Review and feedback about the Poloniex exchange! How to register, trade and withdraw funds?

Poloniex (Poloniks) is a cryptocurrency exchange located in Boston, America. Trading on the site started in January 2014. In February 2020, the crypto exchange was purchased by the startup Circle, the estimated transaction amount was $400 million. The sale made it possible to avoid prosecution of the exchange by the American regulator SEC.

The official website of Poloniex is poloniex.com.

The Poloniex website is not presented in Russian; the interface is only available in English.
The trading platform is available in the form of a mobile application for Android and IOS. To trade crypto using apps, you need to generate API keys in your personal account. For a long time, the Poloniex exchange ranked first in the ranking in terms of trading volume. Today, October 25, 2018, it ranks 70th according to the Coinmarketcap service. An analysis by BTI found that most exchanges overestimate trading volumes. Poloniex provides real information and is already ranked 13th in the “real ranking of crypto exchanges”. The daily volume exceeds 13 million US dollars.

Mandatory account verification has been introduced on the site. Without it, cryptocurrency deposits and withdrawals, trading, margin trading and issuing loans are not available. The Polonix crypto exchange announced this procedure at the end of 2020, and in May 2020 the rules of the KYC procedure were finally changed. Previously, the Poloniex exchange set withdrawal limits for unverified clients - $2,000. The current limit for verified accounts is $25,000.

95 currency pairs and 56 cryptocurrencies are available for trading: Stellar, Ethereum, Monero, Stratis, Dogecoin, Bitcoin, Decred, Zcash, Siacoin, Basic Attention Token, Bitcoin Cash, Dash, Lisk, Litecoin, Tether, 0x, Augur, EOS, NEM , Golem and other coins. The main trading volume is formed by the following pairs: XRP/BTC, ETH/BTC, BTC/USDT, XMR/BTC. A stablecoin from Circle’s parent company, USD COIN (USDC), which is backed by fiat currencies, is also traded on the exchange.

The Polonix exchange provides the opportunity to trade cryptocurrency both without leverage and with margin collateral. Loans for leveraged trading are provided by other clients of the site. From 2019, margin trading and issuing loans will be closed to US traders. This is dictated by regulatory restrictions.

Registration and verification on the Poloniex crypto exchange

To register on the official Poloniex website (poloniex.com), you need to select “Sing in” in the top menu. Creating an account consists of 5 mandatory steps. The first step is to fill out the registration form.

It states:

1. First Name Last Name.
2. A country.
3. Date of Birth.
4. email. It will not be possible to change it.
5. Password.

You also need to pass the captcha and agree to the rules.

The second step is “Activate”, confirmation of the specified email. He received a letter from the Poloniex crypto exchange, in which you need to follow a link.

Third step. Fill in your profile information by indicating:

1. The street.
2. City.
3. Postcode.
4. Telephone.

Data is entered in Latin.

Fourth and fifth steps. Uploading supporting documents and their approval.

Registration and verification on Polonix are linked and represent one process. Without verification, you will not receive a cryptocurrency address and will not top up your Poloniex exchange balance. The introduction of mandatory confirmation of the identity of the account owner was the main reason for the outflow of traders and a decrease in trading volume.

Nowadays, many sites treat customers more loyally and do not require verification. For example, on Binance you can trade and withdraw 2 BTC per day; There are no withdrawal restrictions on Exmo; On Localbitcoins, this requirement applies only to sellers.

Verification

According to the standard, all accounts have passed the 1st level of verification - we go through it during registration, indicating the e-mail, full name and country. At this stage, you can withdraw up to $2000 per day. If these numbers are not enough for you, the limit can be expanded to $25,000 by passing the 2nd level of verification.

1. Go to the “My Profile” tab and fill out all the fields: address, city, region, zip code, phone number, date of birth and passport number.
2. Next, you need to upload 2 files: a scan of your passport, as well as your photo with a passport in your hand and a paper on which “Poloniex” is written with the current date. All data should be clearly visible, as in the example below.
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3. After that, check the box that you agree with the rules and click “Save Profile”. Now all that remains is to wait, it says that verification is confirmed within 24 hours, although I waited longer than a month.

