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As the cryptocurrency becomes more popular, more and more Cryptocurrency Exchange are created for purchasing, trading and sale of various cryptocurrencies. This makes it increasingly difficult to decide which Cryptocurrency Exchange you want to use. Some of the exchanges are designed for beginners (newbie traders) while others are designed for advanced traders. It is therefore important to know which Exchange is suitable for you. In this article, I would like to give a complete overview of the Huobi Cryptocurrency Exchange and I want you to have a good understanding that Houbi is the best Cryptocurrency Exchange for you.
WHAT IS HUOBI?
Huobi is a Singapore-based Cryptocurrency Exchange. The platform was founded by Leon Li in China in 2013, but is headquartered in Singapore with offices in Hong Kong, Korea, Japan etc. Currently, Huobi is providing financial services to more than 130 countries around the world.
WHY MUST YOU CHOSE HUOBI EXCHANGE?
There are criteria that traders should consider before registering for the first time to a new account on a cryptocurrency exchange. It is important to consider their advantages and disadvantages. Checkmating all these will help you ensure to choose the right Exchange for yourself.
BENEFITS OF HUOBI
- Many Cryptocurrencies are listed on Huobi Exchange
One of the main reasons why Huobi Exchange is so popular is the listing of so many different cryptocurrencies. Nearly 240 individual cryptocurrencies are now listed on the Huobi Exchange, and new ones are expected to be listed over the course of the day. They range from well-known coins such as Ethereum (ETH) and Litecoin (LTC) to smaller coins such as SEELE and ZCoin (XZC).
- Low Fees
Another great feature of the Huobi Cryptocurrency Exchange is that crypto-to-crypto trading makes Huobi fees among the lowest in the industry. Customers pay 0.2% for every trade. Although there are trading discounts for holders of Huobi tokens. Deposits are always free, but withdrawals cost money, but the payout fees vary for each cryptocurrency and change depending on the value. The value of the deposits is unlimited. However, if you want to increase the withdrawal limit, you will need to further verify your account. This can be done by submitting an ID card for verification.
- Security
Huobi takes security very seriously and users are asked to set up two-factor authentication (2FA) when registering an account. 2FA is an additional level of security that sends a special code to your mobile phone each time you log in, exchange money, or withdraw money.
Huobi Exchange website also uses the CryptoCurrency Security Standard (CCSS) to protect accounts and the anti-DDOS protection system, which is an industry standard for large exchanges.
- Large-volume trading
Huobi Exchange has become one of the most popular exchanges for buying, trading and selling cryptocurrencies, numerous transactions are constantly taking place. This is an important factor as it gives you a better chance to immediately sell your cryptocurrency when and when you need it.
- Huobi Customer Support
Huobi have the best Cryptocurrency Exchange customer service and it is difficult to argue with this review. Huobi has 24/7 customer service model which is based on traditional markets and was the first of its kind to be implemented. A 24/7 model also shows the global reach of Huobi. The geographical and temporal distance from Huobi's headquarters is no obstacle to customer service. There are a lot of frequently asked questions and help topics on the company website, but they are not distributed centrally, but thematically and platform-based. For some users, this can be considered more practical as FAQ and help topics are limited to the particular operation. For others, however, it can be frustrating to search multiple websites to get answers to a number of questions that have nothing to do with each other.
SOME OTHER PARTICULAR THINGS YOU NEED TO KNOW ABOUT HUOBI
- No Fiat Deposits or Withdrawals With Huobi Exchange, customers can not make money using traditional payment methods, such as debit or credit card, deposit or accept a bank transfer and PayPal. Since Huobi does not support fiat deposits, you would first have to buy with fiat and cryptocurrency such as Bitcoin or Ethereum and then deposit them into Huobi and exchange for other coins. This also means that you can only withdraw cryptocurrencies from the Huobi Exchange.
HOW TO USE HUOBI EXCHANGE?
- OPENING AN ACCOUNT
It is very easy and fast to create an exchange account with Huobi
***First, click on the "Sign up" link on the right side of the headline header (at the top of the page). The sign up screen prompts you to select your country of origin and warns you that it can not be changed once you have entered it. Huobi operates in over 130 countries. However, the United States of America is not listed as a possible nationality option. You will be asked to sign up with a valid phone number or email address. After clicking on the "Sign up" button below the form, you will be asked to submit a captcha and confirm your chosen contact method (phone or email) with a code that Huobi will send immediately.
Go to your email or phone, depending on which option you have chosen, and enter the code you received for confirmation. After confirmation, you can Sign in.
- Deposit Money
Once you "Sign up" for the first time, you will be presented with a welcome screen where you can choose to purchase Chinese yuan (CNY), US dollar (USD), and Singapore dollar (SGD), crypto currency through the OTC service or to transfer another currency you already own on Huobi exchange. As you can see, deposits can be made using the standard blockchain wallet infrastructure in the form of money or cryptocurrency.
