Hcoin Analysis

Many new financiers entered the bitcoin market in 2021. We're now halfway through 2018, but the crypto and blockchain spaces continue to grow. All members of the general public are welcome in these communities. This suggests that trading is just one of many potential routes to financial success in the bitcoin market. Holding, staking, providing liquidity, etc., are all more ways to profit from cryptocurrency.

One of the most visible methods to profit from cryptocurrencies is through trading. Others, who find trading to be a stressful activity, prefer the aforementioned alternate methods of obtaining money. Keep doing what's giving you success, as the adage goes. Some people's day jobs involve trading cryptocurrencies, and they couldn't be happier doing it. In order to acquire and sell cryptocurrencies at a low price and a high price, traders need access to a cryptocurrency exchange. They profit from the price differential.

There are many of cryptocurrency exchanges to choose from, but it's worth your time to make sure you're joining up for one you can trust. Even if there are a lot of different exchanges to choose from, each one has its own quirks that can best be described by actual users.

It is crucial to join exchanges that provide good returns on investment. Making money with cryptocurrency is likely more of an issue. If you want to make money with cryptocurrency, opening an account with a reputable exchange is crucial. If you open a central exchange account with the wrong company, you could lose money. If you are trying to earn a profit in cryptocurrency, you should also consider the advantages and disadvantages of any exchange you are considering joining.

In this article, we'll take a close look at Hcoin Exchange, analyzing its advantages and disadvantages, as well as the features that set it apart from other centralized exchanges. This analysis was written to assist you in making a choice on the proposed trade. If you're a complete crypto beginner, the review should help you make a well-informed decision.

How does Hcoin Exchange work?

Hcoin is a decentralized digital currency exchange that serves as a global hub for its users. Hcoin, a cryptocurrency based in Seychelles, was formally released to the public in August 2018 with the goal of providing its customers with safe, fast, and trustworthy trading services. Hcoin exchange provides traders with first-rate services, including cheap fees, safety of funds, and large returns on low-risk investments in cryptocurrencies.

If you want to make money trading cryptocurrencies, you need to join an exchange where your money and identity will be secure while still giving you a good return on your investment. When you join Hcoin, you get access to all of these features and more.

Services for trading in Hcoin

Exchange-traded funds (ETFs) and cryptocurrency can be traded easily on Hcoin Exchange. Only a select few marketplaces now support the trading of cryptocurrency ETFs. To put it simply, crypto ETFs are digital assets that are traded like stocks.

Assuming you know what you're doing, trading on Hcoin Exchange is as simple as placing a buy or sell order. Spot traders can make purchases with either a limit or market order under the 'Trade' tab. You can research the background of the cryptocurrency you want to trade on Hcoin. Token charts and real-time data may be found under the trade area. For those interested in trading Futures, there is a 'contract' tab. Maker and taker fees, as well as access to customer service, are tied to a user's tier on the Hcoin exchange.

transaction costs in h-coin

Fees for trading services are standard across all exchanges. However, these costs will alter based on the market segment you're in and the exchange you're trading on. Whether an exchange is centralized or decentralized, there will always be those who make trades and those who take them, or "makers" and "takers," respectively.

Cypher

Exchanges charge different trading fees to each of these participants. As the market's liquidity suppliers, makers are rewarded with lower fees than takers. They are considered creators so long as they place a limited order for the coin. Takers can only make quick market orders. Taking is doing something that someone else has ordered you to do.

Due to the value they add, makers get paid more. Makers on Hcoin Exchange are subject to a fee of 0.10% on all of their trades. Trading fees for takers on the exchange are 0.20% of all trades. These costs are higher in some instances due to the nature of the exchanges used, as was discussed earlier.

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To cover operating costs, exchanges must charge their customers for the services they provide. Larger amounts and more frequent trades result in lower fees. When making a large purchase, specific exchangers may waive their fees entirely. Hcoin Exchange does not advertise the cost of its app-only withdrawal service.