This concludes my review of working with the Polonix exchange. I hope it gave you answers to various questions and sorted out all the nuances of cooperation with the service. However, if something remains unclear, leave questions in the comments - I, together with active users of the exchange, will try to help.

Also, don't forget to post your opinions and reviews about Poloniex. Happy trading everyone!

Register on the exchange

Denis HyipHunter Knyazev

Blog creator. Private investor. He has been making money in highly profitable investment projects and cryptocurrencies since 2014. Consults partners. Join the blog's Telegram channel and our chat.

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Review of the official Polonix website

Let's look at the main menu items on the Poloniex website and their purpose.

Top Menu:

• Exchange. Trading terminal for buying/selling cryptocurrency.
• Margin Trading. Margin trading.
• Lending. Lending (issuing a loan) for trading with leverage.
• Balance. The section includes 3 items: Transfer - transfer between accounts (from Exchanger to Margin, Lending and vice versa); Deposit/Withdraw — input and output of cryptocurrency; History - history of financial transactions.
• Order. Displays open orders and trading history.
• Key icon. In the section you can find: enabling two-factor authentication, API, commission amount for the account, sessions, changing the password.
• Profile icon. Profile check (verification) and account linking.
• Mode switching (day/night).
• New notifications.

Lower menu:

• About Poloniex. The section includes: contact information about the Polonix cryptocurrency exchange, fees, user agreement, privacy policy, cookie policy.
• Support. Information section and support contacts.
• News. Press releases and link to Twitter account.
• Downloads. Download the trading application to your phone from the App Store and Google Play.
• Information about trading volumes on the poloniex.com exchange, the number of traders online.

Poloniex balance replenishment

If the verification did not scare you away and was successfully completed, then you can start replenishing your account on the Poloniex crypto exchange. There is no commission for input from the site. Each cryptocoin has a minimum deposit amount - do not transfer less and take into account the commission of the blockchain network itself. If you sent less than the minimum amount, you should make another transaction. Only then, after crossing the minimum threshold, will the cryptocurrency be credited.

The Polonix exchange only works with crypto coins. It does not support entering fiat currencies such as dollar, euro, ruble, etc.

You can buy cryptocurrencies for transfer to Poloniex for fiat at exchangers or on crypto exchanges where this method is supported. The exchange supports stablecoins: USDT, USDTCOIN.

To replenish you need:

1. Go to Balance - Deposits.

2. Select a cryptocurrency from the list or search using the search box.
3. Click Deposit.
4. Get a cryptocurrency address.
5. Transfer the required number of coins from your crypto wallet to it using Bitcoin exchangers or making a transfer from another exchange.
6. After confirmation on the network, the Polonex balance will be replenished. In the History section you can see the transaction status with the number of confirmations. You can also track the transfer in blockchain network monitoring using the TxID or TXhash identifier.
7. If crypto coins are not credited within 4 hours, you should contact support.

Be careful when dealing with cryptocurrency. Please copy and paste the address correctly. Some cryptocurrencies require additional parameters. For example, Ripple's address can be supplemented with a destination tag.

Withdrawal from the Polonix exchange

After successfully purchasing a cryptocurrency or exchanging it for another, it can be stored on an exchange wallet, but this is not recommended. It is worth withdrawing crypto coins to an address from which there is a private key and full control over the funds.

To withdraw from the Polonix exchange, follow the instructions:

1. Go to the Withdraws section on the official Poloniex website.
2. Select a cryptocurrency for withdrawal.

3. Indicate in the form the address of the cryptocurrency wallet to receive, the quantity and click Withdraw.
4. Confirm the seizure by clicking on the link in the letter (Confirm) or entering the code for two-factor authentication. If you did not receive the letter, check your Spam folder.
5. Get approval for withdrawal.
6. In browsers, track the status by the issued TxID or TXhash.

The speed of deposit depends on the cryptocurrency, the specified commission and other factors. You can also check the status in the transaction history. If you do not receive funds within 4 hours, contact the Polonix support service.

