Review on BlueHelix Exchange (BHEX) by Benaiah A. Akinlade
HBTC: BEATING ALL THE PERCEIVED NORMS TO MAKE CRYPTO EXCHANGES EASY AND AFFORDABLE TO USE
The cryptocurrency exchange space is quite becoming more competitive in recent times. There are new ways by which these crypto exchanges both old and new are enticing investors to patronize them over other platforms that provide the same or similar services. They consistently roll out new or modified features to ensure that customers stick with their platform and also to make new customers join.
HBTC (formerly BHEX) exchange is a cryptocurrency trading platform from Malta that was launched by Huobi Blockchain Team. The exchange is a standard ERC-20 platform which is equally fully supported by Bitcoin in value equivalence and at the same time it has the flexibility of Ethereum. The platform is supported with the investment backing of some of the world’s leading cryptocurrency exchanges such as Huobi and OKEx including 56 other first-class institutions. Services provided by HBTC include; Spot trading, Contract trading, Margin, Bitmore, Labs, and many more trading options. The exchange platform is available for use on virtually all accessible device platforms such as Desktop, Windows OS, Mac OS, iOS, and Android OS devices.
When it comes to fees, the fees charged on the platform is worth mentioning as the exchange charges a very minimal fee of 0.10% for each trade of buying and selling. I say minimal because the global average trading fee is around 0.25% in the crypto industry. Investors most often refuse to pay attention to the withdrawal fees charged by the exchange they trade with before they start using the platform, this laxity comes as a rude shock when they decide to make withdrawals only for them to discover the exorbitant fees charged for making withdrawals. That said, the withdrawal fees charged on HBTC is quite impressively cheap (0.0006 BTC) when compared to the global industry average (0.000812 BTC). Depositing on HBTC can be done through sending your crypto assets from another crypto exchange or wallet to your HBTC exchange wallet. You can also achieve this by purchasing the crypto equivalent of your fiat currency with your bank cards (Visa or MasterCard) via the BANXA payment channel which you can use to purchase 5 crypto tokens (BTC, USDT, LINK, ETH, and LTC) with 14 different fiat currencies (USD, NGN, NOK, SEK, DKK, PLN, CAD, CZK, RUB, TRY, HKD, AUD, EUR, and GBP). Please note that HBTC doesn’t provide direct deposits of fiat currencies.
I’m quite fascinated that HBTC is available for Nigerian investors and at the same time surprised that it is currently not available for investors in the United States of America. I’m also of the opinion that there should be more payment channels on this exchange so that users can have multiple options when there is congestion on one payment channel.
Updated 4 years ago
Rating has not been changed
There has been a lot of confusion about what really this company should be called. My previous review about this company on February 05, 2021 revealed that its name was changed from Bluehelix Exchange (BHEX) to HBTC but now, my research has shown that the exchange has reverted to be known as BHEX.
The exchange was founded by Ju Jianhua (James Ju), the Vice President of Technology at X Financial and former Chief Technical Officer (CTO) of Huobi in 2018. The exchange is an I.T (Information Technology) driven cryptocurrency trading platform with encouraging investment backbone from some well-known crypto exchanges such as Huobi and OKEx among others.
Some of the services the exchange provides includes spot, contract, OTC, options & staking products & services, and contract trading. BHEX also provides services such as BHEX white label brokers which enables customers and partners alike to start the exchange business for free and BHEX Chain, which is a decentralized cross-chain technology that aids the transparency of exchange assets and expand the capacity of third-party public chains.
The exchange has been able to maintain the positive features and services I discovered in February, 2021 in my last review and also, it has made an impressive stride in capturing the attention of investors to patronize and make trades and transactions on the exchange website. This is evident from a recent survey done that ranked the BHEX website at number 384,230 globally. This ranking is based on its monthly visitors of 87,822.
One thing I quite don’t understand is why there has been a back and forth about the name brand of this exchange. The exchange should stick to a name brand that will enable prospective users and traders identify and patronize BHEX. I hope they finally stick with BHEX this time.
There is still now space for U.S based investors to trade on this exchange.
Updated 3 years ago
Rating has not been changed
Since my last update, there has been a relatively stable activity from the development team. For one, the name still stays the same at least for now and hopefully it will remain so, which will be good for the brand. I am Impressed that the trading pairs have significantly increased to a highly significant number.
There is also availability for multiple trading modes such as Fiat, Spot, Contract, Options trading.
The exchange has really made positive improvements and I hope to see more.
Pros
- The new adoption of the REV token on HBTC is a welcome development and a step in the right direction
- HBTC is backed by well respected platforms like OKEx and Huobi
- The platform affords you quite an impressive feature that enables you to purchase a contract called Option Contract which gives you the right to decide whether you want to buy or sell an asset at a certain price.
- The platform is accessible on multiple device platforms
- HBTC exchange platform trading view is user friendly and also easy to navigate.
- The platform charges fees that are impressively lower than the global industry average
- You can convert up to 14 fiat currencies equivalent crypto tokens
Cons
- You cannot directly deposit fiat currencies on HBTC platform
- Investors from USA cannot use the HBTC exchange platform
- There are other cryptocurrency exchanges that provides better, similar, or same services
- There is only one payment channel available on HBTC (BANXA)
