Huobi vs Binance | Best Perp & Spot Trading Exchange?
Jack Moreau
Feb 2024
9 min read
Fact checked
Looking to buy or trade cryptocurrencies but not sure which exchange to use? We've got you covered with our comparison of Huobi vs Binance. We've evaluated their KYC requirements, country availability, product offerings, trading fees, deposit methods and more. Keep reading to find out which exchange is right for you!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Huobi and Binance are two of the biggest names in the cryptocurrency exchange industry. Both platforms offer a wide range of trading services and millions of users worldwide.
Huobi was founded in 2013 by Leon Li and is registered in Seychelles. The exchange has over 1000 employees and is available in 184 countries. However, there are 11 prohibited jurisdictions such as China, US, Canada, and Singapore that can't use the platform.
Huobi exchange
Huobi offers a wide range of trading services which includes spot and margin trading, futures products settled in USDT and crypto, and a range of trading bots and copy trading. The platform supports over 500 cryptocurrencies, and has over 10 million users worldwide.
Huobi app
On the other hand, Binance was founded in 2017 by Changpeng Zhao and is registered in Cayman Islands as Binance Holdings Ltd.
As one of the largest and most popular trading platforms, Binance offers a comprehensive suite of trading and financial services including spot trading, futures trading, staking, earn products, launchpad, its own blockchain (BSC) and much more.
The exchange supports over 350 cryptocurrencies, numerous trading pairs, and is the most liquid exchange in the world.
Binance has over 150 million users worldwide and has been downloaded over 50 million times on Android app with a rating of 4.4 based on over 1 million reviews.
Binance app
Huobi vs Binance Signup & KYC
When it comes to the signup process and KYC requirements of Huobi and Binance, the two exchanges have some differences worth noting.
Starting with Binance, it's important to mention that the exchange requires users to verify their identity through a Know Your Customer (KYC) process before being able to trade.
Creating a Binance account is easy, taking less than a minute, but users must complete the verification process to unlock full account privileges.
Binance KYC
Submitting all the required information and documents for verification, such as country of residence, address, and government ID, takes only a few minutes tops.
Generally, the KYC verification process on Binance can be as short as 15 minutes, but it can take up to 2-3 business days in some cases to complete.
Moving on to Huobi, the exchange does not require KYC from all its users thus allowing them to sign up and trade without KYC. Signing up via the exchange on browser or downloading the app takes only 30 seconds and involves entering an email or phone number.
Huobi KYC
For those who want to complete KYC to increase their limits, KYC verification takes only a few minutes to complete and is then processed within 24 hours.
In short, while Binance requires users to complete the KYC process before trading, Huobi allows for trading without KYC but provides the option to complete it later for higher limits.
Huobi vs Binance Products & Services
In terms of product range, Huobi offers a wide range of services targeting both beginners and more sophisticated traders.
The exchange offers a very large set of trading features which includes spot trading, futures trading (settled in USDT & crypto), margin trading, trading bots, European and American style options and copy trading.
Huobi spot trading
Huobi also offers a wide range of financial products such as lending and borrowing of digital assets, staking services for multiple blockchains and their own web 3 wallet (iToken Wallet).
Huobi staking rewards
The interface on Huobi has gotten a face lift and is now more pleasant to use. The average spot trading volumes on Huobi tend to range between $250 and $500 million per day which while not bad is not in top 10 category.
The max leverage on Huobi for futures is 200X while the max leverage for margin is 100X which is great for degens.
Binance on the other hand is a standout in the cryptocurrency world as it's the largest exchange in the world with a user base of over 150 million. It's designed to cater to a variety of users, from those just starting out in crypto to experienced traders and institutional clients.
Both the website and mobile app are designed with beginners in mind, making it simpler for anyone new to cryptocurrency to get started and navigate around comfortably.
The heart of Binance is its spot trading platform where users can buy and sell a vast array of over 350 different cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and many others.
Binance Spot Trading
For traders interested in leveraging their investments, Binance offers leverage options from 3 to 10 times the investment depending on the cryptocurrency. This means traders can increase their exposure to the market with a smaller initial investment.
Binance is also great for beginners interested in automated trading as It provides thousands of different strategies via trading bots. These bots can handle various trading methods, from simple spot trading to more complex strategies such as DCA, auto-invest and rebalancing.
Binance Trading Bots
For those looking for more advanced trading options, Binance steps up with products like perpetual contracts and options, offering leverage as high as 125 times.
Binance Crypto Futures
This includes hundreds of futures contracts that can be settled in stablecoins like USDT or BUSD, which helps manage the volatility often associated with cryptocurrencies. Additionally, Binance offers contracts settled directly in cryptocurrencies, giving traders more options.
Options trading on Binance is another feature where traders can hedge their investments across five major assets, including Bitcoin and Ethereum, with a total of over 700 contracts.
Binance Options Trading
Binance is not just about trading. It also has the highest liquidity in the market with over $60 billion traded over 24 hours. This means trades can happen quickly and with low spreads which saves money for users.
