Cryptocurrency trading is one of the most trending trades that have been a primary source of interest for thousands of people today globally. It has been roughly estimated that on a single day the trading volume of cryptocurrency reaches about $1.24 billion approximately which is simply a huge turnover in terms of the trade.
As per data obtained, America and China are two of the best cryptocurrency trading countries in terms of trade volume. Today, hereby we are going to discuss two of the most trusted and well-known cryptocurrency platform from China and make out the differences between the two in terms of trading style, cryptocurrency availability, customer care and a general review on a whole.
Before we go into the details and make out the differences between the two esteemed companies, let us look back at the background of each of the two in brief.
Background
In the year 2017 Bibox started its journey in the cryptocurrency business and is simply a newbie in terms of establishment. The company was founded by a Chinese cryptocurrency expert name Yi He. In order to serve thousands and thousands of customers globally, the founder implemented various new ideas and thus, as a result, Bibox within a short period of time has managed to come into the limelight quite easily. With a simple interface for the customers, easy accessibility, availability of coins, good customer service are few of its strengths.
Huobi being one of the well-known cryptocurrency portals from China was founded in the year September 2013 by Leon Li. Since its inception days, it has managed to catch the eye of global cryptocurrency traders and as a result in the year 2017 with the help of OKCoin, the company managed to invest around 1 billion Yuan which is approximately $150 million into wealth management products. Currently, the company now has offices in Korea, Japan, the United States, and Hong Kong. With its headquarters in Singapore, today the company’s name is listed on the Hong Kong Stock exchange.
Now we try to compare the different aspect of the two companies in short.
Exchange platform
Bibox with its official website known as “bibox.com” provides an exceptional platform for its users to trade along with easy accessibility from its website. The platform is designed beautifully so that it looks great and gives a pleasant experience for its users while they trade.
The exchange allows its user to place multiple order types such as market order, limit orders, and set stop-losses. The exchange can be access through mobile devices as well with its unique downloadable applications.
On the other hand, working under the website popularly known as huobi.com, the portal’s trading screen looks quite simple and quite comprehensive with a good number of trading pairs available. On the right side, the portal has interactive candlestick chart which helps the users to view the different transactions and rates. Below the chart, there are order forms which allow the user to buy and sell with limit and market orders.
The portal does provide different types of information to its users while trading which supports both the beginners and the advanced users to trade without any issues, all in all, a good platform to start trading with.
Tradable coins
The platform of Bibox does offer different types of cryptocurrency variants for its traders to trade with. This unique availability of coins is one of the major factors why the company has managed to earn a good name from its users. The tradable coins include BTC, BIX, ETH, ETC, LTC, MRK, CPC, NPER, BBN, BLT, KICK, SXUT, BTO, QTUM, LEDU, LGO, DASH, WAX, AIDOC, and other major cryptocurrencies also.
Huobi, on the other hand, does not provide some much of options to its customers. Generally, the portal encourages its users to trade in Bitcoin and Litecoin only. This is one of the most highlighted reasons that most of the advance uses who likes to trade with variants of cryptocurrencies prefer Bibox from that of Huobi.
Fee structure and trading volume
In terms of the fee structure and trading volume, the platform of Bibox does provide the users with high trading volume. The company does not charge any trading fee from its traders and users around the globe and neither it charges any withdrawal fees.
One who purchases Bibox token from the company is eligible for discount fees on the exchange. A maker and taker fee of 0.10% is attracted by the total trading amount done by the user. Fiat currency deposits are not accepted by the platform which is one of the major drawbacks that the company has.
Huobi charges 0.2% as a trading fee and also charges while doing withdrawals from its traders. This generally varies with the amount of trading done by a user. Customers dealing in US dollars are charged with a maker fee of 0.1% on the total amount of trade done.
Trading in Chinese Yuen does attract a flat fee of 0.2% of the total amount traded. Withdrawal charges in Chine Yuen and US dollar vary according to the trading amount. Withdrawal in cryptocurrency is charged as 0.0001 BTC and 0.001 LTC.
Security
Security is a major concern for any cryptocurrency trading platform as any lag of flaws can cost very much. In terms of security and safety, Bibox provides 2FA security to the customer’s account with a layers protection in order to safeguard the funds.
The portal has the goodwill of minimizing trading risk through the use of API interfaces. This helps to lessen the issues of sudden monetary losses or swings. Due to its decentralized protocol, the transactions done through its portal is very much safe and transparent in nature.
Huobi has invested a lot and has passed many tests in accordance with the security. The company rightly provides two-factor authentications and according to the company’s protocol, more than 98% of the assets of the customers are stored in a cold wallet. The wallet is monitored 24 x 7 in order to eradicate any breach or hacking.
Customer support
Bibox does provide a quite unique and simple customer support system. The portal does not have any phone numbers which can be contacted by the customer in need, but they have an active email id which can be contacted for any type of assistance. The customers can contact them via Wechat along with the availability of social media website Like Twitter, Facebook, Instagram and others, thus overall a decent customer care support system.
In terms of customer support system, Huobi does support multilayer protection of the funds and a two-way authentication for its users. Around 98% of the assets are stored in a multi-signature cold wallet. This is in keeping with respect to the hot wallet that the portal has. They do offer a good monitoring 24 x 7 over the funds like that of the Bibox cryptocurrency platform. Overall a good security system is provided although there has been news regarding it being hacked, no loss of funds occurred.
Now we look at the pros and cons of both the portals in a nutshell.
Bibox
Pros
- Low fee structure.
- A wide range of coin availability.
- 2FA
- Standard fee structure.
- Easy platform interface.
- Good customer support
- Works on decentralized protocol.
- Excellent security system.
Cons
- No fiat currency is available for the traders.
- Leverage trading is not available.
- Margin trading not active.
Huobi
Pros
- No fee imposed on Chinese traders.
- Has got a super high liquidity.
- A good customer support system with 24 x 7 phone support.
- Margin trading active.
Cons
- There is minimal information available in English.
- There is a possibility of faking trading volume.
Conclusion
Now coming to the end of this topic about Bibox vs Huobi exchange the fact has been very well established that both of them have their own merits and demerits in regards to doing trade and the availability of coins and services provided to the customers. Due to their Chinese origin, it is quite obvious that Chinese cryptocurrency traders have an upper hand when it comes to providing services as both of the company mainly focuses on Chinese traders. In terms of choosing the best out of two of these cryptocurrency trading platforms, the balance remains pretty much even