How to use Poloniex exchange? Detailed usage tutorial

Using Poloniex, you can trade various cryptocurrencies, manage orders, customize trading strategies with advanced features, and conveniently deposit and withdraw funds using TRON (TRX) for fiat currency transactions.

Nov 26, 2024 at 10:48 am

How to Use Poloniex Exchange: A Comprehensive Guide

Poloniex is a popular cryptocurrency exchange known for its wide range of trading pairs, advanced trading features, and competitive fees. This detailed usage tutorial will guide you through the essential steps of using Poloniex, from creating an account to placing trades.

Step 1: Creating a Poloniex Account

a. Visit the Poloniex website and click on "Sign Up".
b. Enter your email address, create a password, and agree to the terms of service.
c. Verify your email address by clicking on the link sent to your inbox.
d. Complete your account setup by providing your personal information and passing the KYC verification process.

Step 2: Funding Your Poloniex Account

a. Once your account is verified, you can fund it by depositing cryptocurrency or fiat currency.
b. To deposit cryptocurrency, select the desired coin from the "Balances" page and click on "Deposit". Copy the provided address and send your funds to that address.
c. To deposit fiat currency, click on "Buy Crypto" and select the preferred payment method. Follow the instructions to complete the deposit process.

Step 3: Placing a Trade on Poloniex

a. Navigate to the "Exchange" page and select the trading pair you wish to trade.
b. Choose between the "Buy" or "Sell" order types.
c. Enter the desired amount or price you want to trade at.
d. Click on "Buy" or "Sell" to execute the trade.

Step 4: Managing Your Orders

a. After placing an order, you can view its status on the "Open Orders" tab.
b. To cancel an open order, click on the "Cancel" button next to the order.
c. To modify an open order, click on the "Edit" button next to the order and make the necessary changes.

Step 5: Withdrawing Funds from Poloniex

a. To withdraw funds, navigate to the "Balances" page and select the desired coin.
b. Click on "Withdraw" and enter the amount you want to withdraw.
c. Provide the destination address for your funds and click on "Submit".
d. Confirm the withdrawal by entering the verification code sent to your email or phone.

Step 6: Using Advanced Trading Features

a. Poloniex offers advanced trading features such as margin trading, conditional orders, and charting tools.
b. To enable margin trading, navigate to the "Margin Trading" page and select the trading pair you wish to trade with leverage.
c. Conditional orders allow you to set specific conditions for your trades, such as stop-loss or take-profit orders.

Step 7: Depositing and Withdrawing Fiat Currency with TRON (TRX)

a. Poloniex now offers TRON (TRX) as a deposit and withdrawal option for fiat currency.
b. To deposit fiat currency via TRX, select the desired fiat currency from the "Balances" page and click on "Deposit".
c. Choose "TRON (TRX)" as the deposit method and follow the instructions to complete the deposit process.
d. To withdraw fiat currency via TRX, select the desired fiat currency from the "Balances" page and click on "Withdraw".
e. Choose "TRON (TRX)" as the withdrawal method and follow the instructions to provide the necessary information.