Exchange Poloniex – a complete overview of the crypto exchange. Registration on the official website, verification, instructions for trading cryptocurrency
Poloniex is a cryptocurrency exchange located in Boston, USA. Trading on the site started in January 2014. In February 2018, the crypto exchange was bought out by the Circle startup, the estimated transaction amount was $ 400 million. The sale made it possible to avoid the harassment of the exchange by the American regulator SEC.
The official website of Polonix is poloniex.com.
The Poloniex website is not presented in Russian, the interface is available only in English. The marketplace is available in the form of a mobile application for Android and IOS. For crypto trading using applications, 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, 10/25/2018, it ranks 70th according to the Coinmarketcap service. In the course of the analysis carried out by BTI, it was found that most exchanges overstate trading volumes. Poloniex provides real information and takes 13th place in the “real rating of crypto-exchanges“. The daily volume exceeds USD 13 million.
Mandatory account verification has been introduced on the site. Without it, deposit and withdrawal of cryptocurrency, trading, margin trading and issuance of loans are not available. The Polonix crypto exchange announced this procedure at the end of 2017, and in May 2018 the KYC rules 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 pairs: XRP / BTC, ETH / BTC, BTC / USDT, XMR / BTC. The exchange also trades a stablecoin from the parent company Circle – USD COIN (USDC), which is backed by fiat currencies.
The Polonix exchange provides an opportunity to trade cryptocurrency both without leverage and with margin collateral. Loans for leveraged trading are provided by other clients of the site. Margin trading and lending will be closed for US traders from 2019. This is due to regulatory restrictions.
- 1 Registration and verification on the Poloniex crypto exchange
- 2 Polonix official website review
- 3 Top up your Poloniex balance
- 4 Withdrawal from the Polonix exchange
- 5 Account security
- 6 Poloniex.com crypto exchange commissions
- 7 Cryptocurrency trading on the Polonix website
- 8 Margin trading on Poloniex
- 9 Benefits of a cryptocurrency exchange
- 10 Disadvantages
- 11 Poloniex exchange reviews
Registration and verification on the Poloniex crypto exchange
To register on the official Polonix website (poloniex.com), select “Sing in” in the top menu. Account creation consists of 5 mandatory steps. The first step is to fill out a registration form.
- First Name Last Name.
- Date of Birth.
- email. It will not be possible to change it.
You also need to go through the captcha and agree to the rules.
The second step is “Activate”, confirming the specified email. He received a letter from the Poloniex crypto exchange, in which you need to follow the link.
Third step. We fill in the profile data, indicating:
- The street.
Data are entered in Latin.
Fourth and fifth steps. Uploading supporting documents and their approval.
Registration and verification for Polonix are linked and represent one process. Without verification, you will not receive a cryptocurrency address and refill the balance of the Poloniex exchange. The introduction of mandatory confirmation of the identity of the account owner has become the main reason for the outflow of traders and a decrease in trading volume.
Now, many sites are more loyal to customers 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 only applies to merchants.
Polonix official website review
Let’s consider the main items of the Poloniex website menu and their purpose.
✅ Exchange. Trading terminal for buying / selling cryptocurrency.
✅ Margin Trading. Margin trading.
✅ Lending. Lending (issuing a loan) for leveraged trading.
✅ Balance. The section includes 3 items: Transfer – transfer between accounts (from Exchanger to Margin, Lending and vice versa); Deposit / Withdraw – deposit and withdrawal of cryptocurrency; History – history of financial transactions.
✅ Order. Displays open orders and trade history.
✅ Key icon. In the section you can find: enabling two-factor authorization, API, the size of the commission for the account, session, changing the password.
✅ Profile icon. Profile verification (verification) and account binding.
✅ Mode switching (day / night).
✅ New notifications.
✅ Support. Information section and support contacts.
✅ News. Press releases and twitter link.
✅ 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 online traders.
Top up your Poloniex balance
If the verification is not scared away and has been successfully passed, then you can proceed to replenishing your account on the Poloniex crypto exchange. There is no commission for input from the site. For each crypto-coin, the minimum deposit amount is set – do not transfer less and take into account the commission of the blockchain network itself. If you sent less than the minimum wage, then you should make another transaction. Only then, after passing the minimum threshold, the cryptocurrency will be credited.
The Polonix exchange works only with crypto coins. It does not support entering fiat currencies such as dollar, euro, rubles, etc.
You can buy cryptocurrencies for transfer to Poloniex for fiat in exchangers or on crypto exchanges where this method is supported. The exchange supports stablecoins: USDT, USDTCOIN.
To replenish you need:
- Go to Balance – Deposits.
- Select a cryptocurrency from the list or find it using the search box.
- Click Deposit.
- Get a cryptocurrency address.
- Transfer the required number of coins to it from your crypto wallet using bitcoin exchangers or by making a transfer from another exchange.
- After confirmation in the network, the balance of Polonex will be replenished. In the History section, you can see the status of the transaction with the number of confirmations. You can also track the transfer in the monitoring of the blockchain network using the TxID and or TXhash identifier.
- If the crypto coins have not been credited within 4 hours, then you should contact support.
Be careful when dealing with cryptocurrency. Copy and include the address correctly. Some cryptocurrencies require additional parameters to be specified. For example, for Ripple, the address can be supplemented with a destination tag.
Withdrawal from the Polonix exchange
After a successful purchase of a cryptocurrency or when exchanging it for another, it can be stored on the exchange wallet, but this is not recommended. It is worth withdrawing cryptocoins to an address from which you have a private key and full control over the funds.
