Hoo Exchange Review 2023
- What Is Hoo Exchange?
- How Does Hoo Exchange Work?
- Is Hoo Exchange Regulated?
- Pros and Cons
- Registration Process
- How to Buy & Sell Cryptos on Hoo Exchange?
- Accepted Payment Methods
- Supported Currencies and Countries
- How Is Hoo Exchange Different From Others?
- Hoo Exchange API
- Customer Support
The world’s leading blockchain asset servicing platform – Hoo Exchange, with its simple tagline-safe-stable-fast, provides trading and exchanging of tokens and cryptos. And among the crypto – Ethereum, Bitcoin, Bitcoin Cash, Litecoin, Tether, and Ripple, to name a few, are traded on the platform. In addition to spot trading, the company provides users with OTC exchange and simplified trading. Investors can benefit from varied options offered by the platform like deposit/withdrawal method, a free multi-currency wallet, an OTC exchanger, bank transfers, and other cryptocurrency wallets.
Another essential aspect of Hoo is that the users can invest in blockchain and mining projects. It offers services for the maintenance and sale of mining equipment from leading brands around the globe. PoSA, better known as electronic point-of-sale technology on the servers, ensures that all operations are completed in three seconds or less, making the platform reliable and less time-consuming.
Read the Hoo Exchange review below to learn about its unique features and more.
Hoo Exchange Summary
|Supported Fiat Currencies||Dollars, Won, and Yuan|
|Minimum Deposit||100 USDT|
|Transaction Fees||Depends on VIP Level|
|Withdrawal Fees||Depends on VIP Level|
|Customer Support||Email, Social media, Help center & FAQs|
What Is Hoo Exchange?
In simple words, Hoo Exchange is a standard platform for selling, buying, and exchanging cryptos, fiat funds, and coins. The main aim is to create an advanced platform that integrates quality assets to provide international users with safe trading services. To make the platform safe and secure for its users, Hoo claims to use decentralized servers to enhance its reliability. After acquiring OAX exchange and Chance exchange in 2019, it upgraded the platform and expanded its resources with products, such as Hoo Exchange, Hoo financing, HD Wallet, and HD custody.
Hoo Power is a program designed to digitalize the assets rights of the users, like Buy Back, Gain Right, and Refund Right. By using Hoo Power, the users will not just be able to digitalize the rights of their cryptocurrency assets. Still, they can convert them into tradable tokens that can be circulated and transferred in the secondary market. Users can avail their digitalized Hoo token and use it for their benefit for a certain period.
Hoo Exchange Platform Interface
How Does Hoo Exchange Work?
As per our review, Hoo Exchange claims to make its platform user-friendly. There is no set amount of currency to deposit to start trading for the first time, and the choice is left to the user to decide how much money to invest for trading. For any doubts or queries, the technical team is available throughout the time to help resolve any issues. However, people who have issues with transactions can raise their concerns only through the ‘ticket system,’ where they have to click on the ‘submit a request’ option found in the footer part of the website.
The Exchange offers various programs for interested people to invest in their site. For instance, in Hoo Smart Chain Service, investors can claim a stake in various blockchain projects offered by the platform as an investment program. The platform signs contracts with blockchain projects in development mode that requires loaned-out funds for development. Here, a user can deposit cryptocurrency, where the funds to develop a blockchain project are met.
This way, the user gains interest from the partners through the deposit that they have made. To be a part of any programs offered by the Hoo Exchange, the user must browse through the appropriate section of the site. It is because programs on Hoo Exchange vary in interest rate, deposits, and assets. It is imperative to note that withdrawal of deposits for some of the investments is not possible for a specific time.
Hoo Exchange Features
Hoo Exchange provides various features for its investors to explore the services and decide where to invest. All the services have detailed explanations of how each service works, which helps the users decide what works best for them. Here are some of the important features of Hoo Exchange:-
On The Counter (OTC Platform)
Hoo Exchange, with its OTC platform, helps investors buy and sell cryptocurrencies without any hassles. Hence, whenever the user feels like transacting his assets, he can do so at the fixed price, which is generally not the case otherwise, as the prices fluctuate whenever there is a big sale or purchase order.
