When will the exchange Houbi Pro (Huobi) enter Japan? A thorough explanation of its features, reputation, advantages, and issues!
Houbi Pro, a cryptocurrency exchange, is one of the world's most famous exchanges next to Binance, which is the most well-known exchange globally.
Additionally, since Houbi Pro is considering entering the Japanese market, it is an exchange drawing attention alongside Coinbase, which is also considering expansion into Japan.
This article thoroughly introduces Houbi Pro (Houbi) and covers the following points.
- Overview of Houbi Pro
- What Houbi Pro is / Features
- About Houbi Pro's Honbi Token
- Advantages and issues of using Houbi Pro
- Reputation of Houbi Pro
We will cover these topics, so please consider them when choosing an exchange.
What is Houbi Pro (Houbi) / Features
Houbi Pro (Houbi Pro) is an exchange established in Beijing in 2013. Due to stricter regulations on cryptocurrencies in China, it has relocated its base to Hong Kong and Singapore.
Its original exchange name was Honbi, but at the time of relocation the name was changed to “Houbi Pro.” (Hereafter: Houbi Pro)
When it comes to Chinese-origin cryptocurrency exchanges,BINANCEis famous as having the world's highest trading volume, but HoubiPro also has users in more than 130 countries and boasts the second-largest trading volume in the world after Binance.In addition, the daily cryptocurrency trading volume is about 510 billion yen.
Houbi Pro also issues its own token, Honbi Token (Houbi Token).
What is Honbi Token?
Houbi Pro's trading fee is a flat 0.2 yen, which is relatively high among overseas cryptocurrency exchanges.
However, using the Honbi Token for trading can reduce fees by 50%.
In other words, trading fees become 0.1 yen, so it is beneficial to hold it when using Houbi Pro.
Benefits of using Houbi Pro
There are four main benefits to using Houbi Pro.
- High trading volume
- Wide variety of supported currencies
- Issuing its own token
- Strong security measures
Now, let's look at each benefit of using Houbi Pro.
High trading volume
Houbi Pro's daily trading volume averages about 510 billion yen.
Currently, Houbi Pro has offices only in Hong Kong and Singapore, but it is considering acquiring Japan’s BitTrade and expanding into Japan.
Moreover, there is a strong possibility of expanding into Canada, the UK, and other regions, so trading volume may continue to grow significantly.
Wide variety of supported currencies
Houbi Pro supports more than 150 cryptocurrency pairs.
Domestic Japanese exchanges usually offer 10 or fewer kinds, so the large number of listed assets is a major attraction of Houbi Pro.
Issuing its own token
As mentioned above, Houbi Pro issues its own token, Honbi Token.
Holding Honbi Token reduces trading fees by 50%, and the token’s own value may also rise, making it a distinct advantage for the exchange.
Strong security measures
Houbi Pro has spent about five years researching and experimenting with cryptocurrency risk management.
Exchange hacks have occurred worldwide, including in Japan with Coincheck and Zaif.Therefore, Houbi Pro’s emphasis on security is a clear benefit for users seeking安心して利用できる, meaning safe usage.
Additionally, the security system used by Houbi Pro is said to be close to the system built for Goldman Sachs, a major U.S. bank.
Disadvantages of using Houbi Pro
Even though Houbi Pro has high trading volume and strong security, there are drawbacks to using it.
Two main issues when using Houbi Pro are as follows.
- No Japanese language support
- Relatively high trading fees
Let’s take a closer look at these issues.
No Japanese language support
As of July 2, 2018, the Japanese language option was removed from Houbi Pro’s official site.
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