Spotlight on poloniex-Exploring the Poloniex Exchange.
It's been a great past few weeks in the #steemcryptochallenge, I saw a lot of great entries and I have learned a lot in the challenge.
Currently, we have an active challenge, and we are going to talk about Poloniex exchange for the next two weeks, so this is my first Article for this challenge-Part 1.
Poloniex
Poloniex is a centralized cryptocurrency exchange that cats like a digital market place where crypto assets are swapped, purchased, and traded against other digital assets. It offers a range of crypto markets, advanced trade types, as well as margin trading and crypto lending, which makes it a convenient place for traders from all walks of life. Poloniex has been on the playing field for a very long time, Poloniex was launched in 2014, making it one of the oldest active exchanges in the ecosystem.
It offers the lowest fees in the industry and only asks only for your email during registration as identity verification is 100% optional. This is something that is very rare considering most exchanges mandates loads of information for account verification.
Poloniex has seen new heights over the past 2 years with its partnership with the Tron foundation. This partnership has lead to a lot of significant deals and a better digital marketplace for users and investors. However what makes Poloniex special?
What makes Poloniex special
Poloniex has got a lot of features that we are going to talk about and how you can get started on this amazing platform.
- Easy signup
Signing up on Poloniex has been by far the simplest and easiest sign-ups I have done since my discovery of cryptocurrencies. Signing up on Poloniex only requires your email and password and your account is set up and you can start trading on this exchange. No-fuss, No-fuss.
Poloniex only has two account levels which are level 1 and level 2.
Level 1: New users are automatically placed on level 1 with the following bonus, It allows for unlimited spot trading, deposits, impose an up to USD 20,000 daily withdrawal limit, and all other Poloniex services. However, You won’t be able to access Poloniex margin trading and IEO LaunchBase.
Level 2: Access all Poloniex features, including up to USD 750,000 per day.
Below is an introductory video that explains how to sign up on Poloniex
- Easy on-chain asset purchase and great trade experience
After sign up, investors would likely want to invest or buy their preferred assets of choice, how does investorPoloniex make this easy?
Wholesale investors or retail investors can directly purchase bitcoin or other major crypto-asset using their credit cards or debit card effortlessly. This provides investors the ability to deposit assets, buy, and trade against other assets in the platform.
Users can choose over a wide range of cryptocurrency pairs to trade on the exchange, there is currently not more than 100+ spot trading pairs and 25+ margin trading pairs. Trading on this platform is very easy even for a first-timer because of the transparent and friendly user interface. Due to its simplicity newbies can make trades via these simple steps
- First step is to select the cryptocurrency pair you wish to trade, you could choose the TRX/BTC pairing.
- Input your preferred entry point if you wish to purchase or your preferred exit point if you wish to sell, You can also choose to buy or sell at market price or your preferred price using the limit option.
- select the quantity of TRX you wish to buy with your BTC.
- After observing these steps, you can go ahead and click the buy or sell button.
Margin trading
Investors who wish to trade on margin can also enjoy leverages as high as 2.5X on more than 20 different trading pairs. Below is a table that highlights Poloniex stand he compare with other exchanges on margin trading.
Poloniex in direct margin trade comparison with top exchanges
Low Transaction fees
The fees at Poloniex is one of the lowest in the industry, Poloniex charges its users for placing spot and margin trades, as well as cryptocurrency withdrawals.
The fee you pay per trade depends on whether you’re on the taker or maker side of the deal, as well as your 30-day trading volume. VIP customers that fall into Poloniex Plus Silver, Gold, or market maker tiers pay 0% for maker trades and less than 0.04% for executed taker orders. isn't that just amazing..
For a total breakdown of the trading fees on Poloniex, below is a table that best explains how each trade is charged.
Poloniex low transaction fee scheme
Optimal security
The security at Poloniex is airtight and investors have nothing to worry about exchange hacks and loss of funds. Poloniex is equipped to protect and provide a healthy and safe trading environment for all of its users worldwide.
Poloniex has set in place a lot of attack-proof mechanisms in place to make the exchange completely impervious to hack. Some of these protocols include:
- Protection against DoS attacks.
- Cryptographic signatures-based DNS cache protection.
- Strong security against web attacks like robot infiltration.
- Most of the Poloniex user funds are stored in cold wallets.
- Role accounts to protect users private information
- Registry lock to prevent unauthorized changes to the website.
- Two-factor authentication.
- Session log history.
- Email confirmations and IP lockouts.
These protocols have ensured a safe and healthy digital marketplace for the world.
All the images used in this post were edited from the Poloniex website and cryptonews.com
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That is why it wins as the most convenient exchange platform. For other centralized exchanges, the No-KYC policy still includes Phone Number, Name, along with Email Address. Poloniex makes it simpler with just your email id only.
The trading fee is as low as 0.09%. Let me tell you it is even better than Binance(0.1%).
With the recent partnership with Tron, it has gone for restructuring and lowered the barrier to entry like never before.
I think that figure is 10,000 USD per day, not 20,000 USD.
Thank you.
#twopercent #india #affable
Thank you for taking part in the Spotlight on Poloniex Contest.
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The Steemit Team