Spotlight on Poloniex Contest: What You Might have Missed Not Reading Poloniex User Agreement (Part 2)

gbenga (73)in #poloniexspotlight • 4 years ago (edited)

In my previous post Spotlight on Poloniex Contest: What You Might have Missed Not Reading Poloniex User Agreement, I started explaining Poloniex terms of service and stating a few things that are very important to know. In this post, I will continue the from where i stopped and in case you missed the information in the previous post, all you have to do is click the link above.

Like I explained, so many users signed up for Poloniex without reading the User Agreement, Privacy Policy, Cookie Policy, E-Sign Consent which shouldn't be but who really wants to read a long writings of letters claiming to be terms of service? it can be very boring due to its length, so I will continue in the most explanatory and simple form for easy comprehension and not to bore you like the original terms.

POLONIEX: USER AGREEMENT (CONTD)

In continuation, one major point that a lot of people misses when dealing with exchanges is holding exchanges liable for not supporting a Fork, or making it look like the exchange is mandated to support a particular cryptocurrency fork. Poloniex is not in anyway liable of supporting any cryptocurrency fork and when the exchange decides to support the fork, it does it is elective and would be communicated via mails, announcement and other means of communication. also, the exchanges will not responsible for any loss during the fork process. Poloniex wants accounts holders to assume that the exchange will not support any fork, this gives the account holder a mindset that they are not entitled to fork airdrops or any other fork related benefits.

The fact that the exchange keeps your coins/token doesn't mean they have the ability to keep the coin's blockchain network secure and if a network is attacked and the tokens are being dumped, Poloniex could halt trades, deposits and withdrawal but what ever action taken by Poloniex, is solely its decisions.

For margin traders, Poloniex have to right to remove or add margin trading in any country and this is done solely at the discretion of the exchange.

Poloniex have stated it clearly that trading margin can lead to a complete loss of funds or even lead to the borrower owing. Should in case you lose beyond redeemable points, Poloniex reserves the right to seize part or all of liquidity, and other assets in any other wallet to settle debts. Also, if the liquidity and the tokens in the wallet are enough, it is left to the trader to pay of debt and failure to do so can lead to legal prosecution.

No Poloniex features is permanent, the exchange can remove, add or make changes to any feature at their discretion without any notice to any account owner. Also Poloniex can decide not to fill any other if they find the order suspicious or involved in fraud or theft.

Poloniex also made it clear that no promotion would be performed without any official announcement via any of their official means of communication.

Also, Poloniex states that if you see anything that infringes upon your copyright, then you are free to file a notification or start a case against Poloniex but if you are found guilty of falsefully or knowingly misrepresenting the copyright, you will be made to pay for damages and other charges legally.

By clicking on the box when signing up, you agree that you are not going to be involved or assist a third party in violating any law through Poloniex, you will not distribute junk messages, unauthorized advertising and promotional material about Poloniex. Also you will not violate any of Poloniex activities and must not perform any of the violated activities.

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My Thoughts

Poloniex have stated clearly in the terms of service that it will not be responsible for a lot of things, also it will not condone any form of violation of the law. It also has stated it will officially announce any form of promotional program it will perform, so users getting involved in promotions that are not announced officially by Poloniex are doing this at their own risk. You can read Poloniex User Agreement here

To Be Continued...

Thanks for taking time to read through my post, I will appreciate your comments and will like to see you sign up to Poloniex if you haven't. In my next post, I will be sharing more about Poloniex.

All Images are are photos and screenshot from https://poloniex.com/ except stated otherwise in the post.

You should read my previous post about Poloniex below

Spotlight on Poloniex Contest: The Legendary Crypto Asset Exchange

Spotlight on Poloniex Contest: How Deposit and Withdrawal Works on Poloniex

Spotlight on Poloniex Contest: Features I will Like to See on Poloniex [Part 1]

Spotlight on Poloniex Contest: What You Might have Missed Not Reading Poloniex User Agreement

Spotlight on Poloniex Contest: Earn Cryptocurrency on Poloniex Exchange

#nigeria #poloniex #cryptocurrency-exchange

4 years ago in #poloniexspotlight by gbenga (73)

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sapwood (75) 4 years ago

Poloniex have stated it clearly that trading margin can lead to a complete loss of funds or even lead to the borrower owing. Should in case you lose beyond redeemable points

That's by default is the rule of margin trading regardless of where we are trading. But I think in Poliniex the risk is too low, even during high volatility 2.5X leverage will not lead to a negative balance in unfavorable conditions. Just imagine people play with 500X, 2000X in forex trading, and during volatility, their balance even goes negative and as per rule they are replenished by the user. In Poloniex at least that sort of thing will not happen with 2.5x leverage.

Thank you.

#twopercent #india #affable

$1.94

1 vote

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gbenga (73) 4 years ago

That's by default is the rule of margin trading regardless of where we are trading.

A lot of newbie want to try margin trading for the first time do not know this and when they lose the borrowed funds, they might want to put the blames on Poloniex, so it is good that it is written in the terms.

Just imagine people play with 500X, 2000X in forex trading, and during volatility, their balance even goes negative and as per rule they are replenished by the user

Trading generally is a risky as it is profitable, it can be a burning fire for unexperienced traders and it can be good when traders are experienced and they know when to stop.

$0.00

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