Homework-Task 2#2 || How to setup a trading account in a Cryptocurrency Exchange by @besticofinder

boss75 (72)in SteemitCryptoAcademy • 4 years ago (edited)

Hello everyone, hope you are all doing great. Again I welcome you all to my second homework task provided by @besticofinder. Thanks to @steemitblog for this awesome initiative.

^source

" Introduction "

Currently Poloniex is one of the best crypto exchange website in the world for its low trading fees,easy registration process, multiple cryptocurrencies, and has other amazing features. The website is very much suitable for the beginners as well as for the advanced users also.

I am going to present a overview of Poloniex highlighting these vital points:

How To Create Account
How To Deposit Funds
How To Trade
What's Stop-Limit
Buy & Sell with Fiat
Margin Trading
Margin Lending
Transcation Fees
Advantages
Disadvantages

_{account registration process}

"How To Create Account"

At first, you need to visit Poloniex website.
Then, click on "sign up".
Then, provide all the information in the account creation page. Choose a strong password.
Next, click on "Register".
Confirm your email address by clicking the link Poloniex sent. Done!!!

_{deposit usdt on my account}

"How To Deposit Funds"

Click on "wallet" and then click on "Deposit".
You will see a long list of cryptos. Search your favorite one in the search bar.
Then, select your desired deposit protocol.
Then, deposit your desired cryptocurrency in the generated address.

_{buying steem against usdt}

"How To Trade"

In the exchange section, you can see a list of all available markets. You need to select a pair of cryptocurrency you need to trade. After selecting the pair, please put your preferred price(you can use the default too). Now click on buy or sell. An open order will be created. You can cancel the order if you want unless the deal is not completed.

" What's Stop-Limit "

There are two prices involved in a stop-limit order. Actually, It's a combination of stop orders and limit orders. A stop-limit order is executed at a specific rate. When the given stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price.

"Buy & Sell with Fiat"

Poloniex customers can directly buy & sell crypto assets using their using their debit and credit card with Simplex. In around 68 countries people are allowed to deposit cryptos using debit and credit cards with Simplex. On the other hand, in about 35 countries people are able to deposit and withdraw crypto assets using simplex bank account.

"Margin Trading"

Margin trading is a strategy for exchanging resources utilizing reserves gave by other users. When you place a margin order, all money you are utilizing is acquired from different clients offering their assets as P2P(peer to peer) loans. The funds in your marginal account are utilized as collateral for these credits and to settle obligations to moneylenders.

"Margin Lending"

Poloniex creates a peer to peer (P2P) market where a few clients loan their assets to different clients for margin landing. The moneylenders get daily profit however long the assets are borrowed. Sometimes get greater benefits.

_{latest trading fees of poloniex}

" Trading Fees "

Poloniex offers relatively lower fees than any other exchange website. The maximum amount of fee of Binance is 0.09%. But Poloniex has a really good option. The more you will trade, the more fees go down. This is based on the amount you trade every 30 days.

" Advantages "

Poloniex offers a huge range of cryptocurrencies.
Poloniex offers a large amount of liquidity.
Poloniex offers relatively lower trading fees.(maximum 0.125%)
No verification is needed unless you trade a large amount.
Simple user interface for the beginners and good for more advanced traders too.
Poloniex Supports Deposit and Withdrawal Methods via Credit and Debit Deposits and Bank transfers.
Poloniex is available on mobile apps for iOS and Android.

" Disadvantages "

Though this site was hacked in 2014, there are still questions regarding security.
It has terrible customer support.
Sometimes clients find issues while withdrawal and transactions.

" Conclusion "

I think the most important facility of poloniex is the wide variety of cryptocurrencies. It's true that there may be a few exchange websites that are offering fewer transaction fees, but I personally prefer Poloniex because of its simplicity of trading system.

Regards:

@besticofinder
@steemitblog

Cc:

@steemcurator01
@steemcurator02