Hcoin review

In 2021, a large number of investors will enter the cryptocurrency market. Even as we enter the second quarter of 2018, the crypto and blockchain communities continue to grow. The communities are large enough to accommodate everyone. Consequently, there are numerous methods to earn money with cryptocurrencies, including trading. Other methods of profiting from cryptocurrencies include holding, staking, providing liquidity, etc.

Trading is one of the most prominent methods to profit from cryptocurrencies. Others prefer the aforementioned alternatives because they consider trading to be a demanding activity. As the saying goes, adhere to what works. Some individuals trade cryptocurrencies as a full-time occupation, and they enjoy it. Cryptocurrency trading requires a cryptocurrency exchange, where participants can purchase a cryptocurrency at a low price and sell it at a high price. The profit is derived from the price difference.

There are numerous cryptocurrency exchanges available, so acquiring one is not difficult; however, registering with a reputable one is the most important step. Even though there are numerous exchanges, each has its own peculiarities, such that only users can adequately describe what they appreciate about the exchanges in which they have accounts.

Signing up for exchanges that provide value for your money is crucial. One may be more concerned with cryptocurrencies' profitability. Having an exchange account is essential if you intend to profit from cryptocurrency. Creating an account with the incorrect centralized exchange can result in financial loss. Consider the advantages and cons of any exchange you sign up for if you're attempting to earn money through cryptocurrency.

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We will analyze the advantages and disadvantages of Hcoin Exchange, including the benefits it offers traders and what sets it apart from other centralized exchanges. This assessment is intended to assist you in making a decision regarding the exchange. You should be able to make an informed decision after reading the review, particularly if you are new to the cryptocurrency market.

What exactly is Hcoin Exchange?

Hcoin is a global, centralized exchange dedicated to the management and trading of digital assets by users worldwide. Hcoin is registered in Seychelles and was officially introduced in August 2018 to provide secure, quick, and dependable trading services to users worldwide. The Hcoin exchange provides premium trading benefits, including low fees, security of your funds, and low-risk, high-return crypto investments.

Signing up for crypto exchanges is not sufficient for trading; you must sign up for crypto exchanges where you can be assured of the safety of your funds and identity, as well as the optimum return on your investment. Signing up for Hcoin grants you access to these benefits and more.

Hcoin Trading services

Hcoin Exchange was created to facilitate the trading of crypto assets and exchange-traded funds (ETFs). A few exchanges permit their consumers to trade cryptocurrency ETFs. Crypto ETFs are digital assets that are depicted as company shares.

As long as you know how to place a purchase or sell order, trading on Hcoin Exchange is not difficult. If you are a spot trader, you can trade on the 'Trade' page, where you can purchase using a limit or market order. Hcoin exchange allows you to research the profile of the cryptocurrency you intend to trade. Additionally, the transaction section includes a chart and real-time data for the token you intend to purchase. In addition, there is a 'contract' section for Futures merchants. Tier levels on the Hcoin exchange determine your maker and consumer fees, as well as your customer support.

Hcoin Fees

Fees are charged by all exchanges for the trading services they provide to their customers. However, these fees differ based on the exchange you are trading with and the market segment you are operating in. In every exchange, centralized or decentralized, there are always makers and takers; makers are those who provide liquidity for an exchange, whereas takers are those who withdraw liquidity.

During trading, exchanges allocate separate fees to each of these parties. Despite the fact that makers are charged lesser fees than takers because they provide liquidity. As long as they place a limit order for a particular coin, they are considered producers. Takers only place market orders that are promptly executed. Essentially, you are a receiver if you fulfill another person's request.

Makers receive a premium due to their important function. On Hcoin Exchange, producers are charged 0.10 percent of each trade they execute. Takers on the exchange are charged a fee equal to 0.20 percent of all trading activity. As previously stated, these fees vary based on the exchange; sometimes they are higher.

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As they are not charitable organizations, exchanges must charge users for the services they provide. However, these fees decrease with sizable transactions and frequent trades. Occasionally, some exchanges do not charge for mass transactions. The commission is not specified for withdrawals on Hcoin Exchange that can only be made through the app.

