Exchange for crypto currency Poloniex is one of the largest and most popular in the world. It is not the first year that it occupies a leading position all over the world, and the daily turnover of funds amounts to over $ 989 million. In this article, we will discuss how to register and use the Polonix exchange, how to replenish the wallet, withdraw funds and earn on crypto-exchange.
Overview of Poloniex: pros and cons
The Poloniex currency exchange was founded by Tristan d’Agosta in January 2014. The company is based in San Francisco, California. Initially, the exchange was oriented to the United States market, but the popularity and large volumes of trades attracted altcoin-traders from all over the world.
To date, the exchange provides the highest trading volumes for most Altcoins that can be exchanged for Bitcoin. Poloniex supports more than 100 crypto-currency pairs. Among the main crypto-currencies are: Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Litecoin (LTC), Ethereum Classic (ETC), Zcash (ZEC). The trading floor is included in the TOP-5 by sales volume among all crypto-exchange exchanges, and by the volume of sales of Ether – stably holds the first place.
If we talk about the pros, then Poloniex has:
- A simple and accessible interface, despite the lack of a Russian version of the site.
- Large turnover of trades, over 140 directions of exchange.
- High level of security, two-factor authentication, three-stage verification.
- Convenient analytical and technical tools.
Disadvantages of the Poloniex exchange are:
- absence of work with the currency.
- no mobile application.
- the site is somewhat cumbersome and works slowly relative to the sites of other exchanges.
- frequent accusations of fraud associated with the manipulation of courses kriptovalyut. In addition, the exchange is often subjected to DDoS-attacks.
Registration and verification at Poloniex
Registering for Poloniex.com is pretty simple. First you need to select a country from the drop-down list, specify an email and double the password. Then confirm the mail through the link in the email that arrived. After that, the user can go to his account, replenish the account and start trading on the exchange. However, it is worth noting that non-verified users have a daily limit on withdrawal of funds – $ 2,000. To increase this limit, you need to undergo verification. The process of identity verification is similar to checking on other exchanges, it consists of three levels.
The first level of verification requires confirmation of e-mail, name and surname, as well as the country of residence. The second level of verification requires more detailed personal information: the address, telephone number and scan of the photo ID (passport, driver’s license or other state document proving the identity). At this level, verification can take several days. After confirming the identity, this level allows you to withdraw $ 25,000 daily.
The third level of verification allows you to withdraw more than 25,000 US dollars from the Poloniex exchange. The requirements for passing this level of verification are not publicly available. If you want to increase the limit above the specified amount, you need to individually contact the support service, they will inform what data they need to provide.
How to use Poloniex?
The interface of the exchange looks laconic, it is very simple to use. During trading, you can quickly switch between all trading pairs.
Replenishment of the purse and withdrawal of funds
It should be noted that this platform works only with crypto-currencies and does not support popular payment systems. Therefore, to start trading on it, the user should already have bitkions, ether and so on. Input and output is available in the following crypto-currencies:
- Ethereum Classic;
- Ripple and so on.
In the top menu there is a tab “BALANCES”, and in it “DEPOSITS & WITHDRAWALS”. In this tab are all your purses for all crypto-currencies. By clicking the “Deposit” button in the desired line, you will replenish your account on the Poloniex exchange, and clicking on “Withdraw” will display the funds.
Bidding and Exchange of Crypto-Currency in Poloniex
By adding the account to Poloniex, you can go to the process of trading. To begin with, you need to select a trading pair that interests you – on the right side of the screen there is a convenient filter for finding coins. After clicking on any of them, you will open a trading page for this currency, where you can see the dynamics of growth and decline in the exchange rate, the history of trading and a glass of current offers for buying / selling.
The exchange supports four main MARKETS:
- Bitcoin (BTC)
- Ethereum (ETH)
- Monero (XMR)
- Tether (USDT)
Each MARKETS has its own table of pairs that can be traded. The tables have a sort function for the criterion of interest to the user. Last year Poloniex provided 95% of all trading volumes of Tether (USD), today the stock exchange remains the only market with high liquidity for Tether trading.
There are three main blocks for trading:
Buy – the unit in which the crypto currency is bought.
Sell - the unit in which the crypto currency is sold.
Stop Limit – the block in which the stop-order is placed.
Also on the exchange is a lending function, where users can borrow or offer a loan with a certain interest rate.
The exchange uses a standard model that actively stimulates market liquidity, each user can receive a lower commission for making transactions. The higher the volume of transactions per month, the lower the commission for all subsequent transactions.
This model is especially important for the Poloniex exchange, since it supports more than 60 crypto-currencies, and all of them need to ensure large volumes of trades. The commission for the Exchange users is calculated in accordance with the schedule:
- volume below 600 BTC – 0,15% for the seller, 0,25% for the buyer
- from 600 to 1200 BTC – 0,14% for the seller, 0,24% for the buyer
- from 1200 to 2400 BTC – 0.12% for the seller, 0.22% for the buyer
- from 2,400 to 6,000 BTC – 0,10% for the seller, 0,20% for the buyer
- from 6000 to 12000 BTC – 0.08% for the seller, 0.16% for the buyer
- from 12,000 to 18,000 BTC – 0.05% for the seller, 0.14% for the buyer
- from 18,000 to 24,000 BTC – 0.02% for the seller, 0.12% for the buyer
- from 24000 to 60000 BTC – 0.00% for the seller, 0.10% for the buyer
- from 60,000 to 120,000 BTC – 0.00% for the seller, 0.08% for the buyer
- more than 120,000 BTC – 0.00% for the seller, 0.05% for the buyer
How to make money on Poloniex?
In fact, the trade in crypto-currency, like other speculation, consists in buying at the lowest price and selling at the highest – this difference in rates makes up the trader’s profit. Therefore, you need to use the technical and graphical analysis tools to determine what earnings prospects a particular coin represents.
You can buy a crypto currency at the market price, that is, at the price of the last sell order (in this case, the order will work immediately) or set its own price and the order will be executed when the price falls to the desired value.
If we talk about user feedback about the Poloniex exchange, then in general the site has a positive reputation among users on the network. The exchange enjoys quite a lot of popularity in the CIS, although the Russian language does not support it.