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Best Crytpo Trading PlatformChoose your quick section of our Huobi Token review below.
A Quick Overview of our Huobi Token Review:
Several changing pairs have been introduced on the platform to offer convenience in converting and trading HT.
Huobi Token Live Price
What is Huobi Token?
Huobi is one of the largest cryptocurrency trading platforms by market capitalisation in China. Its native token, the Huobi token was created for internal functionality of the Huobi exchange, increasing its capitalisation and expanding user capabilities by opening additional investment opportunities.
Key Features and Takeaways of Huobi Token
The Huobi token has the following key features and takeaways:
When using the Huobi Token (HT)l, the size of commission charges for financial transactions can be reduced up to 50%.
Holder of HT can earn additional tokens when they participate in the events held on the Huobi exchange.
Several changing pairs have been introduced on the platform to offer convenience in converting and trading HT.
There is a voting and co-management program which is implemented for holders of HT.
Huobi exchange uses 20% of profits to buy back tokens at market value and HT will be reserved in a fund to offer compensation as well as investor support, creating certain guarantees for depositors as well as users of the exchange.
As result of restrictions and bans placed on trading platforms by the Chinese government, Huobi exchange had to change its trading and business model to an over-the-counter (OTC) model while expanding activities in international markets.
HT was designed on the Ethereum platform and is an ERC20 token and has a maximum supply of 500 million.
HT can be used to pay fees on the exchange with discount or votes whenever there are new proposals towards the development of the Huobi platform.
300 million HT is set to be handed to users while 40% of the total supply is held by developers for team incentivisation, platform development, and various user rewards.
Huobi Token Mining
As utility tokens, HT cannot be mined or staked, they are issued under a ERC20 token standard which is based on the Ethereum blockchain.
However, users can mine either Bitcoin or Ethereum and exchange them for HT on popular exchanges such as Binance and Gate.io. HT cannot be bought or sold for fiat currency either, users must either convert their HT to another crypto and sell that, or they must buy other crypto to exchange it for HT.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Token distribution is unique and Huobi ensures that there is investor protection with a corresponding fund | HT cannot be mined or staked but must be purchased and/or exchanged |
| Transaction fee discounts of up to 50% for platform users and HT holders | Huobi does not support use with smart contracts |
| There are liquidity buy-backs in the open market | |
| Early access given to users as well as access to various events | |
| HT can be traded against other popular currencies |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Trading Fees | From 0.01% |
Should you buy Huobi Token?
Where investment in HT and Huobi exchange is concerned, developers have highlighted a crucial factor. HT as a token is not being developed with an ambitious prospect of evolving into a ubiquitous means of either shopping and/or settlement.
HT were created for the purpose of solving exchange issues on the Huobi exchange. However, this approach is broadly considered to be narrow, and it limits the growth potential that HT and the exchange may have.
However, despite this, it simultaneously establishes a firm foundation for stable development without the risks that are often associated with technical implementation and relevance to users.
HT is the perfect investment vehicle for short-term investments as quarterly purchases by developers have been allocated. During these times, investors can expect to get a stable profit from growth and subsequent correction.
Where long-term investments are concerned, HT will be more beneficial to users who are active on the Huobi platform. There are several promotions offered in addition to discounts on commissions, and the participation in the governance and management of the platform, ensuring that there is an increasing demand for HT and therefore investment potential.
Huobi uses a variety of methods to maintain the valuation of HT. First, Huobi offers trading fee reductions and provides users with incentive the more people use HT. This in turn increases the demand for HT.
Those who have VIP subscription, for instance, can save up to 50% in transaction fees when they use HT. This incentive is offered indefinitely, unlike Binance Coin (BNB) which has a fee reduction plan that expires after 5 years.
Secondly, Huobi also has a buy-back policy where 20% of income made will be used to buy back HT in the open market. These tokens are then allocated to the Huobi Investor Fund, used to protect the benefits of investors. It is also used to compensate users for any risks that they may face on the platform, for instance, unexpected hacks, collapse of a currency, and others.
Through this, Huobi ensures that there is overall market stability and shows investors that it has their best interest at heart.
Finally, HT are only available when users purchase Point Cards, which is a Huobi-specific prepaid card for charge-trading fees, which is available on the Huobi Pro exchange. These points can be used for a wide variety of purchases and for use with discounts on trading fees.
300 million of the 500 million HT will be used as gifts for users who purchase Point Cards. The benefits that Huobi offers intends to draw in significant investors who trade large volumes of crypto. These investors can occasionally execute large transactions, limiting the number of points in the system, which subsequently reduces the number of HT and which keeps HT valuable long-term.
How to buy Huobi Token (HT)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Huobi Token/HT and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
HT can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading HT.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading HT, select the option from the “Trade” Menu. Enter “HT” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select HT_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair HT/USDT.
Here, you will see that you have the option to buy or sell HT either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy HT through via Limit Order
To buy HT and create a limit order for it, you can enter the amount of HT you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell HT through via Limit Order
To sell HT, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, HT that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was Huobi Token first launched?
Huobi was first launched in 2018.
Who founded Huobi Token?
The Huobi platform and subsequent token was created by Leon Li.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Huobi Token’s ICO and how much did it raise?
Huobi did not have an ICO but held a coin distribution scheme between January and February 2018, raising 4.1 billion ZAR.
Is Huobi Token legit?
Yes, Huobi and HT are both legitimate.
What is Huobi Token’s total supply?
There is a maximum of 500 million HT.
What is the purpose of Huobi Token?
HT is designed to be used in a point system when there are new tokens that appear on the exchange. In addition to this, HT also has the goal of reducing trading fees when trading cryptocurrencies on the Huobi exchange.
On which blockchain is Huobi Token based?
Huobi Token is an ERC20 token which is based on the Ethereum blockchain.
Does Huobi Token work with smart contracts?
No, neither the Huobi platform nor HT work with Smart Contracts.
Does Huobi Token have potential to become more valuable?
Yes, there is a lot of potential for HT to become more valuable as there is valuable investment potential in the exchange and in HT as supply thereof diminishes over time.
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