Singapore-based Huobi Group officially announced the unveiling of its new mobile cryptocurrency trading application, Huobi Lite on March 10. According to the announcement, Huobi Lite will enable users to trade digital currencies on both Android and iOS.
Moreover, the mobile app supports traditional currencies too. Huobi Lite has support for the following fiat currencies: United States dollar, the Hong Kong dollar, the Chinese yuan and the Vietnamese dong and Malaysian Ringgit. The app supports several funding methods including credit card transfers.
Huobi Lite users will be able to enjoy commission-free trading, zero fees on crypto-to-crypto swaps on top of the most competitive prices in the market
At present, the Huobi Lite app only supports nine digital currencies namely: BTC, ETH, USDT, HT, EOS, BCH, XRP, LTC and HUSD. However, the group confirmed that it is looking forward to adding more digital currencies in the future.
The mobile application will allow traders to store, monitor and manage their portfolios. Additionally, Huobi claims that users can purchase BTC within five minutes using the mobile application.
In addition, Huobi Lite eliminates the lengthy KYC process for new users. The onboarding process is fast and efficient. According to the VP of Global Business at Huobi, Ciara Sun:
“By reducing the barrier to entry and catering to both beginners and veteran traders, we’re vying for mainstream adoption across the globe, especially in undeserved markets like Southeast Asia.”
Huobi Lite to take advantage of the Asian Market
Unlike Coinbase mobile app, Huobi does not charge commission or crypto-to-crypto swap fees. In addition, the San-Francisco-based Coinbase is not available in the Southeast Asia markets such as Malaysia and Vietnam. The Coinbase mobile app has limited support in Singapore, Indonesia, and even Hong Kong.
Robinhood mobile app, also primarily targets developed markets in Europe and North America. According to a Huobi spokesman, Huobi Lite’s primary focus is the south-east Asia market. The announcement claims that cryptocurrency adoption is escalating in Southeast Asia. Just Last week, Huobi launched a new local cryptocurrency exchange in Thailand.
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