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Hey there guys, it's Lee here. In today's video, I'm going to be showing you how to use the online exchange PollonX. So, PollonX is a online cryptocurrency exchange. So, with this exchange, you can sell your Bitcoin for other coins. You can buy Bitcoin using other cryptocurrencies and vice versa. So, it's an online crypto exchange.
Uh quite a few people have been asking me um exactly how to use it. So, in today's video, I'm just going to show you a few of the basics um that you'll need to use for this crypto exchange. So, I'm on the actual Mac now, but uh it doesn't really matter what your PC is. It's just a web-based application.
So, you just interface or use it using your browser. So, I'm just going to open up the browser. Uh we'll get logged in and we shall continue on. So, it's Palonics. I think that's the correct pronunciation of it. It's P O L O N I E X.com. So, I'm just going to get signed in here. I'm not going to take you through the account creation process.
Um, you guys can just work that out. It's yourself. Uh, it's really simple, straightforward. You don't really need very much more than your sort of email address and u some basic login details. So, I'm going to skip that step. Um, and I'm just going to proceed to uh sign in. So, I'm just going to sign in now.
Um, I would recommend you set up two factor authentication, which is just a counter measure that you add to your phone. Uh, what that will allow you to do is add an extra level of security to your account. Um, it's quite common for exchanges and stuff to get hacked or your accounts to get hacked. So um having some extra um security is probably a good idea.
Okay. So this is the main interface for Ponx. Um and this is the main uh trading area. So in the top left hand side you can see it's the Ethereum exchange. So this is between Ethereum and Bitcoin. I'll come back to this in just a moment. Uh what I want to show you uh first is how to actually deposit funds into the online exchange.
So if you go to balances and then we go to deposits and withdrawals in order to get started on the actual exchange, you're going to need to deposit some funds. Um, the online exchange Pelonx supports a massive array of different cryptocurrencies and you can make your deposit with any one of those currencies that you choose.
So, if you have Bitcoin, you can deposit Bitcoin. If you have um there's all these other ones on there. So, Aiden, Bulberry, Bitecoin, Bit Crystals, Ethereum, Clams, whatever you got, you can use that to deposit your funds and that will be your basic starting balance. From there, you can then exchange those funds into uh other coins.
So, how do we go about actually depositing funds? Uh what I'm going to do now is uh you won't actually need to do this. Uh if I just go to hide zero balances, that just empties or clears or or filters the actual list and shows you that um just the balances that don't have zero amounts in them, which is quite useful.
Uh anyway, so at the top we've got Bitcoin. They're sorted in uh alphabetical uh order. So, we've got Bitcoin and then if we want to make a deposit, we just go to the deposit option. Press that and then it just says there's an important message that says uh only send Bitcoin to this address. So, we uh acknowledge that and then it gives us a Bitcoin deposit address.
Uh now that we have that address, we can use our Bitcoin app or a Bitcoin wallet. Um however exactly you interact and use Bitcoin. Uh you deposit it to this address. Uh wait for the actual block confirmations to go through. Then after a short period of time, uh your Bitcoin balance would then be updated and it will show you the balance that you have that's actually saved on the online exchange itself.
Uh the same process would apply uh for any other currency. So if you had Bitshares or Dash, Dodge, uh should I say Doge, I think is the correct term. So yeah, you just click on deposit. It gives you a deposit address. You send your funds to that deposit address and then you wait a short period um of time.
Uh whilst I'm here, I'll just show you the actual uh withdrawal process as well. Um just because it's done from the same interface. So if I go Whoops. Let's go back there. So for for example, if we had some Bitcoin balance, we've got 0.212 there and a little change. We've got some in orders, but uh ignore that for the time being.
If we actually wanted to withdraw that in the same way that we went to deposit, we would go to withdraw. It's going to ask you where you want to withdraw the funds to. So that will be your own receiving bitcoin address. and then you would add the amount that you actually want to take out of your online crypto exchange account.
Um, there is a transaction fee for doing so. So, that's how you withdraw it. Once you press the withdraw button, that will be processed. It will give you a trans No, sorry, actually, it won't give you a transaction number just yet. What you then need to do is go to your emails and you need to confirm the transaction.
So you enter the address, the amount, you click withdraw, then you need to log into your email account and confirm it. So it's a second layer of security just so no one clears out your um deposits and without your knowledge. So that's helpful. So that's deposit and withdrawals. Um so now we go on to the actual exchange part of it.
Okay. So now we're now in the actual exchange part of it. I'm just going to go. You've got these tabs at the top. These are like the primary markets. So you've got Bitcoin, Ethereum, and uh Ripple, I believe that is. Um and then you've also got US dollars. Um if I just go to the Bitcoin market, this is the primary market that I personally normally trade in.
So if you go back to this top one again, which is the Ethereum one. So this is the market for between Ethereum and Bitcoin. So you've got this pretty chart all the way along the top. You can change the uh how the chart looks. You obviously got the length of time and also the uh the the smaller snippets of the actual duration.
So if I go for exactly one week and then if we look at uh 5 minute intervals, it gives you a more finite breakdown or we could do it like 1 hour gives you more uh different uh views or points of views. Um so that's just the chart there. Okay, so moving down, you got a couple of different boxes. Um, I'm just going to be talking strictly about buying, in this case, Ethereum or selling Ethereum.
You've also got stop limits and other features. I'm not going to go into those cuz I just want to keep it really um quite simple uh for this video. Um, okay. So, let's assume you've got some Bitcoin. Um, I've got some Bitcoin in my account here. And let's assume that we want to buy um Ethereum. So what you have is on this right hand side here you have buy orders.
