Trading, one of the vital purpose of using exchange regularly. So in this post, I will be given detail explanations how to trade on Poloniex. Personally, I prefer Poloniex among other exchanges to trade because it has a large number of coins listed so as to allow traders access to several choices also, it has great pairs like TRX, BTC, ETH, USDT, USDC and many more. On coinmarketcap.com, Poloniex has 279 active coins pairing with one another, and 15 coin pairs that haven't been verified by coinmarketcap.com and that is a whole lot of coin trading pair for traders to pick from. Poloniex ranks 13th exchange with spot trading among over 380 exchanges on coinmarketcap.com, and a 24 hour volume of $82,885,352. This shows how credible Poloniex is and how big it is to help receive your trade order.
Trading Spot on Poloniex
The first thing to do before trading is deposit, you can't trade if you do not haven't deposited any coins. After depositing, the next point of action is select a preferred pair to trade depending on the coin. There are several pairing coins and they are in different tabs. There is a tab for pairs with BTC, TRX, USDT, USDC, ETH and so on, so the trader picks a preferred pair.
With spot trading, traders can pick either buy or sell and can either be a maker or a taker and like the name sounds, makers make the market while takers take away from the market liquidity created by the makers but either way a trade are executed. when you create your own price on the order book, you are a market maker, when you pick from the last price placed in order to fill your trade, then you are a taker.
After selecting the preferred price and amount, you can click on either the buy or the sell button to create your order or get it filled by an already existing order. When the order gets filled, it the appears under the trade history button and the trade is done.
Conclusion
Trading on Poloniex can be very easy and exciting, no stress or hassle involved at all, so you should give it a try if you haven't.
Thank you for taking part in the Spotlight on Poloniex Contest.
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The Steemit Team
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