What is Poloniex Exchange and How Can You Get Started With it?

A decentralised exchange built on the TRON network called Poloni DEX was purchased by popular cryptocurrency exchange Poloniex. After being purchased by Poloniex on November 27, 2019, the Tron TRXMarket DEX's name was changed to Poloniex.

What is Poloni DEX?

The TRON network's official decentralised exchange, Poloniex (formerly TRXMarket), operates. There are no trading, deposit, or withdrawal costs because the TRX smart contract handles the execution of all trades. All transactions on the exchange are recorded on the blockchain in an effort to give the best level of security, transparency, speed, and convenience. The TRON network, the primary network with the most DAPPs worldwide, is where Poloni DEX is housed.

In terms of trading volume, Poloniex is one of the biggest crypto exchanges in the world. In order to offer consumers a variety of trading choices that cover all elements, Poloniex has been trying to grow its decentralised trading environment since 2018. The Poloniex technical team decided on TRXMarket, a TRON-based platform, after conducting numerous rounds of in-depth study.

The goal of Poloniex is to alter the global trust system, enabling trading everywhere, and promote free flow of liberated value. Whatever its name, TRXMarket, or Poloni DEX, will continue to be dedicated to creating a decentralised financial system using TRON's public chain as the primary infrastructure and provide users with a trading environment that is more secure, effective, and decentralised.

Key Features of Poloni DEX

• Poloniex LaunchBase. It debuted in May 2020, and can also be used by initial exchange offering (IEO) enthusiasts. You may find some of the newest IEO projects entering the cryptoverse here and make early investments in them. Remember that to take part in Poloniex's IEOs, you must be a confirmed customer.
• Poloni DEX Decentralised Exchange. A decentralised version of the Poloniex exchange is called Poloni DEX. Even though it is a distinct exchange than Poloniex, the two exchanges have been collaborating closely ever after the company was acquired and moved to Seychelles. The major benefit is that there are no trading fees (0% for each trade), and the user experience is frictionless. It does, however, lack liquidity, especially when compared to its parent exchange, which makes it more challenging to execute deals on the exchange
• Trade more than 60 different cryptocurrencies, such as bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Tron (TRX), Eos (EOS), Monero (XMR), and many others.
• Low fees. Among the well-known altcoin exchanges, Poloniex boasts the lowest trading fees.
• Margin Trading. In addition to spot trading, low-fee margin trades with up to 2.5x leverage are now an option.
• Margin lending on Poloniex. By interest-bearing loans of your cryptocurrency assets, you can generate passive income.
• Trading on Poloni DEX. Join now and start trading right away. With Poloniex, you can register with just your email and begin trading right away because you are not required to undergo KYC (know your customer) checks. If you don't already own any cryptocurrency, you can use its Simplex interface to acquire any using fiat, but you'll need to provide identification to complete this transaction.

How to get started with Poloniex Crypto Exchange?

Step 1: Open Poloni DEX and click SIGN IN in the top right corner.

Step 2: If you already have an account with Tronlink, you can access the exchange; if not, you need to make an account. You will get a notification stating that you must log in with TRONLINK.

When installed, TRONLINK, a Google extension that functions as a TRON wallet, will show up in the address bar of your Chrome browser at the upper right. Add a password, then save it somewhere secure. Making a new wallet, giving it a name, and backing up the recovery words will be the following steps.

Step 3: Your wallet will now be set up and prepared for use. Once it has been installed and set up, we can access PoloniDEX by selecting the [Exchange] symbol at the top of the wallet.

Competitors of Poloni DEX

There are many exchanges supporting the DeFi revolution. Let us discuss these two competitors of Poloni DEX.

Binance Smart Chain, the decentralised finance (DeFi) industry's first blockchain ecosystem, was introduced in September of last year by Binance, the largest cryptocurrency exchange in the world by volume. Additionally, BSC enables users of Binance to stake Binance Coin (BNB), the native cryptocurrency of the leading exchange, in exchange for interest.

Bitfinex has been in the DEX market for many years and was formerly the biggest cryptocurrency exchange in the world by trading volume. The exchange introduced Ethfinex Trustless, a completely decentralised market for ETH-based ERC-20 tokens, in September 2018. As the first such "trustless" exchange supported by a significant participant in the cryptocurrency sector, Bitfinex marketed the DEX as such.

Conclusion

Without a doubt, Poloniex's acquisition of Poloni DEX will be very advantageous for the exchange and the TRON project.

This combination, among other things, gives Tron the stability and expertise of a well-known exchange and Poloniex a "decentralised arm" and a path towards Decentralised Finance (DeFi).