This is the second part of poloniex spotlight conteet.
source
In Part
i tried to share my understanding of different trading features like spot trading, lending and MARGIN trading along with different poloniex positions etc. In this part, let us understand other few aspects of poloniex.
Verification Tiers on Poloniex
Poloniex - centralized global crpto-assets exchange has two tier verification system - Level 1 and Level 2.
Level 1
For level 1 verification, no additional information then that required for signing up with email ID is required and provide us following features:-
Level 2
Lecel 2 verification demands certain additional details like
Name, Address and proof of address, DOB, phone number, ID verification. It provides all level 1 features plus withdrawal limit extended upto 5 lakh US$/day . And 100x leverage for Margin trading.
Poloniex Plus
For large volume traders like instituons and crypto-professionals, poloniex has another exciting and VIP feature called POLONIEX PLUS. Plus comes with two tiers, lower one being plus silver and upper one is plus gold. It offers some special features like access to dedicated account managers etc given in table below.
source ;poloniex.com
Poloniex Market Making programme.
For giant liquidiity providers having trading volume of more than or equal to $10M per month and earn more than or equal to 12 trading points per month, poloniex designates them as "Market Makers" and provides them special benefits like fee rebates, priority customer support , higher API and withdrawl limits etc. Inturn poloniex allots specific tasks to them to deliver on.
So to sum up, we enter poloniex with level 1 verification and trading caliber. As our trading potential increases, we start climbing up the trading ladder to level 2 , than comes plus silver, plus gold and than we reach climax as Market Makers.
POLONIEX SECURITY .
Poloniex was hacked shortly after it's debut in 2014 . But delegant efforts of team has prevented it from hack ever since and seems reasonably secure thereafter from Dos attacks, robotic infiltration , website alteration etc. It engages measures like email confirmation, IP lockout, two factor authentication, and some advanced security measures like cold wallets, cryptographic signature based cache protection etc .
CryptoCompare Exchange Benchmark rates it as Grade B, which means average security.
Pros and Cons of Poloniex
PROS
Very simple registration process for level 1 trading. No personnel details other thanthanemail ID are to be shared.
User interface initially may seem a bit tedious but as we explore and become familiar with the exchange, it than seems quite simple.
Trading fee is reasonable. This is my personnel view point, that fee on margin trading earnings is slightly higher, which is about 15% . I believe scope of having second look at it is there.
Credit / debit card purchase is edge for new users who don't own cryptos. They get an opportunity to do so.
Diverse range of cryptos with excellent trading features like lending and margin trading.
Average security ranking theoreticallly with rock solid practical track record.
CONS
Customer Live Support is ailing. Although diverse contact options like ticket, twitter, trollbox etc.However, it is being taken care of.
A hack in 2914 on it's name, may sometimes make some people think twice before trading. However, security thereafter has been outstanding. Moreover, compensation of whole range of funds later on has undoubtedly faded the hack stain.
Slow speed of exchanges website is claimed by some users. However, it can be considered subjective.
Thank you.
Cc:-
@steemitblog
@steemcurator01
@steemcurator02
The post payout is set to "Power Up 100%".
Yes in that incident Poloniex lost around 12% of it's bitcoin. Would have been a massive incident but luckily btc was around 500$ at that time.
But no major incident in last 5 years which is very positive
https://mobile.twitter.com/Qamran7007/status/1324238657633480704
Poloniex Gold and Silver accounts are very userful for huge investment traders or companies. Using this they get additional features and getting low fee for transactions.
This is one of useful features we dont get ither platforms.
Nice post from you.
#affable #india #twopercent
Yeah poloniex plus is benefixal for both platform and investor.
Thank you for taking part in the Spotlight on Poloniex Contest.
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The Steemit Team