HTX Card (Huobi) review

Overview

The HTX Card (Huobi) is a Visa-branded debit card offered by the cryptocurrency exchange HTX (formerly Huobi). Designed to bridge the gap between crypto and traditional spending, this card aims to provide users with a seamless way to utilize their digital assets for everyday purchases. While the card is part of Huobi’s broader ecosystem, it operates independently as a tool for spending and earning rewards. As a relatively new entrant in the crypto card market, the HTX Card has garnered attention for its multiple loyalty tiers and advertised benefits, but it also comes with several limitations that potential users should be aware of.

How it Works

The HTX Card functions as a prepaid debit card, meaning users must top up their card before making any transactions. This top-up process involves converting your crypto assets into fiat currency, which is then loaded onto the card for spending. The card is linked to the Visa network, allowing it to be used at any merchant that accepts Visa payments. This provides a wide range of usability, from everyday purchases to travel expenses.

One of the standout features of the HTX Card is its multi-tiered loyalty program. While the exact rates for cashback earnings, trading fee rebates, and merchant benefits are not published, the card advertises these perks as part of its rewards system. Users can potentially earn rewards based on their spending and trading activities, but the lack of transparency on the specific rates makes it difficult to assess the true value of these benefits.

It’s important to note that the HTX Card is a custodial service. This means that the custody of your assets is managed by HTX, which may raise concerns for users who prefer to maintain control over their private keys. Additionally, the card requires full KYC (Know Your Customer) verification, which is a standard procedure for most financial services but may be a hurdle for those who prioritize privacy.

Fees and Value

While the HTX Card offers several potential benefits, the lack of published fee information is a significant drawback. The issuer does not disclose specifics on annual fees, foreign exchange fees, ATM withdrawal fees, or top-up fees. This opacity can make it challenging for users to accurately assess the card’s cost-effectiveness. Without clear fee structures, users may find it difficult to compare the HTX Card with other crypto cards on the market.

For more detailed information on how fees can impact the overall value of a crypto card, you can visit our comparison page. Additionally, our rating methodology provides insights into how we evaluate the various aspects of crypto cards, including fees and transparency.

Who It’s For

The HTX Card is best suited for users who are already active on the Huobi platform and are looking for a way to integrate their crypto assets into their daily spending. The card’s Visa network compatibility makes it a versatile option for those who frequently travel or shop at a wide range of merchants. However, the lack of transparency on fees and the requirement for full KYC may deter users who prioritize privacy and cost-effectiveness.

Given the uncertainties surrounding the card’s rollout and the limited information available since its 2022/2023 launch, potential users should approach the HTX Card with caution. The card may appeal to those who are comfortable with custodial services and are willing to accept the risks associated with a newer product in the market.

For a comprehensive understanding of how the HTX Card stacks up against other options, consider exploring our crypto card comparison page.

Fees & costs

Pros & cons

Our take

The HTX Card offers Visa compatibility and potential rewards but lacks transparency on fees and rollout details, making it a risky choice for most users.