Binance and Huobi (now rebranded as HTX) are both well-known among Chinese-speaking crypto users. They share similar origins but have taken very different paths over the years. This article helps clarify the core differences between them.
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Current Status
Binance is the undisputed global #1 exchange, leading the industry in trading volume, user count, and product richness. Huobi has gone through multiple transitions, and after rebranding to HTX, its brand recognition has declined. Its market share has shrunk significantly, and it's no longer ranked in the top five.
Fee Comparison
Binance's spot fee is 0.1%, with a 25% discount when using BNB. HTX also starts at 0.1%, but lacks an effective fee discount mechanism comparable to BNB.
For futures trading, Binance's fee structure is more competitive. For everyday traders, Binance costs less in the long run.
Number of Coins
Binance lists over 400 cryptocurrencies and leads the industry in new listing speed. While HTX also has a decent number of coins, it lags notably behind Binance for first-to-market listings. Many hot tokens launch on Binance first.
Liquidity Gap
This is where the two diverge the most. Binance's trading volume is more than ten times that of HTX, meaning faster order fills, less slippage, and better prices on Binance. For large-volume traders, the liquidity difference is particularly significant.
Security
Binance has established the SAFU fund exceeding $1 billion, providing coverage in the event of security incidents. HTX also has security measures, but its reserves are far smaller than Binance's, and user confidence in its security has been declining.
Additionally, Binance regularly publishes Proof of Reserves, leading the industry in transparency.
Products and Features
Binance has the most comprehensive product line: spot, futures, margin, options, Launchpad, earn, C2C, NFT marketplace, and more. HTX offers similar features but trails Binance in product depth and user experience.
For example, Binance Launchpad is an industry benchmark with historically impressive project returns; HTX's equivalent has limited influence.
Customer Service
Binance provides 24/7 multilingual support with quality service. HTX also offers multilingual support, but response speed and professionalism vary, and community feedback isn't as positive.
Ecosystem
Binance has built a massive ecosystem around BNB, with abundant DeFi projects and DApps on BNB Chain. HTX has some association with the TRON ecosystem, but its overall ecosystem influence is in a different league from Binance.
Market Reputation
Binance's brand influence has continued to grow in recent years, while HTX has seen declining market trust due to management changes and brand restructuring. When choosing an exchange, long-term stability and reputation are very important.
Summary
Across all dimensions — fees, liquidity, security, product features, ecosystem, and brand reputation — Binance leads HTX comprehensively. If you're deciding between the two, Binance is the safer choice.
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