The American cryptocurrency exchange Poloniex appeared only 3 years ago, but already managed to gain a foothold in the world top. The Poloniex has 20% of all bitcoin trade and 10% of ether trade. Daily deals are worth about a billion dollars. However, the reputation of the exchange is not as clear as its success in the market. Some consider Poloniex to be a reliable trading platform, others are a cover for fraud with cryptocurrency. What is true? Is it easy to get on the stock exchange and is it realistic to make money there? How do traders and experts rate Poloniex? What awaits the exchange next? We will talk about it in our article!
Previously, to work on Poloniex was quite normal account activation. Registered users got access to trading, but could withdraw from the exchange no more than 2 thousand dollars per day. If this was not enough, it was necessary to pass the verification.
And recently, all users of the exchange must pass verification, both beginners and old-timers who have not done this before. According to the administration, mandatory verification has been introduced to increase the system’s transparency and oppose the shadow fraud on the exchange.
The verification procedure itself is not complicated, but requires care. If you missed at least one item in the questionnaire, entered the data incorrectly or sent the wrong photo, verification will not start.
Unfortunately for many traders from the CIS there is not Russian version of the site, only the English. However, experts note that compared to many other exchanges, Poloniex has a more convenient and intuitive interface.
First you need to put money into the account. Deposit / withdrawal of funds is carried out in the “Balances” section. You can put money in a stock exchange account from a crypto wallet, an account on another exchange or through an exchanger. To add funds to your account, click on the “Deposit” tab to withdraw money – “Withdraw”.
The main focus is on BTC, ETH, XMR and USDT. These currencies are divided into a separate category – “Markets”. In the section of the personal account of the same name, you will see a list of all available trading pairs and an analytical summary of the market indicators of the “markets”. It is very convenient that all information can be sorted by various criteria.
In terms of commissions, Poloniex also stands out against many other exchanges. The transaction fee depends on the status of the trader and the volume of his daily trading.
Takers pay from 0.1% to 0.25%, and makers pay from 0% to 0.15% of the transaction amount. The higher is the daily turnover the lower is the commission. But getting to 0% is not so easy – for this you need to “crank” about 1000BTC per day in the system.
Earlier this year, rumors spread in the cryptocurrency community that another company would buy the exchange. And they were confirmed. February 26, Poloniex officially became the property of the Boston startup Circle. According to insiders, the new owners of the exchange cost $ 400 million.
A part of the Circle system is a cryptocurrency trading platform for large investors (the barrier for entry is $ 250,000) and a mobile application for the purchase of cryptocurrency. Now this line will complement the whole cryptocurrency exchange.
The new owners of Poloniex said they would use and expand the existing functionality of the exchange, and for its users, everything will change only for the better. The plans for the next few years include the addition of new popular tokens and support for fiat currencies (in particular, the dollar, euro and pound sterling).
In addition, they plan to make a full-fledged cryptocurrency marketplace from Poloniex. That is, a trading platform for the purchase and sale of goods and services for cryptocurrency.
Circle is a well-known and successful cryptocurrency startup that enjoys the support of reputable investors from around the world. And, most importantly, he collaborates with the largest investment bank Goldman Sachs Group.
In the New York Times, publications have already appeared that Poloniex could become the first regulated cryptocurrency exchange in the United States. The site will receive permission for fiat money transactions and will be absolutely clear before the law.
Moreover, the advantages of the exchange are more than enough. This is a large selection of currency pairs, high daily trading volumes, low commissions, the availability of margin trading and lending, convenient tools for analyzing the market and so on.