[Tron Ecosystem] - Steemit Crypto Academy Season 4 - Homework Post for Task 1
(3) Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange? What are the different markets available for TRX and STEEM to trade in Poloniex? Perform a small trade in either TRX or STEEM in Poloniex? What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex? How cost-effective is TRC20 USDT as compared to ERC20 USDT? Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges?
Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange?
Following the steps below is my illustration.
- step 1
Visit your steem wallet and under steem, tap on the steem tokens available. There is a list of menu, then tap on transfer.
- step 2
Knowing what are required for the transfer, we then visit our Poloniex exchange. Under wallet go to deposit and then search for steem from the search bar and tap on Steem. Displayed will be the recipient address including the memo which are required for the transfer.
- step 3
Copy the address and memo and back to your steem wallet complete the transfer with the address and memo. Now enter the amount of steem to transfer and tap Next. Again confirm transfer details and tap Ok if confirmed to approve transfer.
- step 4
Confirmation of transfer if it was successfully completed. First of all we can all see that there is a deduction from my account which as before transfer my steem wallet was worth 23.475 steem and it now 0.475. Here proves I have made a transfer.
Now lets see if it was successfully deposited into my Poloniex account and not a wrong account.
- step 1
I will like to use my Tronlink wallet for the transfer. So I visit my Tron link wallet and tap send as indicated below.
- step 2
We now know what is required for the transfer, so we then visit our Poloniex exchange and under wallet go to deposit and then search for TRX from the search bar and tap on TRX. Displayed will be the recipient address which is required for the transfer.
- step 3
Copy the address and back to your Tronlink wallet complete the transfer pasting the address. Now enter the amount of TRX to transfer and tap Send. Again confirm transfer details and tap Confirm if confirmed .enter your Tron link password to approve transfer.
- step 4
Confirmation of transfer if it was successfully. Below indicates our transfer was successful.
Poloniex exchange
Tronlink wallet
What are the different markets available for TRX and STEEM to trade in Poloniex?
Available market to trade TRX in Poloniex
In order to know the available trade market for TRX, go to market after launching your Poloniex exchange application. Then search for TRX and tap on it.
Displayed will be the available pairs for TRX trade market.
Available market to trade Steem in Poloniex
In order to know the available trade market for Steem, go to wallet then tap on your available steem tokens. Next to display will be seen the available Steem trade market.
Perform a small trade in either TRX or STEEM in Poloniex?
An illustration of TRX trade using Poloniex exchange.
I will like to trade in TRX/USDT pair. Here are the steps involved.
- step 1
Visit wallet in the exchange and tap on your TRX tokens to display including the market pairs. Select TRX/USDT pair to proceed trade.
- step 2
In this trade I will like to place a sell limit order. Tap trade and select sell TRX. At default limit order is selected.
- step 3
Place your market price and amount of TRX you want to sell. Tap sell TRX. Again then confirm the trade.
It goes to the order book and wait to be filled.
Trade completed, prove of trade as below.
What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex? How cost-effective is TRC20 USDT as compared to ERC20 USDT?
Withdrawal fee for TRX is 0.01TRX as shown below
Withdrawal fee for STEEM is 0.01STEEM as shown below.
Withdrawal fee for TRC20 is 0.00USDT as shown below.
How cost-effective is TRC20 USDT as compared to ERC20 USDT?
Comparing screenshot records below of TRC20 USDT and ERC20 USDT.
For TRC20 USDT from from Poloniex
For ERC20 USDT from from Poloniex
TRC20=0.00 TRX
ERC20= 0.00781857 ETH
TRC20 is more cost-effective to ERC20 comparing the fee difference.
Make a comparison of TRC20 USDT withdrawal fees with other major exchanges?
I will be using the BINANCE and the HUOBI EXCHANGE for my comparison. Below is a screenshot from both exchanges a withdrawal of 40 USDT of TRC20.
From the BINANCE EXCHANGE
From the HUOBI EXCHANGE
Comparing the fee charged on both exchange, equal fee of 1USDT was charged.