Charges for Withdrawals and Deposits

You may easily add funds to your Hcoin Exchange account by visiting the 'balance' page. It is possible to transfer funds from your bank account to your exchange account on several platforms. Then, depending on the value of the currency in your home country, you can send the funds via wire transfer using the account number provided by the exchange. 

Hcoin Exchange, on the other hand, prohibits such direct deposits in favor of accepting stablecoins like USDT or any other cryptocurrency as means of making deposits on the exchange. For instance, you can buy USDT through an Over-The-Counter (OTC) transaction, in which you physically meet a crypto dealer and exchange fiat currency for USDT, which he then transfers from his wallet to yours. You should only copy your USDT address and send it to him. Once the seller has sent the requested amount of USDT to your USDT wallet, you will be able to complete the purchase.

While some exchanges may facilitate OTC transactions between users, Hcoin Exchange does not. This puts new customers in danger. The opposing party could take advantage of their trusting nature by taking advantage of their lack of technical knowledge. To avoid having your USDT payments accidentally transferred to the wrong network and so lost, be sure to copy the correct address under the correct network before sending it to any vendor. BEP20, ERC-20, HECO, and OMNI are all supported on Hcoin Exchange.

HCoin API

Hcoin's platform design and installation are made possible by the usage of the REST framework. As it stands, developers can use the market API to make trades, cancel trades, and view data on currency pairs, the supply and demand for Hcoin tokens, market volume, and tickers.

Caps and Flows for Hcoin

There is no limit on either making or receiving cryptocurrency trades on Hcoin Exchange. As was previously noted, the site does not accept fiat deposits, therefore users may only make cryptocurrency deposits. Withdrawals can be made in the cryptocurrency of your choice, though USDT is the most widely used.

There is adequate liquidity on the platform, as it caters to investors and traders who wish to trade derivatives and crypto ETFs by providing them with numerous trading choices. Withdrawal and deposit fees are incurred when using the exchange.

Investing in Hcoins

Hcoin Exchange-listed cryptocurrencies and their corresponding trading pairs can be found in the market section. Bitcoin is one of 53 currencies or tokens that may be traded against the USDT pair, making it the most popular pair on the exchange. Bitcoin pairings will also be available on the market. The Hcoin exchange does not have nearly as many coin and pair listings as other marketplaces. However, the exchange does permit the trading of ETFs (Exchange-Traded Funds). Indirect ownership of digital tokens represented as shares of a company that manages the assets, is possible through ETFs.  You can reduce your risk exposure and protect yourself from the price fluctuations of cryptocurrencies by purchasing shares instead of actual coins.

Hcoin Supported Cryptocurrencies

Liquidity is proportional to trading volume, hence more trades mean the more liquid a platform is. Cryptocurrency exchanges with significant trading volumes get the most attention from investors. Liquidity refers to the ease with which an item can be bought, sold, traded, or transferred due to the high number of interested parties.

Hcoin supports a limited number of trading pairings, including exchange-traded funds. Bitcoin, Ethereum, Ripple, EOS, Bitcoin Cash, XRP, Tron (TRX), Dogecoin (DOGE), Ethereum Classic (ETC), and TAI are among the cryptocurrencies available on the exchange, most of which are paired against USDT. Other than that, Bitcoin has around five trading pairings. Investors and dealers are limited in their choices with Hcoin. However, they might benefit from the ETFs.

Exchange Protocol

An attractive feature of a reliable cryptocurrency trading platform is a user-friendly trading interface. Users, especially newcomers, may find it challenging to use several exchanges due to their design. As was previously noted, there are over 300 centralized and decentralized cryptocurrency exchanges across the globe, with some having gained popularity owing to their user-friendliness. A user-friendly trading interface is a major selling point for any cryptocurrency exchange.

