How to Trade on Poloniex?

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How to trade on Poloniex -techcryption

is a well-known expert cryptocurrency exchange based in the United States. One of its uniqueness is that it does not feature any fiat-to-cryptocurrencytrading. This means that trading of cryptocurrencies against fiat currencies is disabled for traders.

The exchange has a laid-back user-interface which makes trading seamless easy. Without further delay, let’s take a complete look at how to use Poloniex and begin trading on the exchange.

Signing Up

Start your tour to Poloniex website, click on “Sign Up” and enter your personal information, email and desired password.

A confirmation email will be sent to you within 5-10 minutes, just double-check your junk mail if you haven’t received it within the time.

ID Verification

To start trading, you need to verify your account with a government-issued document/form of ID ensuring that you may receive your funds that you send yourself.

Security

To enhance security even further, you are highly recommended to enable Two-Factor Authentication (2FA). To set up 2FA, simply navigate to the top bar along with the menu next to your account settings, there should be an icon of a spanner, highlight that and then select “Two-Factor Authentication”.

Depositing Funds

To deposit funds, click on “Balances” in the top-right next to where you accessed account settings and select “Deposits and Withdrawals”. Next, select an asset you are wishing to send to this wallet address (in our case we used BTC) and choose “Deposit” from the corresponding list. The address provided will be your unique ID.

Note: Send only BTC to this deposit address. Sending any other currency to this address may result in the loss of your deposit.

You can send funds directly to your Poloniex wallet so long as it is a cryptocurrency on the approved list.

Placing a Trade

The markets exchange page is where you can view the price chart, order book for both buy and sell as well as the list of assets with percentage changes on the right-hand side of the screen.

Trading is quite easy on Poloniex provided you have set up your funds through a deposit transfer and offers the standard stop-limits on all trades.

Adding a stop-loss or stop-limit adds a triggered event of either buying or selling an asset (depending on the option selected) allowing a trader to be aware of the price rise or fall from the chosen price level.

It is noteworthy to mention that you can also participate in margin lending for residents outside the U.S. However, when you lend to margin traders on Poloniex, you’re lending to people who are attempting to enhance their trading returns by using their existing Poloniex account balances as collateral to borrow more crypto.

Withdrawals

Once you have decided to withdraw your funds and transfer them off to another wallet address, click on “Accounts” in the top-right corner and select “Deposits and Withdrawals”.

From there, find your chosen coin and click “Withdraw” along the same line toward the far right-hand side of the page.

Enter your private wallet address and the amount you would like to take out or send then hit “Withdraw” at the bottom in blue.