For the past 4 days, the spotlight has been on Poloniex, exposing its cool features to new investors in the crypto space. For Amateur traders who do not fully understand the mechanics of exchanges usually find it difficult to find their way around. So this post will be leading amateurs by the hand on how to make deposits and withdrawals on Poloniex exchange.

If you wish to go through my previous post on Poloniex, You can go ahead and look up the posts on my blog. More details below...

Deposits Guide

Poloniex offers its users one of the best deposit services in the world while ensuring customer safety and low transaction charges. Customers can send the asset of their choice without going through so many protocols.

Poloniex does not support fiat deposits, but you can buy bitcoin and other cryptocurrencies using your credit or debit card via the exchange’s integration with the crypto payments processor Simplex.

With Simplex, customers can purchase as little as $50 to as much as $20,000 per day and up to $50,000 per month. The payment processing fees include either USD 10 fee or 3.5% off the total transaction amount.

Customers can make deposits on Poloniex following the steps below:

The images below will illustrate both an in-app deposit and web deposit

Step 1

• Click on balances(at the top of your screen) and select the preferred asset you wish to deposit, for instance, TRX, BTC, Steem, etc.

• Once you are on the deposit page, pay attention to all the fields to be filled, for instance, some assets like Steem, Hive require more than just a wallet address to make a deposit, special memos are also included in the deposit process and are unique to each user.

• Make sure your deposit is between the same assets, for instance, you don't send your BTC to an Etherum address or else it will be lost forever.

• Copy your wallet address(In this case BTC wallet address).
  
  Step 2

• After you have copied your Poloniex BTC address, you can now paste it on the sending account including the amount of BTC you wish to deposit.

Step 3

• You can also scan special bar codes for your deposits using your mobile phones if you are working with a PC.
• A simple copy and paste will suffice.

Step 4
Now after you have your address ready and the amount you wish to deposit from your sending account, click on the send button on the depositing account.

• Once a transaction is initiated it will have to undergo confirmation before the funds are credited to your wallets. Confirmation may last a few minutes to several minutes depending on network congestion.

Step 5

• Once confirmation is done you can be credited and transaction history updated.

Making Deposits using Debit or credit cards.
Poloniex offers customers the ability to make card deposits through Simplex banking, users can purchase the more than 15 crypto-assets of their choice using their debit cards, Sell BTC, and USDT for Euros, and transfer to any bank account of their choice.

Buying cryptos using your debit cards are very efficient, fast, and reliable, the best part is Poloniex offers these services while maintaining a low transaction fee structure. So let's get started with steps on how to buy cryptos using your debit or credit card.

• Select your local currency under the denomination field.
• Select the asset you wish to buy, in this case BTC.
• Select the asset amount you wish to purchase, in this case 0.03
• Fees are generated and total value including the transaction fees appears on the last field.
• Th next step is to click on Buy now and follow up with inputting your card details and one time password.

Withdrwal Guide

Sending assets or Withdrawing assets from Poloniex is very easy and amateur-friendly. Users can send assets to other exchanges that offer their local fiat. As a Nigerian user Roqqu is one such app that offers quick conversion to the Nigerian naira.

Poloniex withdrawals are processed quickly and without long delays. Poloniex does charge a withdrawal fee per every cryptocurrency, which varies per digital currency.

So to illustrate this withdrawal process we will use the image below.

Step 1

• Select the asset you wish to withdraw and fill out the withdrawal parameters like the receiver's address(In this instance my BTC address in Roqqu) and amount.
• Note, Some currencies have additional memos, fields, payloads, and minimum deposit requirements. Before making a transfer, please pay attention to these rules and exceptions.

Step 2

• Extract the receivers address and special memo if it is required. In this case, the receiver is Roqqu so I input my Roqqu BTC wallet address.

Step 3

• After extracting the receivers BTC wallet address, you go ahead to paste the address on the receiver address field with the amount and send.

Step 4

• Finally, user confirmation is needed to complete the step. Immediately after the send button is clicked transaction confirmation starts just like during deposition. It may take a few minutes to several minutes depending on network congestion.

Step 5

• Once the transaction is completed, your transaction history will be updated.

Conclusion

Following these few steps, you can make deposits and withdrawals successfully using the Poloniex exchange. It's easy, fast, and reliable.

For more information about the Poloniex exchange, you can visit my previous posts on Poloniex:

Spotlight on Poloniex- The killer feature that makes Poloniex stand out-Margin Lending
Spotlight on Poloniex-Exploring the Poloniex Exchange

All the images used in this post were edited from the Poloniex website