Tron Ecosystem - Steemit Crypto Academy Season 4 - Homework post for Task 1 - By @rhyda

Edited using canva

(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?

Making a transfer from steem to Poloniex is quite simple.

• First of all, you need to log into your poloniex accounts, click on the wallet.

screenshot taken from poloniex

• In the wallet section, you will see deposits and withdraw located at the far left corner of your screen. In this case, we are going to be depositing so you go ahead and click on deposit.
  In the Select Asset search box, search for the asset you will like to deposit into (Steem).

Steem pops up and then you click on it for both the address and memo keys that will be used for the deposit.

Copy it and go to your steem wallet to make the transfer.
In your steem wallet, click on steem, a pop-up menu appears with several options, click on transfer, in the transfer section, paste the memo key you copied from your poloniex accounts, enter the amount and click on next for the transaction to complete.

As you can see from the screenshots above, I have successfully transferred an amount of 5 steem into my poloniex accounts and when I checked into my poloniex wallet, it can be seen that the steem is transferred has reflected.

With an amount of $2.99 which is equivalent to 5.000 steem.

What are the different markets available for TRX and STEEM to trade in Poloniex?

• In other to be able to see the market for steem and TRX, we click on trade located at the homepage of poloniex at the top side.
  In the trade section, click on spot.

It takes you to the next page showing the current market price of TRX with a chart in the last 24 hours as seen in the diagram below.

• For steem, click on the TRX/USDT to open up a search box then you type in the name steem to search.

• After you’ve searched for steem, click on it to show the list of market prices for steem in the last 24 hours as shown in the screenshot below.

Perform a small trade in either TRX or STEEM in Poloniex?

In this question, I’m going to use Steem to make the exchange and I’m going to exchange steem for USDT.

• First of all click on trade and go to spot trading

Search and locate STEEM/USDT.
We have an amount of 5 steem in our poloniex wallet and we are going to exchange that to USDT. So you go ahead and click on sell.

Under the sell column, you enter the amount of steem you wish to sell and click on sell steem.

After you've clicked on sell, a pop-up menu appears telling you that your order has been placed and you can also see it in the open orders section.

What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex?

In other to be able to get to know the withdrawal fees for each crypto, we are going to do some transaction on each crypto in other to get it's withdrawal fee.

STEEM.

From the screenshot above, it can be seen that the withdrawal fee for steem is 0.0100000.

USDT

From the screenshot above, it can be seen that the withdrawal fee for USDT is 0.0000000.

TRX

From the screenshot above, it can be seen that the withdrawal fee for TRX is 0.0100000.

Looking at the fee charges, among the three cryptos, its only USDT that has no fee charges but the rest has an amount of 0.010000

How cost-effective is TRC20 USDT as compared to ERC20 USDT?

In the Transfer of USDT, t is always advisable by investors to use the TRC20. This is because the fee charges is less and its way more faster than any other network. Though I've never used the ERC20, but research starts that ERC20 fee charge is way more higher than the TRC20 and takes time to process a transaction.

Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges?

In this question, my comparison is going to be based on poloniex and binance.
AS seen in the previous screenshot above, when making a withdrawal on poloniex for USDT, there was 0 fees.

But when it comes to Binance, An amount of 1.00USDT Fees will be deducted in the withdrawal process.

Screenshot Taken from Binance

Conclusion

The study of the Tron Ecosystem has been fun and I will really like to thank professor @sapwood for giving us search a wonderful lecture.
Also, After going through the poloniex exchange site, I think it is one of the best sites that provides low fees and the rate at which an exchange is done is very fast as compared to other sites.

Cc:-

@nane15

Thank You