How to play Poloniex delivery contract

To initiate Poloniex delivery contract trading, create an account, fund it with cryptocurrencies, select a suitable trading pair, place a buy or sell order, manage your position, receive the underlying asset (for buyers), or close the position (for sellers) upon expiration.

Nov 26, 2024 at 02:32 am

How to Play Poloniex Delivery Contract

Introduction

Poloniex is a cryptocurrency exchange that offers a variety of trading options, including delivery contracts. Delivery contracts are a type of futures contract that obliges the buyer to take delivery of the underlying asset at a predetermined price on a specific date. This guide will provide a step-by-step guide on how to play Poloniex delivery contracts.

Step 1: Open an Account

Before you can start trading Poloniex delivery contracts, you need to open an account. To open an account, visit the Poloniex website and click on the "Sign Up" button. Enter your email address, create a password, and agree to the terms of service.

Step 2: Fund Your Account

Once you have opened an account, you need to fund your account with cryptocurrencies. To do this, click on the "Balances" tab and then click on the "Deposit" button. You can then select the cryptocurrency you want to deposit and follow the instructions on the screen.

Step 3: Find a Trading Pair

Once you have funded your account, you need to find a trading pair. A trading pair is a pair of cryptocurrencies that are being traded against each other. To find a trading pair, click on the "Markets" tab and then select the "Delivery" tab. You can then filter the trading pairs by cryptocurrency, contract type, and expiration date.

Step 4: Place an Order

Once you have found a trading pair, you can place an order. To place an order, click on the "Buy" or "Sell" button. You can then enter the amount of the order, the price, and the order type.

Step 5: Manage Your Order

Once you have placed an order, you need to manage your order. To manage your order, click on the "Orders" tab. You can then view the status of your order, modify your order, or cancel your order.

Step 6: Take Delivery of the Underlying Asset

If you have bought a delivery contract, you will need to take delivery of the underlying asset on the expiration date. To do this, click on the "Withdraw" tab and then click on the "Delivery" button. You can then select the cryptocurrency you want to withdraw and enter the amount you want to withdraw.

Step 7: Close Your Position

If you have sold a delivery contract, you can close your position by buying back the same number of contracts. To do this, click on the "Buy" button and then enter the amount of the order, the price, and the order type.

Conclusion

This guide has provided a step-by-step guide on how to play Poloniex delivery contracts. By following these steps, you can trade delivery contracts and potentially profit from the cryptocurrency market.