An in-depth guide to Poloniex

Poloniex is one of the most popular cryptocurrency exchanges used by traders today. Established in 2014, it is one of the few exchanges based in the United States that solely focuses on crypto-to-crypto trading.

Additionally, Poloniex’s user-friendly interface is easy to understand, making crypto trading easy for all users. Find out more about this unique crypto exchange below!

How Poloniex began

Poloniex was established in 2014 by Tristan D’Agosta in Wilmington, Delaware. During its early years, this cryptocurrency exchange focused on U.S. based traders who were looking for online trading platforms they can use within the country.

At the time, Poloniex had a hard time keeping up with more popular exchanges like Coinbase and Gemini. However, D’Agosta’s determination ensured that the site featured the latest cryptocurrency innovations and provided users with a variety of options in trading. These developments continued for the past 4 years and eventually, Poloniex became one of the best crypto exchanges in the world.

Features of Poloniex

Poloniex provides different types of trading services such as exchange trading, margin trading, and lending in its platform.

• Exchange trading

Using the exchange service, traders can place buy, sell or stop-limit orders in Poloniex’ order books to trade in their desired cryptocurrency.

In exchange trading, traders can not only buy or sell at market price but also look for buyers and sellers who can pay according to their demands. Additionally, a trader’s buy or sell order remains open in the site’s order books until a match is found.

• Margin trading

Poloniex is an exchange site known to specialize in margin trading. This platform features quick and efficient peer-to-peer functionality for borrowing funds that traders can use as capital to buy assets and gain profit on successful trades.

In this feature, the funds traders use are borrowed from other users who’ve offered their funds for lending on a peer-to-peer basis using Poloniex Lending. The funds in the traders’ accounts serve as the collateral for their margin trades.

• Lending mechanism

Besides trading, users can also gradually earn interest on their funds by lending them to other traders through Poloniex’ lending feature. Through this, users can easily lend their cryptocurrency with interest as capital for those making margin trades.

Why should you trade in Poloniex?

• Diversity

Poloniex offers seamless crypto-to-crypto exchange with a wide variety of trading pairs and digital assets.

Here are some of the most popular trading pairs that Poloniex offers:

BTC/USDT MAID/BTC PPC/BTC CVC/ETH

ETH/BTC ZRX/BTC STORJ/BTC NMC/BTC

XLM/BTC STRAT/BTC GRC/BTC BCY/BTC

BCH/BTC VRC/BTC LBC/BTC NXC/BTC

XMR/BTC REP/BTC ZEC/ETH RADS/BTC

XRP/BTC AMP/BTC GNO/BTC PINK/BTC

BTS/BTC STEEM/BTC GAS/BTC XBC/BTC

LTC/BTC POT/BTC BTM/BTC BCN/XMR

• Security

After a hacking incident in 2014, the exchange site’s developers, led by CEO Tristan D’Agosta, created and enforced necessary security protocols to make the site more secure for traders to place their funds. After the incident, Poloniex returned all the stolen funds to its users, which spoke volumes on the integrity of their management team.

In accordance with this, Poloniex created industry-standard protections such as two-factor authorization (2FA), where customers have to confirm certain actions by using their passwords and provide confirmation using their phones.

With it, the customers could remain safe from hackers and have the ability to trade with ease. According to one of the leading crypto publishing websites, Unblock.net, Poloniex exchange also promises that the company will never use the customers’ funds for its own operations and keep them safe to use.

Aside from that, Poloniex also boasts its regular audits from their technical staff to ensure transparency on all fronts.

• Liquidity

Poloniex provides liquidity for more than $10 million traded cryptocurrency every day. Not only that, but it also features a user-friendly interface, making trading easier for both beginners and experienced traders.

• Organized fees

Poloniex offers an organized payment structure for both market makers and consumers. In this crypto exchange, makers pay notably lower fees since the crypto exchange charges and deduct its fees on a per-trade basis.

This is beneficial for the trader because the more volume they trade, the lower the fee is on subsequent trades. However, the Poloniex exchange still requires withdrawal fees which differs for each cryptocurrency.

• Flexibility

Although the Poloniex exchange is based within the United States, anyone can use it as long as their country does not have laws prohibiting cryptocurrency.

How to create a trading account in Poloniex

With Poloniex’ streamlined web layout, making a crypto exchange account in Poloniex is easy compared to other platforms for more advanced traders such as Binance and Coinbase. Here’s how you can create an account in Poloniex:

• Step 1: First, visit the official Poloniex website at www.poloniex.com, then proceed to ‘Sign up.’ You will then see a form that you are required to fill up.
• Step 2: Make sure to input all the necessary details and once done, you will then receive a confirmation email with an activation link.
• Step 3: After you finish this step, you will proceed to the KYC process. Poloniex will for a valid ID document such as a passport. Once everything is verified, your profile will be complete and you can now start trading.

Take note: Some trading features will be restricted if you sign up without a verified ID.

Trade with Poloniex today!

A reliable cryptocurrency exchange, Poloniex is a great option for all types of traders. Moreover, due to the large trading volumes on Poloniex, you can trade with various users and available cryptocurrencies with ease.

Overall, this platform provides its users with all the necessary tools for a smooth trading experience. Find out all this crypto exchange site can offer when you sign up today!