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What is Poloniex?
Poloniex is one of the exchanges virtual money strong operations in the world thanks to strong security features and advanced trading features.
The exchange was founded by Tristan D’Agosta and has been operating since January 2014 and is headquartered in Wilmington, Delaware, USA. On August 29, 2016, Poloniex was recognized as a money services business after registering with FinCEN (Law enforcement network with financial companies in the US).
Review of the Poloniex exchange
One of the main advantages of Poloniex is the range of cryptocurrencies it lists.
When it comes to trading, Poloniex also has a pretty good selection of instruments. This includes 5-minute to 4-hour and 1-day candlestick charts, stop-limit orders, the ability to zoom in and out of the charts. And the interface is simple to use (quite suitable for newbies).
The fact that Poloniex is based in the US is also an advantage, because government regulation is very strict. This means that the exchange must make sure that they do their best to keep customer funds safe.
Poloniex has a fair amount of liquidity, especially with altcoin pairs. That means you will always find someone to trade with and reduce the risk of price fluctuations. Moreover, the transaction fee is quite reasonable, especially the deposit/withdrawal fee is quite cheap.
However, it still has a few weaknesses: There are no traditional payment methods such as credit cards, debit cards or bank accounts. The exchange has been hacked, in 2014 there was a big hack (12.3% of all BTC).
Features of Poloniex floor
Poloniex exchange includes the following main features:
- Trade over 50 cryptocurrencies : Consists of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Tron (TRX), EOS (EOS), Monero (XMR), and much more.
- Low fees: Poloniex has low transaction fees among popular altcoin exchanges.
- Margin trading: In addition to spot trading, you can also do margin trading with low fees and up to 2.5x leverage.
- Lending (Lending): It is possible to earn passive income by lending crypto assets with interest.
- Poloni DEX and IEO launchpad: Invest in the latest crypto projects and use Poloniex’s decentralized exchange Poloni DEX.
Instructions to create an account on the Poloniex exchange
Step 1: You visit https://polonix.com/ and press the button Sign Up to begin.
Step 2: Go to the registration screen interface, you need to fill in the following boxes:
- Email Address: Email address of.
- Password: Enter your password (it is recommended to set a strong password when the word . appears on the password line) strong).
- Confirm Password: Confirm the password you just entered.
- Referral Code: referral code (can be filled or not).
- Check the box “By signing up I agree…”. Then press the button “Click to verify” To confirm:
Step 3: Go to the registered email, click the . button Verify My Email To confirm. You will be taken to the login screen again. So complete the account creation process.
Guide to verifying KYC identity to enjoy many advantages
When you create an account, you already own a level 1 account by confirming your email.
Poloniex tier 1 account allows clients to access unlimited trading, unlimited deposits, $10,000/day withdrawals and loans just by entering email address and password and verifying email.
Although tier 1 accounts have access to most features on Poloniex. But there are some advantages you get when you upgrade to level 2 such as margin trading, increased withdrawal limits and faster query resolution when you lose access to your account.
Specifically, you see the comparison table when verifying the 2 levels as follows:
Verification is done by the following steps:
Step 1: Click select SETTINGS -> Profiles. In this section, display your email and level information (As mentioned above, if you just created an account without verifying your identity, it’s level 1).
Look at the level 2 item below and click Upgrade:
Step 2: In the form “VERIFY YOUR IDENTITY“, you need to fill in the following information:
- Country/Region: Select the country.
- Date os birth: Enter in the order of month of birth – date of birth – year of birth.
- Street Address: Address of residence.
- City: City name.
- Postal Code: city code, like I am in Ho Chi Minh, I enter it as 700000. If you live in other places, look up the postal code here.
- Phone number: Enter your phone number.
Fill in the information above and press the . button SUBMIT to go to the next step:
Step 3: Press the button START to initiate identity verification.
Step 4: You can choose one of two ways to verify is passport or Identity card. As I choose identity card as an example:
Step 5: Verify the front of the identity card. Press the button Startthen bring the front of the ID card close to the camera.
Tap the camera icon to take a shot and select the button Confrim confirm if ok, or Retake to redo.
Step 6: Verify the back of the identity card. You do the same as the front-end verification step and click confirm to confirm.
Step 7: Verify face. Bring your face into the ellipse above to capture the clearest picture.
After confirming, wait for poloniex to confirm. So success in identity verification. If not, you have to do it again and be more careful.
How to enable two-factor authentication (2FA)
Log in to your poloniex account and follow these instructions:
Step 1: Click select SETTINGS WILL right corner of the screen.
Step 2: Choose 2FA.
Step 3: Enter your account password in Password.
Step 4: This step is quite important for you to pay close attention to: After adding your poloniex account to the authenticator by scanning the qr code, you need to save the backup code and the qr code to store it in a safe place.
To do this, click “.Print a backup of your recovery key“. Save it so that when you lose your phone you can use the backup code to access your account.
