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Poloni DEX – What is it and how does it work? – Review 2020

The decentralized exchanges (DEX) are the evolution of the traditional exchanges, and they are outlined as the future of the crypto currency trading. That’s why today we will talk about Poloni DEX, a decentralized exchange based on the TRON network that was acquired by the well-known cryptocurrency exchange Poloniex.

What is Poloni DEX?

Poloni DEX is the name change of the Tron TRXMarket DEX after it was acquired by Poloniex on November 27, 2019.

“TRXMarket has been officially updated to #PoloniDEX , a significant move for the #TRON ecosystem. We believe that after joining @Poloniex , TRXMarket will have access to more premium resources and be in a position to better serve community members.” ,they announced on Poloniex’s twitter.

TRXMarket besides being a decentralized exchange based on the trunk network, is one of the super representatives of TRON.

Registration at Poloni DEX

Registration in this decentralized exchange is quick and easy.

1] Go to the PoloniDEX page and press [SIGN IN] at the top right.

poloniex register

2] You will see a message saying that you need to log in with TRONLINK, if you already have an account with Tronlink you will be able to access the exchange, otherwise click on the indicated link to create your account.

TRONLINK is a TRON wallet that works under a Google extension, when installed it will appear in the top right of your Chrome browser’s address bar.

tronlink-register

Insert a password and save it in a safe place. The next step will be to create a new wallet, name it and backup the recovery words.

tronlink wallet creation

Now your wallet will be configured and ready to use. Once installed and configured, we can continue accessing PoloniDEX by clicking on the [Exchange] icon located on the top of the wallet.

poloniex entrance

Trading in Poloni DEX How is it done?

To be a decentralized exchange, PoloniDEX is very visual and intuitive for the user. If you are used to using cryptomoney exchanges, you won’t have any problem when using it.

But if you are a user with little experience in the sector, don’t worry, we will teach you step by step how to use it.

Transfer of funds

As in any DEX or centralized exchange, the first thing we have to do to trade is to make a deposit of one of the accepted cryptocurrencies.

To do this click on [Balances] located on the top right of the menu, this window will show all the cryptocurrencies accepted by the platform and on the right side 3 buttons:

polonidex deposits

  • Receive: From this link we will obtain the deposit address to deposit funds in our account.
  • Send: From here we will send funds to an account outside the DEX.
  • Trade: It will take us to the trading platform to trade with the chosen token.

DEX Interface

Understanding what we see when we enter an exchange is essential for proper trading.

1] In this part we will see the pairs available for trading in polonidex, in this case, being a TRON exchange, all the available tokens will have their pair with TRX, some also have pair with USDT.

2] This window shows the history of the last transactions, telling the time, price and quantity of tokens exchanged.

3] Here we will see the graphs of the different cryptocurrencies.

4] Buying / Selling tokens area (we will explain it in more detail later).

5] Listing of sales orders.

6] Listing of purchase orders.

Polonidex token exchange

trading-polonidex

Once the information provided by the platform interface is obtained and the funds are entered into the platform, we can proceed to buy / sell the desired token.

As you can see the interface is very easy to understand, on the right we will have the sale section and on the left the purchase section.

Once you have decided on the purchase or sale price, all you have to do is indicate it in the [PRICE] box, underneath you have to put the amount of tokens you want to buy / sell and click on the corresponding button.

In a few moments the operation will be carried out and the balances will be updated in the corresponding wallets.

Conclusions

Undoubtedly the acquisition of Poloni DEX by Poloniex can bring great benefits to both the exchange and the TRON project.

Among other things, this union brings to Poloniex a “decentralized arm” and a path towards the Decentralized Finance (DeFi) and to Tron the solidity and experience of a worldwide recognized exchange.

Links of interest

Alfonso Martínez
Alfonso Martínez
Cryptocurrency enthusiast since 2015, a lover of blockchain technology and everything around her. He joined the Crypto Economy team in 2018 as a content editor specializing in SEO. He is also responsible for the Social Networks of the platform.
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