Global blockchain supervision and query platform

English
Download

Hoo-1234308468612

Hoo-1234308468612 WikiBit 2023-07-25 12:22

Hoo is a virtual currency exchange platform that was founded in 2020. The company is registered in Seychelles and operates under the regulatory authority of the Seychelles Financial Services Authority

Aspect Information
Founded 2017
Regulation FinCEN (Exceeded)
Supported Cryptocurrencies 180+
Fees 0.2%
Funding Methods Cryptocurrency, wire Transfer
Customer Service Email: support@hoo.com

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

√ Pros × Cons
  • Over 180 crypto markets
  • FinCEN is exceeded
  • Well-developed crypto staking services
  • Limited operating experience
  • US to be blacklisted

Pros Revealed

• Over 180 crypto markets: Hoo supports a wide range of cryptocurrency markets, providing users with access to a diverse selection of digital assets. This allows investors to have more options and opportunities to diversify their portfolios.

• Well-developed crypto staking services: Hoo offers crypto staking services, allowing users to earn passive income by staking their cryptocurrencies. Staking can be an attractive option for long-term holders, as it provides a way to earn additional tokens or rewards while participating in the networks consensus mechanism.

Con Revealed

FinCEN is exceeded: Hoo has faced concerns related to regulatory compliance, particularly in relation to the Financial Crimes Enforcement Network (FinCEN). This may indicate potential issues with the platforms adherence to anti-money laundering (AML) and Know Your Customer (KYC) regulations.

Limited operating experience: Compared to more established crypto exchanges, Hoo may have a shorter operating history. This could raise concerns about the platforms stability, security, and ability to handle high trading volumes.

US to be blacklisted: There have been reports suggesting that Hoo could potentially face restrictions or be blacklisted in the United States. This could limit access to the platform for US-based investors and potentially impact the liquidity and availability of certain cryptocurrencies on the exchange.

Regulatory Compliance

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000154672242). Therefore, Hoo currently has no valid regulation, which means that there is no government or financial authority oversighting their operations. It makes investing with them risky.

If you are considering investing with Hoo, it is important to do your research thoroughly and weigh the potential risks against the potential rewards before making a decision. In general, it is recommended to invest with well-regulated exchanges to ensure your funds are protected.

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.

However, the primary concern lies in the realm of customer service and the timeliness of responses. The adequacy of support and the ability to promptly address user queries are crucial aspects for building trust and confidence in the platform's security.

It is important to note that without access to real-time and specific information about Hoo Exchange's security practices, it is not possible to provide a comprehensive assessment. It is advisable for individuals to conduct their own research and review any available documentation to make informed decisions about using the exchange.

Trading Markets

Hoo is a global cryptocurrency exchange that offers a variety of trading products, including:

Cryptocurrency Futures

Hoo offers futures contracts on a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. Futures contracts are agreements to buy or sell an asset at a predetermined price on a future date. Hoo offers leverage on its futures contracts, which allows traders to amplify their gains and losses.

Cryptocurrency Exchange

Hoo also offers a cryptocurrency exchange, where users can buy and sell cryptocurrencies at the current market price. The exchange supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.

Cryptocurrency Margin Trading

Hoo offers margin trading on a variety of cryptocurrencies. Margin trading allows traders to borrow money from the exchange to increase their trading positions. This can amplify gains, but it also increases the risk of losses.

Other Tradable Products

In addition to cryptocurrencies, Hoo also offers trading products on other assets, such as gold, silver, and oil. These products are also traded as futures contracts, and Hoo offers leverage on these contracts as well.

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.

By supporting a comprehensive list of digital assets, Hoo Exchange aims to cater to the diverse needs and preferences of cryptocurrency traders and investors. This broad market coverage allows users to explore different investment opportunities and diversify their portfolios.

Other Services

Hoo also offers a variety of other services and products, including:

Cryptocurrency Wallets

Hoo offers cryptocurrency wallets for storing Bitcoin, Ethereum, Litecoin, and Ripple. Hoo's wallets are secure and easy to use. Users can access their wallets from any device with an internet connection.

Cryptocurrency Savings Accounts

Hoo offers cryptocurrency savings accounts, which allow users to earn interest on their cryptocurrency holdings. Hoo offers savings accounts for Bitcoin, Ethereum, Litecoin, and Ripple.

Cryptocurrency OTC Trading

Hoo offers over-the-counter (OTC) trading for cryptocurrencies. OTC trading is a private transaction between two parties, without the need for a public exchange. Hoo's OTC trading service is designed for large-volume traders who need to buy or sell cryptocurrencies in a discreet and efficient manner.

Cryptocurrency P2P Trading

Hoo offers peer-to-peer (P2P) trading for cryptocurrencies. P2P trading is a direct transaction between two parties, without the need for a third-party intermediary. Hoo's P2P trading service allows users to buy and sell cryptocurrencies directly with other users.

Cryptocurrency Lending and Borrowing

Hoo offers cryptocurrency lending and borrowing services. Cryptocurrency lending allows users to lend their cryptocurrency to other users in exchange for interest. Cryptocurrency borrowing allows users to borrow cryptocurrency from other users in exchange for interest. Hoo's lending and borrowing services are designed to help users generate passive income from their cryptocurrency holdings or to gain access to cryptocurrency without having to purchase it.

