From Edge to Poloniex

Bitcoin Asked by Don Myers on December 22, 2020

Bought bitcoin and have a balance in a exchange account at Poloniex. Is there another step I need to take or is this where the estimated value that changes is where I will be able to send this back to Edge, and change back to USD.
I guess my question is: Is this money at work for me here or do I need to do something else.
And is this deposit safe where it is or is there a layer of security that needs to be taken.
Obvious to say I’m new to this and also thank you for your help!!

One Answer

Is this money at work for me here or do I need to do something else.

I believe Poloniex is a currency exchange. If you want to earn money simply by trading currencies back and forth, I believe you need to be an active manager of your trades.

Poloniex seem to offer margin trading - In general I suspect this is a good way to lose money if you are new to finance.

If you don't know whether your money is at work for you then it almost certainly is not.

is this deposit safe where it is

Storing money on an exchange when you are not actively trading is one of the least safe places to hold money.

The safest would be an offline wallet with well backed up keys and/or recovery seed phrase in multiple locations, with rehearsed recovery and with instructions to your heirs in case of bus.

Answered by RedGrittyBrick on December 22, 2020

Add your own answers!

Ask a Question

Get help from others!

© 2024 All rights reserved. Sites we Love: PCI Database, UKBizDB, Menu Kuliner, Sharing RPP