Spotlight on Poloniex Contest: Exploring Poloniex Exchange and its Page

gbenga (73)in #poloniexspotlight • 4 years ago

Poloniex, "the legendary crypto asset exchange" has gone beyond a self proclaimed title yo one which has been tested, verified and trusted. We all know it isn't a day's job to be the 8th crypto exchange in the world as at the time of writing with a 24 hour volume of $65,422,686 by coinmarketcap.

I do not need to do another introductory post about the legendary crypto exchange (Poloniex) since I have written several posts on the topic spanning from its history, exchange, market and I have also done a few head to head with other crypto exchanges. If you missed the post introducing Poloniex, you can read Spotlight on Poloniex Contest: The Legendary Crypto Asset Exchange

In this post, I will be writing on the EXPLORE page of Poloniex. Poloniex have several pages which are the EXCHANGE, MARGIN, FUTURES, LENDING, EXPLORE, WALLET, ACTIVITY , and SETTINGS. Before I write on the EXPLORE page, let me give a brief explanation of each pages.

Exchange Page

This is the page where regular spot buying and selling of coins are made. This page allows traders to trade one coin for another and this trades are done with coin owned and not coin borrowed. There are several trading pair on the spot exchange giving traders choices to pick from. Pairs range from BTC, TRX, ETH, USDT, USDC, USDJ, BNB, DAI, PAX, and BUSD. On the spot exchange, traders can trade LEVERAGE, DEFI, ASSESSMENT, PRESIDENT, and FORK.

Margin Page

The Margin page is for traders who trade margin with other people's funds. They are able to trade with a 2.5x leverage creating order positions depending on speculated price of coins. Traders can trade coins against BTC, USDT, USDJ, USDC, DAI, PAX and BUSD. Coins that can be traded with Margin trade includes BTC, ETH, XRP, BCHABC, LTC, XMR, BCHSV, DASH, TRX, ATOM, DOGE, EOS, ETC, and so on.

Futures page

With futures trading on Poloniex, traders trade contracts of coins where they either plan to sell high and buy low, or buy low and sell high, or sell low and buy high. With this, a contract is created with increased leverage up to 100x. This a profit, high loss trade and users can loss part or all of their funds while trading. Trading future contracts with Poloniex are perpetual trading contract which means they are continuous contract which can go for a very long time. Perpetual coins on Poloniex include BTC Perpetual, ETH Perpetual, BSV Perpetual, BCH Perpetual, YFI Perpetual, UNI Perpetual and so on. On Futures contract trading, traders can buy long or sell short depending on market analysis.

Lending Page

The lending page is the page where users can earn passive income lending coins to borrowers who want to trade with them on margin. The lenders lends their coin and put their interest percentage over a period of time.

Lenders provide liquidity for margin traders who borrow the money and return the money with its interest after a trade has been liquidated or closed.

Wallet Page

This is the page that shows the number and value of tokens/coins on the exchange. The Wallet page shows the balance on the exchange wallet, the lending wallet, Futures wallet, and WINk.org wallet.

Traders can deposit and withdraw coins into their wallet also, traders can also buy coins with fiat, and sell coins for fiat.

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Also, traders can transfer funds from one Poloniex account to another free (with no charges).

The Explore Page

The explore page as the name implies is a page where users can explore Poloniex. The explore page allows traders to surf for more exciting activities and products on the exchange. The explore page consist of the LeaderBoard, Fiat, LaunchBase, Referral, Poloni Dex, WINk, JustSwap.

LeaderBoard

The leaderBoard page is a page where campaigns and competitions are being announced. The competition and campaigns are being participated by users on Poloniex.

Fiat

Easy buying and selling of cryptocurrency with Fiat. Thanks to the partnership with Simplex, traders can now buy cryptocurrency with Fiat and Sell cryptocurrency with Fiat.

LaunchPad

This page is for coins which listed their IEO on Poloniex. It allows projects to list their coins for IEO as well as allows users to purchase a coin at its initial exchange price before trading on Poloniex.

Referral

This is a page where users earn by referring people to Poloniex. With Poloniex referral program, the inviter gets 20% of the invitee's trading fee while the invitee gets 10% of the their trade fee back.

Poloni Dex

This is Poloniex decentralized exchange, where users can trade coins with complete control of their coin. Coins such as KLV, BNKR, SUN and so on are traded on the exchange.

WINk

Poloniex support WINk game so users can play WINk through Poloniex. There is a Poloniex wallet for WINk and users can fund their wallet and enjoy playing WINk casino and other games.

JustSwap

This page leads to a swap page where users can swap coins immediately without placing trade orders. The conversion is done almost immediately.

Final Thoughts

Poloniex is more than an exchange, it is a community, it is a home for cryptocurrency enthusiast, it is a home where gamers can come and feel safe.

To Be Continued...

Thanks for taking time to read through my post, I will appreciate your comments and will like to see you sign up to Poloniex if you haven't. In my next post, I will be sharing more about Poloniex.

All Images are are photos and screenshot are from https://poloniex.com and https://www.okex.com except stated otherwise in the post.