Despite countless exchanges for cryptocurrency specifically, Bitcoin; Poloniex still remains a leader. It has been surviving in this industry holding endless features that traders always search for. Poloniex prides itself for providing advanced trading functionalities and maximum security.
About Poloniex Exchange
Poloniex Exchange came into existence in 2014 and is operating in the United States. Recently, Circle– a huge Goldman-Sachs company acquired Poloniex. We think it is really a piece of great news for Poloniex along with its users indeed.
Having Circle as its new owner they are planning to make this platform an initial regulated Exchange with SEC and FINRA registration as a broker/dealer. They are also exploring the markets of Asia. Moreover, 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 in the crypto market. It not only let user exchange cryptocurrency but also allow them to trade on margin.
How To Use Poloniex?
The interface of Poloniex is streamless, user-friendly and easy to navigate. The website offers variant tools such as technical analysis charts to check out the latest updates and value on crypto as well as international market. Therefore, active traders can have a seamless experience.
Secondary option available is live chats, which address any query that a user may have. The Poloniex website comes with new revisions so that users can enjoy a better trading experience.
The platform does not accept fiat currency, i.e. traditional payments including debit cards, credit cards, IMPS, NEFT, Paytm, etc. So, a user can deposit online only via cryptocurrency.
Cryptocurrencies Available At Poloniex
Poloniex offers trading in Bitcoin, Ethereum, Tether and USD Coin pairs at the present moment. The official website says that they are planning to add trading pairs soon.
Poloniex works in a tier fee structure, below are the complete breakdown while you select Bitcoin as the currency. Previously, the trading fee was 0.2%, which accounts for a very minimal amount. The deposit and withdrawals were dependent on blockchain transaction fee.
Is Trading That Simple On Poloniex?
Yeah! Definitely, the user interface is easy to navigate, moreover, beginners, as well as professionals, can configure this exchange. Indeed, there are certain features in Poloniex that makes it worth digital platform for crypto trading.
It offers an auditing program to monitor every transaction you perform. Poloniex auditing service is available 24*7 which assure the customers to secure their money within the exchange. Two-factor authentication is additionally accessible 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.
Poloniex provides users 2 products while trading:
- The user can swap/exchange their coins depending on the current exchange rate in the market
- The available trade function is stop-limit, where the user can specify their price range as high/low limitations.
- They get a basic order book that holds transaction history
- Then comes, basic buy | sell trades
- This gives user biggest number of trading pairs like BTC, USDT, ETH, and XMR as their main coins.
- This has a basic interface that newbies can operate for an instant transaction to enjoy the most of market trends.
- This product uses to buy and sell function possessing stop-loss aspects as a bonus tool
- If a user is looking to borrow crypto coins from other participants, they can set a loan rate depending on the market condition of lending.
- This section is mainly for traders having experience
- This product is a bit different from standard Poloniex exchange while considering loans leverages.
A user should activate its two-factor authentication which will add an extra level of security to its account. The account is linked to Google authentication. The QR code is shown at the right-hand side which needs to be scanned on the Google app.
Another alternative is just 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. Your account will get intact with two-factor authentication on Poloniex.
The exchange has three levels of verification process:
- A user needs to feed personal details on the registration page including name, email, address and country of residence.
- Level 1 enables you with daily minimum deposit and withdrawal limit of $2,000 cryptocurrency.
- Additionally, exchanging, lending and trading is limitless
- If a user is looking to increase their daily limits, they can apply to this level.
- They need to provide their phone number, physical address, postal address, date of birth and passport ID.
- The user also needs to upload a passport size photograph with an ID photograph
- Once the request is approved, a user has the deposit and withdrawal limit of $25,000 cryptocurrency
- A user can only apply to this level if their limits exceed by $25,000 worth of crypto.
- They need to contact the exchange support team.
- Also, The utmost limit is quite high as compared to other exchanges.
How to Set Up A New Account On Poloniex?
New account setup on Poloniex is a seamless process. A new user needs to log on to its official site i.e. “www.poloniex.com”.
Go to its homepage and click on the tab, “Create your account” which will open a new window. Then the user needs to feed their basic information including:
- Email ID
- Phone number
Email ID is verified for security purpose. Then follow the two-factor authentication process mentioned above.
The Phone number is optional, however, a user should enter. It might prove 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.
The Poloniex website has three major options for a user- Buy, Sell and Trade. Here is a step by step procedure on how can you buy, deposit, sell, and trade on this exchange:
- Click on “Balance Tab” ⇒ Click on “Deposits and Withdrawals”
- Search for the coin you wish to deposit ⇒ After selecting click “Deposit
- Copy paste the address of cryptocurrency ⇒ Send the amount you are looking to trade
- Track all your transactions via the same page
- Click on “Exchange Tab” appearing on the top of the screen
- A chart is shown to select the cryptocurrency, check the right side section
- Select the cryptocurrency ⇒ a graph will load ⇒ scroll down for “Buy and Sell Cryptocurrencies” option
- Feed the amount you wish to purchase (Remember fees will be charged accordingly)
- Click on “Buy Button” ⇒ Complete the buying procedure
- Click on “Exchange Tab”
- Choose the cryptocurrency ⇒ a graph will load ⇒ scroll down for “Buy and Sell Cryptocurrencies” option
- Feed in the amount you are looking to sell ⇒ the total amount of crypto will be shown automatically
- Click “Sell Button” ⇒ Complete the selling procedure.
Is Poloniex Safe?
Poloniex passes over fire following a major security breach that stole almost 12% of its bitcoin. The hack back in 2014, the broker and website are steadily rebuilding its image, reputation regarding the security front.
As a result, Poloniex today sound security protocols providing trust for its customer. Mostly, the deposits are hoard offline. The exchange is also operating an auditing program. Now, it’s their responsibility to report and take down the suspicious activity.
It enables 2-factor authentication, which conveniently helps to encourage user account security. The privacy topic is subject to major debates, so a user needs to dole out lots of personal information while moving to the Level 2 verification.
Customer Support at Poloniex
Although the platform says to offers exclusive customer support, however, its support team feedback is not that positive. Moreover, there are complaints regarding withdrawal issues and a long response time seems harsh.
It has also been said, Poloniex works on the ticket along with email support. These aspects are only available for existing customer account holders.
|One amongst the leading Ethereum exchange by trade volume||User’s withdrawal issues|
|Provides detailed charts and tools for data analysis||A user cannot use Fiat currencies|
|Offers high volume margin trading and Lending services||Poor customer support|
|Fees are comparatively cheaper||Unknown identity of investors, managers, and owners|
|Supports more than 50 cryptocurrencies||Mobile app seems a problem|