LEARN HOW TO TRADE IN POLONIEX

It is no secret to anyone that in the 80's Wall Street was spitting millionaires, the stock markets were in full swing, every day a new rich was born. So much was the fame of this era, that we still see films with references to that time as it is the Wolf of Wall Street, starring Leonardo DiCaprio. Many were the lucky people who managed to get hold of big capitals, but, of course, not by magic: there were several methods that these people used to become millionaires, and one of them was the speculation among the shares of companies, seeking profits between the sale. In a nutshell. buy cheap, sell expensive.

With regard to the above, with the growth of the cryptocurrency market and the diverse variety of currencies that have been created, specialized exchange houses have started to appear where you can make exchanges between cryptocurrencies , speculating among their prices to obtain profits. We clarify something: we do not promise that this practice will turn you into a millionaire overnight , but with great effort and dedication you will be able to obtain great results.

After the explosion of the mother cryptocurrency, Bitcoin,  in 2009, and its variations in subsequent years, the exchange market was latent, and it was at that moment when specialized exchange houses came into play, portals where we could not only change our crypto currency for fiat, but also allow us to play a little with the purchase / sale price to obtain dividends. It is at that moment when Poloniex comes into play , a specialized exchange house that allows us to trade with more than 80 cryptocurrencies , offering us an interface rich in graphs and real-time operations tables, which give the user a better experience and confidence. .

Poloniex is a very broad and complete platform as far as exchange operations are concerned. Therefore, in this tutorial we will learn in a basic way how to perform the elementary operations for its use.

REGISTRATION IN POLONIEX

To start, the first thing we must do is create an account on the platform. For this we will go to the main portal of  Poloniex .

Here we go to click on the " Create your account " button, where we will open the following form:

here we will place our personal data. Fictitious data should not be placed as we will later validate our account, and if the name we provide does not coincide with that of our identification document, we will not be able to complete the validation. We must also remember that the email that we will provide must exist, since there we will be sent a link for the subsequent verification of the email.

Once the registration is complete, a link will be sent to our email to verify it. After doing the latter, we will be ready to begin our exchange of cryptocurrencies , but first we must validate our account. Poloniex allows us to make transactions without the verification of our credentials, but with a limit of $ 2,000 in daily transactions ; so if you need to manage a larger amount you must validate the account.

To validate we will need to login to our account - in case you have left - by clicking on " Sign in ", which is located below our button to create a new account on the main page. Once we log in, this will be what we will find:

Later we will analyze what we are seeing on the screen; for now we will concentrate on validating our account. To begin we will click on the icon shown below:

After this, we will click on " My Profile " that will take us to the following:

Page for the validation of our profile. The validation process can last up to 72 hours.

Here we must fill in our personal data each box, and in the lower options we must upload 2 photos, one of some identification document, and another photo in the foreground holding the identity document we send, along with a paper where we will write "Poloniex" and the date when we took the photo, where the document and our face are clearly visible. The portal offers some suggestions from this link .

Once this process is finished, we will go down and select that we accept the terms of service, and then we will click on " Save profile ". Keep in mind that this validation process is done manually, so we must wait a maximum of 72 hours. After the credentials are approved, we can manage up to a maximum of $ 25,000 per day.

STARTING WITH POLONIEX

WHAT ARE WE SEEING?

First of all, we must understand the interface that we are seeing, so let's detail section by section.

1.

In this section we will find the  coins available for exchange.  In the upper tabs we will select which currency we will have or the currency of origin, and in the list we will choose which one we want to exchange. The meaning of each column is:

- Coin : universal acronym of the cryptocurrency for which we want to exchange. 
- Price : refers to the lowest sales offer currently in the system. In this example, the price of 1 ETH in BTC is represented. 
- Volume : this reflects the amount of cryptocurrencies that are currently being marketed in the exchange. 
- Change : percentage of growth or decrease of the price in a period of 24 hours. 
- Name : name of the original platform of the cryptocurrency.

2.

These graphs show the evolution of the price of the cryptocurrency in a certain period of time. This period can be modified in one of the options that appear at the bottom of this graph. The lower opaque gray bars refer to the volume of cryptocurrencies processed at that time.

3.

Here is described: a first box that is the last price in 24 hours, the second is the percentage change in price, the third is the highest price on the last day and, finally, the lowest price. In the box below we will find the volume of cryptocurrencies processed at that time.

1.

In this table we can see the market depth, that is, the more orders there are for a deeper price.

2.

Here you will see the history of transactions made with this cryptocurrency in real time. If we click on " My trades " we can see our history.

3.

From here we can see our purchase / sale orders open, and in this same table we can edit or cancel our orders.

UPLOADING ASSETS TO POLONIEX

To start trading we are going to need capital. For this we need to make a deposit to our Poloniex account from our personal portfolio. These deposits can be in any cryptocurrency that Poloniex manages. To go to the deposit window, click on the menu in " Balance " and then " Deposits & Withdrawals ". which will take us to the next window.

Table of all cryptocurrencies supported by Poloniex. Sometimes some may not be available for deposits and withdrawals.

Once here we will see the list of cryptocurrencies supported by Poloniex. Then we should only look for the cryptocurrency we wish to deposit, and we will click on the last column in " Deposit ", which will generate the address to which we will send our funds. It is important to note that every time you are going to deposit you must take these steps so that a new address is generated , because if we send an old address we can lose our funds and Poloniex does not take care of losses in this type of money. cases.

After the shipment and confirmed, we can see it in the top bar that measures the amount of money, as in the history to which we can access from the " Balance " section of the top menu.

Already with money in our account we can begin to exchange.

CREATING PURCHASE AND SALE ORDERS WITH POLONIEX

To start exchanging, we must position ourselves on " Exchange " in the top menu.

TO BUY

The first thing we must do is select the cryptocurrency for which we want to exchange; in our case we will choose Ethereum . After that we will go to the purchase section to open a new order. If we want to make a direct purchase, we will only select from some of the orders opened in the lower list: when selecting it, it will be automatically loaded into our purchase box, the only thing that we must vary is the amount we want to buy, keeping clear the amount that the seller is offering.

Once the information has been corroborated, we will click on " Buy " and the order will remain open. In case it is a direct purchase it will be confirmed immediately. We can observe our open orders from the list at the end of the page or from the top menu by clicking on " Orders " and then " Open Orders ".

TO SELL

Now it's time to sell. For this we must position ourselves on the "Sell " sales box  and do the same purchasing procedure. In the case of a direct sale we will select an order from the lower table; In case we want to sell at a fixed price we just have to place it in our box. If we want to sell all the cryptocurrencies that we have, we only have to click on the amount that appears in top of the box of the amount of currencies that we have and we will be charged in the corresponding box; The same happens with the price.

Finished this, we will click on " Sell " to open the order, or execute the direct sales order that we indicate.

WITHDRAW FUNDS

Having finished with the transactions it is time to take out the funds. For this we will go to the same section as when we deposited the funds, " Balance ", and then " Deposits & WithDrawals ". Here we are going to look for the crittic currency that we wish to withdraw, for this bitcoin example, and after that we will click on " withdraw ", which will open the following.

We must place the destination address and the amount. If we click on the amount that appears above the text boxes, the maximum amount of that currency we have in our account will be automatically added. Next we will click on " Withdraw ". An email from Poloniex will be sent to us with a link requesting that we confirm the transaction by accessing the link that provides us with the email, and upon opening it, it will indicate that the transaction was successful.