Poloniex: fees, account deposit and commissions? Check out the reviews, digital wallet, learn about the exchange, registration and verification.
The following article is dedicated to one of the most popular cryptocurrency exchanges – the US-based Poloniex exchange. You will learn how the Poloniex exchange was developed and what fees and commissions you can expect when using its services. We will also provide you with reliable and valuable reviews of this American exchange for those interested in investing or simply buying cryptocurrencies, as well as answer your questions on how to deposit money into and withdraw money from your Poloniex account.
Additionally, we will also discuss the platform’s browser-based wallet and introduce you to the wallet that can be activated on mobile devices such as smartphones and tablets. Finally, we will describe how to register on the exchange, how to verify your registered profile and how to log-in to the Poloniex website.
Exchange Poloniex – general information
What is Poloniex? It is an American best cryptocurrency exchange that was founded in 2014, thus it is relatively new. The founding father of the exchange was Tristan D’Agosta, and the exchange itself is based in Wilmington, Delaware, United States. In 2018, Poloniex was purchased by Circle Internet Financial. Currently, the exchange offers more than 60 cryptocurrencies, including Bitcoin, Ethereum, Monero and Lisk, among others.
Mobile and browser-based wallet on Poloniex
The exchange offers a very intuitive and incredibly easy to use wallet. The browser version is not significantly different from the one we can use when we download the Poloniex mobile app. However, you should not store currencies on the platform due to the fact that the exchange can dispose of them in almost any way it wants. It can also block your account, for example. Therefore, you should only keep cryptocurrencies in your wallet for trading and use other wallets when storing them for a longer period of time.
Fees and commissions on the Exchange Poloniex
If you want to start trading on Poloniex, you need to own any cryptocurrency (one that is accepted by the exchange) so that you can submit it to the exchange to be sold. It is impossible to determine a fixed amount of commission that Poloniex imposes, and this is because the commission changes every time, with each new transaction. Why?
The exchange rate of a particular cryptocurrency is also changing, so you have to constantly keep track of all the exchange rate fluctuations in order not to be surprised by a sudden increase or a big decrease in your buying or selling commission. Without being aware of the dynamics of these processes, you may risk higher commissions, so always stay focused.
Commissions also vary depending on whether you are selling (the selling user is a Maker) or buying (the buying user is a Taker) cryptocurrencies. When selling, the commission ranges between 0.00% and 0.0983%. When buying, the commission varies between 0.00% and 0.125%.
Registration, verification and logging-in on Poloniex
Before you register on Poloniex, you should be aware that the website is only available in English. This means that if you want to use it in the most effective way you need to be familiar with basic English, but ideally you should have an intermediate level of English and be familiar with specialized vocabulary. The site, however, is very intuitive and with the help of the following mini guide you will surely manage the process of registration, verification, and logging in. So what do you need to do?
- Step one: open the exchange’s website.
- Step two: click on “Sign up”.
- Step three: provide personal information such as your name, surname, country of residence and e-mail address.
- Step four: you must confirm that you have read the T&C’s of the exchange and complete filling out the form.
- Step five: you receive an email and activate your account.
- Step six: return to the Poloniex website and log in. That’s it!
The first level of verification is “Level 1 Verification.” If you do not deposit more than two thousand dollars per day, you do not have to worry about additional verification processes. If, however, your daily deposits exceed this amount, you will have to proceed to the next level of verification of your profile. The second level is awarded when your daily deposits exceed two thousand dollars but do not exceed 25 thousand dollars. The third level is the sum of daily deposits exceeding 25 thousand dollars per day.
What opinions does the Exchange stock Poloniex market have? What do they write on the forum?
Every user has an opinion. Depending on who you ask, you will receive different reviews. Some users are delighted with Poloniex, others complain about a number of shortcomings, but we must admit that this exchange does not differ much from others in terms of quality, speed of service or security level. The verification process is somewhat faster compared to other exchanges, which some users complain about due to fear of hacker attacks, but the truth is that Poloniex is a very interesting place for most experienced cryptocurrency exchange users. An additional advantage (but rather only for experienced users) is the ability to trade with leverage. What does this mean?
It allows you to invest an amount slightly higher than your capital. It is possible thanks to loans granted by other investors in exchange for a part of profits from investments. This is obviously a risky solution, but it offers great opportunities to increase your capital and is praised by many Poloniex users.
Payment and withdrawal to the account – Exchange stock Poloniex
Poloniex provides you with a quick way to deposit funds into your exchange account. All you need to do is request a bank transfer, a transfer from your electronic wallet or use a payment card. The latter is the fastest and easiest method. Poloniex provides you with the possibility to withdraw funds from your account in no time. Moreover, deposits and withdrawals are completely free of charge.