Table of Contents
- Poloniex- Introduction
- Poloniex Review
- How can you pay at Poloniex? Currency Support
- In which Countries Poloniex has offices? Geographical locations
- Poloniex Fees?
- User Security at Poloniex?
- How responsive is the Customer Support of the Poloniex?
- Public Opinions/ Online Reviews about Poloniex
- Our Concluding Remarks – Is Poloniex a good Exchange?
- How to trade at Poloniex? Complete Trading Guide
- How to Open Account at Poloniex?
Today, we will talk about Poloniex exchange. In this article, we will review about how a user can open an account on the Poloniex, trade via Poloniex, Its merits demerits, public reviews, customers support, fees and in the end, answers to some frequently asked question from the user point of view. Poloniex is one of the old cryptocurrency exchange. It is a USA based cryptocurrency exchange. It is purely crypto to crypto exchange platform. It is offering the number of advanced trading and maximum security feature. It provides the user to choose more secure and active digital asset exchange. The deposits of the vast majority of users are stored offline in air-gapped cold storage, and it keeps the only small amount of funds online for active trading, which reduces the risk of hacking. An announcement is made by the exchange on Dec 27, that they will soon disable all the inherited accounts. If the users want to save their accounts, then they should complete the same verification process designed for the new account users. By the implication of all these new changes, the purpose of the exchange is to provide better services and check whether any criminal activity is attacking the exchange for example money laundering. Poloniex will soon mention the deadline for the identification verification in the first quarter of 2018. If anybody did not prove his identification before the deadline then Poloniex has a right to disable his account means he will no longer be able to trade, deposit, borrow and open orders.
Related reading, see: 10 Best Bitcoin and Cryptocurrency Exchanges
Poloniex is a US-based cryptocurrency exchange for the trading of Bitcoin, and Eth. Poloniex exchange initiated in 2014, and after the start in early 2015 it was hacked, and all accounts on the exchange were affected by the hack. The Poloniex returned all the money to its customers. After that the Poloniex.Inc Company has enhanced its security, by applying the 2FA factor and cold storage container offline. Similarly, it offers very low prices for trading on Bitcoin and other coins supported by the exchange. Another different feature of Poloniex exchange is it lends money to the people of the exchange. A lender can set the fees for his trade. It is observed and recommended to apply small fees for the lending currency to get more benefit. The performance of Poloniex is comparable with the Bittrex and Kraken exchange. It is one of the good exchange for the beginners.
Related reading, see: 3 Methods to Buy Bitcoin With PayPal Instantly
How can you pay at Poloniex? Currency Support
The Poloniex exchange is a platform available for the trading of cryptocurrencies only. The available currencies on the Poloniex exchange include BTC, ETH, XMR, and USDT. A user can fund his account with any of the currencies mentioned above, and he can trade with any of them. As the deposit of funds is by cryptocurrency, so Poloniex exchange is not an expensive exchange
In which Countries Poloniex has offices? Geographical locations
Poloniex is a US-based exchange. Its offices are in Delaware, Wilmington, and the USA. But it is operating around the world. It is available in the English language. It is famous for its highest trading volumes. Although it is using worldwide but still, it has many red flags so take a deep look before using this exchange.
Related reading, see: 6 Ways to Buy Bitcoin Without Verification or ID Anonymously
The Poloniex exchange is not expensive because it does not deal in fiat currency, so it does not contain heavy processing or transaction fees. Both the maker and the taker pay for the deposit or the withdrawal of funds. In Poloniex exchange the maker has to pay low fees as compared to the taker. The maker fees range from 0% to 0.15% while the fees for the taker of the funds ranges from 0.05% to 0.25%. In any case the higher the volume of the trade at the Poloniex exchange fewer will be the fees for the trade. The maker and taker fees are applicable for both trading and exchange platform. Poloniex exchange has an option of lending funds. So, the lending fee set by the individual who put his funds for borrowing. If the lending fee for the lend amount on the Poloniex is low, the lender will get maximum business. However, the average loan fees charged by the lender is 0.2%, but the Poloniex take 15% of that fees from the lender.
Related reading, see: 30 Fastest Growing Cryptocurrencies to Invest (Promising Altcoins)
User Security at Poloniex?
After suffering from the hack in 2015, the Poloniex exchange has increased his security protocols. They started to protect maximum funds in the air-gapped cold store offline to avoid any further hacking of funds. It also includes two-factor authentication and browser checking tool in his security modifications. Poloniex promises its clients that their accounts are secure with the Poloniex exchange. Due to the hack and increasing users at Poloniex they had increased the security. It is advised to the user at Ploniex to keep only that value which is required for lending and trading and keep all your funds in the wallet offline.
How responsive is the Customer Support of the Poloniex?
Related reading, see: 6 Simple Ways to Buy Ethereum Instantly
Public Opinions/ Online Reviews about Poloniex
People have more positive reviews about the Poloniex exchange. Its interface works nicely except that time when the exchange was under the attack of DDOS. Sometimes it took time to load the main page because of the heavy traffic of customers on the exchange. After the hack in 2015, the full exchange redesigned successfully, and people have positive reviews because its user interface becomes more presentable than before. People can compare the performance of the Poloniex with the performance of the Kraken and Bittrex exchange. Poloniex is also comparable to the Shapeshift exchange performance even Poloniex is better than Shapeshift exchange. Normally user’s complaint about the Poloniex is that it takes a long time to deposit funds in the account. Some users also reported that they sent coin in their account and those coins never showing up in the receiving account. Moreover many people blame the exchange for the poor response for the quires of the users. Some people reported that it takes a month to resolve the problem.
