Steemit How-To: Sell Steem Dollars via Poloniex [Newbie Friendly]

11 months ago
70 in steemit

In this short tutorial, I will show you how to deposit $D and sell it for Bitcoin on Poloniex.

Setup

Send Steem Dollars

  • Search for Steem and Click Deposit

Transfer

  • Go To your Steemit Wallet

  • Click on Steem Dollars and click Transfer

Okay, we need to move back to our Poloniex Deposit.

In order to deposit, we need Memo and Deposit Address

  • Copy&Paste the Memo

To your Steemit Wallet Transfer

  • Back to Poloniex - collect the deposit address

  • Copy&Paste Deposit Address to your Steemit Wallet Transfer

  • Insert the Amount you want to send and click Transfer

Wait 10 Minutes until Poloniex registered your Transaction and added it to your account

Trade Steem Dollar for Bitcoin

Now to the tricky part. You have to read the liquidity. In this example, I want to sell 400 Steem Dollar immediately, means I have to check current buy orders and how much they're buying.

The first three buy orders are combined more than 400 Steem Dollar, so I click on the 3rd Price (arrow)

  • Sell your Steem Dollar

If you followed as explained above, only thing left to do is inserting the Amount of Steem Dollar you want to sell and Click Sell

That's it!

Please do not hesitate to ask and let me know if I missed a step!


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63
  ·  11 months ago

Thanks for this guide. Next up the Bittrex guide for the same. This seems so basic to many early steemians who came from other crypocurrencies, but any newb on steem is not going to have any familiarity with any of this. Easy to use, well laid out guides like this are a great resource.

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70
  ·  11 months ago

thanks for your feedback. I don't think bittrex is that important, poloniex is much bigger after all.

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63
  ·  11 months ago

Bigger doesn't matter in this case. @Bittrex almost benefits from being MUCH easier to join and more permissive about who they let in in a good way. Noobs don't need Polo's liquidity, they'll be selling in drips and drabs.

71
  ·  11 months ago

Noob guide, just what I was looking for!!! Ta much

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70
  ·  11 months ago

thanks for your feedback! :)

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69
  ·  11 months ago

As Good as for Dummies Guides
Needed HERE PLEASE 🙈🙈🙈🙈🙈🙈🙈🙈🙈🙈

51
  ·  11 months ago

Thanks - the tech writer in me really wants to reorder this slightly.

At Poloniex, go to Steem Dollars and click Deposit
Copy the Steem Dollars memo #
Go to Steem Wallet / Transfer
Paste the memo
Then, back to Poloniex to get the deposit address
(Otherwise, you're returning twice to Poloniex when you only need to return once)
This should make it clear that you're pasting the deposit address in the To field, not typing "Poloniex" in the To field as seen here.
(Newbies, remember!)
Paste the deposit address

64
  ·  11 months ago

One little tip, please check the (24hour) Volume of the SBD on Poloniex fist before you transfer your money to it. With low trading volumes it can be quite hard and tricky to get your SBD sold or to get them for the price you want.

58
  ·  11 months ago

You have answer many questions i had, Thank for posting

54
  ·  11 months ago

Thanks I will give it a try. Great instruction.

61
  ·  11 months ago

Interesting advice, thanks... Now to just earn that 400 SBD

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69
  ·  11 months ago

Easy, just upvote me
We can share the Breadcrumbs 👍👍👍

53
  ·  11 months ago

great tuto thank you for share

31
  ·  11 months ago

very interesting

55
  ·  11 months ago

Great informations. Thanks!

41
  ·  last month

niceeee.. really helping

61
  ·  11 months ago

Very nice tutorial :p . im kinda newbie a little bit blur how to withdraw my steem . thanks a bunch u help me alots !

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70
  ·  11 months ago

great to hear :)

41
  ·  last month

Thanks for the guide, I've been looking everywhere for this.

36
  ·  11 months ago

Nice tutorial. An infographic step by step instruction. Keep it up with more tutorials.

60
  ·  11 months ago

Great How to do post :)
If a guy dont understand this, then i dont know hehe.
Tanks :)

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70
  ·  11 months ago

thanks for your feedback!

44
  ·  11 months ago

Hi there. What if poloneix does not cater to my country? Any other alternatives that you can propose? :)

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66
  ·  11 months ago

That should not be a problem. Poloniex is a Digital Currency exchange open for every country. You will have to find a local Bitcoin Exchange to cash out your Bitcoin into local fiat currency. There are also other exchanges you can use.

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70
  ·  11 months ago

what about bittrex?

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25
  ·  11 months ago

does polo restricted in some country? I never heard it

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70
  ·  11 months ago

me neither though

8
  ·  11 months ago

very helpful, thank you :)

52
  ·  27 days ago

been a while since was in school. Thanx for refresher.