About Poloniex Exchange
Poloniex Exchange is a US-based exchange, started in 2014. It purely deals in the crypto-to-crypto network. It is a digit asset for future trading. Poloniex is also one of the most active trading platforms available. Poloniex offers nearly 140 Bitcoin and Monero markets and other margin trading & lending services.
How to use Poloniex
The interface of Poloniex is user-friendly and easy to navigate. There are also several tools available such as technical analysis charts for latest updates on crypto and its value in the international market. Thus, active traders can benefit from the same.
Another option available is live chats, which address any query that a user may have. The Poloniex website was revised in the year 2015 so that users can engage themselves in a better trading experience. The trading fee is 0.2%, which accounts for a very minimal amount. The deposit and withdrawals depend on blockchain transaction fee.
Features of Poloniex
How to trade on Poloniex?
There are certain features in Poloniex that make it a strong digital platform for crypto trading. There is an auditing program that monitors all the transactions that occur. Poloniex auditing service runs 24*7 assuring the customers that the money is safe within the exchange. Two-factor authentication is additionally available to secure all the accounts.
Poloniex stores all the transaction money in offline mode using air-gap cold storage. Only a minimal amount of crypto is saved online for trading purpose. This feature minimizes any risk that may occur due to exposure on an online platform. If auditing monitors any suspicious activity occurs, it is immediately blocked and also reported to the main server.
Centralized entities such as Banks operate on fractional reserves but that is not the case in trading. Once a user on Poloniex deposits an amount, it shall be used only for personal trading. Thus, Poloniex has great liquidity and users can trade on over 100 cryptocurrencies.
How to set up a new account on Poloniex?
New account setup on Poloniex is an easy process. A new user can log on to www.poloniex.com, which shall direct to the home page of Poloniex. Click on the tab, “Create your account” which shall open a new window. A user can enter basic information such as name, email ID, phone number and password. Email ID is verified for security purpose.
The Phone number is optional but a user should enter. It shall prove to be beneficial in case of account recovery. The password is alphanumeric and should be minimum 8 characters in length. The password should be unique and should not a repeat from any other account.
How to enable two-factor authentication?
A user must activate its two-factor authentication to add an extra level of security. The account is linked to Google authentication where the QR code is present on the right-hand side is scanned on the Google app. Another option is to enter a 16-digit code given below the QR code. Google sends a six-digit code. It is entered below email ID and password section. Then click on enable 2FA.
The Poloniex website has three major options for a user
i.e. Exchange, Margin Trading & Lending.
Margin Trading on Poloniex
Margin trading allows lenders to lend their money to traders. Traders in return invest in bigger amounts while lenders benefit from the interest. There are varieties of cryptocurrency available for margin trading. A user can click on margin trading tab on top of the website. The window appears that shows the crypto options available for trading such as Litecoin, Ethereum etc. A user can select the currency of interest and use analysis tools for understanding the current market value. Thus, Poloniex is a good and useful platform for traders.