Binance Market Overview
For those looking to earn interest on their digital assets, Binance has a comprehensive platform called Binance Earn. This platform offers a variety of ways to earn interest on cryptocurrencies like BTC, ETH, USDT and others with options for both flexible and fixed terms.
Binance Earn
Binance also caters to those interested in emerging crypto projects through its Launchpad, offering early access to new tokens and projects. And for NFT enthusiasts, Binance has a dedicated section for buying and selling NFTs on popular blockchains like Bitcoin and Ethereum.
Binance NFTs
For large-scale traders, Binance offers OTC Trading which allows for big transactions to take place between parties in a private and secure manner, and without moving the market.
Binance OTC Trading
Binance has even developed its own Binance Smart Chain where developers can build DeFi applications and users can access DeFi with non-custodial wallets. Binance has even acquired Trust Wallet which is now a versatile Web 3 Wallet that millions of users use to access their favorite applications.
Binance Web 3 Wallet
Lastly, Binance takes security seriously by offering a Secure Asset Fund for Users (SAFU) and implementing proof of reserves, ensuring users can easily verify their assets.
Are you considering trading on Huobi or Binance? Let's take a closer look at their trading fees and see who is cheaper!
Huobi charges a spot maker fee of 0.20% and a spot taker fee of 0.20%. For futures trading, they charge a maker fee of 0.02% and a taker fee of 0.05%.
However, similar to many other exchanges, Huobi also offers fee discounts for users to trade with volumes above $10,000 or who use their native HT token for trading.
Huobi spot fees
Binance charges even lower spot fees than Huobi with a spot trading fee of 0.1% for both makers and takers. For futures trading, they charge a maker fee of 0.02% and a taker fee of 0.04%.
Trading fees on Binance can be lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
When it comes to deposit methods for Huobi and Binance, there are some similarities and differences worth noting.
Huobi supports eight different fiat currencies, including USD, EUR, and GBP, while Binance supports a whopping 26 fiat currencies, such as AUD, SEK, and PLN.
In terms of deposit methods, both exchanges offer bank transfers as an option. However, Huobi only supports SEPA for EUR deposits and FSP for GBP, while Binance offers SEPA, Swift, Signet, and Faster Payments for various fiat currencies.
Binance fiat deposits
Binance also stands out in that it allows for deposits with Visa, Mastercard, PayID, and Advacash. When it comes to fees, Binance charges a 1.8% fee for fiat deposits made with Visa or Mastercard, while Huobi charges a 0.15% fee plus a 1 EUR fee for SEPA deposits.
Huobi's deposit fees for other fiat currencies vary, with TRY deposits via Advacash being free and BRL deposits via bank transfer also being free.
Overall, both Huobi and Binance offer a variety of deposit methods for fiat currencies, but Binance's support for more currencies and deposit options gives it an edge in this category.
When comparing Huobi and Binance's withdrawal methods, it's clear that both exchanges offer a range of options for their users. Binance, for instance, provides multiple methods for people to withdraw their fiat currencies.
Users can withdraw USD via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP). The exchange charges a 1.8% withdrawal fee for fiat withdrawals made with Visa and MasterCard, while SEPA withdrawals incur a 1 EUR fee.
Fiat withdrawals on Binance
In contrast, Huobi offers fiat withdrawal options via SEPA, FSP, Advcash, Skrill, and Bank transfer. However, users should be aware of the withdrawal fees associated with each method.
SEPA withdrawals incur a 0.15% fee plus a 1 EUR fee while Skrill withdrawals come with a 2.9% fee plus a 0.1 EUR fee. FSP withdrawals incur a 0.15% fee plus a 1GBP fee while TRY withdrawals via Advcash are free of charge.
When it comes to cryptocurrency withdrawal fees, Binance charges lower fees than Huobi. Withdrawing Bitcoin comes with a fee of 0.0002 BTC, for Ethereum it's 0.000768 ETH while for Solana and Tether the fees are 0.008 SOL and 2.5 USDT (ERC-20) per transaction.
When comparing Huobi and Binance, it's clear that both exchanges have a lot to offer for cryptocurrency traders. Binance boasts a larger user base and more diverse trading services, while Huobi provides a wider range of cryptocurrencies and is available in more countries.
In terms of KYC requirements, Binance requires all users to complete the verification process before trading, while Huobi allows users to sign up and trade without KYC but provides the option to complete it later for higher limits. Both exchanges offer a smooth and straightforward signup process.
When it comes to trading fees, Binance charges lower trading fees for spot (0.1%) and futures trading. While both exchanges offer plenty of services, in our opinion, the user experience is better on Binance compared to Huobi.
In terms of deposit and withdrawal methods, Binance supports more fiat currencies and provides more deposit options, including deposits with Visa and Mastercard. However, Huobi offers free withdrawals for some fiat currencies.
Overall, while both exchanges have a lot to offer, Binance is the winner in our opinion by offering more products, lower trading fees and better overall user experience.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
