Today I bring you a review where you will know if the Poloniex exchange is good? How does it work? Learn how to operate or trade on Poloniex. Step-by-step guide.
what is poloniex
Good, Poloniex is one of the famous and best exchanges cryptocurrency exchange, founded in 2014 and headquartered in San Francisco, California, providing a diverse range of cryptocurrencies to trade, the main pairs being: (Bitcoin, Ethereum, XMR and USDT), which can be traded with several altcoins from users around the world, (Brazil, Portugal, Angola, Mozambique, etc.)
Poloniex Registration and Account Verification
Before you start trading on Poloniex you need to create your account. visit the official Poloniex website and click on the “Signup” Simply fill in the required details and then click on the link in the confirmation email to complete account activation.
Additional verification is not much different from other exchanges and is a structure of up to 3 levels.
1. Email verification, verify identity and proof of residence. After completing the first level of verification, the user's daily withdrawal limit will be set at $2000 USD, This limit increases with further verification levels.
Use: Completion of the first level of verification is required to activate margin trading.
Poloniex how to deposit and withdraw?
Before you start trading, you need to deposit funds into your account, which is impossible without verification, so before you can proceed to work with this exchange, you need to upload documents. Well, depositing funds into your account is very simple, since it is enough to transfer money from your virtual wallet to the wallet address generated by Polonix in the “deposit” section. If you don’t know where and how to buy cryptocurrencies read our article here about it.
How to trade on Poloniex?
Learn how to trade, buy and sell on Poloniex, without any secrets, all you need is to access the option “exchange” just need to go to the tab Margin trading. Here you will see charts and trading volume in real time and for the whole day. This information is located on the right, above the chart window. You will also see orders for buying and selling this pair. This function allows you to see the mood of market participants and understand where the price will move in the near future and, based on this information, place your order correctly. In addition to the ability to place a transaction for buying and selling, it is possible to place a Stop Limit order – it allows you to limit losses on the set of transactions, with a minimum commission ranging from 0 to 0.25% per transaction/trade.
The overall functionality when compared to kucoin or Binance, the platform represents a good balance for beginners and professional traders.
Conclusions
Although I would recommend others best exchanges because there are many delays in withdrawals, customer service, and high fees compared to competitors such as Binance.
However, if you want to use a reliable, secure exchange with a larger number of digital currency pairs and additional features, such as margin trading, Poloniex is an excellent option.
Use: Although we find this exchange to be safe and reliable, we recommend not keeping a significant amount of your coins on an exchange. Always transfer your balance back to your own secure virtual wallet