SPOTLIGHT ON POLONIEX - BUYING/SELLING ASSETS FOR FIAT CURRENCY USING SIMPLEX

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Poloniex is very popular for its low transaction fees and trade in most of the major cryptocurrency assets. It has lots of exciting features such as ; Margin Trading, Futures Trading, Lending, Trollbox, etc aside its user friendly main exchange interface. I have already digested most of its features which can be found here THE BEST EXCHANGE : POLONIEX

Traditionally, poloniex was a solely cryptocurrency non-fiat trading platform. This is the main reason why its transaction fees are low as fiat trading would involve higher transaction fees due to the movement of funds between a local bank and a foreign exchange platform. However, it is fast and very secure and simplex makes sure transactions are void of fraud.

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PROS AND CONS GOVERNING FIAT TRANSACTIONS

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PROS

• You can buy major crypto assets directly with a debit, visa or master card.
• Fiat deposits are promptly tokenized into usdt to stabilize the deposit amount value and prevent the effects of rapid crypto fluctuations (volatility).
• Trade rewards can be directly redeemed to your bank account.
• Transactions are in partnership with simplex which has fraud mitigation experts to minimize fraudulent activities.
• Faster buying and selling of crypto assets.

CONS

• Higher deposit charges of 3.5% for fiat as opposed to the free deposit/withdrawal charge on crypto assets.
• Requires a long verification process to open a simplex account.

GETTING STARTED

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Once you log in to your poloniex user account, the trading interface will appear. This option is not here and you'll have to visit the wallet section to locate it.

Click on the wallet at the top right hand side.

The 'buy with fiat' and 'sell for fiat' options are on the top right corner and right beneath the wallet session.

BUYING WITH FIAT

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Once in the wallet session, click on the 'buy with fiat' option.

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Now you can see the form which spells out the denominations, assets, assets amount, fees, and total charge.

Explanation of a few terms;

• Denominations : This provides a list of almost 50 fiat currencies for traders to choose from when they decide to buy assets with fiat. These include; USD, EUR, AUD, AZN, etc.

• Assets : This provides a list of the various crypto assets that can be bought with fiat currency.

• Asset amount : Here, you will enter the actual amount of the asset you intend to purchase.
• Fees : Based on the entered amount, the calculated fee is indicated in this session
• Total charge : Asset amount + Fees

ASSETS THAT CAN BE BOUGHT WITH FIAT

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• BTC
• ETH
• USDTETH
• TRX
• XRP
• STR
• LTC
• DASH
• PAX
• BCHABC
• BCHSV
• DAI
• EOS
• ATOM
• BNB
• BUSD
• AVA
• QTUM

After filling of the buy details,read the disclaimer and check the box. After that, click on 'buy now'.

This takes you to the simplex checkout page for the buyer to fill in the visa/master card details and then proceed to verification.

SELLING FOR FIAT

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To sell your assets for fiat currency, you need to click 'sell for fiat' under the wallet session.

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In order to be able to sell crypto assets for fiat on poloniex, you need to own a simplex account. Since this is your first time using this feature, you should click 'create one now' in order to open one.

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Now you should enter your email and read the 'terms of use' and the 'privacy policy'. A verification link to confirm your email will be sent to your inbox. Click on this link to verify your ownership of this account.

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There is a great deal of steps one needs to follow in order to secure an account. This is to help simplex with their mission to ensure that all transactions are legitimate and to maintain a fraud-free environment.

First and foremost, one needs to enter their personal details, house address, occupational status, annual income range,

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There is also the issue of a live identity verification which demands a selfie and a picture of your passport details with your smartphone using a secure qr code. If there is any form of error, you will be instructed to do it again.

Once the verification is done, the user is notified to submit the information and proceed with the account creation.

After account is created, you can now successfully buy/sell crypto assets with fiat currency.

ELIGIBILITY TO USE SIMPLEX SERVICES

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SUPPORTED COUNTRIES

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Andorra, Australia, Austria, Belgium, Bulgaria,Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Latvia, Lithuania, Luxembourg, Malta, New Zealand, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain ,Sweden, Switzerland, and the United Kingdom." ^Source

YOUR ACCOUNT MUST ALSO FIT THE FOLLOWING CRITERIA

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• Must be at least a level one account meaning your account profile must be labelled 'level 1' under limits & features.
  

• Account must not be blocked or frozen.

Thank you for your attention.

Special thanks to @steemitblog and @steemcurator01 for organizing this contest