Poloniex cryptocurrency exchange

Poloniex is one of the most popular exchanges whose name is known by almost every trader. The crypto exchange has been operating since 2014 and has earned a reputation as a reliable and convenient exchange.

Features of Poloniex

The official website of the crypto exchange is suitable for both experienced and novice traders. Here you can trade cryptocurrency, make exchanges or invest your savings. Currently, Poloniex is among the top 30 exchanges in terms of daily turnover.

One of the features of the Poloniex crypto exchange is regular promotions that allow users to earn digital coins. To do so, it is necessary to meet certain conditions, which can be found in the information about the ongoing promotion.

Poloniex development history

The Poloniex crypto exchange was created in 2014. At that time, the platform was based in the United States and was not licensed. This was largely due to the fact that most of the company’s employees remained completely anonymous for a long time. Four years later, the trading platform began to experience serious financial difficulties. This led to it being sold for €400 million. The new owners of the crypto exchange were able to secure licensing for the site.

In 2019, Poloniex changed hands again, with Chinese multimillionaire Justin Sun becoming the owner. He is known to many for founding the cryptocurrency Tron. Since its inception, it has only operated in the US market. However, later its popularity grew so much that the owners had to pay attention to traders from other countries.

Types of orders

The Poloniex trading floor has always been known for its simple and user-friendly interface. One of the main evidence of this fact is availability of just two order types:

1. Limit. An order is placed to buy and sell cryptocurrency at the current or better price. The user chooses the appropriate value and amount of cryptocurrency for the transaction.
2. stop-limit. An additional condition is that you will only be able to start trading when the value of the cryptocurrencies goes up or down to the values set by the traders.

Terms of work

Registration on the trading platform is available for users from 18 years old. But traders from Cuba, Iran, North Korea and some other countries are not allowed to access the crypto exchange. First of all, this applies to the countries that are under the sanctions of the European Union and the United States.

Registration on the Poloniex trading platform

In order to start trading on the crypto exchange, it is necessary to register. To do so, a small questionnaire must be filled out with an email address and a password. In addition, it is mandatory to agree to the terms of the user agreement and the privacy policy of the company.

Also, it is recommended to verify your identity. It allows you to increase the daily withdrawal limit on your account.

How to trade on Poloniex

To start trading, you need to go to the “Exchange” section in the main menu. Then the trader can proceed as follows:

1. Choose one of the 300 trading pairs consisting of cryptocurrencies.
2. After that, a chart of the exchange rate of the coins appears. This allows you to analyse and understand the best actions to take and when to do them.
3. Next, all that remains is to place an order. Poloniex crypto exchange has two options – limit and stop-limit.
4. To create an order, you need to click “Sell” or “Buy”.

To conclude

The Poloniex trading platform has a good reputation and competes on an equal footing with many well-known exchanges. Among the user reviews, the vast majority are positive. There are also negative comments related to blocking accounts. However, this is most often due to violation of the site’s rules.