“Previous membership systems only offered perks in the form of discounted transaction fees, which made it challenging for many retail investors to enjoy, due to high qualification criteria.”
Huobi Global has launched a Prime membership program, open to both retail traders and professional investors.
The program offers access to reduced trading transaction costs in exchange for conditions that boost trading volumes, often meaning more risk for users.
Prime members will qualify for discounted transaction fees that could go as low as 0.0126% for spot trading, and enjoy rebates of up to 0.01% of the total transaction amount for derivatives trading.
The program consists of twelve levels – from Prime0 to Prime11. Users will qualify as Prime members should they meet any of the following criteria:
1) 30-day trading volume from spot trading on Huobi Global reaches 10,000 USDT
2) 30-day trading volume from derivatives trading on Huobi Global reaches 100,000 USDT
3) Have at least 2,000 USDT worth of assets on Huobi Global
Huobi was founded in 2013 and caters to tens of millions of users across five continents, offering access to spot and derivatives trading of cryptocurrencies.
The firm added that members of the Prime1 level onward will enjoy extra benefits besides discounts, and Prime6 users and above will get customized services. Prime9 to Prime11 will have access to increased daily withdrawal limits, digital asset management services, investment consultants, asset reports and industry research.
Ticket allocation chances, rewards, discounts for HT holders
Prime members will also enjoy increased ticket allocation chances and double rewards when participating in CandyDrop, PrimeList or other campaigns.
Other perks include existing Huobi Token (HT) holders seeing the value of HT assets calculated in USDT with the addition of a 1.5 x multiplier, so HT holders can more easily qualify for higher membership tiers.
HT token holders will also enjoy an additional 12% discount off the fee rate offered for their Prime level if they pay for their transaction fees using HT.
Du Jun, Co-Founder of Huobi Global, said: “Previous membership systems only offered perks in the form of discounted transaction fees, which made it challenging for many retail investors to enjoy, due to high qualification criteria. Our newly launched Prime membership system aims to alleviate such issues while empowering users with enhanced benefits. We believe such a move will promote greater long-term development in the cryptocurrency space.”
Huobi operating unregulated business in Malaysia
Malaysia’s financial regulator has backlisted another group of cryptocurrency websites, including Huobi, as it cited the brand as being not authorized to operate in the country.
Huobi, a former ‘big three’ platform in China, is the sixth-largest crypto exchange in the world by trading volume, competing with the likes of Coinbase, Binance and Kraken.
The watchdog advises its citizens not to make use of such services nor to make any investment with companies or individuals that are not approved or licensed by the SC.
Anyone who engages in regulated activities without a valid license or registration from the SC is committing an offence under the Capital Markets and Services Act 2007. If convicted, they may be punished with imprisonment of up to ten years and fined.