Poloniex | The legendary crypto assets exchange


What is Poloniex Exchange.jpg

came across Poloniex on the Internet first. However, I met a few of my friends who are experts in cryptocurrencies; they shared their views on Poloniex with me. Through my Internet research and what I heard from my trusted sources, I developed this review about Poloniex. I Hope you all will enjoy it.

Understanding Poloniex

Poloniex is a cryptocurrency exchange that was introduced in 2014 by Tristan D'Agosta. The company's offices are based in Delaware, USA, which means that they work in a tightly regulated country. Polonex helps users to purchase, exchange, and sell a range of various cryptocurrencies, including common coins such as Bitcoin and Ethereum, as well as less popular ones. The exchange is quite common, with regular trading volumes of over $100 million! They earn their profits by offering a regular exchange price that is made through their website, where both the buyer and the seller would pay.

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Features I Like

As you already know, each exchange has its pros and cons. Some individuals choose the lowest fees, whereas others prefer an exchange that allows for fiat deposits. That's why it's necessary to remember everything before you make an account! Then it's time to start mentioning the benefits and drawbacks of this Poloniex analysis.

U.S. company– therefore, they must take security seriously
Easy-to-use, and also good for more advanced traders, as well
Lots of cryptocurrencies listed
Good range of customer support options
Only pay blockchain fee for withdrawals and deposits
Affordable trading fee – the most you will have to pay is 0.125%
No verification unless trading big amounts

Features I Don’t Like

No standard payment methods like credit/debit card or bank account
Encountered a major hack in 2014 – 12.3% of all Bitcoin

Advantages and Disadvantages of Poloniex

Advantages:

One of the key benefits of utilizing Poloniex is a large variety of cryptocurrencies. This involves big coins such as Ripple, Bitcoin Cash, Steem, and Monero. However, Poloniex also lists minor cryptocurrencies such as BlackCoin, Bela, and Burst!

Polonex also has a very large range of tools when it comes to trading. It provides 5-minute candlestick charts all the way up to 4 hours, stop-limit commands, and the option to zoom in and out of displays. This does not mean that the platform is not ideal for newcomers, since the framework is quite easy to use.

The fact that Poloniex is located in the U.S. is also an asset since federal laws are rather stringent. This ensures that the exchange must ensure that they make every attempt to keep consumer funds secure, as well as to ensure that they keep crime away. Otherwise, if something bad occurs, Poloniex realizes that the U.S. authorities are likely to charge them a ton of money. Is Polonex healthy, then? Well, I'd most definitely claim that!

Another benefit of using Poloniex is that it has very large quantities of liquidity, particularly for altcoin pairings. This is significant since it ensures that you can still have someone to trade with, and it decreases the chance of uncertainty.

Ploniex Exchange Real View.gif

Concerning fees, Poloniex is one of the safest companies in the sector to make deposits and withdrawals. This is because you're only ever going to accept a blockchain processing charge! Many other cryptocurrency exchanges earn a profit when you withdraw the capital, which is not very reasonable since they make money off you any time you sell.
Trading rates are still very fair on the Poloniex market since you can pay a maximum charge of 0.125 percent, which will be reduced as you sell higher amounts.

Another positive feature of the Poloniex exchange is that you don't need to check your identification unless you're trying to swap huge sums of currency. In reality, if you do not want to exchange more than $2000 a day, you can trade anonymously! The biggest explanation you can do this is because they have no relationship with money in the modern world.

Disadvantages:

One of the key limitations of utilizing the Poloniex platform is that they do not enable you to use easy payment options like a debit/credit card or a bank account. This may be very frustrating if you're trying to make a deposit for the first time since it assumes you're going to have to finance your cryptocurrency account instead.

Other exchanges like Coinbase, enable you to deposit and withdraw money from the real world! If you do not possess any cryptocurrencies at this point, it would be simpler to purchase either Bitcoin or Ethereum from Coinbase and then pass the coins instantly to Poloniex, or just proceed using Coinbase.

The next downside to utilizing Poloniex is that there are always safety issues. This is since, in 2014, the exchange was compromised and 12.3 percent of their whole stock of Bitcoin was robbed.

Poloniex Review – Poloniex Fees

The maximum amount you pay is 0.125 percent. You'll also find that if you start trading more, the fees are going down. This is dependent on the sum that you exchange every 30 days. Poloniex pays comparatively competitive fees, though not as low as Binance, a direct rival to Poloniex, which costs just 0.1 percent.

What Areas Need Improvements - My Opinion

Again, coming back to the features that I don’t like:

No standard payment methods like credit/debit card or bank account
Encountered a major hack in 2014 – 12.3% of all Bitcoin

I hope they will work on these areas and make their service better. Anyway, Poloniex didn’t encounter any cyber attacks after 2014.

Wrapping Up:

If you've read this Poloniex analysis from start to finish, you should be conscious of all the details you need to make a decision as to whether Poloniex is the right exchange for you.

Everyone has their own expectations when it comes to trade. Although some people are going for low trading rates, others are going for a wide range of coins. Personally, I appreciate how simple it is to use the Network, and it makes it very easy to exchange.

The material provided on this website is not meant to include some form of financial advice, saving, investing, or other advice. We do not accept or recommend that you acquire, trade, or keep some sort of cryptocurrency. Consult the professional planner before making any financial investment choices.

Cc:- @steemitblog @steemcurator02

Post By Anton De Mel

Telegram: @antondemel99

poloniexspotlight #srilanka #steem #steemcryptochallenge


Comments 5


One of the key limitations of utilizing the Poloniex platform is that they do not enable you to use easy payment options like a debit/credit card or a bank account.

Yes ..agree with you in that point. The support for fiat in this exchange is not that much positive

oneprecent #srilanka

04.11.2020 10:54
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Thank you for taking part in the Spotlight on Poloniex Contest.

Keep following @steemitblog for the latest updates.

The Steemit Team

05.11.2020 00:49
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You have been upvoted by @besticofinder , A Country Representative from SRI LANKA. we are voting with the Steemit Community Curator @steemcurator07 account to support the newcomers coming into steemit.

07.11.2020 04:14
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08.11.2020 08:43
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