Click the box on the left labeled "How do I start without a digital asset?". First, the OTC section (Over the Counter) by Huobi will be displayed. Here's a seller offering Bitcoin (BTC), Ethereum (ETH) or Tether (USDT) for Fiat currencies such as Chinese Yuan (CNY), US Dollar (USD) and Singapore Dollar (SGD). You can send money via Alipay, bank transfer, PayPal and some other payment methods. After clicking on "OTC" in the upper left corner, you will be taken to the "Over the Counter" screen, which lists sellers who are currently offering their cryptocurrencies for fiat money, how much they want to sell or buy. Which coin is for sale or purchase, which profile details, which payment methods are accepted and which verification requirements are tolerated? In many cases, you will need to have your phone checked and completed the advanced review process. There are sellers and buyers who do not need any confirmation, but Huobi himself will guide you to choose at least a separate username and password for your OTC market. The buy and sell offers you publish appear in the OTC market list with this username. Transferring your own digital currencies for use on the Huobi platform is much easier. Whether at the end of your account confirmation, you click on the right box labeled "I already have digital assets". Choose the coin you would like to buy from BTC, ETH, USDT, EOS and HT. Click Deposit to open a pop-up window with a QR code and its associated wallet address. You can paste the code or scan it with your phone to send the appropriate cryptocurrency to your Huobi wallet. You can also click "Submit" instead of "Deposit" to move your cryptocurrency to your Huobi Exchange account (separate from your OTC account). In this way, you can exchange them for other listed cryptocurrencies.
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- Buy coins and tokens
Buying coins and token with Fiat currency via the OTC side is a fundamental process. Go to the OTC page by clicking on the "Trade Center" link in the top left corner of any Huobi page. Select an OTC Trade Request that has already been listed and click the "Buy" button after filtering the results for the currency you want to use and the currency you want to buy. Both options are displayed in the menus above the list. On the right you can see your favorite Fiat currency and on the left the cryptocurrency you want to buy. Be prepared to get the most results in China, and therefore in Chinese yuan.
HOW TO TRADE ON HUOBI EXCHANGE
Once you've created an account, it's time to go to the home exchange. Huobi offers USDT, BTC and ETH pairings. There are just over 40 USDT pairings, about 100 BTC pairings and a similar number of ETH pairings. The pairings are divided into categories depending on how long they are on Huobi and whether it is a fork of an existing coin. All pair prices may be displayed in relation to the trading pair or the US dollar. Withdrawal Once you are familiar with the Huobi dashboard, it should be as easy for you to withdraw money as you can to deposit cryptocurrency. First click on "Credit" in the upper right corner of any page. Scroll down the "Credit" page until you have identified the currency you want to remove from the list. Click the "Withdraw" button to the right of the "Deposit" button. A pop-up window appears, allowing you to insert the address you want to withdraw (another Blockchain wallet). Make sure the addresses match and that you are using a wallet that supports the coin itself. Click on the "Take off" button and wait. Blockchain will shortly confirm your transaction, and soon after, your new balance will appear in your Huobi wallet (and wallet). Withdrawing fiat currencies is simply a matter of moving allowed crypto currencies into your OTC account (by clicking "Transfer" on the "Credit" page instead of "Depositing" or "Withdrawing") and then creating an OTC contract ( or execute another user's contract). The money you receive from the sale will be transferred directly to the appropriate Fiat account.
ORDERS AND HISTORY
On the Exchange page, your open and past orders are listed in two marked boxes below the trading window.
MARKET DEPTH
At a glance, a potential trader can get an overview of the total offering, circulation offer, website, white paper, and much more of a particular coin. This setup significantly reduces the crypto-currency-trading do-your-own-research factor by displaying most of the relevant information in a convenient box directly on the stock market screen. This information is further explained on the Huobi Asset Introduction page.
Click on the "Help" link at the bottom of the screen.
HUOBI TOKEN
Huobi has its own native crypto-currency called Huobi Token (HT). The Huobi Token (HT) can be purchased through the exchange and is issued as part of loyalty and new customer rewards programs. Huobi Token (HT) has a total supply of 500 million tokens, and Huobi regularly buys back a certain portion of the tokens to serve as an emergency user protection fund.
There are other trading options in Huobi
- HADAX (Huobi Autonomous Digital Asset Exchange)
The HADAX platform gives professional traders access to an even more comprehensive wild west version of the regular cryptocurrency market. Huobi does not independently review the investment value of coins and tokens registered for trading in the HADAX system, as it does on the primary Huobi platform. HADAX users vote for token listings, which HADAX then validates as authentic and legitimate. To become a HADAX user, investors must comply with minimum investment standards due to the increased risk involved in trading these coins and tokens. If a coin or token is accepted on the HADAX platform, there may be a possibility of being listed as a new coin on the main Huobi trading post, as long as it complies with Huobi's investment standards. Removing a coin from Huobi does not necessarily mean it's removed from HADAX.
- OTC
Huobi's OTC offers potential buyers and sellers the ability to move large volumes of coins without encountering the volatile foreign exchange market. Certified traders can register here, and slippage can be minimized by directly comparing buyers and sellers instead of creating market orders. OTC cryptocurrency transactions are typically carried out when buying or selling volume is likely to be large enough to get the market moving or when time becomes a significant factor.
- Margin trading
Huobi also offers margin trading. The margin trade is a different animal than the home trade. Funds lent by a broker are used to trade a particular cryptocurrency, and the cryptocurrency serves as collateral for the broker's loan. Both long and short positions can be taken. This has the potential to increase both profits and losses and is therefore only recommended for experienced and knowledgeable professional traders. Margin trading requires a market understanding that allows a trader to anticipate multiple steps into the future of a coin or token. Misfortunes can be extremely costly but also extremely lucrative. Before you can use Huobi's Margin Trading section, you must confirm an additional Lending Transaction Agreement before proceeding.
CONCLUSION
The use of Huobi offers many advantages. You can easily deposit, trade and withdraw money. In my opinion, Huobi is one of the best crypto currency exchanges for trading between different cryptocurrencies. It offers a great, user-friendly interface that appeals to all types of traders. In addition, it is a platform that you can trust.
Here are other official links of Huobi
Huobi Global Official Announcement Channel
This article was composed by Benedict
My Telegram username: @bi_tuna