Huobi and OKEx are two important exchanges that have roots in China. Both of them are big exchanges that compete globally in terms of trading volume. In addition to trading, they offer future contracts to hedge against coins. Let’s have a detailed look at these two major cryptocurrency exchanges.
Huobi was once based in China (now operated from Singapore after China imposed the ban on exchanges) and was founded by Leon Li in 2013. It is one of the three biggest exchanges in the world. The exchange is focusing primarily on China and Southeast Asia. They also support Tether (USDT) like Bitfinex or Poloniex.
Huobi.pro was designed for non-Chinese traders and more features were brought in to facilitate trading from around the world. Huobi Pro was designed for trading cryptocurrencies and tokens while huobi.com is an exchange to convert fiat to cryptocurrencies. The platform is very intuitive and user-friendly. It’s also considered to be fairly robust and supports more than 200 coins.
Huobi has its own token called “Huobi Token“. It is an ERC20 token on the Ethereum blockchain. The token can be used for paying trading fees on their exchange and those who use the token get huge discounts on the trading fees; the discount can go up to 50% in some cases. Huobi Token is not an ICO, but they were distributed to the users who bought ‘Point Card‘ on Huobi Pro. Point Card is a pre-paid card that can be topped up and used as trading fees on the exchange. Every year 20% of the Huobi tokens will be brought back from the users and invested back into the Huobi Investor Protection Fund (HIPF). HIPF is like insurance for the users who will be compensated when the risk occurs in the platform. This will ensure stability and trust in the exchange.
OKEx is the global cryptocurrency exchange that is focused on crypto-crypto trading and its parent OKCoin is used to buy coins using fiat. It can be compared with GDAX to Coinbase, in which Coinbase is the main exchange that is used for buying crypto using fiat while GDAX is used for crypto-to-crypto trading.
OKEx is the second largest cryptocurrency exchange in the world in terms of volume. It also has the provision to trade futures for BTC, LTC, ETH, ETC, BCH, XRP, EOS, and BTG. The exchange recently moved to Malta due to friendly regulation prevailing in the island country. OKEx restricts citizens from a few countries that have regulatory restrictions for its citizens. This itself illustrates how much OKEx respects other countries regulations and laws.
OKEx also has its own native token called OKB that is used as an incentive for trading in their platform. The total token supply is 1 billion and 70% of the tokens are locked up. Traders can avail discount in fees if they use OKB tokens for trading and buying coins in their exchange.
Similarities Between Huobi and OKEx
Huobi and OKEx have a lot of similarities between the two since they both have their root in China. Below are some of the similarities between the two exchanges.
- Both have futures trading enabled in their platform
- They both started in China and moved away due to exchange ban.
- Huobi and OKEx exchanges have their own tokens and give discounts for traders using the tokens for buying coins.
- Both these exchanges come in Top 3 in the world in terms of trading volume.
- Huobi.pro and OKEx are for global traders while Huobi.com and OKCoin are exchanges for local traders in Asia.
The above two exchanges are very important and are global leaders in terms of trading volume. They form the gateway for massive adoption of cryptocurrencies globally. Let’s wait and watch if they can take over the world and become one of the largest exchanges in the world in terms of trading volume and number of registered users.