Poloniex.org is one of the more well known exchanges and is based in The United States of America. Having been in operation since 2014, the exchange has been able to capture a significant portion of the market and experiences high trading volumes for altcoins. Up until a year ago, traders interested having access to a large selection of altcoins often used Poloniex. The exchange specializes in crypto to crypto trades and as a result, generally suits more experienced cryptocurrency traders.
Poloniex is a cryptocurrency exchange that was first launched in 2014 by Tristan D’Agosta. Their offices are located in Delaware in the U.S., which means they operate in a highly regulated nation. Poloniex allows users to buy, trade and sell lots of different cryptocurrencies, which includes popular coins like Bitcoin and Ethereum, as well as less popular ones too.
How To Start With Poloniex.org
To start trading with Poloniex.org ,Indian residents first have to sign up for an account by following the steps below.
Step 1. Click on the “Login/Signup” link on the top right hand corner of the Poloniex.org website.
Step 2. In the form, fill in your first name, last name, mobile number, email ID and password.
Step 3. If you have a referral code, enter the code while creating your account.
Step 4. Submit the form and wait for an activation email to be sent to you.
Step 5. Click on the “confirm email” link in the activation email.
Step 6. After your account is activated, you’ll be sent a 6 digit one time password (OTP), which you have to enter after logging into your Poloniex.org account.
Poloniex Trading fees
This exchange charges the so called takers a trading fee of 0.25%. This fee is quite in line, or possibly slightly above, he industry average. The industry average is arguably around 0.25%. The fee thus constitutes an advantage against the majority of other top crypto exchanges in the market.
The exchange also has a substantially lower trading fee for makers (0.15%), thus promoting the liquidity at the exchange. At Poloniex, you also become entitled to lower trading fees when your monthly trading volume exceeds a certain level. The levels are as follows..
Poloniex Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This fee is way below the industry average and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.
Different from most exchanges, Poloniex accepts fiat currency deposits through both bank transfers and credit cards. This makes Poloniex something they call an “entry-level exchange”, meaning an exchange at which new cryptocurrency investors can take their first steps into the thrilling cryptocurrency world.
Poloniex.org the user side, Poloniex offers you the standard two factor authentication security features. This is an added layer of security that will help protect you from any attempts to fraudulently access your account.
This is not activated as a default so you are advised to enable it the moment that you start trading. It could be the one barrier between hackers and your coins. In fact, last year hackers were able to get into user’s accounts through a fake poloniex app.
In any event, you are encouraged not to leave large amounts of coins on an exchange. You should either consider your own personal cold storage or invest in a hardware wallet.
Poloniex takes care of security in multiple ways. To keep hackers out, it stores the majority of customers’ deposits in air-gapped cold storage offline. It makes an effort to only keep sufficient funds online to make active trading simple and seamless, something that minimizes exposure and risk without any negative effects for the traders.
The exchange also has auditing programs that work constantly, 24/7/365. These programs monitor the activity with the goal of spotting suspicious activity. If anything is spotted, the programs report then block it before it develops into a problem.
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