Based on the growing popularity of the Binance Coin cryptocurrency, which was issued with the same exchange resource, the developers of the trading platforms started creating similar projects to provide users with the opportunity to work with the instrument for calculating commission fees. One of such systems was Huobi Token, which will be discussed in this article.
The Huobi Token Basic Information
The initial version of the Huobi exchange was mostly created for Chinese users, but the expanded Huobi Pro was intended specifically for the world market. Huobi Pro used an over-the-counter (OTC) trading model, and the platform operation concentrated all the necessary resources for global traders. Despite this, the new project did not meet the expectations of the corporation’s management. Therefore, the developers decided to make their own cryptocurrency. And the main thing was not creating a new asset for investment but attracting new traders to the system and returning the platform’s trading volume leading position in the ratings.
The Huobi Token (HT) digital currency is represented by a cryptocurrency product based on the Huobi exchange service. The HT altcoin is created as an additional tool for calculating commission fees for transactions within the HT system. In addition, Huobi Token coins can be used as a trading asset when interacting with currencies such as Bitcoin, Ether, and USD. The current Huobi Token price today is $ 12.73, and the 24-hour trading volume is almost $1,5 billion, with a live market cap of $2.2 billion. Huobi Token price has a circulating supply of 175 million HT coins and a max supply of 500 million.
Full information about the project can be found on the official website of the company https://www.huobi.pro.
Specificity of the Huobi Token
Quite recently, there was an issue of Huobi Token (HT) coins – the Huobi exchange was issued 500 million tokens. The cryptocurrency is based on the Ethereum platform and uses the ERC20 protocol. To guarantee the value of its native currency, the Huobi exchange site will use a fifth of its revenue quarterly to buy HT coins – the funds will be used for the Huobi Investor Protection Fund activities.
What is more, all collected crypto assets are accumulated on a separate Ethereum wallet and are stored to compensate for any losses that crypto users may experience while working with the platform. For providing secure operations, the company opened access to viewing the balance of the HIPF wallet for everyone. Thus, (HT) Huobi Token has tried to overcome the cryptocurrency volatility and create the most stable exchange-based token in the crypto world that will be convenient for all exchange decisions.
Huobi Token (HT) Peculiarities
The platform allows clients to buy, sell, and trade different cryptocurrencies of any market cap. Currently, the Huobi Token exchange is one of the ten largest platforms in terms of crypto trade turnover. The Huobi group, like other platforms, has its own unique features, which we have described below.
HT User Rewards And Discounts
The organization provides its clients with comfortable and favorable conditions for cooperation. The Huobi Global trading platform even provides a system of transaction fee discounts and the ability to receive crypto rewards that apply exclusively to a special level of customers. This status can be purchased with the home cryptocurrency Huobi Token. The amount of such a discount depends on the level of the obtained package, while the owner of this package with the highest VIP level receives a 50% discount on all transactions that are made during the service period. The main point is that the service package has no expiration date. The Huobi group of clients receives all the privileges as long as they pay for the monthly VIP status plans. This advantage is widely used by large investors and traders with massive trading volume, who can thus save huge funds on commissions.
The Huobi Token system also provides a cashback bonus, the essence of which is for the user to invite new members. Cashback in the amount of 30% is returned to the account with cryptocurrency of your choice. Additionally, to reduce the cost of commissions, the exchange offers point cards, which can be obtained in the “My cards” section in your personal account. The largest percentage of benefits is achieved when buying a large package of points.
HT Vote Ability
Huobi Token (HT) holders have the priority right to participate in various polls and gain early access to special Huobi events (where users can also receive rewards for seasonal buybacks) related to the development of the Huobi Pro global exchange decisions. The vote may concern the inclusion of a new cryptocurrency in the listing of the exchange or other issues related to the economic development of the Huobi token project.
Trading Activity Check
The Huobi system has a quick reaction to any actions of hackers and scammers, which significantly reduces the list of risks for traders who use the Huobi Global platform. The situation is assessed on the side of all related services. And for trading automation, an API system has been developed. Keys are managed from the trader’s personal account.
Buying Huobi Tokens
It is logical to assume that HT coins are traded on the Huobi Token service. The calculation for the acquisition of cryptocurrency is carried out in the equivalent of Bitcoin, Ethereum, Litecoin, and other popular digital assets. The source for storing and working with HT tokens is provided by the Huobi exchange-founder of cryptocurrency. At the time of publication of the review, the Huobi token current price is $1,80, with a daily trading volume above $56 million.
To store Huobi native token coins, (HT) Huobi Token Group offers users its own development Huobi Wallet. It is a multi-currency wallet that can be used to store crypto assets of over 1000 digital coins besides their own. It is a convenient and reliable wallet where users have complete control over their assets through the personal management of security keys. And it’s understandable why a huge part of client assets are stored in a cold wallet with multiple signatures. This provides a high level of security for the funds stored on it.
The Huobi Token Cryptocurrency Conclusion
The Huobi Token (HT) system is characterized by quite good prospects given that the Huobi Global exchange service, which issued this token, takes 3rd place in terms of the daily turnover of funds in the list of cryptocurrency transaction resources and in the country’s market capitalization. The growth of the Huobi Token price is to be expected quarterly at the moment of buying of coins by the stock exchange-founder to transfer to the reserve of the Fund.
What is the Huobi Token used for?
The purpose of HT is to be used by traders for intra-exchange settlements and investments. Most often, Huobi crypto coins become an object for short-term investments. In particular, investor activity increases in the periods before the seasonal buyback of coins for the HIPF. Plus, HT allows users to get a discount on any type of commission on the platform.
Is the Huobi Exchange safe?
Among crypto exchanges, there are both a large number of reliable companies and a lot of scammers who deceive traders. Huobi Global is a well-established platform that was created by Leon Li and began operating on the financial market in 2013. The HT service offers simple and favorable conditions, as well as asset management services for its clients. Traders have the ability to work with a large number of cryptocurrencies. The exchanges are suitable for both experienced dealers and beginners.
Also, on Huobi Token, you can verify an individual and an organization’s accounts. Two-factor authentication is required to enhance security and protect against unauthorized access to your profile.
Where to buy the Huobi Token?
The easiest way to purchase HT coins is to purchase them on Huobi’s inner market. You can buy Huobi Token for any cryptocurrency you like (BTC, ETH, LTC, and so on). In addition, HT coins are presented on the trading platforms HitBTC, Gate.io, LBank, etc.
It is important to note that when choosing other wallets to store their coins, in addition to the native Huobi Wallet, customers often lose many prerogatives from using the HT cryptocurrency. Hence, before investing and starting to work with crypto platforms, it is always important to get financial advice or do your own research.
What is the Huobi Token market cap?
Market cap shows how valuable the overall crypto company’s shares of stock are. It is also called market capitalization. As to the Huobi Token market cap, now, it is around $ 2.50 billion. Such a market cap shows how investors are really interested to buy the stock.