Hoo

Hoo Overview

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.

Pros & Cons

Is Hoo Safe？

The security measures implemented by Hoo Exchange have been a subject of speculation since its inception. While the documentation policy mandates regular updates by the development team, there have been concerns regarding the effectiveness of these measures. Additionally, Hoo Exchange maintains an active presence on various social media platforms, which is compulsory for users seeking assistance or clarification.

Cryptocurrencies Available

Hoo crypto exchange boasts an extensive offering of over 180 markets, providing support for a wide range of popular crypto assets. This includes well-known cryptocurrencies such as Bitcoin and Ethereum, which are considered the pillars of the digital currency industry. Additionally, Hoo Exchange offers a diverse selection of altcoins, presenting users with a multitude of options beyond the mainstream cryptocurrencies.

Hoo Exchange APP

The Hoo Exchange app is a user-friendly and feature-rich mobile application that allows users to trade cryptocurrencies, forex, stocks, indices, and commodities on the go. The app is available for both iOS and Android devices and is packed with features that make it easy to trade and manage your portfolio.

How to open an account？

To open an account on Hoo Exchange, you will need to follow these steps:

1. Go to the Hoo Exchange website and click on the “Sign Up” button.

2. Enter your email address and create a password.

3. Verify your email address by clicking on the link that Hoo Exchange sends you.

4. Complete your KYC (Know Your Customer) verification by providing your personal information and a copy of your ID.

5. Once your KYC verification is approved, you will be able to deposit funds into your account and start trading.

How to Buy Cryptos？

There are two ways to buy cryptocurrencies on Hoo: through the website or through the mobile app.

To buy cryptocurrencies through the website:

1. Go to the Hoo website and sign in to your account.

2. Click on the “Deposit” button and select the cryptocurrency that you want to deposit.

3. Follow the instructions to deposit your funds.

4. Once your funds have been deposited, click on the “Exchange” button.

5. Select the cryptocurrency that you want to buy and enter the amount that you want to buy.

6. Click on the “Buy” button to complete the transaction.

To buy cryptocurrencies through the mobile app:

1. Download and install the Hoo mobile app from the Google Play Store or the Apple App Store.

2. Create an account or sign in to your existing Hoo account.

3. Tap on the “Deposit” button and select the cryptocurrency that you want to deposit.

4. Follow the instructions to deposit your funds.

5. Once your funds have been deposited, tap on the “Trade” button.

6. Select the cryptocurrency that you want to buy and enter the amount that you want to buy.

7. Tap on the “Buy” button to complete the transaction.

Fees

Hoo Exchange implements a fee structure that consists of trading fees and withdrawal fees. Here is a breakdown of the fees charged by Hoo Exchange:

Trading Fees:

Hoo Exchange applies flat trading fees for both makers and takers, charging them 0.20% of the transaction value. This means that whether you are buying or selling cryptocurrency on the platform, the fee remains the same.

However, it's important to note that the trading fee rate is also dependent on the user's VIP level. New users are typically assigned to the VIP 0 level and are charged around 0.20%. As users accumulate more points and reach higher VIP levels, their trading fees can decrease.

Withdrawal Fees:

Hoo Exchange does not charge any specific withdrawal fees. However, when withdrawing funds from the exchange, users may incur network fees. These network fees are associated with the cryptocurrency's underlying blockchain network and are paid to miners for processing the transaction. The exact amount of network fees varies depending on network congestion and can be lower than traditional withdrawal fees charged by exchanges.

Funding Methods

Hoo Exchange offers a range of payment methods to facilitate the deposit and withdrawal of funds. Here are the main payment methods available on Hoo:

Cryptocurrency Deposits and Withdrawals:

Hoo Exchange supports a wide variety of cryptocurrencies for both deposits and withdrawals. Users can transfer their desired cryptocurrencies from external wallets or exchanges into their Hoo Exchange account. Similarly, users can withdraw their cryptocurrencies from Hoo to an external wallet or exchange.

Wire Transfer (Fiat Deposit):

Hoo Exchange allows users to deposit fiat currencies through wire transfer. Users can initiate a wire transfer from their bank account to the designated bank account provided by Hoo Exchange. This enables users to deposit fiat currencies such as South Korean Won, US Dollar, and Chinese Yuan.

Compare to Other Cryptocurrency Exchanges

FXopen

A virtual currency exchange company that was founded in 2005 in Australia. It is registered under the FCA, ensuring regulatory oversight and compliance.

StormGain

Best for experienced traders and those seeking a wide range of cryptocurrencies and advanced trading options.

BitGo

Its opioneering multi-signature wallet led to the development of Threshold Signature (TSS) technology, enhancing security for other fintech enterprises through multi-party computational protocols (MPC). The platform supports 600+ coins via multi-signature and TSS protocols, offering reliable and secure financial services.