Words to the Crypto Wise, Bitcoin Users Take Caution on Huobi Exchange Before Making Deposits
The cryptocurrency world is growing in value after the price of Bitcoin (BTC) crossed the $4,200 USD resistance level to trade comfortably above $5,200 USD today. The rise in price and attention from the community is causing a hike in transfer and transaction fees a hike also witnessed back in December 2017 during the bullish run. The increase in tx fees is the main reason Huobi cryptocurrency exchange gives for the minimum deposit requirement on their website. However, the minimum deposit requirements for some assets on the platform are hidden.
Back in December 2017, the US-based crypto exchange raised the minimum deposits of BTC and Tether (USDT) to 0.001 BTC and 100 USDT respectively. Since then the exchange has added 20 other assets on the minimum deposit list with 7 of them having hidden fees.
Hidden Fees On Huobi Exchange?
The exchange’s addition of Cardano (ADA), Nebulas (NAS), Ripple (XRP) and Dogecoin (DOGE) to its trading platform in 2019 has so far been welcome especially by the US investors. However, in our quest to give the new trading pairs a try, we noticed some abnormalities – the minimum deposit requirements are hidden.
Table showing the hidden min. deposit value of various crypto assets (Huobi)
First-time Huobi Users Beware!
Of the 22 cryptocurrencies on the minimum deposit list, 7 have the figure hidden under small texts that an investor can easily miss. The hidden minimum deposit for these coins is over $20 USD, whereby a deposit value below this will not be credited to your Huobi wallet.
Users of the exchange can head to the “Deposit tips” tab and click on the expand link to reveal the full details on a specific cryptocurrency. If you are unlucky, you may miss this and end up sending your coins to a failed address as it will not be credited to your account.
The expandable link on DOGE deposit requirements
However, for Tether holders, the exchange allows the user to top up their minimum balance. The report reads,
“Those who did not meet the minimum deposit requirement of USDT, you may top-up the balance to the same deposit address. Our system will automatically credit both the initial deposit and top-up value into your account.”
In a test, we sent a certain amount lower than the minimum deposit to one of the digital asset wallets. The amount was quickly sent to another address and cannot be recovered. This shows that the exchange actually carries out a transaction to empty your account without your permission.
With new users coming to the fray, the confusing and hidden nature of the minimum deposit fees will need to be addressed and made clear to avoid loss in investment for these investors.