With the rapid popularity of Bitcoin, Ethereum and others, it should be no surprise to find exchanges offering their own crypto token. CRO from Crypto.com, BNB from Binance, and Huobi Token from Huobi Exchange, just to name a few.
Each of these tokens offer special discounts, governance and other privileges that regular user may not have access to, and with the current bull market, you would want to have as much of an advantage over the market as you can. With that said, it can be a bit overwhelming at times on where you can buy some of these token exchanges.
Well, that is where this article aims to help on shedding some light. Today, we will look at how to buy the Huobi Token. This how to buy Huobi Token article will cover the steps on how to buy it, which of the exchanges offer it, and which recommended wallet can you safely store it.
Where to Buy Huobi Tokens – Top 5 Exchanges
These are the exchanges you should consider if you plan on investing in Huobi Tokens.
Step-by-Step Guide to Buying Huobi Token
This article will outline the step-by-step basis on how to buy HT on the Huobi Exchange.
Step 1. Register for an Account with Huobi
As Huobi is the primary 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 Huobi's 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 Huobi Tokens
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.”
How to Sell Huobi Tokens
The process for selling tokens is quite similar to the process for buying tokens that are 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.
Best Wallets to Hold Huobi Token
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1. Trust Wallet
Trust Wallet is a non-custodial, multi-currency wallet. It can support up to 15 major cryptocurrencies and 20,000 supported tokens. This includes non-fungible tokens (NFTs). Like the other wallets mentioned here, it is easy to use – and just like the rest, it is a hot storage wallet, so you will need internet to manage your cryptos.
It has its own built-in decentralized swap exchange, but it is limited as to the number of tokens you can swap for another. It is at least private, so no Know-Your-Customer (KYC) is required. It also has good security features.
Like Atomic Wallet, Trust Wallet allows you to store multiple cryptocurrencies from multiple blockchain ecosystems such as Bitcoin, Litecoin, Tezos, Ethereum, and HT.
It also has its own dApp browser, so you can access dApps through Trust Wallet without ever leaving it. It also supports multiple wallets, allowing you to store your funds in multiple wallets within just one app! It also has a good wallet connect feature, allowing you to connect to many more dApps than other wallets.
Its code is open-source, allowing anyone to check for faults and encourage constant improvement. However, it lacks live customer service support. You will need to use either Telegram or Discord to speak with someone if you are having issues.
Because the HT token is an ERC-20 token, you can also store it on one of the most trusted, tried-and-tested wallets; MyEtherWallet. All ERC20 tokens including FTX Tokens can be stored on the Ethereum blockchain using MyEtherWallet, without the need to download any clients or software.
MyEtherWallet offers traders and investors a web-based solution that allows them to login from anywhere. With both a secure device and internet connection you can use your Ledger or Trezor hardware wallet, your mnemonic key phrase or a wide range of other sign-in methods to access your funds.
HT Tokens can be sent directly to your MyEtherWallet address along with any other ERC20 coins you wish to keep safe. MyEtherWallet will always support new ERC20 tokens as they come online.
3. Coinomi Wallet
Coinomi is a non-custodial, multi-currency wallet. It can support more than 1,770 cryptocurrency assets, including the HT token. Having been around since 2014, it is one of the earliest wallets out there, which means it is battle-tested. It is also available for both desktop and mobile (iOS and Android). Like Atomic Wallet, it has 24/7 customer service support. However, it is a hot wallet, meaning you will need the internet to manage your funds.
It also boasts having no additional fees. Users only pay the fees to miners for transactions. In addition, it has a built-in crypto exchange, but most importantly, it is easy to use.
It supports Native Segwit for both Litecoin, Bitcoin, and many other cryptocurrencies. It also supports Unstoppable domain names, which are human-readable crypto domain addresses. In addition to that, the wallet supports a WB3 connection, and it has a dApp browser, allowing you to connect to dApps right from within your wallet. It also supports multiple languages such as Chinese, Spanish, French, German, Russian, and others.
4. Exodus Wallet
Another good wallet is the Exodus, another non-custodial, multi-currency wallet. It can support more than 125 cryptocurrency assets. This includes HT and is available for both desktop and mobile. With the mobile feature, it can be supported on either iOS or Android.
Thankfully, it has 24/7 customer service support while also having a built-in crypto exchange. But you have to pay a spread of 2% – 5% fees when using it.
Another advantage is that it is easy to use but, as it is a hot storage wallet, you will need the internet to manage your cryptos.
The Exodus Wallet only has custom transaction fees for Bitcoin. For Ethereum and others, it automatically sets a price for you, which can be expensive if a particular network is congested. But it is private, so no Know-Your-Customer (KYC) is required.
For extra security, Exodus is integrated with the cold hardware Trezor Wallet. It also has an app explorer, allowing you to go to any dApp without leaving your wallet.
5. Nano Ledger S and X
The Ledger Nano S and X are cold storage, non-custodial, multi-currency wallets. Tokens are safely stored and can be managed offline. Unlike a mobile or desktop wallet, the Ledger is superior in terms of security. It is a highly technologically advanced device for safety and security of coins, which both can support over 1,100 coins. The price for a Ledger Nano S is $59 while the Ledger Nano X is $119, both in US dollars.
What is a great features is that you can swap tokens on the Ledger Life software itself. The Ledger is integrated with other Web3 wallets such as MetaMask, which allows you to securely connect your ledger with certain defi protocols.
Despite being able to support more than a 1,000 coins, the Ledger Nano S only allows you to only store a few tokens. This depends on memory space for each coin. For example, the necessary memory space to download the app to hold Ethereum and all ERC-20 and 721 tokens is big. But considering that many tokens are ERC-20, you would be able to store as many ERC-20 tokens as you please.
With HT being an ERC-20 token, this should not be a problem – it is just that it can only support a few blockchain ecosystems. The Ledger Nano X on the other hand, does allow you to store many more coins and tokens. It also has a built-in bluetooth feature. However, the S is cheaper than the X.
Despite its great reputation, both devices have been known to be confusing and time consuming to set up. In addition, because it is cold wallet, it is travel restrictive. You would be unable to access your funds from anywhere unless you take your ledger everywhere you go, which makes it risky for you to lose it.
In addition, scam emails with the company's own logo are common, which convinces users to download or upgrade a software, which is only a malware. Any true upgrade can be found on the Ledger Live software, which notify users when they log in. Users are never to download anything from any email they receive. Users are encourage to contact the company first before they proceed, just to verify if the email legitimately came from them.
How to buy Huobi Token – Conclusion
When it comes to buying a utility token, or any other cryptocurrency for that matter, there are many things to consider, but it will ultimately fall on you to decide which exchange and which wallet is the right one for you. To help you with this endeavour, here are several factors to consider: are they convenient, secure, private, cost-efficient and fast?
In addition, each person will need to ask themselves these questions: how badly do I want these coins? Can I trust them with my personal information? Is it worth the cost? Are there other alternative coins to this one? And many more. However, one thing to keep in mind is that there is no ‘good fit for all'. What may work for one person may not work for you.
When it comes to choosing an exchange or wallet, you will need to consider these factors in order to make the best decision that is right for you. Each exchange and wallet have their advantages and drawbacks. So, it is up to the individual to decide which one best their criteria.