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Poloniex is one of the largest cryptocurrency exchanges in the world, founded in 2014 by Tristan D’Agosta. According to the documents, the company’s office was previously located in the United States, in Wilmington, Delaware, but now it is located in Boston, Massachusetts.
At the time of writing, the exchange has 107 currency pairs and a daily trading volume of more than $13 million. Initially the exchange focused on the United States market, but the general popularity and large trading volumes have attracted altcoin traders from around the world.
Poloniex, or Polo, has long been the most well-known exchange for Altcoins. It offers a large number of cryptocurrency pairs, allowing experienced traders to build a great portfolio of their choice in a short period of time.
Specifics of work on Poloniex
Registration on Poloniex is similar to a similar process on other sites that do not offer quick authorization through social networks. As with other online trading sites, a new user must pass a two-step verification system.
Passing only the first step limits withdrawals to $2,000 per day. After providing additional personal information, such as identification and home address, the withdrawal limit increases to $25,000.
To further increase the limit, the user must contact the support service of the exchange. Technical support is available by e-mail, feedback form on the website or through chat.
The exchange recently closed the chat, citing a lack of staff to support it. The site offers two-factor authentication, like other exchanges.
Poloniex does not work with fiat currencies. The U.S. dollar exchange rate is pegged to the Tether altcoin (USDT), which is worth exactly $1, but in times of crisis (e.g., after the Bitfinex dollar withdrawal shutdown) its exchange rate does not always match the dollar. This often confuses inexperienced users trying to withdraw funds from the exchange.
Another cons of the exchange is the lack of a mobile app, although there is a mobile version of the site. From time to time there is information about the availability of the application on Google Play, however, such applications have no connection with the exchange.
Exchanger site somewhat cumbersome and works slowly compared with other exchanger sites. From time to time the browser can freeze if it has many tabs open. Despite the positive reputation of the service, it has repeatedly received accusations of fraud related to manipulation of cryptocurrency rates.
In addition, the exchange is often subjected to DDoS attacks and its users often receive phishing emails to their email addresses.
Registration on the exchange
To use the exchange for your own enrichment, you just need to do a quick registration. Just create a personal account, and you can use the trading functionality of the platform Poloniex – how to work with the exchange, to register and verify the user, I’ll tell further.
- Go to the official site of the exchange (be careful, there are scammers who copy the famous exchange)
- Select “Sign Up” – the link can be found in the center of the page and in the upper right corner.
- Next, fill in information about yourself in the fields of the registration form. You need to enter your first name, last name, country, phone number (optional), mail, and a strong password. After that, check the boxes to accept the agreement and confirm that you are not a robot
- After that, click the “Sign Up” button
- Go to the mailbox you specified and follow the link in the email from the administration to verify the mail.
After the above steps, you will get to the personal account.
In the site’s header you can see three sections:
- EXCHANGE – currency exchange
- MARGIN – trading with leverage
- LENDING – not typical section for most exchanges, which offers to take and give credits to users.
Regarding these credits at the exchange, there is a whole system of protection of users, which does not allow to go into deficit on credit funds.
As for the Cabinet functionality, everything is very practical: convenient charts with the ability to set different timeframes, filter, which allows you to find the necessary cryptocurrency (eg, Bitcoin – BTC, Etherium Classic – ETC), the orders stack and trading history, allowing to analyze the situation, and the ability to create a personal order to buy or sell.
The Exchange uses the standard model, which actively stimulates market liquidity, each user can get a lower commission for transactions. The higher the volume of transactions made in one month, the lower the commission for all subsequent transactions made.
This model is especially important for the Poloniex exchange because it supports more than a hundred cryptocurrencies, and they all need to provide high trading volumes.
The commission calculation is automatic, it is based on the trading volume of the last 30 days for each individual user.
Deposits on Poloniex are free. Withdrawal assumes a commission for each individual coin.
Security on Poloniex
First of all, the exchange administration monitors the safety of accounts of its users and strongly recommends two-factor authentication. Verification on Poloniex is voluntary – if you are not going to withdraw amounts larger than $2,000 per day, you don’t need to do it.
Nevertheless, the administration reserves the right to require verification of your identity if it considers your transactions suspicious. This is spelled out in the user agreement, and by registering on the website, you accept these terms, so it is important to keep this nuance in mind.
As for the security of the exchanger site, it meets the highest standards, but this does not exclude various hacking and DDOS-attacks.
In the history of exchanger there were cases when money was stolen from members’ accounts and exchanger compensated these losses – very loyal approach to clients.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.