How to trade on Poloniex for beginners and the advantages and disadvantages

There are four steps for newbies to trade on Poloniex: create an account and two-step verification; deposit cryptocurrency and wait for confirmation; create an order and specify the type and price; place the order and wait for execution.

How to trade on Poloniex for newbies

Poloniex is a cryptocurrency exchange that allows users to buy and sell a variety of digital assets. For newbies, starting to trade can be overwhelming, but by following these steps, you can get started easily:

1. Create an Account

• Visit the Poloniex website and click "Register".
• Enter your email address, password and 2-step verification method.
• Complete the verification code and submit.

2. Funding Account

• Log in to your account and click "Deposit".
• Select the cryptocurrency you wish to deposit.
• Generate a deposit address and send it to your cryptocurrency wallet.
• Waiting for transaction confirmation.

3. Create an order

• Click the "Trade" tab.
• Select the asset pair you wish to trade (e.g. BTC/USDT).
• Determine the order type (limit order, market order, stop loss order).
• Enter the order quantity and price (if using a limit order).
• Click the "Place Order" button.

4. Execution Order

• The limit order will be executed when the specified price is reached.
• Market orders will be executed immediately and executed at the current market price.
• Stop order is triggered when the specified price is reached and executed when the opposite price is reached.

Pros of Poloniex

• Wide asset selection: Poloniex supports trading of hundreds of cryptocurrencies.
• Low Trading Fees: Poloniex offers highly competitive trading fees.
• Advanced Charting and Trading Tools: The platform provides advanced charting capabilities and technical indicators to aid traders in their analysis.
• Good User Interface: The user interface is intuitive and easy to navigate.
• Superior Security Measures: Poloniex uses industry-leading security measures such as two-factor authentication and cold wallet storage.

Disadvantages of Poloniex

• Limited Fiat Trading: Poloniex does not support fiat deposits or withdrawals.
• Slow customer service response time: Sometimes customer service response speed is slow, which may cause problems to be delayed.
• Asset freezing issue: There have been incidents in the past where Poloniex froze user assets.
• No mobile app: Poloniex does not yet have a mobile app, which may not be convenient for those looking to trade on the go.

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