Hoo Exchange is a centralized cryptocurrency exchange registered in the Cayman Islands and headquartered in Hong Kong. The initial project was launched in 2017 and was only offering a digital wallet at that time. For the next 2 years, it was building a digital exchange. In June 2019, the corporation bought two Chinese exchanges, Chaince and OAX, and became a platform that offers a much broader range of services and trading products. In addition, the exchange has started its global expansion with the launch of the operation center in Dubai, the UAE.
Hoo supports all major digital assets, such as BTC, ETH, EOS, or USDT. At the same time, lots of less-known altcoins are represented on the platform as well with over 400 various tokens being traded there. Such a broad choice is very convenient for users as they can find exotic cryptocurrencies and satisfy their demand on this exchange. However, on the other hand, this means that some of the available coins can be a scam and result in money losses.
The Hoo exchange allows depositing fiat via the bank transfer but not the credit or debit card. The platform supports six fiat currencies: CNY, USD, KRW, HKD, JPY, and AED. This make Hoo suitable for newcomers who don’t have any cryptocurrency at hand yet.
The platform is compatible with mobile devices as the app can be downloaded from AppStore and Google Play. Also, it’s worth adding that the platform accepts citizens and residents of all countries. There are no limits and restrictions on users’ participation due to their location and citizenship.
The Hoo financial products
The Hoo Exchange is a key product of the company serving as a basis for other products as all new opportunities and the relevant infrastructure has been built around it.
HooSwap is an innovative product based on the AMM (automated market-making) technology intended for an instant swap of tokens. Another product Hoo Earn is designed for those who want to have passive income in crypto. There are three saving plans available for investors: Flexible, Locked, and Dual Currency with the income depending on the selected coin and the terms.
OTC Platform on Hoo allows executing transactions without logging in at a fixed price. Hoo Mining is a service that helps users to perform mining activities. The platform offers mining equipment (including second-hand options) to the customers and provides its maintenance.
Hoo Custody is designed to provide third-party blockchain institutions and businesses with professional asset security management. Hoo Labs gives the opportunity to investors to participate in crypto start-ups. Hoo Smart Chain is intended as a decentralized blockchain for DApps developers.
Hoo Option allows to digitalize the rights for assets and turn them into tradable tokens which can be circulated and transferred in the secondary market. Finally, HD Wallet is free cryptocurrency storage supporting a number of cryptocurrencies such as ETH, BTC, EOS, HO, and BCH.
The trading fees depend on the user’s VIP level. There are seven VIP levels that are determined by the points a user has. These points can be obtained in several ways: users can get them for trading or holding assets, for inviting friends, or simply exchanged for other assets.
There is no difference between takers and makers at the first three VIP levels. They pay the same trading fee starting with 0.20%. Makers don’t pay if they have the sixth or seventh VIP levels. Depositing is free while the withdrawal fees are charged according to the type of token.
The HOO token
HOO is the platform’s native governance token based on Ethereum. Its initial maximum supply was capped at 1 billion coins. 100 million issued tokens were allocated as follows: 10 million for airdrops, 70 million for HooPool mining pool outputs, and 20 million for future HOO ecosystem development. In February 2021, 900 million unissued tokens were burnt.
The information on the functions of this token is pretty scarce as even the official website doesn’t provide too many details. Some articles published by Hoo.com on Medium state that projects which apply to list their tokens on HooSwap get a 20% discount on testing fees if holding HOO. Some third-party sources also inform that token holders enjoy some benefits and privileges and have a right to participate in the platform’s programs. However, at the time of writing, there is no officially confirmed list of current token functions and its potential upgrade on the platform. In addition to the native exchange, HOO is traded on MEXC Global and Uniswap.
There is no information on successful hacker attacks on Hoo. The platform uses advanced offline isolation technology and a smart billing monitoring system to make it safe and to improve users’ performance.
For enhanced security, Hoo offers to enable Google 2FA and phone verification. However, the KYC procedure is not mandatory which is very convenient for those who are looking to trade without discovering their identity. At the same time, the lack of this security layer may raise doubts about the platform’s reliability. The project’s team understands that this could be a problem and tries to introduce initiatives intended to encourage users to complete KYC. For example, it launched the “VIP rights and benefits” campaign that took place in December 2021. Any user who registered during that period and completed KYC on the same day could enjoy Hoo VIP2 benefits for the next year.
The Hoo’s team
Ruixi Wang, an experienced digital assets investor, is the founder and CEO of the Hoo exchange. He has a technical background and had successfully invested in a large number of blockchain projects before he started Hoo. In 2016, he bought a digital platform PoW8.com. In 2017, Wang started his own ICO platform icooo.com that was closed after the Chinese government prohibited ICOs in September 2021.
Chaohua Deng is the company’s COO. He joined the OAX exchange in 2018 and started his work at Hoo after the merge event in 2019.