Spotlight On Poloniex- Making trades on Poloniex made easy for Newbies.

Trading on exchanges can be very complicated for newbies in the crypto space. To most people, steemit is the first contact they had with cryptocurrencies, it was that way for me but I have grown ever since and have used major exchanges to swap my steem for BTC, ETH, or TRX tokens.

For over a week now I have been making educative posts about Poloniex exchange, you can learn about Poloniex on my previous posts, for more information, you can visit the more information block at the end of this post. Today I aim to literally walk newbies on how they can actually buy steem using their BTC on Poloniex, this post will feature a lot of screenshots on how to do this using a PC and mobile phone.

So if you are a newbie looking for where to buy steem, either for trades or power-up, this is how you do it on Poloniex:

Spot Trading
Spot trading in layman's term simply means trading with your money on the spot, it's also known as spot transactions where the purchase or sale of a foreign currency, financial instrument, or commodity for instant delivery on a specified spot date, it doesn't involve leverages or trading with borrowed funds. A spot trader simply trades with the available funds in his account at the spot and current market.

So let's dive into the main business of the day, how do you buy steem using your bitcoin and afterward send to your steemit account.

• The first step is to deposit your BTC into your Poloniex Bitcoin wallet if you don't know how to do that you should visit this post for more information

• Once your deposit has been confirmed, the next step is to pan over to the exchange section. To achieve this you click on the top left highlighted icon(Exchange) on the image above.

• Once you click this button, you immediately enter your spot trading interface.

Spot exchange interface

Poloniex features a simple and user trading interface, this interface enables traders with little experience to navigate the platform. Once on this page, this is how you carry out trade in just a few steps:\

• The first thing to do is to select which asset you want to trade and in this case STEEM/BTC, which we can see on the top left corner.

• The next step is to select whether you wish to buy or sell the above pair, and in this case, I wish to use my steem to purchase BTC.

• Input the price you want to buy or sell at, this is known as a limit order where your order gets filled when the prices hit your preferred entry price.

• After the limit price is set, the next step is to select how much BTC you want to buy, you could manually input the amount you want to buy or set the buy fraction to 100% which will automatically use your whole balance to purchase bitcoin.

• After observing these steps you can go ahead and click on the buy button.

Still, on the spot exchange interface, there are also helpful tools like a comprehensive price chart for market analysis, pending orders from other traders waiting to be filed on the middle column of the image above, and a Trollbox if you wish to engage with other active traders.

Trading the Steem/BTC pair using a mobile phone
Trading on the Ploniex mobile app like most steem investors does rather than using the website platform. The Poloniex mobile app is simple and best suited for newbies to buy and sell their steem. They can directly send steem to their personal steemit account with just a few clicks. This is how a sample buy and sell session works:

• Open the Poloniex app and log in if necessary.

• Select a specific pair you wish to buy or sell, in this case, Steem/BTC.

Note- You can favorite the pairs you prefer to trade or know you know you will take in the future, so you won't have to go looking for them among hundreds of other pairs.

• After selecting the Steem/BTC pair on my favorite page, more details like the following above will appear. This page highlights the percentage change and BTC volume over the last 24hrs.

• The next step is to click on the trade icon on the low right corner of the page.

• After clicking on trade this page opens, this page is much similar to what we saw on the website page where your limit entry price and the amount you are willing to purchase is outlied.

• Traders can choose to sell or buy steem using the BUY/SELL icon blow. In this case, we are buying steem with our bitcoin.

• The next step is to choose our entry price and the amount we are willing to buy.

• After that traders can click on that huge BUY button below.

I believe this post will be helpful to many steemains out there on how to buy steem and send their steem to using the Poloniex exchange. I am happy to help and will be readily available for any steemain who has any issues while navigating through the Poloniex platform

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

Poloniex Website
Spotlight on Poloniex- The killer feature that makes Poloniex stand out-Margin Lending
Spotlight on Poloniex-Exploring the Poloniex Exchange
Spotlight on Poloniex-Making Quick Deposits and Withdrawals on Poloniex.
Spotlight on Poloniex-Introducing Multi-chain Deposits and Withdrawals on Poloniex
Spotlight on Poloniex- Poloniex and WINk to Bring a New Crypto Gaming Experience for customers.

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

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