Related reading, see: How to buy Ripple (XRP) – A Beginner’s guide
Our Concluding Remarks – Is Poloniex a good Exchange?
Yes, Poloniex is one of the great exchange for the cryptocurrency trade. It has a small processing fee. A user can get help from the extensive support of the Poloniex exchange. It provides security in many ways. Every exchange has few good and bad points, so the reviews of people about the Poloniex are good and bad. But it is a good exchange for trading. But if people are not satisfied with the services of Poloniex and want a platform similar to the Poloniex exchange then they can choose Coinon and the Bittrex for that matter.
How to trade at Poloniex? Complete Trading Guide
The default limit of the withdrawal with the Poloniex is USD 2,000 which is not restricted to the verification process. The limit of the withdrawal renews after every 24 hours. If a user wants to increase the limit of the withdrawal, so he is needed to verify his account. The user’s information is in an encrypted database. Now as you are the members of the Poloniex exchange so, click on the Balances button on the main menu and select deposit and withdrawal option and start trading. The selection of Withdrawals and deposits will take the user to the new page where he can see the remaining limit on the withdrawal for the day and this tab also displays the different cryptocurrency assets available for trading in the market. Then a user selects the crypto-coin and hit the deposit button. When a user clicks on the deposit button, the user will get the deposit address. Now a user can send the payments using deposit address and wait for the confirmations. The user can check the status of his trade by clicking on the “Deposit and Withdrawal history.” Once the payment proceeds, the user clicks on the exchange button given on the top of the main page. It is recommended to select the low limit for the buy order and high limit for the sell limit. For further information, a user can go to the official website of the Poloniex where how to get started and trade with Poloniex is in detail.
Related reading, see: The 5 Most Important Altcoins Other Than Bitcoin
How to Open Account at Poloniex?
Nowadays as the business of Bitcoin is in the market. So, many people are joining cryptocurrency trade that’s why, because of the heavy load of users Poloniex has disabled the registration for new users for a couple of weeks. But now they have opened their exchange for the users again. There are five simple and basic steps by which a user can open an account on the Poloniex.
- First of all, the user will go to the main page of the Poloniex exchange by typing the address poloniex.com. Before a welcome page, a page will appear that will ask the user to prove that he is not a robot. After that, a welcome page of the Poloniex website will come up. At the middle of the page, there is a button of “Create an account.” Click on that button to proceed.
- Now when the user clicks on the “create account” button, he will go to the page where they asked for his country and email address and password, confirm password and by agreeing with the terms and the conditions user will go to the next page. Protect your email because your email becomes your Poloniex account ID. Now fill all the fields the password must be unique and strong so no one can hack your account. Read and accept the terms and conditions to open an account on the Poloniex. If you have read and understood the terms and conditions of the account, then click on the registration button given at the bottom of all the information fields to open an account on the Poloniex.
The Poloniex has created an account now validate the email address and then start trading simply. It is the first step of opening an account on the Poloniex.
- After registration of the new account, the next step is to activate the account and get started with trading on the Poloniex. Once a user clicks on the registration button a new window will show up that contains the message that user has an open account; now he can check his mailbox for the confirmation letter. The email from the Poloniex has a link attached to it.
- Click on the link attached to the email sent by the Poloniex website or open it in the new tab. This link will provide the path to Poloniex where the user will sign in to the Poloniex account, and email validated message is in the right half of the displayed window.
After logging in now, you have successfully open account on the Poloniex. It will take few seconds about 5 seconds to complete security check before giving your browser access to connect with Poloniex.
- Now the next step is profiling verification including your basic information. A user is not bound to provide information while he is signing up to open an account on the Poloniex but once account created, email validation is done, they will ask you to complete your profile verification. The verification process takes three to four days. You can deeply access your account during your verification, but you cannot make a trade during verification. So these are the five basic steps by which a user can open an account on the Poloniex.
Frequently asked questions about Poloniex
Can you pay via credit card, debit card, bank account, PayPal, and Cash?
Poloniex exchange does not accept fiat currencies like USD and ERU. It means that cryptocurrencies supported by the Poloniex exchange can deposit funds.
How much time does it take to withdraw the funds?
The process of deposition and withdrawal takes 30 minutes to 1 hour to complete. So, this one of the important function of the Poloniex exchange that deposit and withdrawal of the funds are quicker than other exchanges.
How to contact the customer support in case of an issue?
The Poloniex exchange has well-organized support for the user. So, he can get the answer to his query easily from the support center of the Poloniex. But if a user has an issue that is not covered by the support he can submit the support ticket, and the Poloniex exchange gets back to them as soon as possible.
How many countries does the Poloniex support worldwide?
It is operating worldwide. But generally, it is a USA based exchange the detailed description of the location of the exchange given above in this article.
User privacy at Poloniex