Step 5: Enter the 6-digit code generated by the authenticator. Then press the button Enable 2FA
That’s it, you have successfully enabled 2FA two-factor authentication. Now every time you log in you need: Enter your account, password and need to enter 6 more numbers generated by the authenticator to be able to access the account.
Trading fees on poloniex
The fee schedules I provide to you, including the fee schedules, will be updated by Poloniex in 2020.
Each transaction on the Poloniex exchange occurs between two parties, the producer (Maker) and the receiver (Taker). Maker is someone who uses specialized tools to create valuable virtual currency for trading or making to order. Taker is the person who places an order for the maker to execute or can execute a trade if that virtual currency is available in the market at that time.
Fees are charged and deducted on a per-transaction basis. When your total volume for 30 days increases, the percentage of fees payable will decrease. Specifically as follows:
Deposit and withdrawal fees
Poloniex exchange does not charge you to deposit money into the account. But you have to pay fees for the account you send money to.
That is for the deposit. As for withdrawals, poloniex will charge a fixed fee for each type of account. Some of the fees for prominent cryptocurrencies are as follows:
Interest charged to customers on deposit by the lender.
Any margin trading will be subject to the transaction fees outlined in the transaction fees section. And especially margin and lending are only suitable for those who have verified level 2 accounts.
Lending fee (lending)
Poloniex will charge 15% of the interest you earn on lending.
What is Poloni DEX?
this is a decentralized exchange (DEX). This platform develops based on the network TRON.
Like Binance DEX I introduced you in the previous post, poloni DEX is also very easy to use. If you are familiar with cryptocurrency exchanges, you will have no problem using this exchange. Access it by logging into poloniex and selecting poloni DEX on the left side of the screen.
How to deposit money into the exchange
Poloniex provides 2 different mechanisms to support your wallet.
- Send e-money
- Buy Bitcoin with a card using Simplex (This supports certain countries and including Vietnam).
Note: Once funds are available in your Account, you can transfer them to your escrow or loan account.
Since the second method does not support my Vietnamese, I will show you the first method:
Please follow the instructions below:
Step 1: Choose “WALLET” in the right corner of the screen, then select Deposit.
Step 2: You will see barngg search for the cryptocurrency you want to top up, type in the search box for the cryptocurrency you want to top up. For example, if you want to buy bitcoin, type bitcoin or btc:
Step 3: After selecting Bitcoin, you will see the BTC deposit table including the following information:
- Total balance: Your available bitcoin balance.
- Address: Your bitcoin wallet address. Copy that address and send it to the person who wants to send you btc, or you can also send the qr code.
Note: In this step, each deposit table of each cryptocurrency will have a note in the Address section. You should read this note, before proceeding to send cryptocurrency.
How to withdraw money on Poloniex
With this step, you still choose “WALLET”, then select “Withdraw“.
You enter the receiving address in the box “repcipient“Then enter the amount you want to withdraw in the box”Amount“. Then click the SEND button to finish. In this step, there are also notes and rules for each specific wallet, so you should consider reading to be sure.
How to trade on Poloniex
I will introduce to you the trading screen interface of poloniex floor. From there, you can apply your trading knowledge as usual to play on this floor:
For example, with Bitcoin(BTC), the interface looks very simple, you can list the displayed commands as follows:
- BUY BTC: Buy BTC at market price. The price shows how much you enter the purchase amount in the Amount and the floor converts to the amount you pay in the total box. Press the button Buy to buy.
- STOP-LIMIT: Limit stop order.
- SELL BTC: Sell BTC at market price. same as buy btc above but you press Sell for sale.
- SELL ORDERS: Buy orders in the market.
- BUY ORDERS: Market orders to sell.
- MARKET DEPTH: Market depth.
- MY OPEN ORDERS: Your order list.
- TRADE HISTORY: Trade history, this box has two tabs of the market and yours.
Is Poloniex a scam?
Although it was once hacked by a hacker in 2014. Up to now, there has been no record of a hacker’s next successful attack on the Poloniex exchange. The floor is also improving in terms of security a lot, so it’s more reassuring.
Does poloniex floor have a mobile app?
Currently available on both ios and android platforms. Languages are quite a lot, so you can freely choose the appropriate language.
Does the exchange support buying and selling with Vietnamese users?
You can buy, sell and trade cryptocurrencies by depositing cryptocurrencies on the exchange. Currently, there are applications on ios and android that both support Vietnamese, so it is quite easy to use for Vietnamese users. In addition to this floor, you can refer to: Cryptocurrency exchange
You can see that poloniex flooring is very easy to use, right? Although there are a few weaknesses, but trading Bitcoin and Altcoins is very easy to use. Hopefully, the exchange will update more features, as well as support users to buy and sell cryptocurrencies by traditional methods and support a wider range in the world. Thanks!
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