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RE: Spotlight on Poloniex: Simplex - Poloniex's Entry Point for Fiats
If you're buying for the first time, the transaction may take some time to verify your id
Most people hate this long verification process but we must not forget that this is to ensure a fraud free system on simplex.
Simplex charges a 3.5% or $10 per transaction, whichever is greater. It also has a minimun purchase amount of $50 (or its equivalent).
Yes, this is true for deposits through simplex. Also, there is a 0.5% withdrawal fee on bank transfers as well.
My opinion on Poloniex partnering Simplex is that they are trialling the inclusion of fiats on their platform.
Overall, I think it is a solid partnership as it gives traders with intention of doing fiat transactions the room to do so.
Sure, simplex system has zero tolerance to fraud. The fees though. Some people feel that the fees are quite much and that the minimum purchase limit also is quite high.
Thank you for your addition. Yes for those buying with a bank transfer, there's a 0.5% fee attached.
You're sport on with your thoughts on the simplex-poloniex partnership. It's going to yield huge dividends for both parties in the long run.
#affable