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You can trade TBT on POLONI DEX (poloniex.org) using TronLink Pro, Token pocket and Klever wallet. Ensure you have some TRX for energy to avoid failed transactions. You can buy more TBT on POLONI DEX ahead of our major listing and the launch of our major services.

 

Selling your TBT below $50 is not advisable. HODL to be among those that will enjoy the bigger bag đź’°

 

ABOUT POLONIDEX

As digital currencies have become increasingly popular in recent years, investors have found new ways to conduct business in the space. New startups, apps, modes of fundraising, tokens, and currencies have all entered the market at a rate that is sometimes astonishing.

 

The industry has changed quickly in its short history, and that has led many investors to be cautious when it comes to potential security risks. Founded in early 2014, Poloniex has emerged as an important and polarizing name in the world of digital asset exchange, largely for its relationship with users and transaction security.

 

 

Formerly a Crypto-to-Crypto Exchange

What is PoloniDEX? And how does it relate to the broader world of virtual currencies? Put simply, Poloniex is a digital asset trading service. It is a type of exchange through which users can transact in different digital currencies around the world. In this way, Poloniex is very similar to any of an ever-increasing number of digital currency exchanges headquartered in various countries.

 

Originally, what made PoloniDEX different from the way many other exchanges were structured was the fact that it was designed as a pure digital-currency-to-digital-currency exchange. Users could only transact in cryptocurrencies.

 

 

Now, PoloniDEX supports two different methods for funding your exchange account. First, users can deposit cryptocurrency into their exchange account by choosing one of the over 100 listed digital assets. Second, they can buy cryptocurrency from Simplex with fiat currency using either a bank card or a Simplex account. The funds in a user’s exchange account are movable into their other trading accounts.1

 

Previously, with PoloniDEX, users must have already owned at least some quantity of one of the digital currencies on offer in order to participate in the exchange market. Now that users can buy cryptocurrencies with fiat currency, it is no longer a purely crypto-to-crypto exchange. Poloniex has experienced numerous redesigns and expansions since its initial launch. The service now also provides technical analysis and user support in addition to its original trade functions, as well as an expanded range of trading features.

 

Poloniex Fees

According to Polonidex.com, the exchange’s online headquarters, Poloniex operates based on a volume-tiered, maker-taker fee schedule that was adopted in March 2016.2

 

 

“The maker-taker model encourages market liquidity by rewarding the makers of that liquidity with a fee discount,” according to its website. “It also results in a tighter market spread due to the increased incentive for makers to outbid each other. The higher fee that the taker pays is usually offset by the better prices this tighter spread provides.”3

 

In other words, the higher a user’s trading volume over the previous 30-day period is, the lower the fees that the user experiences. The maker-taker model, in use in a variety of types of exchanges throughout the financial world, aims to incentivize trades within a particular market. It does this by offering market makers an incentive to post orders, thereby facilitating trades.

 

On the other hand, these models often are punitive for the customer on the opposite side of the equation. In the case of Poloniex, the added benefit of the increased liquidity and more optimal market spread is designed to balance against the higher fee which is charged to the taker.

 

Security, Insolvency, and Hacking Concerns

As with most cryptocurrency exchanges, Poloniex has made it a priority to guarantee that users experience safety and security while transacting. As such, Poloniex ensures that the vast majority of customer deposits are stored offline in air-gapped cold storage. This minimizes risk and exposure to hackers and other threats online.

 

Besides that, the exchange maintains vigilant monitoring and auditing systems that work to protect user assets around the clock. Even with these security measures in place, though, there have been user concerns regarding Poloniex’s security and solvency.

 

In the summer of 2017, for instance, a rumor circulated among users that Poloniex was experiencing insolvency. The source of the rumors was difficult to track, but Coin Telegraph reported that at least one user experienced a significant personal financial loss as a result of hacking, and the user reportedly did not receive prompt assistance from the Poloniex support department.4

 

Other issues, including frozen accounts and disabled withdrawals, also fueled the insolvency rumors. The slowdown in customer support and reduced functionality suggested to some that the increased demand on Poloniex from a growing user base might have overwhelmed the system. Since early in 2017, when those issues were first reported, Poloniex has continued to be plagued by user concerns regarding transaction processing time, transaction completion, and more.

 

On the other hand, Poloniex has so far not experienced major security breaches, which remain a major concern among cryptocurrency investors and for digital currency exchanges more broadly. The slowdown has also impacted the account creation process, and Poloniex acknowledges that it may take weeks for a user to successfully create a new account.

 

In the late summer of 2017, Poloniex changed its terms of use, prompting an additional backlash from certain users. Coin Telegraph reported that the exchanged stated that “they make no claims or guarantees about coins’ underlying networks and that there is no certainty that they’ll distribute forked tokens in the event that a chain split occurs on any network.”5

 

 

Some took this to mean that Poloniex was prepared to not distribute bitcoin cash to those Poloniex users who held bitcoin at the time of the hard fork. Accordingly, a healthy dose of skepticism remains.

 

As recently as January of 2018, Poloniex users reportedly experienced issues related to customer account balances in the exchange platform. Perturbed users suggested that the exchange was not properly crediting user account balances when those users canceled orders through Poloniex. In response, the Poloniex team addressed the issue via Twitter, announcing that it would investigate any complaints related to canceled orders not being refunded. A report by Coin Telegraph suggests that at least some of the users that experienced account balance issues saw their balances adjusted to the proper level following the investigation.6

 

While Poloniex and other digital currency exchanges have it in their best interest to keep customers happy and accounts and transactions processing smoothly, even a single misstep or inaccuracy can greatly compromise an exchange’s reputation. One Poloniex user has reported waiting more than 5 months for an order to completely process, in spite of numerous attempts to reach the Poloniex customer service team in order to address the issue. In some cases, customer patience may be worn quite thin as a result of the expectation of a fast-moving and seamless transaction process in the cryptocurrency space.

 

On the other hand, highly publicized stories of some cryptocurrency exchanges collapsing or mysteriously losing large quantities of money may put Poloniex users on edge as well.

 

 

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns cryptocurrencies.

 

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How To Trade

STEP 1:

In order to begin making a trade, you need funds in your account. Poloniex offers a large number of coin wallets into which you can make a deposit. Please remember that only crypto-to-crypto coin transactions are supported and some of these coins have a minimum deposit amount. Please refer to guidelines on ‘How to Deposit’

 

(NOTE: If you’re also interested in learning about withdrawing coins, please refer to the article ‘How to Withdraw’)

 

 

 

STEP 2:

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. You can trade on either a desktop or a mobile device.

 

 

STEP 3:

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 a user buying ETH in exchange for BTC. You can input fields using 3 methods:

 

STEP 4:

To complete your request, hit the ‘Buy’ button. Once you have placed an order, the system will look for a counterparty 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.

 

STEP 5:

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.

 

 

 

The minimum trade amount varies depending on the base trading pair and are as follows:

 

BTC, 0.0001

USD (any), 1

TRX, 100

BNB, 0.06

ETH, 0.0001

For example, the minimum trade for ETH to BTC is 0.0001 BTC and so on.

By Ogunbamike Praise

Social media influencer, media Marketer, Blogger.

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