Security on Poloniex

First of all, the exchange administration monitors the security of its users’ accounts and strongly recommends two-factor authentication. Verification on Poloniex is voluntary - if you do not intend to withdraw amounts larger than 2 thousand dollars per day, then you do not need to go through it. However, the administration reserves the right to require identification from the user if it considers your transactions suspicious. This is stated in the user agreement and by registering on the site, you accept these conditions, so it is important to keep this nuance in mind.

As for the security of the exchange website, it meets the highest standards, but this does not exclude various hacker and DDOS attacks. In the history of the exchange, there were cases when money was stolen from the accounts of participants and the exchange itself compensated for these losses - a very loyal approach to clients.

Since Poloniex is in great demand, scammers often try to make money on its name. In particular, check the site you are going to for the correct domain Poloniex.com - all other sites are created to deceive network users and have nothing to do with the trading platform. There are also phishing scammers who send various letters to the mail of exchange users. Be careful, the administration never requires you to provide your password and login information in the mailing list, and in general, it does not send any unnecessary letters.

Please note that Poloniex does not have a personal application for mobile devices - only a mobile version, therefore the applications presented for download in various markets are the machinations of scammers.

Account security

Securing your account from hacking is the main task of the site itself and the client. For additional protection, you should enable two-factor authentication on the Polonix exchange. It connects by clicking on the key icon in the top menu and selecting Two-Factor Authentication (2FA).

Instructions:

1. Install the Google Authenticator app on your phone or tablet.
2. Launch, scan the QR code or enter the key manually (16 Digit Key). A six-digit code will appear, valid for 30 seconds.
3. Enter this code, account password and click “Enable 2FA”.
4. Save the key (which is 16 Digit Key). Necessarily!

This completes the process and your account on the Poloniex cryptocurrency exchange is protected.

Poloniex.com crypto exchange commissions

The Poloniex exchange has the following commissions::

• Trading. Has a dynamic meaning. Depends on the type of order (maker, taker), i.e. creating or removing liquidity, as well as on the trading volume over the last 30 days. For the current size, see the “Trading Tier Status” section. Initial status: 0.15/0.25%. Can reach 0% for a maker with a turnover of more than $7.5 million and 0.1% for a taker with a turnover of $30 million.

• Marginal. Fees are set for the lenders and the loan recipient. Credit is used for leveraged trading.
• There is no commission for depositing or withdrawing cryptocurrency.

Conclusions on the Polonix exchange

Poloniex is an excellent cryptocurrency exchange for all those who want to trade altcoin and Bitcoin. Interaction with the poloniex exchange interface leaves only the best impressions. In addition, good liquidity and a large selection of forks are undeniable advantages. The Lending function will not leave indifferent supporters of a small but stable passive income. But Polonics is also not without a number of disadvantages, a list of which is given below.

Advantages of Poloniex

• Convenient site interface, navigation and sorting of tokens.
• Wide functionality - the ability to trade, issue loans and take out loans.
• A large number of liquid investment instruments - more than 140 currency pairs, a significant trading volume.
• Low fees for transactions and input/withdrawal. The exchange has switched to a new model of charging commissions for transactions called “maker-taker” - if a trader buys coins below the market price or sells above others, then he pays less. In general, the commission ranges from 0 to 0.25%.
• Convenient charts, various technical analysis tools.

Cryptocurrency trading on the Polonix website

Let us remind you that cryptocurrency trading is available only to verified users, as is replenishing the balance. To do this, go to the official Poloniex website and go to the “Exchanger” section. It houses an online trading terminal.

In the central part there is a chart of a currency pair, below it is a form of an order to buy/sell and a stop-limit order. Below is the glass of liquidity or open orders of traders. Below it is the market depth and trading history.

