regulations
- Competitive trading fees
- Supports 2-factor authentication
Cons
- Only supports a limited range of cryptocurrencies
- Bank wire transfers the only crypto deposit method currently supported
- Crypto-to-crypto trading not yet available
Next steps
If you’ve compared Huobi Australia’s features with those of a variety of other crypto exchanges and decided that you’d like to sign up for an account, click on one of the “Go to site” links on this page. You’ll be taken to the Huobi Australia website where you can register by providing your email address and nationality. You’ll also need to provide proof of ID and proof of address in order to verify your account.
Finally, don’t forget to enable 2-factor authentication on your account before you start trading.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
