Four things that would make Poloniex an even better exchange!
I have earlier written an article dealing with why every trader should have a Poloniex account. It is a good exchange with lots of cool trading pairs, making it a vital part of the trading-setup of anyone interested in cryptocurrencies. But, anyone who claims that an exchange is perfect is blinded. So, just like all other exchanges have lacks, so can be said about Poloniex. That is why I would like to emphasize on four things I personally think could lift Poloniex to an even higher level, and make it way more interesting for both new traders and old traders!
Deposit fiat by SEPA transfer
If you want to get hold of people adding new fiat to the cryptocurrency world, then it isn't enough to give them the chance to deposit money with payment cards like VISA and MasterCard. The fees are way too high, so people will always prefer the bank transfer solution. They have one bank transfer option, if you have a Simplex bank account. But, who in the big world has that? Some people might have it, but this isn't a good option for most people, so they are stuck with the high fees for card payments. As a result, I would personally go to Coinbase or Kraken or some other exchange to deposit my money, instead of using Poloniex.
Launchbase, it exists - but, more life is needed!
If you visit the launchbase page on Poloniex, it feels like watching a gold medal that is fantastic... but you also ask yourself the question - why haven't they done more of it if was so successful the first time? They had a JST token launchbase project, and it went to the moon. It gave fantastic rewards to the early investors, but since then - nothing has happened. As a result, it would be way cooler if they could help launch more projects, thus creating interest for the new token, for the exchange, and bring people to the exchange more regularly!
The JST token launch was awesome - but, it would be nice to see more IEO-s on Poloniex as well.
The design is somewhat old-fashioned, or something!
I don't know exactly what is wrong with the design, but something is wrong with the design! Somehow, it doesn't spread the atmosphere of trust (even though it can be trusted) and it rather reminds me of Bibox than of Binance. There is something about the design that simply feels old-fashioned, or a bit "made in the boys-room" look. This might just be my impression, and if I am wrong, forget about it... I am just saying what comes to my mind whenever I visit the front page of Poloniex. And after all, it is worth taking into consideration, because one of the most important factors of a happy and long-term business relationship, is the impression made within the first 10-30 seconds!
Where are the fantastic investment opportunities?
One of the coolest things about the entire DeFi revolution is how we can all enjoy fantastic interest rates by staking our tokens, by taking part in all sorts of pools, and much more. So, that is why many people have transferred all their funds to Binance to be a part of the Launcpools. Hotbit might not have the best reputation online, but still, if you keep your Ethereum in your wallet, you will receive a daily interest rate simply because you are keeping your tokens in the exchange. But, you can also find lots of investment opportunities in which you can be a part of DeFi pools, stake your tokens for daily rewards, and so much more... Where is all of that on Poloniex? People will rather keep their tokens somewhere else if they can get rewards, instead of keeping them at an exchange which gives them nothing in return!
Hotbit rewards you for keeping your tokens at their exchange - what about Poloniex?
This article is simply discussing some topics that I believe will help #Poloniex turn into an even better exchange. I didn't mean at all to be negative, after all, there are lots of things I love and enjoy about Poloniex. But, if this is an exchange that wants to get the attention of new and old traders, they should for sure consider some of these topics and dive deeper to find out if they should listen to some of my considerations!
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I personally define the best exchange that suits my immediate requirement. For instance, I have 1 USDT worth STEEM, I don't think I will be able to exchange it anywhere to USDT. But in Polioniex I can easily do that. So, in that case, Poloniex is my go-to exchange. What I have personally experienced is that Poloniex is genuinely a place for micro traders, I hardly find any other place to trade a micro amount(as low as 1 USDT worth crypto).
Agree with this point. In today's reality of crypto, people aren't just looking at store-of-value, especially with DeFi hype, so Poloniex should create that room to accommodate the DeFi hype and the user's requirement, expectations, etc. That way, the retention rate of the traders will also be more. The exchange environment has gone highly competitive like never before, so it is high time to quickly adapt to that dynamics.
Thank you.
#twopercent #india #affable
You are so absolutely right about the fact that micro trading is ideal. It is annoying how you cannot trade tokens valued less than 10 USD on Bittrex, Binance and several other exchanges, so that is really something that makes Poloniex a fantastic place for micro traders!
It would make sense for them to continue with subsequent project. I never truly followed up on lauchbase after learning of their 1st project that shined the lights on the JST tokens. It had full community backings as well as the backings of Justin Sun as well. You're right, they should have continued.
I also noticed this as well. This is perhaps where the fiat deposit/withdrawal system of poloniex falls short. To the beginner's ears, a 3.5% fee on deposit sounds great but you and I know crypto there is zero fees in their crypto deposits.
This increase in charge for fiat could also be attributed to the movement of funds internationally. This is quite known and I think fiat traders simply have to bear with it.
Nice suggestions friend, thank you.
#twopercent #ghana #affable
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