Poloniex in Brief
Poloniex is a platform that has experienced a lot of problems and especially a security failure that has degraded its image. Today it is trying as best it can to regain its reputation, but it is still able to establish itself as a good platform nowadays.
Poloniex, also known as Polo, is a pure cryptomonnaise to cryptomonnaise exchange platform. The company is located in Wilmington, Delaware, USA. The site was launched in 2014, but underwent a major overhaul in 2015 for many more features and a more immersive trading experience.
Poloniex exchange offers more than 90 pairs of cryptomones including Bitcoin, ETH, LTC, Augur and many tokens. It holds a large share of the crypto trading market. It was even considered the leading cryptographic exchange platform in 2017 with an average share of 45% of the volume of all exchanges worldwide. The site receives 25% new visitors per month. Nearly 25% of its users are Americans, followed by 6% Russians and 4% British. It is in direct competition with industry leaders such as Kraken and Yobit.
Is it really a reliable site or is Poloniex ahead of its popularity? Discover our review on Poloniex in this article.
- 1 Withdrawals, Deposits, Fees, Commissions, All about trading on Poloniex
- 2 Customer reviews
- 3 What about the Poloniex application on smartphones?
- 4 Conclusion
Withdrawals, Deposits, Fees, Commissions, All about trading on Poloniex
Poloniex: How does it work?
Step 1: Registration
On poloniex, everything starts with a registration by clicking on “Register”. Afterwards, you must choose your country, enter your e-mail address, provide and repeat the chosen password before confirming that you are not a robot, accept the terms of the conditions and validate by pressing “Register”. After confirming the email address, the site will invite you to complete your profile and verify your identity. In this context, he will request your national identity card or passport in order to have full access to the site. A minimum of English is required to use this site properly. You should also know that the site accepts almost all countries around the world.
Step 2: Securing
It is not easy to talk about the security measures used by Poloniex exchange, since the site does not talk about them openly. He says, however, that the majority of the funds are kept in an open-air warehouse. The site retains only a tiny portion of the funds to facilitate exchanges in order to minimize the risks associated with hacking. It’s still pretty fuzzy. We therefore recommend that you do not store a large amount of crypto on this platform. Also enable two-factor authentication to prevent hackers from accessing your account with the password only.
Let us remember that the site was the victim of a minor security breach in 2014, i.e. in its early stages. At that time, 12% of the cryptodevices of all its users were stolen. The company still wanted to reimburse everyone and kept its promise.
Step 3: How to fund your account
In order to exchange cryptos between them, it is necessary to make a deposit on the site. Thus, on Poloniex, you have a wide choice between the many altcoins available. We can even store our Bitcoins in USDT (Tether), the altcoin equivalent to USD (US dollar) in order to protect our fund from market volatility. All the cryptomonnaies listed on the platform also allow you to make a withdrawal to the address of your electronic wallet.
Poloniex: How much does it cost?
For sellers of cryptodevices, the Poloniex commission starts from 0.15% for an amount less than or equal to 600 BTC. This commission is degressive in order to reach 0% from 24,000 BTC. Otherwise, for a buyer, the fees start at 0.25% always from 600 BTC or less. The minimum fee is 0.05% for an amount greater than or equal to 120,000 BTC.
Poloniex is also positioned as the first platform for lending cryptos between individuals (Peer 2 Peer). In this context, lenders pay a 15% commission on their profits.
Poloniex: How is it used?
To buy or sell cryptomonnaie on Poloniex, you must already have an address of another crypto accepted by the site. Thus, you must first drop off the crypto in your possession by going to the “Balances” menu, then the “Deposits & Withdrawals” submenu. Once the amount has been deposited in the account, go to the “Exchange” section. There, you can exchange as many cryptos as you want. Simply locate the pair of your choice on the right, set the amount to buy or sell and place your order. You can follow the operations in the “Orders” section.
On the other hand, if your objective is to lend or borrow cryptomonnaie, go to the “Lending” section.
Internet users do not have enough confidence in this platform if we trust the reviews on Poloniex left everywhere online. Many talk about how difficult it is to withdraw money from their accounts. Similarly, their customer support seems useless according to the same reviews about Poloniex.
What about the Poloniex application on smartphones?
Poloniex exchange does not offer a mobile application. The site still offers a mobile version of the site at the very bottom. Go under the “Support” footer menu and simply click on “Switch to Mobile site” to access it on your computer. On the other hand, the mobile version is automatically displayed for access via smartphone or tablet. It is lighter with far fewer menus.
Poloniex exchange is a good crypt trading platform for experienced users. The platform shows a high degree of liquidity between transactions carried out by its members. Similarly, its interface is more ergonomic compared to Kraken’s. However, this is not