Cryptocurrency Launchpad

Hoo offers a cryptocurrency launchpad, which allows new cryptocurrency projects to raise funds from investors. Hoo's launchpad is designed to help new cryptocurrency projects get started and to give investors the opportunity to invest in early-stage projects.

Cryptocurrency Education

Hoo offers a variety of educational resources on cryptocurrencies, including articles, videos, and webinars. Hoo's educational resources are designed to help users learn about cryptocurrencies and how to use them safely.

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.

Here are some of the key features of the Hoo Exchange app:

Real-time market data: The app provides real-time market data for all of the instruments that you can trade. This allows you to make informed trading decisions based on the latest market conditions.

A variety of order types: The app supports a variety of order types, including market orders, limit orders, stop-loss orders, and take-profit orders. This allows you to execute your trading strategies with precision.

Advanced charting tools: The app includes a suite of advanced charting tools that you can use to analyze market data and identify trading opportunities.

Secure storage for your cryptocurrencies: The app stores your cryptocurrencies securely in a cold wallet. This means that your cryptocurrencies are protected from unauthorized access.

24/7 customer support: Hoo Exchange offers 24/7 customer support to help you with any questions or problems you may have.

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.

      Fee Type Details
      Trading Fees - Flat fee of 0.20% of the transaction value for both makers and takers.
      - The trading fee rate is influenced by the user‘s VIP level.
      - VIP 0 level users are charged around 0.20%, but fees can decrease with higher VIP levels.
      Withdrawal Fees - No specific withdrawal fees charged by Hoo Exchange.
      - Users may incur network fees associated with the cryptocurrency’s blockchain network.
      - Network fees are paid to miners for transaction processing.
      - Network fees vary depending on network congestion.

      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

    Exchange Fees Cryptos Website
    Hoo 0.2% 180+ https://hoo.com/#/
    FXopen 0%-4% 40+ https://www.fxopen.co.uk/
    StormGain 0.012%-0.10% 350+ https://www.StormGain.com/en
    BitGo 0.25 % 600+ https://www.bitgo.com/
    • 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.

    Hoo a Good Exchange for You?

    Hoo offers cryptocurrency futures, margin trading, OTC trading, crypto staking, and more. This makes it a good choice for traders of all experience levels and investors who want to access a diverse range of cryptocurrency products.

    Here are some specific examples of how Hoo's wide range of products and services can be beneficial for different groups of users:

    Beginners: Hoo's educational resources and user-friendly interface can help beginners learn about cryptocurrency trading and start trading with confidence.

    Experienced traders: Hoo's advanced features, such as margin trading and OTC trading, can help experienced traders maximize their profits and reduce their risk.

    Investors: Hoo's wide range of trading products and services can help investors diversify their portfolios and gain exposure to different sectors of the cryptocurrency market.

    User ReviewIs

    User 1: “Man, I love using Hoo Exchange! It's got a super user-friendly interface that makes trading a breeze. The liquidity is top-notch, so I never have to worry about not finding a buyer or seller for my coins. Customer support is on point too, they're quick to reply and always helpful. The range of cryptocurrencies available is impressive, allowing me to diversify my portfolio easily. The trading fees are reasonable too, not too heavy on the pocket. Overall, Hoo is my go-to exchange for its slick interface, great liquidity, and wide range of coins.”

    User 2: “Gotta say, I'm impressed with Hoo Exchange's security and regulation. They take privacy and data protection seriously, which gives me peace of mind. The exchange has implemented strong security measures, like two-factor authentication, to protect user accounts. They're also compliant with regulations, which adds an extra layer of trust. Deposit and withdrawal speed are pretty decent too, I've never had any issues with funds taking too long to arrive or withdraw. The exchange stability is solid, no lag or crashes during busy trading times. Hoo Exchange checks the boxes for me when it comes to security, regulation, and efficient transactions.”

    Conclusion

    Hoo Exchange, founded in 2017, offers a broad range of over 180 crypto markets, crypto staking services, and a platform for buying, selling, and exchanging cryptocurrencies. It aims to provide safe trading services globally. However, concerns arise regarding regulatory compliance, with FinCEN issues and limited operating experience being drawbacks. Additionally, reports of potential blacklisting in the US could impact accessibility. On the positive side, Hoo supports extensive crypto staking services and a diverse market selection. The lack of a clear regulatory framework and the relatively shorter operating history raise caution for potential investors. It's recommended to thoroughly research and weigh the risks before investing in Hoo Exchange.

    Frequently Asked Questions (FAQs)

    Q 1: Is Hoo regulated?
    A 1: No. It has no regulation.
    Q 2: At Hoo, are there any regional restrictions for traders?
    A 2: Yes. U.S. citizens are restricted from using Hoo in the United States.
    Q 3: What Is Hoo Coin?
    A 3: 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.
    Q 4: Is Hoo a good crypto exchange for beginners?
    A 4: No. It is not recommended for beginners because the license is exceeded.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00