Poloniex is one of the world’s largest cryptocurrency exchanges based in San Francisco, USA. They handle nearly 100 types of virtual currencies and can trade widely. Poloniex fees are much cheaper than other exchanges, with maker 0-0.15% and taker 0-0.25%. Since its establishment in 2014, it has become very popular and famous among many traders. It is said to be the largest Bitcoin transaction volume in the world. 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.
Company information
Poloniex is a cryptocurrency brand operated by Poloniex, Inc. The cryptocurrency trading service will be available in 2014, making it one of the longest cryptocurrency exchanges.
| Company Name | Poloniex, Inc. |
| Headquarters location | 1013 Centre Road Suite 403-B Wilmington, Delaware, USA |
| Business start date | 2014 |
| Capital | Unpublished |
| number of employees | Unpublished |
License
A financial license is issued by the financial authorities of the country and is a permit for conducting a financial business. Without this, you cannot carry out business activities. The countries with strict examination standards in the world are said to be the United Kingdom and Cyprus. The UK Financial Conduct Authority (FCA) has very strict not only license acquisition but also maintenance standards, such as having to compensate up to £ 85,000 per person in the event of a Forex trader’s bankruptcy. The Cyprus Securities and Exchange Commission (CySec) is said to be the second highest screening country after the United Kingdom. So is Poloniex licensed? The parent company, Circle, has a license.
| Company Name | Acquisition license |
| Circle | Cryptocurrency operator license (Bit License) |
Email support
If you have any trouble, you can usually contact us by live chat or email, but the response is very fast. Poloniex unfortunately does not offer telephone support.
| Inquiry method | Contents |
| Poloniex is available 24 hours a day, 365 days a year on the official page, so you can send it without worrying about the time. In most cases, you will receive a reply within a day. | |
| Live chat | Poloniex is open 24 hours a day, 365 days a year on the official page. Use it if you want an immediate answer. |
Supported language
The following languages are supported (on the official page). It may be a little less than other companies. Is supported.
- English
- Chinese
- Russian
- Vietnamese
- Turkish
Withdrawal method
With Poloniex, there are no remittance fees for deposits and withdrawals. Legal tender is not applicable. Log in, click “Balance” in “Wallet” at the top right of the page, and click “Withdraw”. Select the withdrawal coin, open the wallet or exchange page of the withdrawal destination, check the “receipt address”, copy and paste, copy and paste the receiving address to Poloniex’s WITHDRAW screen, enter the remittance amount , Click “Remittance”. Please note that if you make a mistake, the remittance will fail.
Payment method
You need to deposit to Poloniex to another exchange. Legal tender is not applicable. Click “Wallet” in the official page. Click Balance and then Deposit. The Bitcoin address for charging your Poloniex account will be generated and displayed along with the QR code, so please paste it on the wallet or exchange where you made the deposit and send it. Please note that if you make a mistake, the remittance will fail.
Account opening
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
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.
| Exchange | Maker | Taker |
| Poloniex | 0.15% | 0.25% |
| BitForex | 0% | 0.1% |
| MEXC | 0.2％ | 0.2％ |
| BINANCE | 0.1% | 0.1% |
| bybit | -0.025％ | 0.075％ |
| OKEx | -0.015％〜 | 0.025％〜 |
| FXT | 0.01％〜 | 0.04％〜 |
| BaseFEX | 0.005％〜 | 0.03％〜 |
Currency pair
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.
| Brands handled |
| BTC |
| ETH |
| ETC |
| EOS |
| LSK |
| XRP |
| XEM |
| LTC |
| BCH |
| DASH |
Scalping trade
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.
Whether or not withdrawal is refused
Whether or not withdrawal is refused This is probably the most worrisome place for traders who actually make transactions. There is no Forex company that refuses to deposit, but I am wondering if I can really withdraw when I can make a profit. What about Poloniex, as some companies run away at worst? The patterns of withdrawal refusals from past cases are summarized below.
| Case study | Contents |
| Withdrawal information error | You cannot withdraw if the withdrawal destination is incorrect. |
| Under maintenance | Withdrawals may be delayed during system maintenance. |
| hacking | A hacking incident in 2014 occurred and leaked Bitcoin worth 60 million yen. The operation at that time was confused, and withdrawals were delayed. |
| Account freeze | If you freeze your account, you will not be able to withdraw. Please unfreeze before withdrawing. |
Full support
The problem with Poloniex is that it doesn’t have phone support and has little language support. However, it is also an exchange that is attracting attention due to the rapid increase in the number of registered users. In addition, the security aspect has been considerably enhanced because we have experienced hacking before. If you want to use an overseas exchange with low fees, his Poloniex is recommended.
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