Crypto Academy Week 2 Homework Post for [ @besticofinder ] ///How to setup a trading account in a Cryptocurrency Exchange by @sammylinks (100% powered up)
Hello everyone
I'm very delighted to submit my home work which is based on how to setup an account on cryptocurrency exchange by erudite professor @besticofinder.
INTRODUCTION
A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid–ask spreads as a transaction commission for is service or, as a matching platform, simply charges fees.source
However, Cryptocurrencies exchange is a market where all digital coins are sold or bought. These markets or platform are electronically media which some are centralized and other are decentralized. We have many platforms like Binance, Coinbase Pro, Kraken, Bitfinex, Bithumb, KuCoin, Bitstamp, Bittrex, OKEx, Poloniex, Coinone etc. We will focus on: POLONIEX
WHAT IS POLONIEX?
Poloniex is a cryptocurrency exchange that was first launched in 2014 by Tristan D'Agosta. The company's offices are located in Delaware in the U.S., meaning that they operate in a highly regulated nation. Poloniex allows users to buy, trade and sell lots of different cryptocurrencies, which includes popular coins like Bitcoin and Ethereum, as well as less popular ones too. The exchange is very popular, with daily trading volumes of more than $100 million! They make their money by charging a fee on everyday trade that is made through their platform, which both the buyer and seller must pay.Source
Poloniex is very reliable and safe although suffering cyber attack once in 2014 but after that have redesign and expanded to handle more trading volumes. It has a very reasonable trading fee which has increased and a very large amounts of liquidity which reduces the risks of volatility.
HOW CAN I USE POLONIEX: CREATING ACCOUNT
To create a valid account is the first step to start with Poloniex. After creating an account, a digital wallet, passwords etc are provided for the user. To create account follow these steps;
Click on signup buttom
After clicking on the signup buttom, signup page will open with dialogue box where an email address will be provided as showed in my screenshot above.
Strong Password
There is a box provided for password to be used. It is better to use alphanumeric and even with symbols to make the passwords stronger. When the password is strong, it will be very hard for hackers and thereby protect the account.
Email Verification
An email will be sent to the provided email address for verification and confirming it on the mailbox means that the account has been created and valid.
HOW CAN I USE POLONIEX: DEPOSIT
After creating an account with Poloniex, the next thing is to deposit fund that one will trade with. Since Poloniex don't accept fiat currency and is highly centralized. Follow these steps to deposit;
CLICK ON DEPOSIT BUTTOM
As showed above, click on the deposit buttom, a list of over 1000 cryptocurrencies that traded on Poloniex will appear as shows below.
Since I want to deposit Bitcoin cash, I will look for it and select it. A page will appear with a unique deposit address as show below;
This BCH address is very perculiar to Bitcoin cash and therefore will only be used for it and not for any other coins.
The address is copied and used to transfer the volume of Bitcoin Cash that is needed to be deposited successfully.
HOW CAN I USE POLONIEX: WITHDRAWAL
However, there is a serious need for withdrawal of coins as same as the deposit of coins. The process looks similar with the deposit. To withdraw digital assets, follow these step;
CLICK ON WITHDRAW
Click on the withdraw buttom as show above. After that a list of default coins will only appear for selection of the choiced coin. I want to withdraw STEEM, I will select STEEM. Default coins are those coins where one have coins to withdraw from. Look at the screenshot below to understand more.
This withdraw page with dialog boxes for passwords, volume to withdraw, memo and other details will appear and when all these information are provided. Congratulations. You have your STEEM are withdraw safely.
CONCLUSION
Poloniex is the best cryptocurrency exchange with many interesting features and low trading fee. There are many coins to trade on unlike many others. It is safer and reliable. It has different and wonderful technical chart that will guide users in every trading.
Thanks to crypto-professor @besticofinder and worth to be mention:
@steemcurator01, @steemcurator02 and @steemitblog.
All pictures are copyright-free and their sources stated appropriately. Unless otherwise comes from my screenshots of infinix 4 pro
I want to learn how to be trading on POLONIEX.
It is very simple and easy too.
This post is basically really fantastic, I enjoy reading it. You could have highlighted the way to trade on #Poloniex That could have helped. Although it makes lots of sense.
#affeble
Nice post, keep it up