Huobi is one of the largest Chinese exchange platforms. It’s based in Beijing, China. The trading platform was founded by Leon Li in September of 2013, and the company’s focus is on the Chinese market.
Huobi is one of the “Big Three” exchanges in the world, and it claims to have reached a record amount of 380,000 BTC traded daily on February 25, 2014. The company is accused of faking trading volumes numerous times, but these claims were never proven. They also own a trading platform BitYes, which is focused on international users and offers trading services in BTC/USD and LTC/USD pairs.
The verification process on Huobi.com is a bit more demanding than average. The website is in Chinese and meant for Chinese traders, but the foreigners can also register and trade.
After registering and providing personal info, the user will have to verify an email address. After the email verification is completed, the website asks for a verification of user’s real name.
It’s vital that the name provided by the user is absolutely identical to the name of bank account user wants to connect to the Huobi account. This is especially important for the foreigners. Bank employees in China are prone to making spelling errors when it comes to the names of foreigners, or putting the names in the wrong order.
The name needs to match on both accounts in order to make transfers between Huobi and the bank.
After the name verification, the exchange requires nationality verification. Users can choose a country from a drop-down menu. For foreigners, a passport is automatically selected. Chinese residents have more options and they include:
2. Chinese ID card
3. Military Officer Certificate
4. Chinese mainland driving license
5. Social insurance number
The user has to submit a selfie with the government document, as seen below and a snapshot of the latest three deposit transactions.
After all that mobile verification is required. Since the website isn’t very well translated to English, a good Samaritan made a detailed registration guide. It’s available here.
The exchange accepts two FIAT currencies – Chinese Yuan (CNY) and US dollar (USD). They also accept two digital currencies – Bitcoin (BTC) and Litecoin (LTC).