To withdraw from the Polonix exchange, follow the instructions:
- Go to the Withdraws section on the official Poloniex website.
- Select a cryptocurrency to withdraw.
- Indicate in the form the address of the cryptocurrency wallet to receive, the amount and click Withdraw.
- Confirm the withdrawal by clicking on the link in the letter (Confirm) or by entering the code for two-factor authentication. If you have not received the letter, then check the “Spam” folder.
- Get approval for the withdrawal.
- In the browsers, track the status by the issued TxID or TXhash.
The speed of crediting depends on the cryptocurrency, the specified commission and other factors. You can also check the status in the transaction history. If there is no receipt of funds within 4 hours, please contact Polonix support service.
Protecting the account from hacking is the main task of the site itself and the client. For additional protection, two-factor authentication should be enabled on the Polonix exchange. It is connected by clicking on the key icon in the top menu and selecting Two-Factor Authentication (2FA).
- Install the Google Authenticator app on your phone or tablet.
- Launch, scan the QR code or enter the key manually (16 Digit Key). A six-digit code appears, valid for 30 seconds.
- Enter this code, account password and click “Enable 2FA”.
- Save the key (which is 16 Digit Key). Necessarily!
This completes the process, the account on the Poloniex cryptocurrency exchange is protected.
Poloniex.com crypto exchange commissions
The following commissions are set on the Poloniex exchange:
✅ Trading. Has a dynamic meaning. Depends on the type of order (maker, taker), that is, creating or withdrawing liquidity, as well as on the trading volume for the last 30 days. See the Trading Tier Status section for the current size. Initial status: 0.15 / 0.25%. It can reach 0% for a maker with a turnover of over $ 7.5 million and 0.1% for a taker with a turnover of $ 30 million.
✅ Margin. The fees are set for the lenders and the recipient of the loan. Credit is used for leveraged trading.
✅ There is no commission for depositing and withdrawing cryptocurrency.
Cryptocurrency trading on the Polonix website
Recall that cryptocurrency trading is available only to verified users, as well as balance replenishment. 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 buy / sell order form and a stop-limit order. Below is a glass of liquidity or open orders of traders. Below it is the market depth and trading history.
Instructions on how to trade on Poloniex:
- Select the base 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.
- Select a buy or sell point. To do this, study the graph. There is a choice of indicators on it: SMA, EMA, Bollinger Band, Fin levels and setting the desired period. The chart also shows the volume.
- Fill out the application. Specify the required amount of cryptocurrency in the Amount line, the price in Price. For example, selling Ripple for Bitcoin:
- If the order enters the glass, then the commission must be paid as for a maker. And its execution depends on when the counter order buys it out. If the specified order is executed at market value instantly, then the commission is paid as for a taker.
Margin trading on Poloniex
Margin trading on the Poloniex exchange is trading with borrowed funds from other users. In fact, it is a loan with interest payments. First, you need to replenish the balance, and then in the “Balance” section, select the “Transfer” item and transfer the coins to from the “Exchanger” account to the “Margin”.
Margin trading allows you to open long (long) and short (short) positions. The maximum leverage is 1: 2.5. As a reminder, you can trade 1: 100 on Bitmex 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 that if you need to take out a loan for 10 BTC, you must have at least 4 BTC in your Margin account.
- Total Borrowed Value – the total amount of the loan (loan).
- 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 commissions for using the loan.
- Unrealized Lending Fees – the amount of interest for the use of borrowed funds.
- Net Value – net funds minus all fees and profit / loss.
- Current Margin – the 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, specify:
- The cost is in the “Price” line.
- “Loan Rate” – the maximum% rate per day for using a loan. Indicate the rate yourself. Today its size starts from 0.0071%. If there is such an offer, then you will immediately receive a loan. If not, the application will go to the “Loan Demands” column of the “Loading” section.
Line with open position:
- Position. Long or Short. Sell or Buy position.
- Amount. The amount of the purchased cryptocurrency.
- Base Price. Break-even price of the position.
- Est.Liquidation Price – liquidation price.
- Unrealized P / l – profit or loss that can be obtained at the current close at the market price.
- Unrealized Lending Fees – the amount for using credit funds.
Benefits of a cryptocurrency exchange
Let’s note the main advantages of the Poloniex crypto exchange:
- Availability of the most popular and promising cryptocurrencies.
- Long term of work.
- Margin trading.
- Possibility of additional earnings on loans.
- Uncomplicated interface of the Polonix exchange. Everything is simple and straightforward.
- Working in the legal field with all the advantages and disadvantages that follow from this.
- Receiving clients from Russia, Belarus, Ukraine and other countries.
Negative sides of the Poloniex cryptocurrency exchange:
- Mandatory verification. This item will scare off most of the customers who do not want to disclose their personal data.
- The absence of the Russian language on the Poloniex exchange. The problem can be solved by using the built-in translator in the browser.
- No Fiat I / O.
- Long terminal loading.
- Long waiting for a response from the support service.
Poloniex exchange reviews
Previously, the Poloniex exchange was a popular platform for trading crypto coins. Now she has lost this championship. We believe that this is due to the introduction of verification of all traders and competition. You can easily find crypto exchanges without this procedure and with the best trading conditions. Meanwhile, Polonix is a reliable cryptocurrency exchange, owned by the well-known company Circle, which bought it out for scaling and development.
Having studied the reviews of Poloniex, it should be noted that the main problem of all traders is verification and the complexity of its passage. Also, many complain that a response from support can wait several months.