In this post we take a look at How To Use Poloniex Cryptocurrency Exchange App To Buy And Sell Bitcoins.
Step 1: Open the Play Store / App Store on your mobile phone & type “Poloniex” in the search bar ( Or visit the official site HERE )
Step 2: In the search results displayed below, Tap on Poloniex Crypto Exchange
Step 3: Tap on the Install button ( If your mobile prompts with any messages, hit OK ).
Step 4: You will see the app getting downloaded & installed ( will take a few minutes, based on your internet speed ).
Step 5: Once the app is installed, Tap on the Open button.
Creating an Account
To create an account on Poloniex, clike on the “Account” tab shown at the bottom of your screen. If you already have an account, click on “Log In” else click on the “Sign Up”. Here in this post we’ll show you how to set up a new account!
On clicking “Sign Up”, you will be directed to a new page where you will have to enter your credentials and set up your account. This page is divided in to 3 sections. Under the first section, enter your First Name, Last Name, Country, Date of Birth and Email Address. Next enter a password of your choice and confirm the password again. Make sure that the password is atleast 8 characters long and consists of alphanumeric characters. Finally check the two boxes found at the bottom and then you’ll find the “SIGN UP” option glow up.
The first stage of your sign up procedure is complete. Next up, you need to confirm your email address. Once you click on the “Sign Up” option show at the end of the process, you’ll be direct to a new page where you can verify your email address. Click on “Open Link” to open your inbox and get verified.
After validating your email address, the next step is to verify your identity. To trade and transact on Poloniex, you must complete a short form, submit a photo ID and take a selfie. Once your identity has been verified , you can intitate your trades and your limits for withdrawals and deposits increases to $25,000. To initiate the process click on “Get Started”.
First up, you have to enter input some of your profile information. Enter your mobile number and set the country code accordingly. Next, enter your Mailing Address – Street Address, City and Postal Code. Once you’re done, click on “Continue”.
Next up you need to select the type of document that you wish to scan and show as proof of identity. The usual choices are between;
- Driving Licence
- Identity Card
Scan both the sides of the document. The images will be taken automatically by the AI sensors. Post this, you need to take a selfie. Again fit your face inside the oval shape that’s shown and make sure your eyes follow the tracker moving across the screen. Once it captures the images, the process will be completed and your documents will be uploaded for verification. The verification process will take some time, and when it has been approved you’ll get a notification about the same. With this your account is fully functional and ready to carry out trades.
Understanding the App
On this tab you can see the live market prices of all the crypto tokens listed on Poloniex. To view the prices, first select the base token found on the top. [Move horizontally along the line to see other options.] On selecting the desired base currency, the other coins and their Price, 24h % and Volume will be displayed in a tabular format. These prices are updated round the clock, so you have the exact prices shown to you. If you have any favorite trading pair, you can star the pair to find it under the “Star” option found beside BTC. With this you can access your favorite pairs easily without having to scroll and search everytime.
Also known as the Exchange Account, here you will find 3 tabs namely – Balances, Orders and Trades. Under the Balances tab you will find a summary of your holdings in terms of crypto and what it is worth totally. The Orders tab will display all the instruction that have been initialized to buy or sell a crypto at a specified rate. The order remains valid until executed or cancelled. Finally the Trades tab, will display all the executed orders. Every trade is based on one specific order, but one order can generate multiple trades.
Due to the quick fluctuations in the market, it can be pretty hard to keep track of the prices of the crypto. Therefore it is important to set alerts during various movements in the market. You can set alerts for various cryptocurrencies under this tab. Simply click on the “+Add Alert” option shown on the page. Next select your trading pairs, and set the price at which you would like like to be notified or alerted. The current base price would be shown on the top while setting the price for your reference.
Making A Deposit On Poloniex
To make a deposit click on Account > Balances > “Make A Deposit“. Next select the coin that you want to deposit. Every coin has a separate address that you need to use while depositing, else the coins will be lost. So here I have chosen to deposit “BTC“. On selecting the coin, the respective address will be displayed. From here you can copy the deposit address or even share the address to another crypto user. You can also simply, use a QR code reader to scan the code and directly deposit the required amount into the account.
Withdrawing on Poloniex
To withdraw crypto from your Poloniex account and sent it another, click on Account > Balances > “->Withdraw“. Next select the coin that you want to withdraw. Enter the address to which you’re withdrawing the coins in the space provided beside “Address“. Alternatively you can also scan the QR code and it will fill in the details automatically. Next under “Amount”, enter the amount of coins that you wish to withdraw. [A summary of your account will also be shown here. Therefore, you can track how much you’re sending and how much balance you have left in your account.] Verify all the details and click on “Continue” to initiate the withdrawal.
Trading on Poloniex
It is very simple to trade on Poloniex. Begin by ensuring you have deposited enough funds in your account. Certain coins require a minimum deposit, which you can check before trading. Once you are ready to trade, select the appropriate tab on the markets. Select the tab of the cryptocurrency you want to use, then select the trading pair.
The markets are divided into tabs and several coins are listed under each tab with the latest prices quoted. By picking a coin listed on a specific tab, you select a trading pair to buy or sell. In the example shown below, the trading pair selected is ETH/ BTC where a user can buy or sell ETH in exchange for BTC.
To buy or sell a coin based on the trading pair you have selected (e.g. ETH/ BTC), go to the appropriate box and input the desired price and the amount of coins. Below is an example of buying ETH in exchange for BTC.
To complete your request, hit the ‘Buy’ button. Once you have placed an order, the system will look for a counter-party willing to sell at or below your ask price. If your ask price is lower than the lowest price that sellers are offering, your order will go into the order book as an open order until a new sell order becomes available where the price either matches your ask price or is lower than your ask price. Then, your order will fill at that time.
Orders can remain open indefinitely. You can find all of your open orders for the selected trading pair at the bottom of the exchange page . If you want to change an open order, you can cancel it and place a new order.
Once your order is filled, it will appear as one or more trades under Trade History. Scroll down the exchange page for the selected trading pair to get to the Trade History section. You can view your own trades in the My Trades tab.
Hope you have learnt How To Use Poloniex Cryptocurrency Exchange App. Do post your views adn queries in the comments section below and we’ll get back to you at the earliest. 🙂