Huobi Australia cryptocurrency exchange – October 2018 review

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 Pro, 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 AUD
Cryptocurrencies BTC, ETH, BCH, ETC, LTC, POWR, ELF, IOST, CTXC, DTA
Deposit Methods Bank transfer
Cryptocurrency
Trading Fee Maker: 0.2%
Taker: 0.2%
Deposit Fees None
Withdrawal Fees AUD: $5
BTC: 0.001
ETH: 0.01
BCH: 0.0001
ETC: 0.01
LTC: 0.001
POWR: 2
ELF: 5
IOST: 100
CTXC: 2
DTA: 100

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
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
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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.

CurrencyWithdrawal 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 tierDescriptionDaily deposit limitDaily withdrawal limit
1Verified accountUnlimited$20,000
2Verified account with monthly trading volume higher than $500,000Unlimited$50,000
3Verified account with monthly trading volume higher than $1,000,000Unlimited$100,000
4Verified account with monthly trading volume higher than $3,000,000Unlimited$1,000,000

Cryptocurrency withdrawals

CryptocurrencyMinimum deposit limitMinimum withdrawal limitMaximum withdrawal limit
Bitcoin (BTC)0.0010.01200
Bitcoin Cash (BCH)0.010.01200
Ethereum (ETH)0.010.0152,000
Ethereum Classic (ETC)0.010.510,000
Litecoin (LTC)0.10.15,000
Power Ledger (POWR)2142,000,000
Aelf (ELF)5105,000,000
IOStoken (IOST)100385100,000,000
Cortex (CTXC)242,000,000
DATA (DTA)100770100,000,000

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.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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