How to trade on Poloniex exchange? Graphic transaction process

Poloniex, established in 2014, offers an array of trading tools and a beginner-friendly platform, making it a go-to for cryptocurrency enthusiasts of all skill levels.

Nov 24, 2024 at 10:26 pm

How to Trade on Poloniex Exchange: A Comprehensive Guide with a Graphic Transaction Process

Poloniex is a renowned cryptocurrency exchange that has been operating since 2014, offering an extensive selection of digital assets for trading. Its user-friendly platform and advanced trading tools have made it a popular choice among both experienced traders and newcomers to the cryptocurrency market.

Registration and Verification

Step 1: Visit the Poloniex Website

To get started, navigate to the Poloniex homepage (https://poloniex.com/) and click on the "Sign Up" button.

Step 2: Create an Account

Provide your email address, create a strong password, and accept the Terms of Service. You will also be required to complete a reCAPTCHA challenge.

Step 3: Verify Your Email Address

Poloniex will send a verification email to your provided address. Click on the link in the email to confirm your account.

Step 4: Enhanced Verification (Optional)

If you intend to withdraw significant amounts or use advanced account features, it is recommended to complete Poloniex's enhanced verification process. This involves submitting additional personal and identity documents for review.

Funding Your Poloniex Account

Step 1: Choose a Deposit Method

Poloniex supports multiple deposit methods, including:

• Cryptocurrency deposits: Transfer crypto assets directly from your external wallet to Poloniex.
• Bank wire transfers: Initiate a bank wire transfer from your bank account to Poloniex's designated account.
• Third-party payment processors: Use services like Simplex and Mercuryo to purchase cryptocurrencies with fiat currency.

Step 2: Provide Necessary Information

Depending on the deposit method you choose, you will be required to provide specific information, such as the recipient address, reference number, and payment details.

Step 3: Confirm the Deposit

Once you have provided all the necessary information, review the details carefully and confirm the deposit.

Trading on Poloniex

Step 1: Navigate to the Trading Page

From the Poloniex dashboard, select the "Exchange" option to access the trading page.

Step 2: Choose Your Trading Pair

On the left-hand side of the trading page, you will find a list of available trading pairs. Select the pair you want to trade, such as BTC/USDT.

Step 3: Place an Order

There are three main order types on Poloniex:

• Limit order: Set a predefined price at which you want to buy or sell a specific quantity.
• Market order: Execute an order at the current market price, ensuring immediate fulfillment.
• Stop order: Trigger an order when the market price reaches a specified level.

Step 4: Submit Your Order

Once you have selected the order type and entered the necessary information, click on the "Buy" or "Sell" button to submit your order.

Step 5: Monitor Your Order

Your order status will be displayed on the "My Orders" tab. You can track the order progress, modify pending orders, or cancel unfilled orders.

Graphic Transaction Process:

[Image of a graphic depicting the Poloniex trading process: from account creation to trade execution]

• Account Creation: Register on Poloniex, verify your email, and complete enhanced verification (optional).
• Funding: Deposit funds into your Poloniex account using cryptocurrency deposits, bank wire transfers, or third-party processors.
• Trading: Select a trading pair, choose an order type, specify the order details, and submit the order.
• Order Monitoring: Track the progress of your order, make modifications, or cancel pending orders.