Poloniex, also known as Polo, is a Delaware-based cryptocurrency exchange platform. This platform was introduced in 2014 and it never stops growing and garnering popularity. According to reports and reviews, this is considered to have the highest trading volumes for crypto coins, especially altcoins. Ardent users, looking for the widest selection of altcoin pairs sure will enjoy using Poloniex. As this is the most genuine and detailed review on ‘Poloniex,’ it needs to be said that Poloniex is more for experienced users than for beginners. This is not the place to buy your first Bitcoin.
Signing up with the platform
Fortunately, if you happen to be an experienced cryptocurrency user who is now looking forward to a better exchange, signing up is not rocket science. It has the same format and process, as other exchanges. The difference with this platform is that signing up is possible only on its desktop site, meaning that it is not mobile responsive yet.
Registration with Poloniex starts with creating your account on the platform. There are specifically four ‘blanks’ that you have to fill in when creating an account. These include ‘Select Country,’ ‘Personal Email ID,’ ‘Create Password,’ ‘Repeat the password’ then tick the box, which asks whether you agree to their Terms and Conditions or not and your Poloniex Exchange Account will be ready for use.
Now comes the validation and activation step, which means that the credentials you have put in need to be crosschecked to be sure they are not fake. For this, the administration will send a link to the email ID, provided by you, which you just have to CLICK for activation and you will have a verified/active account.
Balances, deposits, and withdrawals
This exchange runs a default withdrawal limit, which is USD2,000 without verifying who you really are. This limit is renewed every 24 hours. In case you want to trade a large sum of cryptocurrency, you will be asked for your credentials, in order to verify them before your limit is increased. All information you put into it is kept in a highly secure, encrypted manner. They claim that it is a step towards following Anti-Money Laundering Policies.
You are now an official member of the platform. Let’s do some trading!
You will need to click on ‘Balances’ and choose ‘Deposits and Withdrawals.’ This will introduce a new page where you will see the remaining withdrawal constraints available for the day and which also showcases several other cryptocurrencies available for trading on the market.
Just for instance, let’s select Bitcoin. Once you have selected Bitcoin, click the ‘Deposit’ button. On doing this, you will be provided with an exclusive Bitcoin deposit address. Following this, your wallet balance will be crosschecked to make the final transaction. Remember, your payment will be processed through the unique deposit address that you have been provided with and then you will receive confirmation. Meanwhile, you can also check the status at the bottom, clicking ‘deposit and withdrawal history’.
The moment your payment is successfully processed, click ‘Exchange’ on the top of the page.
Here comes the tricky part, determining the coin you think would be better to buy. Deciding this calls for market analysis, the latest trading reports and expert predictions. Bitcoin is undoubtedly still the King of Cryptocurrency, but the initial months of 2018 have quite been challenging for Bitcoin holders, traders and the entire market due to a drastic fall of its market value right after it broke the record of the highest market value.
What currencies does Poloniex support?
This platform is perfect for finding the widest range of altcoins in the world. The scenario also resembles a categorical pull for Polo users. Deposits can only be made in virtual currencies though. There’s no involvement of banks, neither is there any support for credit card transactions.
The moment you have finished depositing your funds into your wallet, an option pops up for you to store the value in USDT (Tether), which is a cryptocurrency that represents USD (1 USD = 1 USDT). This is handy for people who are nervous or anxious while making their first crypto trading due to the market being highly volatile. While it proves to be an expedient tool, the fact remains unchanged that the unacceptability of fiat currency makes it a little complicated, resulting in the emergence of exchange platforms.
The trading pairs on offer make sure that Poloniex is an attractive platform. Moreover, as the platform has altcoin trading choices such as Monero, USDT, Ether and Bitcoin, it truly takes the lead.
Countries it allows
The platform is headquartered in the United States of America, and there is actually no real geographical restriction for the ardent users of the platform. There is no requirement currently to conform to regional banking and finance regulations because the platform doesn’t use fiat currency. It seems to be functioning with specific freedom, especially in comparison with an exchange that is entirely regulated.
What is the fee breakdown?
This platform offers some of the lowest fees with their highest fee being set at 0.25% if trading under 600 BTC. On this platform, the maker fee begins at 0.15%, which is quite exclusively lower than most exchanges. Dealing in larger trade scales, the user can virtually remove the fees. Take a quick look at the fee breakdown below:
Don’t forget that you cannot withdraw more than USD2,000 USD. This might sound like a barrier, but other exchanges might have other unbearable terms and conditions.
Safety and security
Exchanges always have complicated and incomprehensible security layouts and features. They are hard to get through and this is case with Poloniex. Their security disclaimer is the following: “The vast majority of customer deposits are stored offline in air-gapped cold storage. We only keep enough online to facilitate active trading, which greatly minimizes risk and exposure.”
The way in which this platform’s security and safety functions is enigmatic, but they do have two-factor authentication enabled to make sure that there is no hacker breach. Usually, the user must try not to keep large sums in their crypto exchange wallets over a long period of time. If it’s allowed, it is better for users to store their funds in a cold and hard wallet under their respective control. You could go for Trezor or Ledger, which are affordable options.
How’s Poloniex supporting its users?
Unlike other exchanges which receive many complaints about long wait times, Poloniex has managed to stand apart from the mess. However, no exchange is complaint-free. What matters most is how quickly customers are offered a solution and how effective the solution is. Be it about their asset stuck in the way of transaction, or unable to sign up with the platform – solutions are ready at hand and there’s no such complication in finding an easy way into the platform.
What’s this buzz ‘margin trading’ about Poloniex?
You can say, in this area, that this platform dominates the competition. Its margin-trading feature is simply brilliant. Members can efficiently and quickly make use of peer-2-peer technology in order to borrow funds and begin margin trading. Here you not only secure trading funds, but also make the most of lending features in order to operate with rest of the traders. This actually proves to be much more beneficial for each party involved while the market is at its best and trending on top.
The terms change
If we go by the reports and reviews posted by former or existing users of the platform, there have never been any such issues with the operation that deserve to make it to the Complaint List. Everything has always been normal with some of the obvious complications. In you are a novice in the industry, these points should interest you:
- Beginner friendly.
- Community sentiment.
- Customer support.
- Payment methods.
- Fees are so much easy-to-get-along.
- Availability of wide range of altcoins.
Poloniex’s colossal trading volumes advise that this really functions seamlessly and there are no major problems for users. However, there are still a few negative reviews, floating on the internet, which make some enthusiasts think carefully about joining this exchange. Poloniex gives you a brilliant access to probably the largest pairs of altcoins to trade. There is no waste of your time, enthusiasm, money, or energy. This platform’s sheer volume has garnered today’s popularity, making it tough and highly competitive.
You’re always free to look for other options, and you should be, but expert recommendation also matters. Do your due diligence to learn, analyze and then make your decision. In regard to cryptocurrency trading, you should always be looking deeper than the deepest. This market is still booming and many mainstream industries are already trying to integrate crypto payment into their business process.
This is a highly volatile platform. By trading a pair of cryptocurrencies you can’t really ensure a secure future. This the value of a reputed exchange, who can really guide you through honestly. The benefits of joining a reputed cryptocurrency trading platform are:
- Decentralized and fast transfer of currency.
- 24/7 operation system.
- Digital currency is deflationary.
- Irreversible transactions.
- Your transfers are anonymous and transaction details are encrypted.
With the market being speedily saturated, chances are always there for you to be entrapped by a fake exchange. All it needs is just a moment to freeze your deposits and vanish. A crosscheck is always advisable.
Well, Crypto Coin Judge is a good option to clear your doubts, where you can find valuable, genuine, and expert solutions.