These are all the people that want to buy um Ethereum and this is the price that they want to or they are willing to pay for Ethereum. So you've got 0171 023. So here is a top bidder. Um it's just changing. It's always changing literally all the time. And so that is a top bidder. Now what will happen is if I want to say uh if I have my Ethereum I could sell it to that person at that price.
So he's willing to buy at that price. And if we want to do that so to buy it we could either we could buy it from a seller on the left hand side. These are basically orders that are ready to go. So it's a uh a buyers and sellers market and there's a middle point where the the exchange actually happens.
So you have a list of buyers and a list of sellers and then that middle point in between is where the price matches and then that's where the the action actually happens. So to get back uh a little bit more focus and a little bit more uh strategic we can place a buy order. Now we in order to basically win it.
It's like a like a bidding war effectively. If we want our buy order to go through quickly um then we need to place our higher bid. If we want to wait a little bit longer or take chances, then we want to place a uh lower bid in there. So, like I say, it's 1713,000 something. So, if I wanted to bid that, maybe we could do 171s.
Let's say uh 4,000 for example. Actually, let's not go that cuz there sell orders there. Let's do uh 3,000 and um 15. So, let's have a little bit higher. And let's just say we want to buy uh one Ethereum. It tells us the balance and it also there's a fee involved as well. It tells you what the fees are there.
So we'll place that uh buy order and it just gives you an order confirmation let you know that the order has been placed. And then you can see at the top there that's actually our current buy order. If I scroll down, you've got some uh trading history and then you've got this uh current open orders and you can see my buy order there.
Um how much for all the relevant details and also there is the option to cancel but that one has actually just uh gone through. So you can just uh see that there. Uh that's actually what happens. Sometimes you might notice a notification on the side that just says that the order um has been completed.
So in that transaction, we've just bought a little bit less than one Ethereum. It's a little bit less because of those trading fees. Okay. So now let's assume that we actually uh want to sell it. So on the left hand side here, you've got these sell orders. So these are all the guys that are selling and the top price is the lowest price that they are willing to um accept.
So you can see this person here selling at 17124. So that's actually less than we purchased it for. um that last Ethereum. So, we don't really want to sell at that price. What we're going to do in this instance is we're going to try and sell our Ethereum. So, if we actually click on this 9980998, it'll actually just fill that amount box there.
So, it makes it a little bit easier to work with. And then we want to sell it um for at least um let's just see if we can get 20 just for demonstration. So we bought at 17135 and we're looking to sell at 171320. So that's it. So that's the price we're we want. This is the amount. It's got the order confirmation there.
Sorry, the total price there in Bitcoin. And it's also got a fee on the sale um as well as So now I'm going to try and sell that. Once again, we've got like an order confirmation and it just confirms the details. Click okay. Um and then our order is going to show in this sell orders list here. So this is our sell order 320.
Uh jumping up around. It's always changing. So you can actually um change the actual updates. So it only changes every 5 seconds or something. That might be a little bit easier uh for you guys to work with. Um otherwise it does change quite quickly. So, our sell order is there and then we're just going to have to wait a period of time and see whether that sell order see if someone comes in and is willing to buy at that price um or not.
Uh the the markets are very dynamic. They change very quickly. So, I'd expect that would probably go through uh fairly quickly anyway. And if not, I'll just keep the extra Ethereum cuz it's quite a cheap price now. Anyway, uh if we scroll down, um the same as with the actual buy orders, you've got your current open orders.
Uh, and what I was going to say is just in the last instance on the buy order, u, but it actually completed just before I got to cancel it. Uh, you've got this option on the right hand side here. So, you can, if you've placed a buy order or a sell order, you have the option to cancel it on the right hand side there.
So, you can just cancel it and that basically uh changes those uh, funds. Um, you've got the market trades, which is basically shows you all the buying and selling that's currently just um, uh, been processed. So these are all the actual sales um that have gone through um in the most recent period of time.
You can also uh click on your my trades which shows you your personal uh buying and selling history. So you can see uh these was it's actually been broken down into two separate orders which is quite common. So for the buy order that we just had which is the 35 uh that's our buy order and then prior to that you can see my older sales uh some of my sales history there as well as um so that is about it.
I think that's the general sort of overview. So that is the Ethereum um exchange. Um down this right hand side here you've got all these different other uh cryptocurrencies. So you can change um and these ones this is the the primary Bitcoin market. So these is all uh DAO for bitcoin, facto for bitcoin, lisk for bitcoin etc.
Um so that's how how that primary market works. Obviously you got the efferia market and then you can use ethereum to buy the dowo or lisk or the riper market and you can use that to buy these other coins. Um the so just to show you these are like the favorite coins and you can just uh mark those with the star on the side there.
uh you got the current sort of price uh the volume and the daily uh change as well and then obviously the the actual name of the coin there. Uh if I just show you just to give you another example. So this is the facto exchange if we just change it to say a one month period um and a daily interval. So that's the chart for the one month and then it's exactly the same um sort of process here.
You got your buy orders, you got your sell orders on the left. Um, I don't have any open orders going on in there. Um, you could actually see some of my previous buying history. Mostly buying, mostly buying. Um, so I last bought Factum at 0014. Um, we bought 10 of there. Um, and the price is currently up.
So, if we wanted to sell now, we could sell either under this one or we could sell directly to this seller on the right hand side of the buy order. He's got money waiting and this is the lowest. So, if you wanted to go under this sell order, we could. Or we could sell directly to this guy on the right um and take that cash immediately or Bitcoin, should I say.
Um I think that's it. I just wanted to keep that fairly straightforward. So, you got the basics of depositing, withdrawing, buying, and selling. Um if you have any questions or comments, um please leave those in the comments area below. Uh thanks again for watching. Till the next video, take care. Goodbye.
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