Hoo Custody is committed to delivering professional asset security management to blockchain businesses and is establishing the industry’s best custody services. There are two key concepts in Hoo custody, namely:-
It caters to all-around wallet service solutions in various ways such as – game providers, helping cryptocurrency exchanges, transfer, OTC platforms, game operators and best crypto wallet service providers, and many such functionalities.
This concept helps in the functioning of businesses such as hedge funds or investment firms by making accounts related to the trade transparent and providing the right communication to run the business efficiently.
The user can avail profit through HooPool by becoming a liquidity provider. The process of HooPool is pretty simple. All that the user has to do is provide liquidity through HooPool by using liquidity mining, and by doing this, he can earn a good amount of liquidity rewards.
In order to swap the tokens instantly, HooSwap is the option that the user has to choose. This trading desk is an Automated Market Maker (AMM) exclusively designed on the centralized platform of Hoo Exchange.
HooEarn offers various saving plans where users can invest to earn passive income. The categories of the saving plans are listed below:-
This plan allows the investor to deposit two tokens of his choice in this cryptocurrency exchange platform.
As the name suggests, after depositing a certain amount of the Hoo token, the user should wait for a certain period of time before withdrawing the amount. If the withdrawal is made before the said period, the user will not avail any interest, as it can only be made at the end of the lock-in period.
Hoo mining is a professional mining service that caters to miners with all the required assistance related to mining and mining projects. The platform helps buy, sell, repair, and maintain mining machines, whether it is brand new or second-hand.
Hoo Labs gives crypto traders an option to invest in cryptocurrency startups. A user can invest in multiple startups in their early stages in order to get a head start on a project.
Hoo Exchange Features
Is Hoo Exchange Regulated?
Ruixi Wang founded Hoo wallet in 2017. Chance and OAX were acquired and combined with Hoo Wallet, resulting in a complete digital asset service platform. There are concerns about Hoo’s license and other pertinent information.
However, many western nations have recognized it, and many traders are already part of the system.
Hoo Exchange Reviews: Pros and Cons
|Investors can explore and invest in popular tokens and cryptos.||No direct communication.|
|The coins are constantly replenished, and token holders are eligible for a discount on the listing fee.||Hoo token and USDT cannot be converted with a minimum balance.|
|Dollars, Won, and Yuan are the 3 fiat currencies available.||No data on registration and license.|
|The terminal is convenient and user-friendly.||No proper information regarding the founder and the Hoo developers.|
|Appreciative mobile application with an intuitive interface.||Incomplete product information.|
|High-speed terminal with modern safety standards.|
|Free multi-currency wallet.|
|Opportunity to invest in Blockchain projects.|
|Buying, selling, and repair of new and second-handed mining machines.|
Registration Process of Hoo Exchange
Registration can be done through both the mobile phone app and email. The process of registration is simple, free, and easy. Good internet connectivity is a must. Ensure to read the User Agreement and Private Policy in detail to better understand the crypto exchange site.
Hoo Exchange Registration Process
How to Buy and Sell Cryptocurrencies on Hoo Exchange?
For a new user interested in trading at the Hoo Exchange, having Bitcoins (BTC) or Ethereum (ETH) is mandatory, as this helps in purchasing Hoo tokens. The user can make the purchase of the crypto through their trading account either by using a credit card or bank transfer.
Hoo Exchange Fees
Hoo Exchange’s fees are categorized into two parts – The Hoo Exchange Trading fees and withdrawal fees:-
- The fee charged is 0.20%, which is also referred to the as a flat fee. Whether the user is investing or withdrawing the amount, the chargers remain the same for both processes.
- Most importantly, the trading fee rate on the Hoo Exchange is mainly dependent on the VIP levels. New users who fall in VIP 0 level are charged around 0.2%. The VIP points are calculated and updated by the Hoo official every day. Click here to get more details about its fee structure.
Accepted Payment Methods
Investors trying their hands can deposit both crypto and fiat money through the process known as a wire transfer.
Supported Currencies and Countries
According to our review, Hoo Exchange supports fiat currencies, such as the South Korean Won, US Dollars, and Chinese Yuan. However, they accept several of them, like Bitcoin, Ethereum, and other altcoins when it comes to cryptocurrencies.
