Spotlight on Poloniex: Poloniex the Legendary Crypto Exchange

Poloniex is a crypto currency exchange platform that is based in United State of America. Poloniex was discovered by Tristan D'Agosta in the year 2014. The greatest attributes of poloniex as an exchange platform includes margin trading which many exchanges lack this attribute.

When one wants to select any crypto exchange platform, the safety of the exchange is very vital to avoid hackers. Poloniex offer a great security in any exchanges and protect the users from intruders against cyber fraud.

These are the listed crypto currencies in poloniex; BTC, ETC, LTC, SC, ETH, XRP, BCH, XLM, XMR, BAT, DOGE, ETC, and many more. The payment methods is crypto currency.

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Poloniex payment methods.

Poloniex as an exchange platform does not currently accept fiat currencies. To deposit fund into your poloniex account, one needs to buy coins from any exchange platform that accept fiat currencies like kraken, Coinbase and Bitstamp. After that, you can send the coins into your poloniex wallet where all fund are been controlled and managed.

In the same manner, withdrawals are also in the form of crypto, so by any chance one need the money in fiat, the money must be converted by sending it to any exchange platform that accept fiat currencies.

The cost charged in trading on your poloniex account.

While trading on Poloniex, the fee charged only depends on your position that's different transactions a maker does has a different fee charged. This is also applicable to the takers.

Below is the details that show the fees of every transactions made depending on the maker or takers status.

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Actually, in poloniex exchange, trading only commence between two parties, mentioned; a maker and taker.

The maker as the name implies is the one that creates sequence in the exchange order book. Whereas the taker, is the one that gets the maker's order when all the requirement are satisfied. Although the notion of the maker and takers can be complicated to some persons.
The traded volumes in the last 30 days determines the amount to be charged in each transaction.

Most users have reported the same duration when it comes to withdrawals too

The duration to receive deposited funds.

Actually, due to some certain unavoidable reasons like network traffic or native platform of the various currency transferred, may one way or the other affect the transaction times for deposits. Nevertheless, 30 minutes to a maximum of 1 hour is the normal time each funds deposited should be received or reflected in to your account. Some users sometimes has experienced this. During withdrawals, it has been reported by most of the users that it also takes the same time duration during deposits which is 30 minutes to a maximum of 1 hour.

The Transfer Limits.

Poloniex is a tier based exchange platform when it comes in trading and withdrawal. What determines the limit set to each poloniex account is the rank of verification of the holder of the account.

In poloniex, the lowest trading limit is set at 2000 US Dollars ($2000) daily, while the limit will rise up to 25000 US Dollars ( $25,000) once it's been verified.

The poloniex support uses the following data of the users for the verification process. These include submitting your personal details like the photo identity(ID), photo of you holding your national identity(ID) and submission of a local utility bill that's to know your physical address. All these requested by the poloniex support is to control and maintain an accurate and secure users database.

customer support.

Poloniex lacks customer support service. Most users of poloniex when they have issues and report it to the poloniex support team, they complain of no quick response. This effect has been a problem the users of the exchange are facing.

Conclusion.

Poloniex do not accept fiat currencies. The trading fees for the makers are 0-0.15% and 0.05- 0.25% for takers and it doesn't charge any fees during deposits. However, its charges fees during withdrawals varies with the amount the user wants to withdraw. The higher the amount being withdrawn the higher the charge fees.