Overview

25/09/18 12:59 UTC-4

Poloniex – description of the exchange platform

Time-tested stock exchange Poloniex
Time-tested stock exchange Poloniex

The cryptocurrency market is experiencing an unprecedented rise today. As a consequence, this caused a great demand for the purchase and sale of digital coins. And since, cryptocurrencies are a virtual payment unit, then it can be realized only in the virtual Internet space. For the purchase and sale of crypto-financial assets, special online exchangers and exchanges are designed. More profitable are stock exchange trading platforms, because here you can trade (play a change in course, volatility, currency).

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Among the most reliable and time-tested exchanges, an important place is occupied by the popular trading platform called Poloniex. Over the past two years, it is one of the top five, according to world ratings, the volume of daily trading, as well as the abundance of currency pairs for exchange.

In this article, let's talk about: what is the Poloniex exchange, how it works and what are the main principles for the exchange of cryptocurrency funds at this platform.

 

The Poloniex online-platform

Poloniex is an online exchange platform for the implementation of cryptocurrency assets. The country in which Poloniex is located is the United States of America. Therefore, the interface site of the exchange in English, Russian-language adapted versions are missing. But since the internal navigation of the stock exchange site is very skillfully set up, it can be used even with the help of a regular translator. Of course, you can activate the built-in translator ("translate page"), but the results are unlikely to please and can be confusing.

To use the exchange trade in virtual coins, there are no separate applications. And therefore, you can do this only through the website. Registration and verification are also carried out only upon transition to the official address (link to Poloniex address – https://poloniex.com/). Verification of the person will not take much time, since the exchange does not require its user to send copies of documents.

The exchange supports work with the most popular currencies, fiat money, analogs of the fiat (by Teaser type), and also with tokens (Bitcoin Cash, etc.). Commissions of medium size and completely depend on the type of cryptocurrency.

Some virtual bots work with Poloniex, and with their help the client can work on the platform with "Android". But this service is paid.

The American company Circle bought Poloniex, and at the moment is considered a full owner. By the way, when dealing with this exchange, you can not be afraid for your own money, because Poloniex is the world's first cryptocurrency trading platform that has an official license to manipulate virtual assets (in New York, a license from 2015).

In the summer of 2017 the exchange was subjected to strong hacker attacks. This significantly affected the number of customers. A large percentage of users left the trading platform. After that, Poloniex strengthened the defense. The processes of activation, registration and verification – have become more complex and more time-consuming. There were more stringent restrictions on the withdrawal of large monetary assets, and an additional function of the security system – two-factor identification.

In terms of early 2018, Poloniex returns the former popularity among traders. The number of active users is constantly increasing. This is due to the increase in trading pairs, convenient financial instruments and interface, as well as favorable conditions for conducting transactions.

Over the past year and a half, Poloniex has acquired additional sections. In addition to the usual trading, clients were granted loans for trading (section of the "Landing") personal cabinet, as well as a separate platform for gambling exchange players with built-in credit support – MarginTrading.

 

Verification, documents, personal account

Often in different sources you can find information that it's easy to register on Poloniex, because there you can not pass verification. In part, such explanations can be called correct, but not for everyone and not always.

At the moment registration for creating new accounts on Poloniex is open, and therefore anyone who wants to try themselves as a trader can go to the official website of the enterprise and create a personal cabinet, a wallet for work.

Personal documents (scan passports) on Poloniex may not be shared only by those who have once had a personal account on this exchange. For former customers who decide to return, it will be sufficient to fill out a simple form for common user data for authorizing the user (by type: full name, last name, country, city, exact address, etc.). New customers, according to today's rules of the stock exchange, need to specify more extensive information about themselves. The amount of personal data entered increases the user's capabilities, which allows you to withdraw more money for one calendar day.

Verification and creation of the work record takes place in several stages:

  1. Login to Poloniex official website.
  2. Fill in the questionnaire. If the future trader is going to work with large sums (withdraw more than 2000 dollars in 24 hours), then there is a need to send the scanned copy of the passport, and also send your photo with an open passport (the first page). The maximum withdrawal amount for customers who have completed a full verification is $ 25,000.
  3. Enter the address of the current, up-to-date, personal e-mail.
  4. Verify the address by clicking on the link that will come in the e-mail.
  5. Enter your personal password. Be sure to make it complex and has both alphabetic characters and numbers.
  6. For further work on Poloniex it is necessary to enter money into the exchange wallet.
  7. For those users who want to protect themselves from possible hacking, it is recommended to enable the function of two-factor identification. You can do this right after registration and verification, with your account.

 

Exchange wallet – work with the input and withdrawal of money

In the work with the wallet there are very specific rules. That user who did not confirm information about his identity with scanned documents can not withdraw or enter into the stock exchange an amount of more than two thousand dollars for one day.

To work with a large account, additional verification is required, indicating even the mobile phone number assigned to the client. Such innovations were provoked by the fact that Poloniex started working on an official level, having obtained a license.

To introduce money, after registration and verification, will not be difficult. Even with an exclusively English-speaking interface, most financial terms sound almost the same. To begin with, the user must enter the "Balances" section.

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Immediately after clicking on this tab, you will see a large list of ticker (abbreviated) cryptocurrency names. Among them, you need to choose the one you want to enter on the exchange. Having made a choice click on the inscription on the right – Deposit. In a few seconds, the address on the screen to which you want to send the cryptocurrency will appear. After the done manipulation, within the next ten minutes, the coins will appear in the stock purse and will be ready to work at the auction.

Editor: Yuliya Soroka

#poloniex #cryptocurrencyexchange #exchange

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