Last updated on April 4th, 2022
If you’re looking to cash out your profits from Huobi to a fiat currency, one of the platforms you can consider is Luno.
Here’s a step-by-step guide that you can follow:
How to transfer from Huobi to Luno
Here are the steps you’ll need to transfer your crypto from Huobi to Luno:
- Go to ‘Exchange Account’ on Huobi
- Select the cryptocurrency you wish to withdraw
- Enter the details of the transaction
- Go to Luno and select ‘Receive’
- Create a receive address for the cryptocurrency that you wish to transfer
- Enter the wallet address on Huobi
- Receive the crypto in Luno
You can view a video guide here,
or you can read the text guide below:
Go to ‘Exchange Account’ on Huobi
On Huobi’s platform, you’ll need to go to ‘Exchange Account‘.
This account allows you to deposit and withdraw cryptocurrencies from Huobi.
Select the cryptocurrency you wish to withdraw
Once you’re there, you can select the cryptocurrency that you intend to withdraw. I would suggest that you can use either XRP or LTC for your withdrawals.
This is because the withdrawal fees are much lower compared to those for BTC and ETH!
You will need to click on the ‘Withdraw‘ button.
Enter the details of the transaction
There are a few details that you’ll need to enter for each transaction.
- Recipient’s XRP Address
- Transfer network
- Amount of XRP
Go to Luno and select ‘Receive’
You’ll need to go to the Luno app and select ‘Receive’.
Create a receive address for the cryptocurrency that you wish to transfer
You will need to create a wallet address for the cryptocurrency that you wish to transfer to Luno.
In this case, I am creating an XRP wallet address, which will give me both the address and the XRP tag.
The tag is unique to XRP, and it is important to add that tag when you’re withdrawing from Huobi!
You can only send a currency that matches the wallet
When you are sending out your crypto, you can only send it to an address that is able to receive that currency.
For example, when you are sending out your Bitcoin, you can only send it to a wallet address that accepts Bitcoin.
If you send it to an address that only accepts another currency, your crypto will be lost too!
Enter the wallet address on Huobi
You’ll need to paste the wallet address that you’ve copied from Luno into Huobi.
You may want to double-check your wallet address before confirming the withdrawal! Also, don’t forget to add the tag if you’re withdrawing XRP.
Receive the crypto in Luno
Once the withdrawal has been approved, it may take a while for the transaction to go through.
This really depends on how active the network is at the point of your withdrawal request.
As such, you may need to wait a while before you can receive your crypto on Luno.
Which cryptocurrencies can I send from Huobi to Luno?
Luno currently supports 5 different cryptocurrencies:
If you send another currency that is not supported by Luno, it may be lost forever!
What are the fees for sending crypto from Huobi to Luno?
If you are intending to withdraw BTC, ETH or USDC from Huobi, the fees are actually rather high:
Luno doesn’t support the TRC20 or ALGO networks to withdraw USDC. You are only able to use the ERC20 network, where the fees are the highest.
In contrast, the withdrawal fees for XRP and LTC are much lower:
The withdrawal fees for all of these currencies are less than 1 SGD!
Here’s an example of the trades you’ll need to make:
- ADA to USDT (you can also choose BTC or ETH)
- USDT to XRP / LTC
Luno is one of the ways where you can sell your crypto directly to SGD, due to their integration with StraitsX.
If you are intending to withdraw your cryptocurrencies from Huobi, the cheapest way would be to withdraw either XRP or LTC!
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Here’s what you need to do:
- Sign up for a Luno Account
- Deposit and buy ≥ SGD $200 of BTC via Instant Buy
- Receive SGD $30 in Bitcoin
You will need to purchase BTC using the Instant Buy function. The fees that you incur will be 0.75%.
It would be best to buy only $200 SGD worth of BTC, which only incurs you a $1.50 fee. The $30 SGD bonus will be able to offset the fee!
Are you passionate about personal finance and want to earn some flexible income?