How to buy and sell coins on Poloniex exchange? Detailed steps

Poloniex offers a wide range of trading pairs, such as Bitcoin, Ethereum, and Litecoin, for traders looking to buy or sell cryptocurrencies.

Nov 29, 2024 at 12:00 am

How to Buy and Sell Coins on Poloniex Exchange: A Detailed Guide

Poloniex is a popular and well-established cryptocurrency exchange that offers a wide range of trading pairs, including Bitcoin, Ethereum, Litecoin, and many more. If you're looking to buy or sell coins on Poloniex, this guide will provide you with all the steps you need to get started.

Step 1: Create a Poloniex Account

To start trading on Poloniex, you first need to create an account. To do this, go to the Poloniex website and click on the "Sign Up" link. You will be asked to provide your name, email address, and password. Once you have filled out the form, click on the "Create Account" button.

Step 2: Verify Your Email Address

After you have created your account, you need to verify your email address. To do this, check your inbox for an email from Poloniex. The email will contain a link that you need to click on. Once you have clicked on the link, your email address will be verified.

Step 3: Deposit Funds into Your Account

To buy coins on Poloniex, you will need to deposit funds into your account. To do this, click on the "Deposits and Withdrawals" link in the top menu. You will then be presented with a list of available deposit methods. Choose a deposit method that you are comfortable with and follow the instructions to deposit funds into your account.

Step 4: Find the Coin You Want to Buy

Once you have deposited funds into your account, you can start buying coins. To do this, go to the "Markets" tab and find the coin that you want to buy. Click on the coin's name to open its trading page.

Step 5: Create an Order

On the trading page, you will see a form for creating orders. The form has three fields: "Amount," "Price," and "Type."

The "Amount" field is how much of the coin you want to buy. The "Price" field is the price you are willing to pay for the coin. The "Type" field is the type of order you want to create.

There are two types of orders: limit orders and market orders. Limit orders are orders that are only executed when the price of the coin reaches a certain level. Market orders are orders that are executed immediately at the current market price.

Step 6: Submit Your Order

Once you have filled out the order form, click on the "Submit Order" button. Your order will be submitted to the Poloniex exchange and will be executed if it meets the conditions that you specified.

Step 7: Monitor Your Order

Once you have submitted your order, you should monitor it to see if it is executed. You can do this by going to the "Orders" tab in the top menu. The Orders tab will show you all of your open orders.

Step 8: Withdraw Your Coins

Once your order has been executed, you can withdraw your coins from Poloniex. To do this, go to the "Deposits and Withdrawals" link in the top menu. You will then be presented with a list of available withdrawal methods. Choose a withdrawal method that you are comfortable with and follow the instructions to withdraw your coins from Poloniex.

Conclusion

Buying and selling coins on Poloniex is a simple and straightforward process. By following the steps outlined in this guide, you can buy and sell coins on Poloniex with confidence.