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How to buy Huobi Token online
Huobi Global is one of the largest cryptocurrency exchange platforms in the world. You can use Huobi Tokens to access better rates and get a better user experience when trading on the platform. This guide explains how to buy the token, whether it’s worth your investment, and what might affect its performance in the future.
Compare where to buy Huobi Token, and open an account
One of the simplest ways to get cryptocurrency is through an online broker. You can sign up to any of the platforms below to get started, and all of them are ideal for beginners and experienced users alike. Alternatively, scroll down to learn more about Huobi Token first.
How to buy Huobi Token online – a step-by-step guide
Step 1. Find an exchange
A cryptocurrency exchange is usually the best place to find a lesser-known coin like the Huobi Token. Exchanges offer the best rates and the most coins and have interfaces which are easy to get to grips with. For Huobi in particular, it’s not available on many platforms at the moment, so you can either use the Huobi exchange itself, or the option below:
- KuCoin: KuCoin lets you buy and sell hundreds of cryptocurrencies and offers a variety of beginner-friendly learning material to help you do it successfully. Sign up for KuCoin now >
Step 2. Sign up and fund your account
You have to set up an account before you can buy anything on an exchange. It only takes a few minutes but you will have to supply some personal details, like your contact information and some ID to verify who you are.
Transferring money into the account is also simple, although the exact options available vary by platform. Normally you can deposit money through a bank transfer or pay with a debit/credit card. Some platforms charge a small fee for this, between 1-5%, while on others it’s completely free.
Step 3. Purchase
When your account is funded and you’re logged in, search for the Huobi Token by typing its ticker, HT, into the search bar. The list of pairs that show up in the results shows how much one Huobi Token costs in a variety of different currencies or cryptocurrencies. For instance, the HT/BTC pair shows how much Huobi is worth in Bitcoin.
It’s unlikely any of the available pairs will include a fiat currency (like GBP or USD). In that case, you just need to buy a cryptocurrency like Bitcoin first and then use that to get Huobi. Choose the appropriate pair, enter how many coins you want to buy, and execute the trade. Your new coins will be added to the wallet section of your account.
Step 4. (Optional) Get a suitable wallet
Many people are happy to leave the coins in their exchange account. If you’re planning to spend them again quickly, then that’s often the best policy. The alternative option is to transfer them to a dedicated cryptocurrency wallet, which is an app, website, or device that stores your coins behind a unique username and password.
Wallets are more secure because you are in complete control of any money inside them. You don’t have to rely on the security of an exchange and you can manage them however you like. Here are two of the top wallets around:
- CoolWallet: A CoolWallet is a hybrid wallet, which means it stores your coins on a physical device but lets you access them through a mobile app. It’s a great combination of convenience and security. Get CoolWallet today >
- Ledger Nano S: The Ledger Nano S is a hardware wallet, so it stores your coins on a physical device that lives completely offline. You access the money by plugging the device into your computer. Get the Ledger Nano S now >
How to trade Huobi Token – a step-by-step guide
Step 1. Find a broker
To trade a cryptocurrency you need to use an online broker. ‘Trading’ in this context normally refers to the practice of day trading, which is when you buy and sell coins frequently over a short time frame to try to make money from the way the price fluctuates. The ideal day trading broker charges low fees per trade and has a wide range of features available.
Right now, it’s not easy to find a broker that lets you trade Huobi Tokens. It’s common for lesser-known coins to only be available on an exchange, as brokers tend to wait until a cryptocurrency reaches a certain level of popularity before adding it.
The rest of this short section takes you through how to trade cryptocurrency in general. The best brokers to use to do this are eToro and Robinhood, and these are normally the first brokers to add coins that are on the up. Check back regularly to find out as soon as Huobi Token is added to these platforms.
Step 2. Create an account and deposit money
Creating an account with a broker is a simple process. Enter your personal information, verify your identity with a form of photo ID and you’re ready to go. Then there are a variety of payment methods available that you can use to fund it, from regular options like bank transfers and card payments, to the likes of PayPal, Apple Pay, and Google Pay.
