The essentials of trading on Huobi for beginners
With more than $1BN in assets and 12 active interface languages, infrastructure specifically dedicated to hacker protection, latest security protocols, across-the-board platform compatibility, and a kickass Planet Earth emerald background, Huobi truly is one of the real eye candies of the contemporary crypto-market.
Cute, fair, and more than convenient, it does something not many do - while other make plans, it is changing the world. It is extremely likely you have heard of its Huobi Protection Fund, cool graphs, and enviable invulnerability to hacking. In short, Huobi is that cute blonde girl next door that secretly has a crush on you and would probably make a very good wife if you gave her a chance. Interestingly enough, there are still plenty of people out there who aren’t engaged with Huobi. Are you one of them? Let us make the introductions. It’ll be great, we promise.
What is Huobi?
Huobi was founded in 2013 in Bejing, and it has been becoming more and more popular ever since. It is actually in the top three exchanges in the world in terms of volume after OKEx and Binance.
This is a rather active exchange with a not inconsiderable market cap of 111 875 BTC and 252 currencies at its disposal, which means that if you’re looking for it you’ll highly likely find it here - Zcash, Bitcoin Cash, SALT, whatever. And obviously Bitcoin, Ethereum, EOS, and the Huobi Token.
We really have nothing but good things to say: 0.2% trading fees and customer service around the clock all sound terrific, as well as reasonably developed guides and tutorials. What’s not to love?
How do I join?
The exchange has quite a few fans and three Telegram chats we know of, in Russian, Chinese, and some other channel which was created in 2015 but has no dialogue whatsoever. Good effort though. In the extremely unlikely scenario that you may not find this guide helpful, you know where to go.
This is the procedure:
- Right-click on “SIgn up” in the top right corner.
- Fill in the information, tick the “I agree” box, and click the button that says “Sign up”.
- Slide to verify (very high-tech, we like!).
- Pick up your verification code at your email inbox (it will self-destruct in 30 minutes, very Mission Impossible).
- Log in using your email as your login name and the password you created.
- Congratulations! You have successfully opened a Huobi account! Welcome to the world of digital assets.
How to trade at Huobi?
Now you’re a proud member of the platform, you can start eagerly trading.
However! Because we care (and because we’re awesome), we need you to bear in mind these useful things. The conditions in small font at the bottom of the page always seem to be really painful for your wallet, have you noticed? Nevertheless, they are there, and if you ignore them, it’ll cost you.
1) The first thing you need to do is to transfer your funds. Before you deposit funds, however, please bear in mind that the minimum deposit amount here is 100 USDT. Any amount less than that will not be credited or refunded. Someone has to pay for the staff holidays in the Bahamas, right?
2) Also, beware. In order to deposit, you need to deposit somewhere. The address is a combination of numbers and letters like this one:
This is our address, in case you ever want to do charity (no pressure).
This deposit address will change, interestingly, every now and then, so you need to keep track of Huobi’s notifications, which can easily get lost in your Spam folder, so be careful.
3) You can trade by just following the procedure we describe, but to trade serious amounts you need to pass certification. For example, at the moment we’re doing ETH so our max will be 2,5 ETH until we authenticate. You will need a Go to Account Personal Center - Identity Certification to authenticate. You will need authentication using your ID for other stuff too, so we recommend doing it sooner rather than later.
4) Bind your card to your account and give accurate information.
5) Do not forget two-factor identification.
6) Bind your phone.
Ok, ok, so how do I actually trade on Huobi?!
Before you start (we know you’re sick of hearing this, but this is the last time), notice hbg.com is for trading currency (meaning making money on currency price fluctuations) and otc.huobi.com is for over-the-counter trading. Buy the currency first in the OTC version (upper left corner), and deposit it using an address that is generated after your registration.
So, got this?
- Go to OTC.Huobi.com.
- Buy currency.
- Deposit it into the exchange account.
- Wait for the price to go up.
- Get it back.
How?
Good question. For the money to be in your OTC account, you have to deposit it. Go to otc.hbg.com and click Balances. You will see a list of OTC accounts, and you click Deposit, which will allow you to send money from the outside using a wallet. Please be really careful with these.
When the money comes in, click Transfer.
19apAm1SciJn2sm3MKpzuX5vBFAdMJcBtn is an example of an OTC Bitcoin address. Note that if you send other coins to the address they will just disappear.
Please note that if you want to buy coins from a merchant at the OTC rather than sending it from another account, you will need to authenticate (mentioned above).
When you have deposited your crypto in your OTC account and transferred it to hbg.com account, you can start trading. You’re officially a proud member of hbg.com.
Actually trading
So you are here at Huobi
There is a lot of great functionality here at Huobi, which is one of the reasons we like the exchange so much. The graphs actually don’t look like they’ve been painted on by crayons by 4-year-olds like at other exchanges, and there are real-time information counters, converters, and plenty of important features we don’t have the green light to write about now (but we will do more on in-depth trading if you so wish, let us know.
Trading is done by creating orders. It’s actually a lot less scary than it looks. All you need to do is find this part.
This is where your balance will be displayed, which you have sent from the OTC account. You select the amount, buy the currency, and then sell it when it is worth more. Or whatever, you know, there are plenty of strategies. Trading in itself is a different book. But this is how it is done.
How to get the money out
To get the money out you’re back to the OTC. Go to the User Center, which is in the tab just to the left of the language settings at the top of the screen. Enable everything you can and add a payment method.
When you find a merchant to sell the coins to, they will send the money to the card you added.
This is done through the Trade Center.
Any last words?
Make sure you identify! And remember: once your ID verification is complete, no changes can be made.
Let us know how useful this article was. If you have anything to add, we would love to hear from you.