Hcoin Exchange's web interface is clean and straightforward, with a white menu bar and a blue background. The homepage, markets, trade, contracts, and the balance are the five key sections of the exchange. These parts of the exchange are straightforward to find and recognize for first-time users. On the main page, you may buy and sell Hcoin, the exchange's native token, against USDT, a stable cryptocurrency. Bitcoin and Ethereum, the two most popular cryptocurrencies, would also have their prices displayed against USDT. Since USDT is less volatile than other coins, it is the most popular pairing option when transacting in the cryptocurrency market. There are pairs of perpetual contracts on the same row.

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The top spot and contract cryptocurrency gainers over the past 24 hours are shown on the exchange's homepage. Top daily losers are not displayed on the homepage. Coins with exceptional 24-hour performance are highlighted on the trade, along with their current prices and the dollar volume of trades for those coins.

Is It Safe to Use Hcoin?

After you've signed up, you'll be sent straight to the login screen. It's important to note that Chinese is the default language on Hcoin Exchange. Because Google Chrome automatically offers to convert to English if you are not from any Chinese-speaking country, it may be the only browser that non-Chinese users can use to access the site.

Once you switch to English, other options, such as selecting a different currency, become available. You can also switch between English and Russian on Hcoin Exchange. You can only communicate with others in Chinese or English. This is a drawback since it prevents people who do not speak English from participating in the market. They would have to find alternative ways of communicating. The claim that this is a worldwide trade is being called into question.

Hcoin Exchange's signup process does not necessitate a login or compliance with KYC/AML norms. Instead, your signup method dictates whether your phone number or email address serves as your username. This could be because maintaining user anonymity is crucial to the exchange's attempt at decentralization. Create a strong, memorable password that you can quickly recall when you sign up. An uppercase letter must be part of your password. You may also choose to use numerical examples.

A puzzle piece would need to be placed in the correct orientation during signup and login. These are seen on the majority of exchange websites whenever a user is attempting to login or register. Each user on Hcoin Exchange is assigned a UID consisting of 18 digits. Your UID is unique to your account just as every other user's UID is unique to theirs.

Only the Hcoin Exchange mobile app can be used for withdrawals. If you try to cash out on the trading platform, you'll be prompted to get the mobile app. However, you can download the Hcoin Exchange app from the Google Play store. Users attempting withdrawals might be affected because the app is unavailable on Playstore. It was unclear whether or not an iPhone-compatible version of the app existed at the time of this review's publication.

It's safe to presume the same thing about withdrawing fiat to a bank account. It's possible that withdrawals can only be sent to other token addresses. Hcoin Exchange will give you a warning if you try to replicate a deposit address without copying a matching address. You'll be cautioned about copying the erroneous address, just like when making a withdrawal. The time it takes to complete a transaction in Hcoin is also displayed on the exchange, albeit this varies depending on the user's connection speed. Hcoin Exchange has demonstrated its concern for its customers by taking this precautionary measure. Hcoin, however, will not be responsible for any losses incurred by inexperienced users.

You can move coins or tokens between your spot account and your perpetual contract account on Hcoin Exchange. Two-factor authentication may be required for withdrawals from Hcoin Exchange, however this has not been confirmed. An exchange's primary responsibility should be to keep its investors' money safe. The point of an exchange is moot if users' funds are not secure. Intruders will be able to compromise user accounts with relative ease.

Assistance to Clients

There is no way to get in touch with help on the web version in case of an emergency. However, this may be possible through the app itself. The Hcoin Exchange team has a blog where they share news and updates with users. The exchange also has a Twitter page, although the last tweet on it was months ago, so it clearly isn't being updated. Hcoin. There is a Telegram group for the exchange, but there are fewer than a thousand people in it.

Conclusion

Hcoin Exchange provides a venue for trading, although it has less features than other exchanges, such as fewer ways to deposit and withdraw funds directly. Despite this, the exchange does have one major strength: the availability of bitcoin ETFs that allow even cautious investors to reap the benefits of cryptocurrency ownership. This is not meant to be seen as an endorsement, but rather an evaluation of the Hcoin Exchange to help you decide if it would be a good fit for your needs.