Step 3. Learn how to perform technical analysis
The key to day trading is being able to predict how a coin’s price is going to change. Most people learn how to do this through technical analysis, which is the act of studying price charts to identify patterns. Those past patterns can be used to make an educated guess as to how the price is going to move in the future.
There are lots of different ways to perform technical analysis and each trader develops their own style over time. You can learn the basics from our short term trading course and then improve your skills through practice.
Step 4. Decide whether to go long or short
A trading platform offers instant ‘buy’ and ‘sell’ prices for each coin. That means you can use them to predict price moves in either direction. If your research suggests a coin is about to rise in price then you should buy it, which is also known as going ‘long’. Alternatively, if you think it’s going to drop in value then you can sell it, which is known as going ‘short’.
Step 5. Make the trade
Now that you have a good idea of where the price is going to move and how you want to trade, all that’s left is to go ahead and do it. Find the right coin by searching for its symbol and then choose to either buy or sell it based on your research. Enter how much money you want to spend, and execute the trade. You can see your new trade in the ‘open positions’ part of your account.
Should I invest in Huobi Token?
Huobi Token is an excellent investment for anyone who regularly uses the Huobi exchange to buy and sell cryptocurrency. The more coins you own, the more of a discount you get on trading fees and the more say you get over which new coins are added to the platform.
As an investment opportunity, there’s a little more to think about. The success of the token is closely linked to the performance of the exchange, as its price is likely to rise and fall depending on how many people use Huobi Global. You need to decide whether enough people are going to do that to make it a good investment.
The Huobi Token is a direct response to the success of the Binance coin, which does virtually the same job but for the Binance exchange. That coin has done extremely well because Binance is so popular, but there are now lots more platforms in the cryptocurrency space battling for customers.
If you aren’t sure about whether to invest in Huobi yet then look through the pros and cons below to help you. After that, there is some more advice to help you with timing the investment and whether it suits a long or short term strategy.
- Huobi Token gives you better rates and greater influence on the Huobi Global exchange
- The token’s price is likely to rise as the exchange becomes more popular
- Similar coins, like the Binance coin, have performed very well
Now, here are three final questions for you to consider before you invest in Huobi Token.
1. Is now a good time to buy Huobi Token?
The answer to this question depends on whether you want to hold it or trade it quickly. For those who want to hold in the hope that it appreciates in value over time, consider the state of the wider cryptocurrency market and wait for a time when the prices are settled or trending upwards.
Short term traders have a different set of considerations. The most important thing is to let your technical analysis guide you and buy or sell in response to the signals you see in the price charts. You should do your own research to find those opportunities but you can also use our analysts’ work to help you.
2. What problem does Huobi Token solve, and what are its investment prospects?
Huobi Token provides a better experience for anyone who regularly uses the Huobi Global exchange platform. It can act as a go-between to swap one coin for another, unlocks trading rate discounts of up to 50%, and lets its holders vote on which new cryptocurrencies are made available to buy and sell.
That makes its prospects good if the Huobi empire keeps growing. It already operates one of the top exchanges in the world and has acquired new services, like a dedicated wallet, to go along with it. However, the number of competitors is growing and has accelerated in the last couple of years.
Now there are ‘regular’ exchanges, with their own coins, like Binance, and decentralised platforms which are built on the blockchain itself. These are the likes of Uniswap, PancakeSwap, and Mdex, and they have their own coins as well. This competition might affect its growth prospects and you should follow the performance of all these exchanges to judge how well Huobi is doing.
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3. Do you want to hold Huobi Token for the long term?
Yes, if you want to use the Huobi exchange. Otherwise, the answer varies depending on your goals as an investor. Below are a couple of final points for each different approach.
Considerations for a long term investment strategy
Long term investors should sign up to an exchange and get tokens from there. This offers the best price and lets you take control of the coins outright. Then consider getting a dedicated wallet to store your Huobi Tokens in.
Considerations for a short term trading strategy
This strategy revolves around technical analysis. Find a broker with low trading fees and then spend time studying the price moves of the coins you want to trade. Wait for the right opportunity and then buy or sell according to the results of your analysis.
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