As cryptocurrency is growing tremendously, an influx in exchange allowing trading, buying, and selling cryptocurrency has started to sound like a new normal. The rising demand makes it even more challenging to decide which exchange platform is right to trade.
Some may aim at the beginner level trading while some other cryptocurrency exchanges are excellent for advanced traders. Hence, it's imperative to know which virtual currency exchange is right for you!
Here in this article, we will give you an overview of the Huobi exchange. While reading, you'll develop a good understanding of this platform. First, we'll guide you in account formation, and then we'll explain the step-by-step guide on how to trade, deposit, buy, and withdraw the coins with the help of images.
By the end of the review, you will be able to know how to trade on the Huobi cryptocurrency exchange and whether it is right for you. So, what are you waiting for? Start reading and discover about the Huobi platform.
How to Open an Account at Huobi?
The foremost step that you need to do is register your account at Huobi to start trading. So, we are now going to explain to you how you can create the account step by step.
#1 Visit the Site and click on Register
First, visit the official site of Huobi, which is Huobi.com, and click on Register.
#2 Enter Your Details
You need to enter the email address and strong password to create an account. You can also use your phone number to create the account. After filling in the details, you need to fill the security password as given in the image. Click on submit and your account will be made.
When you log in for the first time, the account will ask to set up two-factor authentication.
#3 One-Step Verification
You need to verify your email to use the account. You will receive a verification email from Huobi. Moreover, you need to enter the code to verify the account. On verification, you will be able to trade on Huobi.
#4 KYC Verification
After that move to your profile section and click on identification for KYC verification. You need to fill all the details like name, and required document.
How to Deposit Funds on Huobi?
To start trading on the Huobi exchange, you need to deposit funds in the account. Here, we'll explain how you can deposit funds in the account via credit or debit card. To deposit an amount, visit the dashboard and click on the balance section.
After that, click on withdraw and deposit section to deposit the amount.
On clicking, you will get a form asking to deposit the fiat or cryptocurrency. So, we will here show you how you can add money.
Click on the cryptocurrency option, and you will get a form to fill in the details. Select your currency, then the recommended mode of depositing the amount, and then deposit the payment.
After depositing, you will be able to see the deposited amount on the history page.
The second way to deposit the funds is fiat. Similarly, while clicking on the fund deposit, click on fiat. Then you can choose the desired currency you want to deposit and click on deposit.
Please note that everycurrency has a unique deposit address. So, if you try to deposit Bitcoin, then you will get a BTC address. You also need to copy the fund deposit address. After that, go on deposit currency and transfer the amount of Bitcoin that you want to deposit.
How to Trade on Huobi?
As you add the funds to the Huobi account, you will be all set to trade on the account. So, let's move on to make your first trade. At present, there are more than 100 cryptocurrencies to choose from for trading, but in this article, we will explain how to buy and sell Bitcoin.
#1. Click on the Buy Crypto and choose the P2P trade option.
#2 At this stage, as a beginner, you must be frightened to see long details. Don't worry; we're here to guide you. Just follow the steps.
Make sure to fill the amount that you have to buy the BTC and pay the fee via Visa card, credit card or other way. You will be able to buy the coin. In similar way, you can sell the BTC too.
Other Option to Trade
Move the cursor down on home page, and you will see the buy option. For instance, if you want to buy the BTC coins, you need to fill in the amount and click on ‘buy’ by paying the fee.
#4 Similarly, if you want to sell the BTC, then fill the amount and sell. Make sure to monitor the current selling and last selling or buying price to make sure you earn the profit.
Pay some attention to the overall margin, recent price changes, and maximum profit. This will help in trading in a better and precise way. To complete the trade, you need to enter the amount of Bitcoin and start trading.
How to Withdraw from Huobi?
As soon as you gain the profit, you can immediately transfer the amount into your preferable bank account. So, here we'll explain to you how you can withdraw the amount from the Huobi account.
#1. Move to the dashboard and click on the balance option and then withdraw option. After that, you will see the withdraw form like this. You need to click on Cryptocurrency to withdraw the amount.
#2 Then select the Bitcoin or other virtual coin that you would like to withdraw. Also, remember that you need to enter the currency address like BTC.
#3. Enter the correct address that you use to sell your Bitcoins too. Any mistake made during this step may cause a penalty to you. So, the best way to avoid such a mistake is to copy and paste the address you want to withdraw.
#4 Finally, enter the number of Bitcoins you want to withdraw and then click on submit. It usually takes 30 minutes to complete your order and to reach the destination wallet. In some cases, like network trouble, it takes a long time to credit the amount.
Is There Any Trading Fee at Huobi?
Yes, Huobi also has a tier trading structure, so it will charge you a trading fee once a month or hold Huobi coins for 24 hours. Here, the traders are categorized into several levels ranging from 0 to 9.
So, the trading charges range from 0.1% from the maker and 0.2% from the takers. It depends on the VIP level status. In addition to this, both the taker and maker can receive reduction of fee up to 65%
Who Can Use Huobi?
You might have noticed there are various trading options to choose from. Classic to advance level trading make Huobi an ideal cryptocurrency exchange platform for both beginners and advanced users.
- More than 300 cryptocurrency coins available to trade
- Secure and profitable
- Easily accessible
- Two-factor authentication and easy trading option
- The beginners may feel trouble operating for the first time.
My Personal Thoughts on Huobi Exchange
So, here is a complete guide on the Huobi cryptocurrency exchange. This review will sort out your trading trouble to an extent. However, if you are an experienced trader of the cryptocurrency, then you can go for the advance to P2P trading option. This will allow you to get more precise statistics about trading on the platform. For instance, if you want to know the price movement between Ethereum and Bitcoin, the advanced graph will illustrate you.
What are you` waiting for? Make an account on Huobi by following the above steps, deposit your amount, and start trading on this cryptocurrency exchange. It would help start with the basic option until you get comfortable with trading and then move to another.