Dex, Cex, Popular Exchanges and Trading Cryptos: Steemit Crypto Academy Season 5 Beginners' course - Task 7 - Entry by @basky14

basky14 (58)Beginner[1,2,3,4,5,6]in SteemitCryptoAcademy • 2 years ago

Hello Professor

Hope you are doing fine? Am excited to participate in this home work task on Dex, Cex, Popular Exchanges and Trading Cryptos lectured by @imagen. In this article I will be giving you a brief history on Huobi exchange and a basic guide on how to make use of the Huobi exchange platform.

Choose any of the following exchanges and develop a basic guide on how to use it, indicating whether it is decentralised or centralised.
• Huobi
• KuCoin
• Waves Dex

There are many exchanges platform but we are given three out of many to choose one which I chose Huobi exchange.

Source

HUOBI

Huobi actually one the best cryptocurrency preferred by Investors/Traders. Huobi is currently based in scychelles. The exchange was created by Lion Li who graduated from Tsinghua University. He was working for a multinational computer technology corporation called "Oracle" as a computer engineer before he created Huobi. Currently Huobi exchange has branches in some part of the world such as Honk hong, Japan, South Korea and United States. Huobi was baned by the Chinese Government in 2017. So Huobi decided to restrict new users to get registered from china and also the existing ones will be restricted from using Huobi by the end of 2021.

This measures was taken when the Chinese Government prevents the transactions of digital assets, after it was declared that all crypto related transactions are illegal in the country. The Huobi exchange has a token called Huobi Token (HT) which is a blockchain powered loyalty point system. It allow products such as Huobi Token exclusive events, Trading against a well known coins, making your voice to be heard and it supports Huobi global business.

Below are some reasons why investors/traders loves to make use of the Huobi exchange.

High Liquidity: This very necessary for trader/investors, because if an exchange is hand-full of tokens with low volume, investors will find it hard to purchase tokens they are interested on or will be persuaded to hold token that is their will.
Flexibility and User Friendly: Huobi exchange is quite flexible and it allows people to make use of the market so easily. It makes investors so convenient to trade their currency.
Security: To be security conscious is a very important thing to do on exchange platform. There are numerous cases of loss of money on exchange, but Huobi has made it known that they have not case of money loss for the past five years. This is to imply that their exchange is well secured.
Community: Wíth the Huobi HADAX- Huobi Autonomous Digital Assets users of the community can for ICOs they want and think should be listed on HADAX-. Huobi offers tutorial for their users and it is quite obvious that Huobi has good intentions for their users.

How To Make Use of Huobi

In this section I will showing you how to register and trade on Huobi.

The first step to take is to sign up on Huobi below screenshot is the homepage of Huobi

For you to sign up , you provide a valid email address, your nationality and password. Know that once you submit your nationality it cannot be changed. Make sure that your information you provided are correct to prevent problems.

When you are done filling your details, a box will appear in other to complete your captcha verification. This process is to know that you are not a robot.

Check your email or you phone's inbox depending on the method you used in signing in. A verification code will be sent either in your email or phone inbox, fill in the code In space provided for u the your registration is complete.

Verify your account:For people looking forward to trade/transfer small amounts on Huobi don't need to take this process but if you are looking forward to trade/transfer a large number of money, then you are required to take the know your customer (KYC) process. You are required to provide a valid passport and a face capture.

Steps

Click on your profile button on the top left of your mobile phone.
Click on the ID verification button then it will ask you for a valid government ID card, passport with a face verification.

When you are done with the verification, your account will be verified in five minutes.
Secure your account: The Huobi exchange has not lost any money in past five years in the hands of hackers but is always necessary to secure your account to avoid any issues.

Click on your profile button at the top left of your phone screen. Locate where account and security is and click on it.

In Huobi you are required to use at least two mode of verification out of three your phone number, your Gmail and google authenticator.

Verify your phone number by clicking on it then provide your phone number. Go to your inbox and collect a one time password sent to your phone and then type in the OTP in the space provided for it. Finally a verification code will be sent to yor email to verify if you are the one. Fill in the code and click on verify then you are good to go.

How to Trade on Huobi Exchange
In this phase I will be using STEEM/USDT as an example to show you how to trade on Huobi exchange.

Firstly login into your Huobi exchange and click on trade

Click on the three lines at the top left of your exchange to search for STEEM paired with USDT

Click on the USDT and search for STEEM/USDT trading pair

Choose the type of order you will like to use in the "Order" drop down menu ( I will be using the "limit order" for examples)

Type in the price of USDT that you wish to buy the Steem and the amount of Steem you want to buy then click on the buy button.

The limit order will be completed once the price of Steem gets to the price you set it.
Note: You can still take the same procedure when you want to sell Steem.

Conclusion

Huobi has some rivals in the world of crypto as a trading platform but the breadth of variety in crypto coins and tokens supported is a real strength. With the HADAX community will also help in winning many fans over and it is quite a clever move by Huobi. There are not much criticisms that has been leveled up against Huobi and in future I expect Huobi to be one of the dominant cryptocurrency exchanges. With the above steps you good to go in becoming a Huobi Pro.

Thanks to @imagen for your support above is my assignment thanks in anticipation.