Instructions on how to trade on Poloniex:

1. Select the underlying cryptocurrency in the currency pair using the Market section. Quoted cryptocurrencies are: BTC, USDC, ETH, USDT, XMR. For example, XRP/BTC - buying Ripple with Bitcoin.
2. Select a point of purchase or sale. To do this, study the chart. It contains a selection of indicators: SMA, EMA, Bollinger Band, Fin levels and setting the desired period. The graph also shows the volume.
3. Fill out the application. Indicate the required amount of cryptocurrency in the Amount line and the price in Price. For example, selling Ripple for Bitcoin:

4. If the order hits the order book, then the commission must be paid as for the maker. And its execution depends on when the counter order buys it. If the specified order is executed at the market value instantly, then the commission is paid as for the taker.

Trading on the poloniex exchange

To start trading on POLONIEX you need to go to the EXCHANGE tab. On the right you can see a list of currencies from which you can form a currency pair. Moving a little lower, you will see the BUY button for the corresponding currency.

The form for buying/selling currency on POLONIEX includes the following fields:

• You have – amount of cryptocurrency on balance;
• Lowest Ask – minimum coin value;
• Price – the purchase price you specify;
• Amount – number of coins purchased;
• Total – an amount equivalent to the cost of the purchased coins.

The user can specify a price below the market, and then a buy order will be created, which will be executed automatically when the rate reaches the desired level. The user can also specify a price higher than the market price. In this case, all sales orders will be purchased one by one, starting with the best price.

After filling out the form, you just have to click the Buy button. Depending on the price you specified when purchasing, your order will be executed either instantly or after some time. The system commission for purchasing cryptocurrency is 0.15%.

You can sell cryptocurrency using a similar mechanism by filling out the appropriate form and clicking the SELL button. Depending on the price, the order will be executed immediately or delayed until the appropriate buyer appears. The exchange commission for selling cryptocurrency is 0.25%.

It is recommended to pay attention to both the price and the number of coins offered by the seller. By setting a minimum price, there is a chance that you will purchase fewer coins than you originally planned. It is much more convenient to set the price a little higher so that the purchase of cryptocurrency is carried out automatically at the most favorable rates.

It makes sense not only to make money from price fluctuations, but also to make medium- and long-term investments in cryptocurrency. Select the most promising coins, stock up on them and wait for them to skyrocket in value, regardless of the day-to-day volatility inherent in all cryptocurrencies.

Margin trading on Poloniex

Margin trading on the Poloniex exchange is trading using borrowed funds from other users. It is essentially a loan with interest payments. First you need to top up your balance, and then in the “Balance” section, select the “Transfer” item and transfer coins from the “Exchanger” account to “Margin”.

Margin trading allows you to open long (long) and short (short) positions. Maximum leverage 1:2.5. Let us remind you that on Bitmex you can trade 1:100 without verification.

To get started, go to the “Margin Trading” section. The account table is of interest. Let's take a closer look at an example.

• The initial margin is 40%, which means if you need to borrow 10 BTC, you must have at least 4 BTC in your Margin account.
• Total Borrowed Value - the total amount of the loan (credit).
• Total Margin Value - the total amount of funds in the margin account.
• Unrealized P/l - loss/profit if positions were closed at market value minus fees for using the loan.
• Unrealized Lending Fees - the amount of interest for using borrowed funds.
• Net Value is the net amount of funds minus all fees and profit/loss.
• Current Margin - current margin, the ratio of Net Value to Total Borrowed Value. If it falls below the Maintenance Margin of 20%, the position is liquidated. In our example, this will happen when the Net Value reaches 0.21699876 BTC.

To place a trade order using leverage, please specify:

1. The cost is in the “Price” line.
2. Quantity "Amount"
3. “Loan Rate” - the maximum % rate per day for using a loan. You specify the rate yourself. Today its size starts from 0.0071%. If there is such an offer, then you will immediately receive funds in debt. If not, then the application falls into the “Loan Demands” column of the “Loading” section.

Line with open position:

1. Position. Long or Short. Sell ​​or buy position.
2. Amount The amount of cryptocurrency purchased.
3. Base Price. Break-even price of the position.
4. Est.Liquidation Price—liquidation price.
5. Unrealized P/l - profit or loss that can be obtained at the current closing moment at the market price.
6. Unrealized Lending Fees - the amount for using credit funds.