Why Poloniex and how to setup your account
Hello Steemers,
Today we're going to talk about one of the best cryptocurrency exchanges (at least in my opinion).
Poloniex is a company based in Wilmington, DE, USA since 2014, and it is one of the biggest players in the market.
The reason why I trust Poloniex, is because it is based in the USA, it's a very old one and Delaware State is really a friendly american state towards cryptocurrencies (with its own legislation about it).
When we first access https://www.poloniex.com site, the appearance we have is the one shown below:
To start trading on Poloniex, first one has to create an account (it's really simple and intuitive). Then after creating the account, the person will receive a confirmation email to activate the referred account.
When you first log in to Poloniex, the appearance we have is the one below (please note that I have activated the night mode view):
The first thing the user should do is to verify his/her account, because this company takes the AML/KYC policy really serious.
To do it, simply click on the avatar and follow the site's procedures. It might take a few days for your account to be verified, but it gives people peace of mind to deposit and withdraw funds without the risk of having your account frozen. Additionally, when you verify your account, you'll be able to withdraw up to $25K daily (against only $2K for unverified accounts).
What I like the most about it are a couple of things:
Friendly Interface
Trustworthy pair of coins to trade (Poloniex might be the exchange with the most strict policy prior to listing a coin in its platform)
Traditional trading option (with stop/loss)
Margin Trading option (to understand what margin trading is, please refer to https://www.investopedia.com/university/margin/ .
Cryptocurrency Lending option
Here's how the rest of the platform looks like:
The margin trading section:
I personally don't do the margin trading, because it's a really risky option while trading. I prefer the traditional trading section.
Regarding the lending, the interesting thing here is that you can lend the best currencies for a daily interest rate in return. And, the best part is, that this lending is garanteed by Poloniex, because all the lending money goes to margin trading options, and the person who borrows from you must perform a collateral deposit to be able to cover all the lending expenses.
Lending Section:
Another great feature of Poloniex, is that both withdraws and deposits are performed really quick, and fees are pretty reasonable compared to other exchanges (see images below):
Also when talking about the lending option, the person has the option of using a bot to place loan orders (API setup of the bot only allows it to open orders, so it isn't allowed to perform deposits or withdraws from the platform. The site with al the instructions to setup this lending bot is https://www.poloniexlendingbot.com .
I've used a lot this bot in the begining and it really works. Its fee is 10% of the profit the customer gets from the lending option, and it is a pre-paid bot (the person must deposit some money in the bot platform, so it will be able to work. This bot analyzes the lending market and always opens orders with the highest interest rate and the most probability of that order to be taken by someone. It really worths researching for it.
Well, I guess those are the reasons why I like and use Poloniex platform. Please let me now your thoughts and, if you liked this post, please #upvote, #resteem it, and follow me, and I will do the same. Together we can grow #Steemit even stronger!!!
Other posts of this series:
How to build a bulletproof cryptocurrency portfolio (101) - https://steemit.com/cryptocurrency/@aotearoa/how-to-build-a-bulletproof-cryptocurrency-portfolio-101
What is a bulletproof cryptocurrency portfolio and why should you have one? -https://steemit.com/cryptocurrency/@aotearoa/what-is-a-bulletproof-cryptocurrency-portfolio-and-why-should-you-have-one
Which coins I recommend to be stored and their distribution -
https://steemit.com/cryptocurrency/@aotearoa/which-coins-i-recommend-to-be-stored-and-their-distribution
How to pick other promising altcoins - https://steemit.com/cryptocurrency/@aotearoa/how-to-pick-other-promising-coins
What's the mining process, and why is it so important to the bulletproof portfolio strategy? - https://steemit.com/cryptocurrency/@aotearoa/what-s-the-mining-process-and-why-is-it-so-important-to-the-bulletproof-portfolio-strategy
Eobot complete tutorial - https://steemit.com/curation/@aotearoa/eobot-complete-tutorial
Genesis Mining complete tutorial - https://steemit.com/curation/@aotearoa/genesis-mining-complete-tutorial
Plan C Mining complete tutorial - https://steemit.com/curation/@aotearoa/plan-c-mining-complete-tutorial
Why you should have a Ledger Nano S or a Nano Blue? - https://steemit.com/curation/@aotearoa/why-you-should-have-a-ledger-nano-s-or-a-nano-blue
How to store your coins safely on a Ledger wallet (Nano S or Nano Blue) - https://steemit.com/curation/@aotearoa/how-to-store-your-coins-safely-on-a-ledger-wallet-nano-s-or-nano-blue
I have a portfolio in Bittrex and in Poloniex, both I like and I use them simultaneously.
I heard that Bittrex is also good, but I haven't used it yet. That's why I wrote about Poloniex
Do people living outside the US use poloniex?
Yes, I live in Brazil and I use Poloniex, bro.
Thx will try using it once bitcoin is back up in full swing
I reckon it will bounce up pretty soon... maybe still this week or the next one
Hello, I know some people who have bad experience with Poloniex, Poloniex steal coins. Binance and Bittrex recommendation. Binance have low fees than Bittrex.
I personally didn't have any issues with them yet. Maybe they had some problems, but it is something that might be isolated issues. In overall Poloniex is a pretty good exchange (at least for me)
I just say what other people say about it. Bittrex is my 1st platform where I start my trades,there is 0.25% takers fees,but Binance is 0.1% I go to trade where less I pay for fee.
2.01% @pushup from @aotearoa
You got a 1.38% upvote from @mercurybot courtesy of @aotearoa!
You got a 6.07% upvote from @nado.bot courtesy of @aotearoa!
Send at least 0.1 SBD to participate in bid and get upvote of 0%-100% with full voting power.
You got a 1.06% upvote from @buildawhale courtesy of @aotearoa!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.
If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.
You got a 0.72% upvote from @allaz courtesy of @aotearoa!
This post has received a 1.78% UpGoat from @shares. Send at least 0.1 SBD to @shares with a post link in the memo field.
To support our daily curation initiative, please donate 1 SBD or delegate Steem Power (SP) to @shares by clicking one fo the following links: 10 SP, 50 SP, 100 SP, 500 SP, 1000 SP, 5000 SP.
Support my owner. Please vote @Yehey as Witness - simply click and vote.
This post has received a 3.98% upvote from @lovejuice thanks to @aotearoa. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.