After three years of development, which began in 2015, Hoo crypto exchange was launched in 2018. The company was designed as an off-the-counter cryptocurrency trading platform. The advantage of OTC trading is that it can be at a fixed price, which helps to stabilize the market.
The platform performs KYC verification on all its users. Hoo cryptocurrency exchange is accessible to anyone with a smartphone, but it is advisable that you confirm if your country allows cryptocurrency trading activities before you proceed.
Markets
The major market available on the Hoo cryptocurrency exchange is the BTC market. Additionally, there are 507 Hoo trading pairs for traders to choose from. Apart from the Hoo spot trade option, the platform gives traders a lot of options when trading. These options include Margin and Leveraged trading, Futures and Options trading, and a derivatives trading option.
Hoo exchange fees for spot and margin trading is 0.2% of the transaction value. As a user's Hoo volume increases, the trading fee reduces as well. It is structured like this to encourage users to trade and earn more.
The exchange does not charge any Hoo crypto fees for withdrawal. Any charges incurred are network fees and these are determined by the blockchain in question.
Hoo crypto exchange allows deposits in crypto and fiat. However, you can only deposit fiat via wire transfer. Users can deposit various fiat currencies such as South Korean Won, US Dollar, and Chinese Yuan.
Furthermore, the HOO token is the native governance token of the Hoo crypto exchange. The initial supply was 1 billion, but in February 2021, the Hoo Exchange announced that it had burned 900 million unissued tokens. This reduced the maximum supply to 100 million. The Hoo crypto price was affected positively due to the decrease in supply. As a holder of the HOO token, you get discounts on trading fees, access to VIP sections and token offerings, and more.
Other Services
On Hoo Labs, traders get to participate in crypto startup projects. By getting in before everyone else, investors can see enormous gains or considerable losses.
Another feature on the platform is Hoo Custody. It is an asset security management service. It mainly works with OTC platforms, crypto exchanges, wallets, investment firms, and hedge funds. However, Hoo custody is only available to clients with a monthly capital flow of more than 16,000 BTC.
Hoo Mining is a mining service that makes mining more accessible for all users. Hoo sells to users second-hand mining machines and helps them manage their operations.
Moreover, HooSwap is an Automated Market Maker (AMM) built on the centralized Hoo Exchange. With HooSwap, users can instantly swap their tokens without fees.
Lastly, a user can become a liquidity provider through the Hoo Pool and, of course, earn rewards for doing so.
About the Company
There is little to no information about the team behind the HOO exchange.
On the 14th of July, 2022, the HOO crypto exchange delisted all financial and lending products in all currencies, and temporarily closed all related businesses. On the official website of the platform, the website and all its wallets are now owned and controlled by a “Mr Xu”. This event was caused by a massive financial market crash that affected Hoo and other cryptocurrency exchanges.
There is no information if and when the platform will be back up. As of writing this, it is unclear what the Hoo trade volume is.
