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Huobi is a global digital asset exchange run by Huobi Global Limited. With offices in Singapore, the United States, Japan, Korea and Hong Kong, the exchange platform allows its users to trade more than 190 currency pairs.
In January and February of 2018, Huobi also launched its own token. Huobi Tokens entitles Huobi account holders to discounted trading fees and also offers a few other key benefits to holders. Let’s take a closer look at the easiest way to buy, sell and store these tokens.
You can buy Huobi Tokens on the Huobi cryptocurrency exchange.
For detailed instructions on how to buy HTs, check out the step-by-step guide below.
Step 1. Register for an account with Huobi
As Huobi is the only exchange where you can buy Huobi Tokens, you’ll need to sign up for an account by providing your email address and creating a password. Make sure that you also enable 2-factor authentication on your account to provide an extra level of security for your funds.
Step 2. Deposit funds into your account
You can trade HT against three other digital currencies — bitcoin (BTC), ether (ETH) and Tether (USDT) — so you’ll need to first acquire one of these currencies. For details on how to purchase any of these assets, check out our how to buy BTC, how to buy ETH and how to buy USDT guides.
If you need to transfer BTC, ETH or USDT into your Huobi account from a separate wallet, hover your mouse over the “Balances” tab at the top of the screen and select “Deposit & Withdraw” from the drop-down menu. You can then choose the coin you want to use and click on “Deposit” to access the relevant wallet address.
Step 3. Buy HT
Once the crypto funds have arrived in your account, click on the “Exchange” tab at the top of the screen. You can then click on the currency pair you want to trade, such as “HT/BTC,” and choose either a limit or market order.
Next, enter the amount of HT you want to buy or the amount of BTC you want to spend. Make sure you review the full details of the transaction, including the total cost, before you click “Buy HT.”
The process for selling tokens is quite similar to the process for buying tokens that’s outlined in step 3. Just make sure that you enter your transaction details in the “Sell HT” tab rather than using the “Buy” field. It’s also important to remember that HTs can only be traded against three other digital currencies, so you may not be able to exchange your tokens for the currency you want.
You can store your Huobi Tokens in the wallet attached to your Huobi exchange account. With this in mind, don’t forget to set up 2-factor authentication on your account so that any tokens you hold are protected by an extra layer of security.
Keen to know more about storing cryptocurrency? Check out our guide to wallets.
Huobi Tokens are the basis of Huobi’s loyalty points reward system for customers. Launched in early 2018, these tokens have multiple uses, but its key benefit is that it entitles holders to enjoy discounted trading fees on the Huobi exchange.
HTs can be used to purchase VIP memberships on the exchange — the more HTs you pay, the higher your membership tier and the greater the fee discount you receive.
| Membership level | Cost | Trading fee discount |
|---|---|---|
| VIP 1 | 120 HTs/month | 10% |
| VIP 2 | 600 HTs/month | 20% |
| VIP 3 | 1,200 HTs/month | 30% |
| VIP 4 | 6,000 HTs/month | 40% |
| VIP 5 | 12,000 HTs/month | 50% |
HT holders will also be able to enjoy access to exclusive events, such as receiving airdrops of tokens newly listed on the exchange. Holders can also use their HT holdings to vote for the coins and tokens they want to see listed on the Huobi Autonomous Digital Asset Exchange (HADAX).
Huobi Tokens can be traded against BTC, ETH and USDT, and users can also acquire HTs by purchasing “Point Cards” through their exchange account. They can also be offered as rewards for new users and members of the Huobi Knights recruitment program.
The volatility of cryptocurrencies is widely known, but what some people aren’t aware of is just how complicated these digital assets actually are. There are many competing factors that can influence the value of a currency, so you’ll need to thoroughly research those factors when deciding whether or not to buy.
If you’re thinking of purchasing any Huobi Tokens, consider the following:
By carefully considering all the factors that may have an impact on the value of Huobi Tokens, you’ll be able to decide whether or not they’re worth buying.
Picture: Shutterstock
Disclosure: At the time of this writing the author holds ADA, IOTA and XLM
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