HTX Rebrands to Expand Globally: What You Need to Know
In 2023, one of the oldest crypto exchanges, Huobi, reinvented itself as HTX. The name change was part of a strategic shift to comply with stricter regulations and to unify its platforms, including Huobi Global and Huobi US, under a single global brand. However, the transition came with challenges, especially for users who faced unexpected deductions from their accounts, referred to as “management fees.”
User Frustration Over Fees: What Happened?
During the rebranding process, many users noticed that funds were being deducted without their active involvement. These “management fees,” typically ranging from 0.1% to 0.5% monthly, are common in crypto exchanges to cover operational costs like security and compliance. For users who had left their accounts untouched for extended periods, these charges accumulated, causing frustration and prompting complaints online.
HTX’s Approach to Regain User Trust
To address user dissatisfaction and rebuild trust, HTX launched innovative solutions such as U Wealth Management. This feature offers higher returns on crypto assets through staking and savings, making it particularly attractive amid the growing popularity of DeFi (Decentralized Finance) options. Additionally, HTX implemented several measures:
- Introduction of 24/7 customer support. Users can now access round-the-clock assistance for any issues, a significant improvement from delayed responses during the rebranding phase.
- A fee refund plan. Former Huobi users can reclaim 50% of the previously deducted fees directly by using their old email or phone number to register on HTX. The remaining 50% can be unlocked through trading activity on the platform, enabling long-term engagement.
Why These Changes Matter
HTX’s proactive measures showcase its intent to compete with larger exchanges like Binance and OKX while fostering user loyalty. The launch of U Wealth Management, offering up to 20% APY on popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), has already caught the attention of both retail and institutional investors. With ETFs entering the crypto space and Ethereum scaling developments underway, HTX aims to position itself as a reliable and competitive exchange.
How to Claim Refunds
According to HTX’s Marketing Center Head, Molly, users can easily claim their refunds without lengthy verification processes. By simply logging in with their old Huobi credentials, users will receive 50% of their management fees back in their spot wallets. The remainder will be unlocked incrementally as users trade on the platform, a strategy inspired by DeFi rewards mechanisms.
Final Thoughts
HTX’s efforts to rebuild trust among users highlight its commitment to delivering a seamless and transparent crypto trading experience. If you’re exploring platforms for crypto investments, HTX’s revamped features and support systems could be worth considering. For high-yield staking opportunities, platforms like HTX and products such as the Ledger Nano X hardware wallet can help secure your assets while optimizing returns.
