Poloniex: Crypto Asset Exchange, Important things to know.

As we understand that cryptocurrency exchanges are used to buy, sell, or exchange cryptocurrencies for other digital currency or Fiat like US dollars, Euro, or INR. Buyer and Seller can place different types of orders with limits/conditions based on their expectations, technical and fundamental analysis, or predictions.

In the #poloniexspotlight contest, I would like to cover Poloniex exchange features through my post.

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Poloniex

It was founded in early 2014 and acquired by Circle in Feb 2018. After that in Nov 2019, It was spun out from Circle and formed an independent entity. Tron founder Justin Sun is one of the investors in this firm.

Poloniex exchange trade volume is approx in the range of USD 40M to USD 65M for the last 1 month and in terms of market pair, BTC/USDT is the leading pair with appx. 43%. There are 150+ coins and 250+ trading pairs listed on the exchange.

^{Source: coingecko.com | Poloniex Trust Score}

coingecko.com shows Poloniex trust score 9 based on liquidity, scale, cybersecurity, API coverage, and team.

^{Source: coingecko.com | Exchange Trade Volume Distribution (24h)}

Lets see a few key things about Poloniex:

• Reputation:
  Tron (TRX) founder Justin Sun is one of the investors in this firm. He is is a tech entrepreneur and there is a sizeable community that supports and trusts Justin Sun. It is also backed by some giant Asian investment group. Also, Poloniex has not faced any security issues in the last 3-4 years so these factors certainly make Poloniex one of the trusted and reputated exchanges.

• Fees:
  Maker/Taker fee starts from 0.125% and with TRX it gives 25% discount and makes it 0.0937% which is very competitive in the market. There are also Silver and Gold plans with a huge fee discount.
  Below is the detailed fee structure.

• Payment methods:
  Poloniex accepts both debit or credit card. It is powered by Simplex payment gateway and accepts VISA and Mastercard cards. It requires a minimum purchase amount of $50 (or equivalent). Simplex charges a 3.5% or $10.00 fee (whichever is greater) for processing debit or credit transactions and charges a .5% fee for bank transfer. It makes it really easy for end-user/first time user to buy and invest in Crypto.

• KYC requirement
  Poloniex supports 2 types of user profiles, Level 1 and Level 2. Anyone can just signup to Poloniex with ONLY email address and can start using all exchange features. The level 1 profile provides the below features.

1. Deposit assets
2. Withdraw assets up to USD 10k/day
3. Card purchases
4. lending
5. Futures with 10x Leverage

I think this seamless account creation/signup process using only an email address would be the key factor to attract users.

The level 2 profile requires KYC and it provides below additional features,

1. Margin trading
2. Futures with up to 100x Leverage

• Geographical coverage
  Poloniex users of the below countries will be able to purchase crypto using debit and credit card with Simplex:
  Andorra, Argentina, Australia, Austria, Bahrein, Belgium, Brazil, Brunei, Bulgaria, Chile, Croatia, Cyprus, Czech, Denmark, Estonia, Finland, France, French Polynesia, Germany, Gibraltar, Greece, Greenland, Guadeloupe, Hong Kong (China), Hungary, India, Ireland, Isle of Man, Italy, Japan, Korea, Kuwait, Latvia, Liechtenstein, Lithuania, Luxemburg, Malta, Martinique, Metropolitan France, Moldova, Montenegro, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Norway, Peru, Poland, Portugal, Puerto Rico, Qatar, Reunion, Romania, San Marino, Saudi Arabia, Serbia, Singapore, Sint Maarten, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan (China), Turkey, United Kingdom

• Security
  It supports Two Factor Authentication (2FA) using Google Authenticator for 2FA. It generates 16-Digit key which users should keep it safely offline and this key is required in case the account gets stolen or erased.

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Signup and Crypto deposit process from Steemit wallet

• User can sign up from this URL https://poloniex.com/signup/
• Enter Email address, Password and Confirm Password
• Done! Your sign up process is completed.

After that login to the application, Go to the Wallet and Click Deposit, the process is simple.

Under the Deposit section, It shows an option to type, search, and select the assets to deposit.
E.g.

• Step 1: Type STEEM,
• Step 2: Select STEEM from the list,
• Step 3: It will display Memo and Address.
• Step 4: Go to Steemit Wallet and use this Memo and Address to transfer STEEM to Poloniex exchange.

It will take a few minutes to reflect the STEEM amount in Poloniex Wallet. Please see the activity image below.

^{Poloniex: Wallet activity while depositing STEEM}

After deposit process completion, you could see Total Balance under the Wallet section.

^{Poloniex: Wallet | Total Balance}

Few Important Sections to know

Trading Tier Status

This section shows very useful information related to account status like the current fee tier, your 30-day trading volume, futures fees, and discounts.

^{Poloniex: Trading Tier Details}

Sessions and Log History

This section show details related to all active sessions and history. Users can also log out all other devices just with one click. It is important from the security aspects. It also displays Date/Time, IP address, Location, and few more details.

Thank you.

References:

• Source: cointelegraph.com
• Source: en.wikipedia.org

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Cc:-
@steemitblog
@steemcurator01
@steemcurator02

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Screenshots are taken from the poloniex.com

The post payout is set to "Power Up 100%".