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Poloniex has a simple platform with a unique design that is quick to understand and to operate so I this post i will be showing you some basic things on poloniex that you need and how to operate the platform effectively.
1. Deposits And Withdrawals: Signing up on the online exchange is pretty simple all that is required of you is your email, password and some other details so let's proceed with how to deposit fund the first thing you need to do after you've signed up on poloniex is to deposit fund to that go to Balances ---> Deposits & withdraw. Poloniex allow her users to fund their account with different kind of cryptocurrency. To deposit any coin depending on the ones you've got. For the article I will be referencing bitcoin which is normally the base currency I use.
So click on the deposit option of bitcoin which will expand and you will see an important message warning you not donate any altcoin to the address except bitcoin agree to that and click on the bitcoin address below the message and you will be given an address which you will deposit the amount of bitcoin you want from your bitcoin wallet don't forget to look out of the minimum and maximum deposit that you can make after the transaction has been confirmed on the blockchain your balance on your poloniex account will be updated in same manner you can also deposit other altcoins.
However to make withdrawal from poloniex account click on the withdrawal option of the alt currency you want withdraw it will expand and you will be shown two box for you to fill out with the necessary details the first which is address where you will be receiving your coin and the amount where you will input the actual amount you want to withdraw and click on withdraw button you will be notify in your email one last security step to confirm you are the one making the withdrawal after which it will be initiated.
2. Exchange Market: Located at the left hand side this is the main market where you can see all the coin listed for trading on poloniex there are four tabs at the top (BTC, ETH, XMR, and USDT) these are the primary market any of which serve as the the base currency for trading click on any of the base currency you've funded to trade but here I will be using bitcoin (BTC) which is the base currency I do use you follow.
Click on the BTC tab and all the altcoin that can be traded to bitcoin will be display together with their current price click on any of them you wish to trade with base currency and the market between the altcoin let's say Ethereum (ETH) and bitcoin which is the base currency will display in the chart box where you see the green and red candle sticks which signifies the rise and fall of the altcoin respectively.
3. Buy/Stop Limit/Sell Box: This is the midpoint where the trading actually takes place and it is located below the chart box there you will see three separate boxes the buy box which is the first is used to place buy orders let say you want to buy remember we trading bitcoin to ethereum in this post so if I want to buy some ETH I will type the price in BTC that am willing to pay and then the amount of ETH I want to buy and the total plus charge fee by poloniex will be shown click on buy and a dialog box will appear for you to confirm your buy order you've placed in same manner if you want to sell place your sell orders and always look out for the general sell orders below and see the price people are selling so as to know the price you will place on your sell order that will attract a buyer fast. While the stop limit box is an designed in such that it automatically helps you buy at the price you want and sell for you to minimise loss.
4. General Buy/Sell Orders: below the buy, stop limit and sell box is the general buy and sell orders under the buy orders you will see people who want to buy and the price they are willing to pay and on the general sell orders are the orders that are ready to be sold out you can also buy from the sell orders but if you are not OK with the price you can place your buy order using the buy box.
5. Troll Box And Notices: The troll. box is on the sidebar is like a live chat on poloniex where people talk about stuffs going around in the online exchange while the notices is the section where news and updates are always posted.
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