Every crypto trader needs a wallet to keep their digital coins safe. As one of the most popular crypto wallets out there, how good is Huobi Wallet? Should you try and check it out?

Before you can start buying and selling cryptocurrency, you need to own a crypto wallet. The purpose is basically the same as regular wallets that you can put in your pocket, but it works a bit differently. Instead of holding the actual cash like regular wallets, crypto wallets technically don't store the cryptocurrency. The digital coins are actually stored on the blockchain and can only be accessed using a private key. Crypto wallets keep these private keys, so you can easily send and receive cryptocurrencies any time you want.

Huobi crypto wallet

The private keys prove your ownership of your digital coins and allow you to make transactions with the money. If you lose your private keys, you simply can't access your money anymore. This is why it's highly important for crypto traders to choose a safe wallet

The first thing to consider is the type of wallet you want. Crypto wallets come in various shapes and sizes. Although they share the same purpose, each has its own pros and cons in terms of the level of security, convenience, and cost. Generally, here are the choices of wallets that you can use:

  • Cold Wallets or Hardware Wallets: This type is known for its high level of security because the wallets are offline. If someone wants to steal your keys, they'll need to physically obtain the wallet and pin codes to gain access. Many giant wallet providers now offer cold wallets in their service. However, the problem might arise if you somehow lose or break your physical wallet. Also, it takes time to connect the wallet to the internet and they're usually not free of charge.
  • Hot Wallets or Software Wallets: Hot wallets are always online, so it gets a point for convenience. You can access your wallet from various devices such as desktops and mobile phones. This type is very popular among traders because they allow quick access and transactions. Generally, hot wallets are pretty safe, but they are considered more vulnerable to cyber-attacks compared to cold wallets. Therefore, it's not recommended to store a huge amount of fortune in it.
  • Combining the Two: An alternative option is to choose both. It's not uncommon to find traders who store their coins in both hot and cold wallets because it offers higher flexibility and convenience. For instance, you can use your cold wallet to store most of your coins and use your hot wallet when you need to make a quick transaction.

Another crucial matter is regarding the wallet provider. Storing your coins in an unsafe wallet is certainly risky. Without a sound security measure, you might lose your coins to hackers or won't be able to retrieve your money if you lose the private key. Huobi is a well-known crypto exchange that offers many interesting features and services, including Huobi Wallet. Let's take a closer look into it.

 

Introduction to Huobi Wallet

Huobi Global is a crypto exchange that has been around since 2013 and started off as a company based in China. However, it has moved out of the country and is now based in Seychelles. Today, you can find Huobi's services in various countries including Hong Kong, the United States, South Korea, and Japan.

Huobi is available for both web and mobile users. If you choose the former, you will be storing your digital tokens in your Huobi trading account. This means you won't have access to your private keys because Huobi will take the wheel and safeguard your wallet and funds on your behalf. This ion is particularly suitable for those who wish to get instant access to their digital money.

The other option is to install the native Huobi Wallet app on your iOS or Android mobile phone. Huobi Wallet is a professional multi-chain wallet that offers a simple, convenient, and secure means to keep your private keys. The term "simple" here refers to the system used by the wallet that does not require users to download the entire blockchain to validate transactions. Instead, Huobi Wallet only uses block headers, which makes it lighter than other wallets.

Huobi Wallet Mobile App

Unlike the web option, the Huobi Wallet app is non-custodial, which means you and only you will have access to your private keys. You will get full control over your digital coins and you can manage them at any time you want. Apart from that, Huobi Wallet supports multiple chains like the Huobi Eco Chain (HECO), Polygon, the Ethereum network, the OKex Chain (OEC), and the Binance Smart Chain (BSC). The best thing about this is that you can store different tokens from different chains in a single wallet.

Moreover, Huobi Wallet supports a wide range of crypto tokens, including the famous Bitcoin, Bitcoin Cash, XRP, EOS, Dogecoin, and more. The user interface looks very professional and offers a bunch of interesting features. Once you open the app, you can quickly browse assets and make quick transfer payments from the home screen. This shows that the wallet offers high flexibility and speed compared to hardware wallets that would require you to connect your computer to the device every time you want to access your assets.

 

A Huobi Wallet Walkthrough

Once you created your Huobi Wallet, you'll be required to back up your mnemonic keys. If you encounter an unfortunate event of losing your wallet or breaking your phone, you can restore your Huobi Wallet by using the mnemonic keys. That being said, mnemonic keys are very important because it is the only way to gain access to your funds. Remember that anyone with the mnemonic keys can freely access your wallet, so make sure to keep the information very safe.

After setting up your mnemonic keys, you can now explore the app and look around. If you open the app, this would be the interface of your home page.

Home icon

It might be confusing at first as there's quite a lot of information and icons on the screen, but this can actually be an advantage once you get the hang of it because then you can do many things very quickly.

The icons that you see on the top of the page show the various chains available to use with the wallets. If you click one of those icons, you'll immediately access different dApps such as DEX, Lending Tools, Games, and others.

Now, let's take a look at the icons at the bottom of the page.

  • Home – This icon will direct you to the homepage, so it basically shows the current page that you are in.
  • Wallet – This icon will open up the Wallet menu where you can add new wallets for different chains. By simply tapping the icon on the top left, you can choose a chain from the list of chains that Huobi Wallet currently supports. Once you switch the chain to the one you want, click on the icon on the top right corner to create a new wallet.
  • Market – This icon will display the list of markets that you can enter. You can sort the options through the filter tab on the top panel. For instance, the Favourites tab would show you the tokens that you're currently monitoring. You can also access the DeFi tokens by clicking the "DeFi" tab and looking at token rankings based on market cap and price movement in the last 24 hours by tapping the "Market Cap" tab. Also, if you click on one of the tokens, you'll be able to see the latest prices, token details, and more.
  • Browser – This feature basically works like a regular browser, only it allows you to interact with various dApps. Here, you can do various things such as yield farming, lending and borrowing digital tokens, and even playing games.
  • Settings – You can find all of the details and settings on this page, including the security of your wallet and password settings.

 

Conclusion: Is Huobi Wallet Good For You?

Choosing a crypto wallet is a necessary step for any crypto trader. In the process, there are several aspects that should be considered such as the wallet's safety, features, pricing, customer support, and the range of cryptocurrencies it supports. Most importantly, you need to make sure that the wallet is capable of fulfilling your needs and keeping your funds safe.

Huobi Wallet is a great option that can be used by both professionals and beginners. It has many features that can be appealing to various types of traders, but it is particularly suitable for those who like to use different DeFi applications across multiple chains. Let's say you're farming on three different chains, typically you would need to log in to three different dApps to manage all of them. To simplify this, Huobi Wallet offers a "one-click" feature that allows users to access multiple chains with only a single click. This feature alone can certainly save your time and effort when it comes to managing your cryptocurrency in Huobi Global.