HTX Review – Canceled Licenses Spark Major Security Concerns

Formerly profitable, this crypto exchange has become a mere husk of its earlier success. Allegations of fraudulent business practices sent a wave of panic among the investors, with multiple confirmations of hacking piling up company losses.

Find out what caused the downfall of the Huobi exchange, and why you should always keep your eyes peeled for illegal conduct events in our HTX review.

Broker status:	Unregulated Exchange
Regulated by:	No Regulation
Operating Status:	Active Online Exchange Sham
Known Websites:	htx.com  huobi.com
Blacklisted as a Scam by:	FCA
Owner:	HTX/ Huomi Global
Headquarters Country:	N/A
Foundation Year:	2013
Online Trading Platforms:	Web
Mobile Trading:	Available – proprietary app
Minimum Deposit:	N/A
Deposit Bonus:	Up to 242 USDT
CFD Trading Option:	No
Crypto Asset Trading:	Yes – BTC, ETH, XRP, HTX
Available Trading Instruments:	Crypto
Maximum Leverage:	Up to 1:200
Islamic Account:	No
Free Demo Account:	No
Accepts US clients:	US clients are accepted
Global Fraud Protection Experts’ Verdict:	This firm is not considered safe. Contact our legal experts to start a recovery process.

Former Licenses Invalidated by Authorities

The HTX exchange was once a well-established and heavily regulated entity. This, however, is only a story for the history books, as the firm received their FCA regulatory warning.

The thing is, the exchange lists an impressive number of licenses on their website. Unfortunately, none of these are valid anymore. Their company name under ASIC license was first changed, and then the firm got deregistered altogether and removed from the AUSTRAC register.

The alleged Lithuanian registration is nowhere to be found in the central register, nor is the company authorized by LB of FCIS. Additionally, the Dubai VARA and BVI FSA registers fail to return any information about the firm.

You’d think there’s still a glimmer of hope for this company with their GFSC regulation, but pay close attention to the registered domain. It is listed as huobi.gi , which is an inactive site that does not match any of the actual company domains!

Hacking and Involvement With Justin Sun

In November 2023, the firm was targeted by an anonymous group of hackers, who reportedly stole over $30 million in crypto assets. It was speculated that the occurrence was the result of the firm’s involvement with high-profile crypto entrepreneur – Justin Sun.

The HTX advisor is not in the least innocent, as the U.S. Securities and Exchange Commission (SEC) has charged him and his companies for fraud and other law violations.

Check Ratings For Both Websites

You’d think that there aren’t any notable HTX reviews online, but you’d be wrong. When you’re looking into ratings platforms make sure to check both old and new domain names.

Taking this into consideration, we can see that the former site was marked as a scam site, while the new one is flagged for receiving regulatory attention by the moderators of TrustPilot. Ratings on SiteJabber are divided into two sites again, with both of them having an abysmal reputation score and plenty of user warnings.

Omnipresent On Social Networks

As it’s become the norm with any known exchange, this one can be found nearly anywhere you look. They have a listing available on CoinMarketCap and CoinGecko, which reports around $2.5 million of daily trading volume.

The firm is quite active on social networks as well, with Facebook, Instagram, X and Medium profiles. Additionally, the company hosts TikTok and YouTube streaming channels, and additional Telegram and Discord chat rooms.

Don’t mistake this heavy online presence for legitimacy – many swindlers like Santos Market use the social networks to find new victims! If you’re having issues with this exchange, feel free to contact our legal experts.

Who Are The Main Consumers?

Looking into the WhoIs register, we can see that the htx.com domain was launched in 1995. While not as old as they make it seem, the exchange did make its first digital footprint in 2013. The majority of their clients are situated in the following nations:

• United States
• Denmark
• Singapore

It’s important to note that many fraudsters like Hightechex purposely buy pre-owned domains in order to fool automated scam detectors.

Web Trader as Primary Software

The exchange supports web trading as the principal technological solution for spot and futures digital currency trading. Comprehensiveness of the interface is undeniable, and there’s a customization panel for adjusting the look to your preferences.

Among several columns of available coin pairs, you can pick out favorites. However, without available funds, the trader won’t respond to requests for opening positions.

Mobile App Available in Stores

The HTX app boasts an impressive 10 million downloads from the Google Play store with the average rating of 3.2 / 5 stars. This software is also available for download on the App Store. However, the number of ratings there is significantly lower.

Impressive Number of Coins

The portal allows direct buying and selling of tokens, spot and futures trading, as well as copy/trading of more than 500 assets. Some of the more popular ones listed are: BTC, ETH, TRX, AXS, APE, FIL, MANA, LTC, LINK, USDT, USDD, UNI, APT.

Among these, it’s important to mention the company’s very own HTX crypto coin – HTX DAO (HTX). It has a ridiculously low value of $0.000001638, with its all-time-high being $0.000002979.

KYC Required

The initial sign up process can be completed only with a valid email/mobile phone and a unique password set.

However, if you plan to fund your trading account, place trades and hopefully eventually withdraw profits, you are forced to pass a KYC questionnaire. That also includes sharing your sensitive information, such as ID or passport photos.

There are no specific HTX account types, but rather a tiered structure based on the amount of trading volume you reach every month, which affects the prices and costs you’re subject to.

Prime Levels Define Fees

Fee structure on this portal is defined by your monthly trading volume. Newly joined users belong to the Prime 1 level and their Taker/Maker fee rates for Spot, USDT-M, and CoinM are 0.2000%.

By increasing your trading volume, you climb the hierarchy until the Prime 11, which features Maker/Taker fees of 0.0126% / 0.0218% for spot trading, with an additional 25% discount.

Welcome Bonus and Other Promotions

After creating a HTX login, users can complete tasks in order to win up to 242 USDT bonus. These steps are KYC completion, depositing, and trading. There’s also an ongoing affiliate campaign which allows users to become eligible for up to 60% commission rate. HTX rewards system also encourages users to trade more and reach specific monthly goals.

Withdrawal Issues Reported

First of all, the website lacks a transparent HTX Withdrawal Policy, with clear and comprehensive withdrawal rules. These particularities can only be previewed from the client area, once the verified user decides to issue a withdrawal request.

This lack of honesty is worrying to say the least. Countless victims have warned other investors about their requests not being processed and their crypto funds disappearing, so tread carefully.

What Can I Do To Get My Money Back?

As it stands now, the firm doesn’t have a single valid regulatory license. Many users have already reported having major issues with withdrawals. If you need help recovering your assets lost with this entity, book a free consultation with our legal experts.