Poloniex reviews and review of the official website of the exchange
Poloniex is a cryptocurrency trading platform that offers a wide range of digital assets and was founded in the US city of Wilmington, Delaware by Tristan d’Agosta in January 2014.
Currently, there are almost 100 different tokens on the Poloniex exchange, and the daily trading volume is more than $ 150 million. According to CoinMarketCap, in 2017, the exchange ranked first in the world in terms of trading volumes, and also 14th place among all exchanges in general. There are currently no country restrictions on Poloniex, and the exchange has 50 million users from all over the world. Most of them are from the USA, followed by Russia, the UK, Brazil and Vietnam.
Account and account replenishment
To use Poloniex, you need to create an account, undertaking to provide accurate, current and complete information about yourself, not to disclose your credentials to anyone, take responsibility for all actions performed on his behalf and assume all risks associated with unauthorized access . Poloniex also strongly recommends that users activate two-factor authorization to increase the level of protection against hacking.
The exchange does not work with ordinary money – here you can only change cryptocurrencies among themselves. To replenish the account, you first need to buy coins somewhere else. To deposit coins:
Create an address / code, for this you need to click on the Deposit button. You can top up your account both from a mobile device and from a computer.
Open the wallet on a computer or mobile device and enter the address to which you want to transfer the deposit.
To copy the address, you can use the QR-code scanner on the device where the wallet is running.
It takes some time to complete the transaction, as you need to receive a number of confirmations – depending on the network load, this can take from half an hour to an hour. Click on the Deposit History link to learn about the progress of the transaction.
Poloniex is an exclusively cryptocurrency platform: fiat currencies are not used here, although the company is exploring this possibility. At the moment, payments can be made only in cryptocurrencies quoted on Poloniex – these are more than 70 popular digital currencies, the most famous in the industry. The platform provides customers with various graphs, charts and data analysis tools. Clients are offered three options: exchange, margin trading and lending:
- You can change one cryptocurrency to another;
- You can take a loan under cryptocurrency and trade with leverage, making a profit when prices change;
- You can borrow your money to other users by agreeing on the interest rate and time period. In addition, you can borrow from other users.
There are no fees for depositing funds; withdrawal fees depend on the particular network. At Poloniex, a scheme is used for all types of trades, in which the commission is paid by the liquidity consuming party. This stimulates the growth of liquidity, as those who provide it, that is, market makers, receive a discount. This also leads to a narrowing of the spread, as market makers compete with each other. The higher fees paid by the liquidity consumer are usually offset by good prices due to the narrow spread.
Hacking and Restoring Reputation
In March 2014, the Poloniex website was hacked and 12% of the Bitcoins stored on the exchange were stolen. The company assumed all material responsibility and compensated the victims of the hacking for their losses – partly from their own pockets, partly due to an increase in commissions. From that moment, the broker slowly restored its reputation. Apparently, now the company has implemented reliable security protocols, it is audited and does not use outsourcing to store private keys, fully controlling them. In addition, the exchange provides the opportunity of ‘cold storage’ of funds and encourages customers to store the maximum share of funds in this way. They write: “To protect your money, we store most of the deposits in offline storage, and on the Internet we have only what is necessary for active trading. We also monitor the activity on the stock exchange around the clock and are ready to block any suspicious activity. ” There is also two-factor authentication and, as in many electronic wallets and crypto exchangers, a system for linking to the user’s browser. Nevertheless, the risk of hacking Poloniex exists – simply because the exchange uses a centralized platform. This means that customers should keep the necessary minimum funds on the exchange, the rest should be in their personal wallet.