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Poloniex is a crypto currency exchange launched in January 2014, it was founded by USA company Tristan D'Agosta which is based in Wilmington, Delaware.

Poloniex offers wide variety of digital assets. Poloniex offers a secure trading environment and provides advanced charts and data analysis tools to its customers.

Later On February 26, 2018, Circle announced that they purchased Poloniex Cryptocurrency exchange for $400 million.

How to get Started?

In this paragraph, I'll explain in simple steps how to get started on poloniex.

• First of all Visit Poloniex Website
  
  Poloniex Website interface before signing up

• In the Next step, Click on sign then fill the require details I.E,First Name, Last Name, Country, Email, Phone Number (Optional) and Password.

• Now verify the checkbox that you are not a robot

• Now Click on "I agree to the Terms of Use"

• Now you will receive an email, open your G-Mail and verify your account.

Poloniex Website interface after logging in

Congratulations! You’ve successfully created your account on Poloniex.

Secure your account

After you have successfully created your account, now it's time to increase security on your poloniex account by activating 2Fa (2 Factor authorization)

2F authentication method in which a computer user is granted access to a website or application only after successfully presenting two or more pieces of evidence to an authentication mechanism.

• First of all click on the Setting Icon at the Top right Corner.

• Now click on the Two-Factor Authentication.

• In the next step you have to Scan the Barcode or Enter the Authentication Code on the Google Authenticator App

• In the final step you have to enter the Password and the 6 Digit Code generated from Google Authenticator App and Enable the Two-Factor Verification on your poloniex account.

Congratulations ! You’ve successfully secured your Poloniex Account.

KYC

I really like that in poloniex you can deposit and withdrawal assets you don't have to provide any documents you can do it without verifying your account, but without verification it limits your access.

My poloniex verified account

• Level 1 Verification - Basically level 1 gets started when you create a new account with email address.

In the level 1 you can withdraw upto 10000USD /day and access to unlimited deposits and withdrawals card purchases etc.

• Level 2 Verification - Final level verification, you can complete by submitting identity documents and address proof etc depending upon the country regulations for KYC purpose.

• Address Proof

• Passport ID

• Picture of yourself holding Photo ID

In level 2 you will can withdrawal up to $500,000/day, margin trading with upto 100x leverage, card purchases etc.

Trading Pairs

Poloniex trading Webpage

As you can see poloniex supports a larger number of trading Pairs among with most popular cryptocurrencies. It supports various pairs for USD as well which is quite impressive also TRX pairs.

Find all the supported pairs https://m.poloniex.com/assets/

• Bitcoin
• Ethereum
• Ripple
• Tron
• Binance coin

In addition you can find more

• leverage
• DEFI
• Assessment
• President
• Fork
  

Fees

Poloniex fees information

Another major factor to be taken into consideration while choosing a exchange, is the fees. In poloniex you can get additional 25% trading fees discount if you pay your trading fees using TRX.

In poloniex your fee tier is calculated every 24hours, fees can be dynamic depending upon your tiers, shown in the above picture.

Even in the beginning when your trading volume is below 50k$ It still charges 0.9% maker taker fee while all the exchanges charge more fees than that.

In Poloniex for Fees Schedule, there is a “Taker Maker” System which is described below.

Makers are named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers' orders with their own.

All of the trades occur between two parties (maker - taker), basically maker is the one whose order is already existing in the order book prior to the trade.
Taker is the one who places the order which basically matches (The taker's) the maker's order.

So basically makers are the one who make the liquidity in the market, takers are the ones who removes this(by maker) liquidity by matching maker's order with their own order.

The maker-taker model encourages market liquidity by rewarding the makers of that liquidity with a fee discount. It also results in a tighter market spread due to the increased incentive for makers to outbid each other. The higher fee that the taker pays is usually offset by the better prices this tighter spread provides

Deposits and withdrawals

Poloniex has a really good friendly UI, Because of friendly user interface deposits and withdrawal are easy in poloniex, on both Webpage and Android application, although I would prefer application rather than Webpage for faster surfing of deposits and withdrawals but still ill show in easy steps below for deposits and withdrawals.

Wallet

Go to your poloniex wallet /Funds section, select the currency which you want to deposit, currencies are shown on a alphabetical basis so you can scroll up and down manually to find your desired currency alternatively you can always use the "Search" function to find your desire crypto.

Here in the above picture, I chose STEEM deposit, by clicking deposit for your desire crypto you will get the deposit address and MEMO(if required), copy paste the address and memo into the external wallet from where you are making the transfer, always make sure you check the address and memo before proceeding further.

Now go to your external wallet steemitwallet.com and fill the required information as follows -

• Address
• Amount of coin you want to transfer
• MEMO

Then simply click on next, you will need to use your "Private Active key" to perform wallet functions, once you click next the transaction will be successfull and within 4 - 5 mintues you will receive the amount into your Exchange wallet, then you can make further actions such as, trade withdrawal etc.

withdrawal

For withdrawal purpose go to your wallet, select the desired crypto that you want to withdraw, fill the require details and click continue you will ask to confirm the withdrawal from email for security purpose, open email then verify your withdrawal that's it.

• Chose the currency you want to withdraw.
• Fill with withdrawal address carefully.
• Fill with amount.
• Fill MEMO(if required).
• Click continue.

Poloniex Referal program

After knowing about this feature you might want to invite your friends and families to join poloniex with you, the referral program where you can earn commissions on trade of your invited friends. Bonus earnings right??

• Get your referral code /Link from https://m.poloniex.com/referral here.
• Share your code /Link with your friend and families, make sure they use your code while sign up.
• You will earn 20% of the trading fees they pay, up to a maximum of 5,000 USDC.

log in history

It's a good feature in poloniex exchange, you can find all the previous log in and ip address that you logged into exchange with, if you find any suspicious activity then you can instant change your password.

Notifications

You can see all the important notifications by clicking that little page button shown at the top right corner of the above image. Which shows latest notifications easily participate in contests and earn additional rewards.

Conclusion

In my final words, poloniex is a wonderful crypto currency exchange, supports many pairs with major currencies, it also provide a large altcoins market with high liquidity, it also has high trading volume which is impressive, for trading it also has really low fees even less if you pay using TRX, wonderful!!

Refrences

• https://www.google.com/amp/s/en.bitcoinwiki.org/wiki/Amp/Poloniex

• https://www.quora.com/Is-Poloniex-a-trustworthy-site

• https://m.poloniex.com/

• https://m.poloniex.com/fees/

See you in further parts :)

Thank You

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