Hcoin Fees for Withdrawals and Deposits

The 'balance' section of the Hcoin Exchange website facilitates a streamlined procedure for depositing funds. Some exchanges permit you to deposit fiat directly from your bank account to your exchange account. Then, you would need to copy the account number provided by the exchange and submit the funds via wire transfer. Depending on the currency of your country, the funds would reflect in your account.

However, direct deposits are not permitted on Hcoin Exchange, as deposits can be made using stablecoins such as USDT or any other cryptocurrency. For example, if you want to deposit USDT, you can do so via an Over-The-Counter (OTC) transaction in which you meet a cryptocurrency vendor who transfers the USDT from his wallet to your wallet after you pay him in fiat currency. All you need to do is send him a copy of your USDT address. The amount of USDT you are prepared to purchase appears in your USDT wallet after the vendor sends the funds.

In contrast to other exchanges, Hcoin Exchange does not support peer-to-peer (P2P) transactions, putting new users at risk if they wish to engage in OTC transactions. The vendor on the other end may exploit their ignorance and naiveté to commit fraud. Note that when sending your USDT address to a vendor, you must copy the correct address under the correct network; otherwise, you run the risk of having your funds sent to the incorrect network and ultimately losing them. On Hcoin Exchange, BEP20, ERC-20, HECO, and OMNI are supported.

Hcoin API

Hcoin employs the REST framework, which facilitates the platform's design and configuration. The market API allows developers to establish orders, cancel orders, and view sections such as currency pair information, Hcoin token circulation and destruction, tickers, and the volume of exchange transactions.

Limits and Liquidity of Hcoin

Hcoin Exchange has no deposit or withdrawal limits for cryptocurrency transactions. As mentioned previously, the platform does not support fiat deposits, so users can only make cryptocurrency deposits. Similarly, withdrawals can be made in any cryptocurrency of your choosing, though USDT withdrawals are likely to be preferred.

As far as liquidity is concerned, the platform offers a sufficient amount of trading options for investors and speculators who wish to trade derivatives and crypto ETFs. However, the exchange charges fees for withdrawal and deposit transactions.

Hcoin Investment Portfolios

On the market page, you will discover coins that have been listed on the Hcoin Exchange, as well as their trading pairs. The most popular combination on the exchange is USDT, which is paired with 53 coins or tokens, including Bitcoin. On the exchange, Bitcoin pairs would also be available. In comparison to other exchanges, Hcoin exchange does not list as many currencies and pairs. Nonetheless, ETFs (Exchange-Traded Funds) can be traded on the exchange. ETFs enable indirect ownership of digital tokens represented as shares of a company that administers the assets. As a means of mitigating the risks and hedging against the volatility of these coins, it is common to own shares instead of the coinage.

Available Cryptocurrencies on Hcoin

Liquidity on every platform is determined by the trading volume; the greater the trading volume, the greater the liquidity. Traders are more drawn to crypto platforms with a very high trading volume. If an asset has adequate liquidity, it indicates that more people are willing to invest in it, making buying, selling, trading, and transferring the asset very simple.

There are several available trading combinations on Hcoin, including ETFs. Bitcoin, Ethereum, Ripple, EOS, Bitcoin Cash, XRP, TRX, DOGE, Ethereum Classic (ETC), and TAI are among the cryptocurrencies listed on the exchange, which are predominantly coupled against USDT. There are approximately five additional Bitcoin trading pairings. Hcoin does not provide investors and merchants with a vast array of options. Nonetheless, they could benefit from ETFs.

Interface for Trading on Hcoin

The user-friendliness of the trading interface is one of the benefits of a reputable cryptocurrency exchange. Many exchanges are constructed in a manner that makes it difficult for users, particularly beginners, to navigate. As previously stated, there are over 300 crypto exchanges (both centralized and decentralized) in the globe, and a number of them have become user favorites due to their usability. Cryptocurrency merchants are attracted to an exchange that, among other things, has a simple trading interface.

