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How to Buy and Sell Bitcoin Instantly for USD/MYR/HKD/VND/CNY on Huobi Lite?

A quick how-to guide on exchanging Bitcoin for fiat currency and vice versa

Digital asset exchange Huobi Global has launched Huobi Lite, where you can exchange Bitcoin and other cryptocurrencies directly for an array of fiat currencies. You can also use fiat currency to buy cryptocurrency instantly. Huobi Lite is similar to Huobi peer-to-peer, the over-the-counter trading desk, where Huobi is an independent third party facilitator. Huobi states its Lite version is simple to use and it can provide users with the best prices if they buy tokens with fiat currency.

The amount of cryptocurrency you have in your trading account on Huobi Global is automatically visible and tradeable in Huobi Lite. This only applies to currencies that are available on Huobi Lite, other balances are not shown on Huobi Lite. As of now, Huobi Lite supports the following currencies:

Fiat: US Dollar (USD), Malaysian Ringgit (MYR), Hong Kong Dollar (HKD), Vietnamese Dong (VND) and Chinese Yuan (CNY).

Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH, Tether (USDT), Huobi Token (HT), EOS (EOS), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), HUSD (HUSD).

At Huobi Lite there are no trading fees.

Huobi Lite has set minimum and maximum amounts of currency to purchase. You can find the amounts in the graph below:

How to buy and sell crypto on Huobi Lite?

Login is really simple, just log in to your Huobi Global account through the mobile app. You Can then switch from Huobi Global to Huobi Global Lite if you click on the Huobi icon on the top left. After you click on the icon, then click on ‘switch to Huobi Lite’ and you will arrive at the Lite desk. You can view a tutorial here on how to trade on Huobi Lite.

When you want to buy Bitcoin with Malaysian Ringgit (MYR) you click on Bitcoin and buy with MYR. After that, you enter the amount of Bitcoin you want to buy. Then click on the buy button if you agree with the price. You can pay through bank transfer or with another payment method (visible in your account settings). Transfer the total amount that is owed to the seller. Once the seller confirms he or she has received the payment the seller releases the coins to the buyer. The transaction is now complete.

The Huobi Lite App can be downloaded here, Android or IOS .

Huobi Token price surge

If you followed the token price of Huobi Global’s exchange token Huobi Token (HT), you must have noticed its recent steep incline. The Huobi Token (HT) price reached a new yearly high of $5.48 per token on the 28th of February. At the present time, HT is trading around $4.01 per token. This price increase is in line with the accelerated interest in cryptocurrency trading as well as the increased token utility. Huobi Global started the year with a 65% monthly growth in trading volume, compared to the last month of 2019. Huobi also intends to integrate HT at third-party partners, like credit card issuers, digital bank cards, and blue-chip technology companies.

Huobi Global is constantly expanding the scope of Huobi Token’s applicability and, price-wise, it looks like it’s paying off. As a top 4 global digital asset exchange in terms of liquidity, according to Coinmarketcap.com, Huobi Global launched the testnet of its own regulator-friendly blockchain, called Huobi Chain. HT will play an essential role in the Huobi Chain ecosystem.

Huobi Tokens (HT) are listed on various exchanges, like its parent company Huobi Global as well as Binance JEX, BitMax, Gate.io, BKEX and Bibox.

Concluding remarks

When buying or selling Bitcoin and other cryptocurrencies in my home country (The Netherlands) I am often dependent on cryptocurrency brokers. In my opinion, there are too many things that can go wrong when buying or selling crypto through Bitcoin OTC channels. Trust is one of the biggest issues. There are many scammers in the cryptocurrency industry.

The two main benefits of buying and selling at Huobi Lite are the fact that Huobi is a third party independent facilitator which makes the trades fairly safe, and the fact that the transactions are free from trading fees. This is only a benefit if the buying and selling prices are competitive.

My main disadvantage is the absence of the EURO as a fiat currency for me, but maybe they will add it in the future.

If you do not have a trading account and wish to register at Huobi Global you can start by registering for an account through the link below:

Disclaimer: I would like to state that I am being incentivized by Huobi for writing this article. This article is not intended as investment advice. You should always do your own research. All the information provided in this article is based on my own personal opinion. During these challenging market conditions, I strongly urge everyone to thoroughly research projects to potentially invest in. If you do decide you want to invest, only invest money you can afford to lose.

If you like my content about blockchain and cryptocurrencies, you can give me a follow. I also have an account on Steemit and Twitter. You are welcome to follow me there as well. On my LinkedIn page, you will find a bit more personal information. You can ask me questions on Telegram: @LindaCrypto.

I hope you have enjoyed this article, and please comment in the allocated section below if you have any further questions.

Thank you!

LindaCrypto

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Linda Willemse

Linda Willemse

Blockchain and cryptocurrency content creator. Writing for | Hacker Noon | The Startup | Good Audience | Blockdelta 📧: lindacrypto@ziggo.nl

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