Hoo Exchange Supported Cryptos
How Is Hoo Exchange Different From Others?
Based out of Hong Kong, Hoo Exchange gained worldwide popularity within a few months from its launch. The exciting and new investment programs offered by the company have made this a popular platform for both young and old alike. Having said this, let us explore what makes this platform different from other exchanges:-
- The terminal acts within 3 seconds.
- Trading is hassle-free and an opportunity to earn passive income.
- Availability of fiat funds.
- Offers to stake as an investment option.
- Opportunity to invest in Blockchain projects.
- Low cap gems are available on the site, provided by Innovation Hub.
- Offers perpetual futures to the investors.
- Supports cross-chain asset transfer.
- Deals with mining services.
- Minimal network fee charged for trading.
What Makes Hoo Exchange Different?
Hoo Exchange API
Third-party applications and websites can trade in real-time and also read Hoo account information after creating the API key. Some of the key points to know about API are:-
- Users are allowed to create just one API.
- The leaking API key is prohibited in case of any asset loss.
- Binding trading pair and IP is mandatory while creating API for security reasons.
- A maximum of 5 IPs and 20 trading pairs can be bound.
- If the user wants a single trading pair or IP, it should be written down directly.
- If the user wants multiple trading platform pairs or IPs, they should be separated using commas. For instance:- EOS-USDT, BTC-USDT, and ETH-USDT.
- Some of the existing trading pairs include- USDT Pairs (BTC/BCH/ETH/XRP/LTC/EOS/ETC).
Hoo Exchange Spot Trade Interface
Security of Hoo Exchange
The security of Hoo Exchange has been speculated since the inception of the company. Firstly, the documentation policy requires it to be updated by the development team. Like many exchanges, it has an active presence on social media platforms and is mandatory for people to reach out for queries. However, the main concern is customer service and prompt response.
In addition, few security tips are needed to be taken seriously with the crypto trading platform:-
- Google 2FA code, SMS code, and password should never be disclosed, not even to the Hoo Team.
- Refrain from revealing details to any person claiming to be Hoo representative.
- Never make any kind of transfer to any person who introduces himself as a Hoo officer.
- Bind phone number and email verification.
- Enable Google 2FA and Phone Verification.
- Visit the right website.
- Beware of scammers.
Hoo Exchange Customer Support
To conclude this Hoo Exchange review, we can say that, contrary to the huge options available on the Hoo Exchange for users to navigate and invest in, the platform has a major flipside in its profile, reaching out to its investors. There is no technical support or call center for the investors to contact the support system when they face issues related to the investments.
However, they can reach out to the support system only through websites and bots in Telegram. Though email is available, it is only limited to partnership issues. As per many exchanges, they even have social media accounts, where users can leave their reviews, comments, and complaints.
Hoo Exchange Customer Support
Hoo Exchange Reviews: Conclusion
Hoo Exchange is one of those crypto exchange platforms that helps people earn passive income by offering some of the best crypto tokens. The platform is not just limited to the trade and exchange of cryptos but is popular among lending platforms as it strives to create a niche in the world of blockchain and crypto trading. They have many options like staking, mining, and a two-level referral program that those looking at earning a passive income should be given attention.
Since it is a small crypto space, many low-cap gems can be explored with ease, thus helping widen the knowledge on fiat currency, crypto coins, and thus referred to as one of the top crypto exchanges in the world, and this is reflected in their market value.
Apart from certain glitches on the website, scammer issues, and scam coins that one has to be careful about, the overall design, the content on the platform, and the structure of their trading are pretty impressive.
Is Hoo Exchange Legit?
Hoo Exchange has been in the crypto business since 2017 and boasts of increasing its ratings since then. Though the license is under speculation, this assets management company is formally legitimate in its operations.
What Is Hoo Coin?
The word Hoo coin refers to the native token of the Hoo Exchange ecosystem. It allows for the financing of popular digital currencies, such as BTC, ETH, EOS, and USDT, as well as alternative tokens, using both current and traditional financial management methods.
How Do You Buy Hoo?
Hoo tokens can be purchased with BTC, ETCH, EOS, USDT, LTC, XRP, and BSV.