The web-based version of Hcoin Exchange has a straightforward interface with a blue and white background. There are five major sections on the exchange, including the home page, the markets, the transaction, and the contract and balance pages. These sections are straightforward to identify and locate for first-time exchange users. On the homepage, there is a section for the exchange's native token (Hcoin) coupled with the stablecoin USDT. The prices of the leading two cryptocurrencies, Bitcoin and Ethereum, would also be paired with USDT. USDT is the most common pairing with other cryptocurrencies due to the fact that it is not as volatile as other coins. There are pairings of perpetual contracts in the same row.

The homepage of the exchange also features 24-hour sections for the leading spot and contract crypto gainers. The homepage does not display the leading 24 hour losers. The exchange lists coins that have performed exceptionally well over the past 24 hours, along with their prices and the dollar-based volume of transactions on the exchange.

How Safe is the Hcoin?

After completing the registration procedure, you are redirected to the login page. It is essential to note that Hcoin Exchange's default language is Chinese. Therefore, non-Chinese users may need to use the Google Chrome web browser to access the site, as Google Chrome offers the option to convert to English if the user is not from a Chinese-speaking country.

Once you are able to switch to English, you can access other features, such as currency conversion. Additionally, Hcoin Exchange allows you to alter languages. There are only Chinese and English as language options. This is a disadvantage, as non-native English speakers would be unable to utilize the exchange. They would have to resort to alternative exchanges. It calls into doubt the assertion that the exchange is global.

Hcoin Exchange does not require a username or compliance with KYC/AML requirements during registration. Instead, your phone number or email address serves as your username, depending on how you registered. Possibly because the exchange is attempting to be decentralized by protecting the anonymity of its consumers. During registration, you should choose a password that is both easy to remember and secure. You must include at least one uppercase letter in your password. You may also opt to include numerical values.

During registration and login, you would also be required to precisely position a puzzle piece in the empty space provided. While users are attempting to log in or sign up on the web-based variant of such exchanges, the majority of exchanges have these. Hcoin Exchange also provides you with an 18-digit user ID (UID). Your UID is unique to your account, just as other users' UIDs are unique to their accounts.

For withdrawals, only the Hcoin Exchange mobile application is supported. If you attempt a withdrawal, you will be directed to obtain the mobile application. The Hcoin Exchange mobile application is available on the Google Play store. Therefore, this would be a problem for users attempting to withdraw, as the app is unavailable on Playstore. At the time of composing this review, it was unknown whether iPhone users have access to an IOS (Apple) version of the app.

Likewise, it is safe to presume that fiat cannot be withdrawn directly to a bank account. You may only be able to withdraw to addresses containing the same token. When attempting to duplicate a deposit address, Hcoin Exchange informs you that you must copy a similar address to the one you are depositing from. This is identical to the withdrawal procedure, as you will also be warned against copying the incorrect address. Additionally, Hcoin exchange displays the duration of the transaction, which is dependent on the network you are utilizing. This demonstrates that Hcoin Exchange cares about its users and is willing to safeguard their funds. But as a beginner, you must also exercise caution because Hcoin is not culpable for the loss of your funds.

Hcoin Exchange allows you to transmit coins or tokens from your spot account on the exchange to your perpetual contract account and vice versa. It is unknown if Hcoin Exchange employs two-factor authentication for withdrawals, as do some other exchanges. The protection of investors' funds should be an exchange's top priority. If users' funds are not protected, an exchange loses its raison d'être. It will be very straightforward for hackers to access user accounts.

Customer Service

There is no way to contact support via the website in the event of an emergency. However, this may be possible through the app. Hcoin Exchange maintains a blog where they publish exchange-related developments. The last tweet on the exchange's official Twitter page occurred months ago, indicating that it is not currently active. Hcoin. The exchange has a Telegram group with fewer than one thousand users.

Conclusion

Hcoin Exchange provides traders with a trading platform; however, it lacks a wide variety of trading options, direct deposits, and withdrawals. Despite this, the exchange has a distinct advantage, which is the availability of cryptocurrency ETFs that enable investors with low risk tolerances to indirectly profit from holding these assets. This is by no means a recommendation; rather, it is a review to assist you in making a rational choice regarding whether or not to use the Hcoin Exchange.