In this short tutorial, I will show you how to deposit $D and sell it for Bitcoin on Poloniex.
Setup
- Sign-Up at Poloniex
Send Steem Dollars
- Search for Steem and Click
Deposit
Transfer
- Go To your Steemit Wallet
- Click on
Steem Dollarsand clickTransfer
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
- Visit: https://poloniex.com/exchange#btc_sbd
Note: I'm assuming you want to sell instantly, so no active trading considered
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!
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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thanks for your feedback. I don't think bittrex is that important, poloniex is much bigger after all.
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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.
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Noob guide, just what I was looking for!!! Ta much
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thanks for your feedback! :)
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As Good as for Dummies Guides
Needed HERE PLEASE 🙈🙈🙈🙈🙈🙈🙈🙈🙈🙈
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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
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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.
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You have answer many questions i had, Thank for posting
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Great
How to dopost :)If a guy dont understand this, then i dont know hehe.
Tanks :)
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thanks for your feedback!
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Hi there. What if poloneix does not cater to my country? Any other alternatives that you can propose? :)
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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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what about bittrex?
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does polo restricted in some country? I never heard it
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me neither though
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very helpful, thank you :)
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very interesting
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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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great to hear :)
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Interesting advice, thanks... Now to just earn that 400 SBD
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Easy, just upvote me
We can share the Breadcrumbs 👍👍👍
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Great informations. Thanks!
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great tuto thank you for share
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Thanks I will give it a try. Great instruction.
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Nice tutorial. An infographic step by step instruction. Keep it up with more tutorials.
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Good post thanks
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Fine thread. I was about to post a similair thread. Buy low, sell high, it seems so simple but most investors still don't seem to get it :-) Personally I always use: https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto. On: https://www.coincheckup.com/coins/Steem#analysis For a complete Steem Research report
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niceeee.. really helping
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Thanks for the guide, I've been looking everywhere for this.
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been a while since was in school. Thanx for refresher.
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Thank you , This post will come in handy when it comes time to cash out some of my blog profits. Once I get to it anyway.
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I moved to bittrex some time ago, I do not trust poloniex any more
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can you tell me. how maximum times to take for transaction.
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Guide otimo
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Great, thank you!
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