Poloniex is one of the world’s largest cryptocurrency exchanges based in San Francisco, USA. In particular, it is said that the trading volume of Bitcoin is very large, and it is also said to be the largest Bitcoin exchange in the world. There are 94 types of brands handled, which is very large. Another advantage is that transaction fees are cheaper than those of other companies in the same industry. Since it uses a zero-cut system, you will not be in debt. Another advantage is that the system is simple and easy to use.
Only one of the following items is required to open a Poloniex account.
- Email address
Go to the official homepage and click “Sign Up” in the upper right corner. After entering the e-mail address and password of your choice to authenticate the image, click “Sign Up”. Click Verify My Email in the email to activate your account and log in.
It is a two-step verification that uses an verification code in addition to the password to increase security, but it can be set with Poloniex. Click 2FA from the 5th icon from the right on the top page. Scan the QR code using Google Authenticator and enter it to complete the setting.
Transaction fees are cheaper at Poloniex. There are many cryptocurrency exchanges other than Poloniex, and transaction fees vary from free to 0.3%. As a discount, the commission on the transaction amount is often discounted.
You can trade 94 stocks on BitForex. The following is an example, but you can trade many other coins. Please check the official page as the coins handled may change each time.
Scalping trades are allowed in Poloniex. However, please be careful. Unlike foreign exchange, the price range of virtual currencies is very volatile. If you go the other way, be sure to decide the withdrawal point. If you go the other way, you may lose all your money.
Automatic trading is at your own risk
Poloniex has no restrictions on automated trading. However, automated trading carries great risks. When a one-sided trend appears, the unrealized loss becomes large and all the principal is often skipped. Furthermore, in the case of virtual currencies, trends are more likely to occur than foreign exchange, and price range fluctuations are more likely to occur. You may lose all your money in one trade, so please understand before deciding whether or not to do it. Discretionary trading is recommended.
Low risk, low return for beginners
Beginners should not be familiar with cryptocurrency FX yet, so let’s start with low risk and low return.