How To Transfer And Trade STEEM And TRX On Poloniex Exchange, Withdrawing Them And More - Steemit Crypto Academy Season 5 - Homework Post for Task 1

stan015 (57)in SteemitCryptoAcademy • 3 years ago (edited)

INTRODUCTION
Greetings everyone! I am so glad that I am starting my Crypto Academy Courses here on steemit.com, this is my Introductory Courses Task 1 and out the three choices, I have practically transferred and traded some amount of my STEEM and TRX on Poloniex as instructed by the task requirement below and also answering other asked questions genuinely. This is my first trade on Poloniex and I am grateful for this wonderful Steemit Crypto Academy Introductory Course. I hope many finds this article helpful.

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Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange? What are the different markets available for TRX and STEEM to trade in Poloniex? Perform a small trade in either TRX or STEEM in Poloniex? What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex? How cost-effective is TRC20 USDT as compared to ERC20 USDT? Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges?

Perform a STEEM and TRX transfer to Poloniex exchange

STEEM:
Regarding this stage, I logged in to my Poloniex account and searched for my STEEM to copy my wallet address which is also called public memo to deposit as I had zero steem as shown in the screenshot below:

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I then returned to my steemit wallet to transfer my steem to poloniex. I took note of my public memo, because pasting or using the wrong memo will cost me losing my steem.

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My transfer was successful as I made sure to type/paste poloniex and my public memo correctly. I was debited from my steemit wallet, and after 2 minutes I refreshed my poloniex wallet and got the equal number of steem I transferred. see screenshots below:

^{source: my screenshot}

^{source: my screenshot}
TRX:
Similar to the steps I followed to transfer STEEM to my poloniex with a little, I transferred TRX successfully to my poloniex trx wallet:
After copying my poloniex trx wallet address, I returned to my steemit wallet to transfer to the copied address without mistake. see screenshot.

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I made sure to paste the correct Tron Private Key in order for my transfer to be successful. Please keep your keys safe and private, I was very mindful of this to avoid lose.

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I have successfully transferred STEEM and TRX to my poloniex account without stress or mistake.
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What are the different markets available for TRX and STEEM to trade in Poloniex?
After searching with poloniex search tool, I discovered that one can trade STEEM/USDT, STEEM/BTC, STEEM/TRX, TRX/USDT, TRX/BTC, TRX/USDC, and TRX/USDJ on poloniex exchange.
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corrections: Following the review and corrections of prof @shemul21, I carried out my research again on the available markets for STEEM and TRX on Poloniex, I found out that there are 3 pairs just as mentioned above and SEVERAL pairs for TRX. I ealier stated about 5 pairs for TRX which is NOT correct as I researched again and found many pairs for TRX on poloniex exchange;

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Perform a small trade in either TRX or STEEM in Poloniex
In order to perform a trade on Poloniex, a required minimun of coin, lets say TRX(100) was needed for the trade so I had to top up to the 20TRX I have and I also upgraded my level to Level 2, this was easy as I used the Poloniex mobile app for better user experience and camera capturing of my ID Card. It was successful and hence the trade.
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What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex?
I made a withdrawal of 29.77steem after the STEEM/TRX trading, and the cost to withdraw my amount of STEEM as shown in the screenshot below is 0.01STEEM.
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From my screen I can read that it will cost me -0.01000000TRX to withdraw TRX. The cost for withdrawing TRX from Poloniex is very well explained in the screenshot below:
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^{poloniex trx fee schedule}

During the articulation of the task, I have 0USDT on my poloniex wallet, but clicking on the various Networks (TRC20 and ERC20) and entering a random number for withdrawal showed me a zero transaction fee. However, I shall fund usdt to my poloniex wallet and effect the various transactions to see the cost and will edit here if there is a change in the zero transaction fee.
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Comparing the difference between the withdrawal fee of the TRC20 and ERC20 network, the differences is very much. On Exchanges like Binance, it costs 1USDT to make a withdrawal on TRC20 network while it cost as much as 24USDT on ERC20 network.
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Thank you for reading through to this part of my article, I hope you finds it worthful.

During the practical transfer, trading and withdrawal regarding this task, I traded my 55.652TRX for STEEM And Invest my 104.9939TRX for STEEM.
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