. What is Poloniex used for?. How do I transfer BTC to Poloniex?. Get an understanding to act. How to Buy / Sell Altcoins.
FAQ What is Poloniex used for? Poloniex is a stock exchange where you buy and sell Bitcoins for other coins. How do I transfer to Poloniex? Once you have joined Poloniex, press two - Deposit & Withdrawls. What looks like this: To transfer Bitcoins or other different coins to Poloniex. Press Deposit and you will receive a unique deposit address.
Then you simply transfer from another wallet to Poloniex. Once you've done this, just wait for the network to verify your deposit, which can take anywhere from 1 minute to several hours.
Please note Follow the instructions correctly, otherwise you may end up sending coins incorrectly, and thereby they will be lost. Some coins have a minimum deposit amount to transfer.
If you submit too little, you will need to send more for the transfer. It is possible that you can not see the transfer immediately, but that does not mean it is lost. Instead, tap Balance - Get an understanding on how to act The stock exchange has a lot of things happening at the same time, and this can easily seem confusing or even manageable. I will try to make this less clear for you by describing the different things.
'The Markets' Based on this image shown above, you can see the different coins, their volume, their change over 24 hours, as well as their name. Many who trade often use abbreviations on the coins they deal with.
Eg BTC = Bitcoin - ETH - Ethereum etc. By the way, you will learn the different abbreviations of the different coins. The price you see is what a particular coin is worth in the Bitcoin value. This is set up in this way because you use Bitcoin to trade. You can check the various BTC coins and USD value by going to Volume: Volume is your best friend. The volume shows you how much has been handled with Poloniex.
Download solver for excel 2011 for mac. This is stated in the purchase and sale. 'The difference' The difference shows how much the particular coin has changed over the past 24 hours. In the picture above you can see that ETH has lost -5% where DGB rises 87%, meaning if you had $ 10 worth of DGB yesterday and sold today you would have $ 18.7. 'Candle Sticks' Candle stick chart, shows you if that coin has fallen or risen in value over the time frame you choose. You can choose whether to zoom in or change the shape of Candlesticks at the bottom.
For example, in the picture you can see that I have chosen 24 hours & candlestick every 30 minutes. This will now show me if the coin in question has fallen or rises every 30 minutes over a 24-hour period. Red = Fall / Green = Increase. Candlesticks will help you see if it's falling a lot. Or if it's about to rise a lot. How to Buy / Sell Coins on Poloniex.
In this section I will show you how to buy / sell the different coins. Image is taken from the market by XRP. The top of the section is what you use to buy & sell, where the bottom shows you the current Buy / Sell offers from other people. Buy/sell Purchase / sales orders are changing all the time. These are live orders that are placed by other people on the stock exchange. As you can see in the picture, the lowest offer to sell is 0.00022419 & and there are 35092 XRP available at the specified price. The highest bid to buy is 0.00022401 & and 5129 XRP is available for purchase at the price.
When the lowest sell order matches the highest purchase order, you'll see that it is bought, for example. The market constantly changes and it will go up or down, which is controlled by the number of purchases / sell orders placed. If there are more 'sales orders' then the particular coin will usually decrease as it shows there is less demand. When there are more Buy Orders, you also see that the price increases as there is a larger request.
Purchases and sales To buy it a specific coin, enter the specific price you will pay for that coin. (If you just want to buy them right away, you only select the price that is highest for the current sell position) You will then have to enter the amount of the particular coin you want to buy or just the amount of BTC you want Buy for, and it will then even calculate how many you can buy at the specific price. Picture shows me buying XRP for the price 0.00022299, and I have thus entered 1 BTC in the total box and then it shows how many XRP I will get for my 1 BTC. When I then click 'buy', it will place an order, which you can then see under Account - Orders - My open Orders.
Or you can go a little If I then want to sell my XRP that I have just bought and the price rises. Then I write the number of XRP I want to sell. Also, I can see how many BTC I get for. See the picture below. If this example happened, I would have earned 0.161356 BTC because my initial investment was 1 BTC and I now have 1.161356 BTC total. 'Stop-Limit Orders' Stop Limit is usually used as a tool to protect your profits or minimize a loss. Stop-Limit has 3 functions.
Stop is known to be trigger price This means if you place this while selling your coins so when the highest bid falls below your stop limit, place it an order to sell your coins. And vice versa if you have to buy. Limit - This is the price you set as it should buy / sell your coins for. When 'stop' is triggered, place an order at the price you have entered in the limit. Amount - Here's how many you want to buy / sell whose stop-limit is triggered. If you think Stop-limit is confusing, you can always use to get a better understanding.
MARGIN TRADING / LOAN: At Poloniex you have the opportunity to make use of trading and loan, this will be on your own responsibility as any other trade and as we do not deal with this, we can not guide you to use it. FAQ: How much does it cost if I buy / sell? The fee differs from how much you buy and sell. You can see the fee you pay by looking here There may be a fee by transferring to and from poloniex. Is my account on Poloniex safe? I recommend that you set Two-Factor Authentication to your account as this will enhance the security of your account. There is a small guide to help you here: Can I use Poloniex as a wallet for the different coins?
Poloniex is not a wallet but a stock exchange. Therefore it is always best to use the official wallet. This means that it is always best to transfer your coins to the official wallet.
Unless you buy and sell.