Hoo Exchange Review

0 19

Written by

Heath

https://decentralised.news/

2 years ago

What is Hoo Exchange?

What began as a simple digital asset wallet back in 2017, has now grown into the comprehensive crypto asset service provider that Hoo is today. Hoo.com or Hoo.co is owned and operated by Hoo Pay Limited. The expansion started with the acquisition of Chaince and OAX – start-up exchanges in China which enabled Hoo to become a blockchain assets service platform offering crypto exchanges services, wallets, custody and mining. Ruixi Wang is Hoo’s founder and CEO and is a well-known Chinese crypto investor and entrepreneur. An early adopter and enthusiast, he is said to have entered the space in 2013 and launched a blockchain explorer called BtcMini to help spur crypto adoption.

Hoo’s services are made available to users on desktop, iOS and Android devices.

Getting started on Hoo is simple and straightforward. Users need to sign up with an email address or mobile number in order to create an account. After signing up a user can set up security features such as 2FA and KYC to get started with trading on the platform. The apps seem to have decent to average reviews.

The platform has a simple interface that allows users to explore spot and futures markets. Users can easily buy, manage and sell their cryptocurrencies on the exchange. Hoo claims to have over 50 million users and good liquidity. The exchange currently does over 800 million USD in daily trading volumes.

Source: https://www.hoo.com/futures/trade/BTC-USDT

The exchange supports users from over 100 countries worldwide and it supports a wide range of digital currencies, over 200 of them, including Bitcoin, Bitcoin Cash, Ethereum, Polkadot, Fantom, Solana, Harmony, ZRX and many others.

Benefits of Using Hoo Exchange

Users can purchase crypto using other digital currencies or fiat via debit or credit card.
Hoo offers an on-chain wallet service called HD which allows users to control their private key and manage multi chain wallets with one set of mnemonics. The HD wallet supports cryptos such as BTC, ETH, HOO, etc.
The exchange token Hoo makes it possible for token holders to get discounted trading fees and access other incentives offered by the exchange.
According to Hoo, 98% of crypto assets available on the platform are stored securely offline and the rest are protected by industry-leading online security. There haven’t been reports of hacks on Hoo yet.
Hoo provides a custody service that includes commercial wallet services and large asset trusting services. Hoo custody offers reliable wallet service solutions to help exchanges, OTC desks, wallet service providers, game operators and other entities to deposit, transfer, query and redeem products.
Back in 2019, Hoo launched an initiative called ‘Hoo Power’ which is essentially a program that digitalizes the assets rights of Hoo users e.g. Gain Right, Refund Right and Buy Back Right, etc. The intention was to bring about the digitalization of the rights of users’ cryptocurrency assets and turn them into tradable tokens that can be circulated and transferred on the secondary market. Users who hold digitalized right tokens (ticker name starting with a T) are able to exercise their rights within a specified time period with ‘1 token + 1 digitalized right token’.

Source: https://www.hoo.com/hooswap/exchange

The platform offers a quick swap feature which allows users to swap their tokens for free.
Hoo offers financing for BTC, ETH, USDT and other tokens.
The exchange has a collateral loaning service. Borrowers can get loans by staking tokens such as BTC, ETH, USDT, BCH, LTC, etc. and earn daily interest.

Hoo has its own ecosystem that includes the Hoo Smart Chain which caters to projects developing in the metaverse. It already supports projects such as DAOStarter, SwapAll, FansForce, Bala and others.

Hoo offers over-the-counter (OTC) services to high volume traders and institutions who wish to bulk purchase or sell crypto assets while avoiding slippage fees.

Source: https://www.hoo.com/otc/trade/usdt

Hoo has average customer service reviews.

Source: https://www.trustpilot.com/review/hoo.com

The referral program is good for users who want to earn passive income from recommending the platform to other prospective users.
Hoo platform offers a competitive fee structure.

Hoo also offers APIs for better trading experiences.

Disadvantages of Using Hoo Exchange

Although the exchange has decent daily trading volumes, it is still small compared to other industry giants such as KuCoin, OKX, Binance, Coinbase, Deribit, Bittrex, Huobi, etc.
The exchange doesn’t have some advanced products and services offered by competitors such as FTX which has products like tokenized stocks or BitMEX which offers more superior futures trading products.
The exchange is not available in all jurisdictions so fiat onramps are also limited compared to other exchanges.