In this article, we have compiled a complete guide to Huobi to find out what you can do on this cryptocurrency exchange.
The complete guide to Huobi: buying cryptocurrencies
The famous cryptocurrency exchange, Huobi, offers different ways to trade cryptocurrencies. There are fiat currency deposits, buying cryptos, P2P markets, trading cryptocurrencies or futures, among many.
Just take a look at the “Learn“ section of the website to delve deeper and view the specific guide for each one. Anyway, to get started, you need to create your account by clicking on sign-up and proceed by entering the required data, such as username and password.
Once you become a Huobi user, there is the phase dedicated to verifying the account ID and setting up the 2-factor authentication process (the 2FA). Once these steps are passed, the user can deposit and purchase all the assets offered on the platform.
Buying tokens and cryptocurrency on Huobi can be done in three ways:
- “Quick Buy & Sell” or quick purchase (via Mastercard or VISA Card).
- “Bank Transfers” and the P2P marketplace
- by sending the cryptocurrency to the Huobi wallet address
In the case of buying crypto via the P2P (or Peer-to-Peer) marketplace, which can be done by fiat deposit via bank transfers, the user interacts directly with the seller of that token they are interested in.
When you enter the P2P marketplace, you pay no transaction fees and choose the seller based on your needs. For this section, the user is encouraged first to complete the KYC to “buy” or “sell” cryptocurrency.
You can select sellers from the list of listings based on their completion rate, the number of tokens they have available, the minimum and maximum they can sell, the selling price, and the payment method.
The purchasing process is very simple.
Once logged in, just click “Buy Crypto” on the homepage. By clicking on Buy, you choose the cryptocurrency to buy, set the price and the payment system. This procedure triggers a countdown. If the transaction is not completed before the countdown ends, it is automatically canceled. Once the payment is completed, you will have to wait for confirmation from the seller. The purchased amount will be viewable in the “View assets” section.
How to withdraw cryptocurrency on Huobi
Huobi is a very secure exchange, but it is always a good idea to never keep your cryptocurrency in the native wallet of an exchange.
That’s why you need to withdraw them and transfer them to a proprietary wallet.
To do this, you need to be logged in and go to the “Balances” section.
From here, just click on Withdraw to start the procedure. At this point, however, you must be very careful in choosing the cryptocurrency you want on the correct blockchain, the same as the destination wallet. If you make a mistake in this step, the funds will be lost forever.
Once you have made this selection, you must enter the address of the destination wallet and the amount to be transferred. The system will calculate the fees. Then click on Withdraw to start the verification operations requiring a code to be received via email or SMS. If the codes entered are correct, you can confirm the transaction and wait for the amount withdrawn to arrive in your wallet.
Buying futures on Huobi
Huobi also allows the purchase of futures. These are derivative instruments: the user does not buy cryptocurrencies directly but real contracts based on the value of cryptocurrencies.
Before engaging in these delicate and risky trading operations, it is good to inform yourself by reading the special guide that the exchange provides.
A beginner must know that it is important to indicate to the platform both stop-loss and take-profit.
These two parameters allow the platform to close the position limiting the losses or maximizing the profit.
In order to set them, it is necessary to enter the Huobi Futures platform in the “Orders” section. Once the contract has been selected, you can go to “Stop limit”, from where you can enter the price in dollars that corresponds to the desired take profit and stop loss and click on “Confirm”.
In case of problems
Huobi’s Learn guide has many other sections to explore, help and protect the user. But a good exchange should never fail to provide support in case of problems.
That’s why Huobi provides assistance.
On the main screen, at the bottom right, there is the “Help” button. Click on it to open a window where you can start typing in the problem you are experiencing. The system automatically presents articles with possible corresponding FAQs. If no article fits or doesn’t solve the problem, you just have to contact the direct assistance through “Contact us.” You can choose to start a live chat or leave a message.
At first, you will receive a series of automatic messages. If not even the automatic messages manage to solve the problem, the system will put you in touch with the support team to care for your request.
The article is written in collaboration with Stefania Stimolo.