EST 5'000 BTC
When you talk about the most active cryptocurrency exchanges in the world, Poloniex is one of such. The platform which was launched in 2014 is based in San Francisco and offers strong security and great trading features for cryptocurrency investors around the world. The company has invested so much in its infrastructure and is now established as a heavyweight in the world digital currency market place.
Currently, Poloniex does not only allow investors to exchange currency, they are also allowed to trade on margin. This is not so common in the cryptocurrency ecosystem. It permits the trading of over 50 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Monero, Ripple, Bitshares, etc.
Poloniex was launched in America but it was always made to have global appeal. Anyone with interest in cryptocurrency can trade on the platform as long as there is no law prohibiting cryptocurrency activities in the individual’s country of residence. Also since the platform does not support any fiat currency, it will be difficult for any legal restriction to affect crypto investors trading in the platform.
Deposit in Poloniex can only be made in cryptocurrency. As has been stated earlier, there is no fiat currency acceptable in the platform, so deposit will be from your digital wallet. To make up for this, there is an option that will eliminate the risk of volatility in cryptocurrency. Traders can store their deposit in USDT, a tether currency in the platform that always have the same value as the United State Dollar (USD).
The poloniex platform operates tier fee structure. Depending on the level of your account, the fee varies. Market ‘makers’ and market ‘takers’ are also charged separately. For ‘makers’, fee can range from 0.00% to 0.15%, while for ‘takers’ fees ranges from 0.05% to 0.25%. This is quite beneficial and favours those with high trading volume.
The tier system is also applicable in withdrawal. There is a limit for individual traders based on their level of verification. Upon registration, traders are entitled to an initial daily withdrawal limit of US$2,000. After the first level of verification, your limit will be raised to US$25,000. To attain the highest level of verification, you will have to submit a lot of information about you including ID, addresses, and even a picture of you holding the ID. When you are successful at this level, your withdrawal limit will be lifted above US$25,000.
In 2014, there was a hack that resulted in Poloniex losing up to 12% of its bitcoin. The security breach affected the confidence of investors in the platform but the company has been doing a lot to rebuild its reputation as a dependable exchange for the global cryptocurrency market. Currently, it seems to be a highly secured platform with customers’ deposits stored offline.
Poloniex has done incredibly well in the cryptocurrency space and it is expected that the platform will even get better. Irrespective of the few negative reviews regarding lack of customer support and withdrawal hiccups, the platform is doing really great. The recent acquisition by circle also means that the exchange is in great hand and will improve further.