To be eligible for the TRX + HTX balance fee discount, you must hold TRX and/or HTX in your spot account. The exchange rewards new clients with a welcome bonus of up to 600 USDT. Staking with APY of up to 100% and Futures copy trading with profits of up to 90% are some attractive features of Poloniex.
How to Use Poloniex API?
First of all, it's better to withdraw all the money from the account before closing it (or it will be lost). Deposits and Withdrawals can be exported through Deposit and Withdrawal History. As soon as all the funds are withdrawn, the user should contact the support team and ask them to delete the account. For example, one chooses to sell 10 LTC in exchange for BTC (see the screenshot above). Buying one of the basic currencies (BTC, ETH, USDT, USDC) is the easiest task on Poloniex.
GET THE APP
For example, users can earn up to 17.01% APY for staking ATOM on Poloniex earn. It is safe to say that Poloniex was among the crypto companies that have set the standards of the modern-day centralized cryptocurrency exchanges. Many of the features provided by this platform have become compulsive.
Poloniex App and Trading Platform
Those Coinbase users who want to diversify their trading experience can easily send their coins to the Poloniex account. To transfer some bitcoins from Coinbase one needs to proceed to send/request tab on this exchange (horizontal menu in the website header). After clicking on the send/request button the user should insert some information in the Send tab.
The public HTTP endpoint can be obtained through GET requests. The private endpoint is obtained through HMAC-SHA512 signed POST request (with the use of API keys). Push notifications about the order books can be set via WebSocket API. Another way is to post an order with the lowest ask price already existing in the market. It is possible to ask for the needed currency for the desired price (which can be lower than the lowest ask at the market) and create the respective order. After clicking the confirmation link that is sent via the email the user is free to log in.
The first section that should be filled is the Bitcoin address. The user should proceed to the Deposits and Withdrawals tab of the Balances section, choose Bitcoin in the list and click on Deposit. Right after it, the system will generate a poloniex usd withdrawal personal Bitcoin Deposit Address for the user. This address should be pasted in the Bitcoin Address (Recipient) section of the Send tab on Coinbase. When the amount is inserted one sees the amount of the network fee.
The exchange has implemented a tiered user level system with 10 levels, offering fee reductions based on 30-day trading volume, TRX + HTX balance, and account balance. They strictly monitor all accounts so as to safeguard users’ digital assets. The major issues are complaints regarding the unresponsive customer support, forcing customers to go through KYC protocol, and freezing of accounts for a certain period. For instance, This Reddit user says Poloniex has locked his account for no reason; the account has a balance of about $20,000. As soon as the position is closed, the loans get automatically settled.
Poloniex Verification Process
- Forex, binary options, cryptocurrency, and CFD trading on margin involve high risk and are not suitable for all investors and traders.
- Deposits and Withdrawals can be exported through Deposit and Withdrawal History.
- In case if the ask price is lower than any other order in the exchange, then the user's order will be placed in the order book as an open one.
- This opportunity was introduced by Poloniex after the platform was acquired by Circle.
While competitive fees and attractive rewards (600 USDT welcome bonus) are considered advantages in this Poloniex review, the track record of security breaches is a letdown. Users wanting to withdraw USD from the Poloniex account might use the connected bank accounts. It works through the tokenized version of USD known as USD Coin (USDC), a stablecoin pegged to the US dollar.
While Poloniex receives low marks from reviewers, it’s worth noting that poor customer support is a problem industry-wide. If your account is hacked or you accidentally send cryptocurrency to the wrong address, you are unlikely to recover your funds regardless of the exchange. The signup process at Poloniex is similar to that of other cryptocurrency exchanges.
When the funds finally appear on the account, one might start trading. Poloniex offers low costs and an extensive list of cryptocurrencies, including some cutting-edge and lesser-known coins. Despite this, there are some security and regulatory concerns, and it is not available in certain countries. You can get the Apple version in the App Store, and the Android version is listed in Google Play or offered as a direct download. The apps allow you to manage your account, view crypto balances, and trade supported currencies.
That's when it's time to click on the Send Funds button, then one needs to confirm this action after the check of the inserted data. In the case of Bitcoin, Coinbase to Poloniex transfer time can last from 10 minutes to around a couple of hours. After the confirmations take place, the information about the Bitcoin transfer can be found on Poloniex in the Transfer Balances tab of the Balances pop-up menu. It was already mentioned that fiat money can't be deposited on this exchange so how to deposit USD to Poloniex in case if one doesn't have any cryptocurrencies? There are several alternatives to funding the Poloniex account with USD. First, it is possible to buy Bitcoin with a credit card using Simplex service which is available for the Poloniex exchange users.
If the user earned something while trading, these assets will be added to the margin account. In the opposite case, the lost money will be deducted from the collateral. Buying creates a "long" position while selling is creating a "short" position.
- Buying one of the basic currencies (BTC, ETH, USDT, USDC) is the easiest task on Poloniex.
- TradingFinder.com assumes no responsibility for any potential losses or damages.
- The exchange offers a diverse set of supported currencies, but it's important to realize that fiat money can't be used on this platform.
- These revenue streams allow us to remain financially independent of advertisers, enabling us to provide all services with maximum transparency.
- Users wanting to withdraw USD from the Poloniex account might use the connected bank accounts.
The trading fee varies between 0.15% (for maker orders) and 0.25% (for taker orders). Those whose monthly trading volume is above $25,000 pay lower trading fees. Just like many other exchanges, Poloniex doesn’t collect deposit fees. Our over 15 years of experience in financial markets and high technical knowledge aid in precise and timely identifications. Note that crypto purchases via fiat currencies are limited to seven digital assets, including BTC, ETH, XRP, USDT, USDC, LTC, and TRX.
There are 346 Poloniex reviews on Trustpilot, most of which are negative, complaining about wallet freezes, poor customer support, and high spreads. We could refuse to execute a commerce, impose commerce amount limits or restrictions at any time in its sole discretion without notice. Like practically all different exchanges, Poloniex is first-and-foremost a business.
Additionally, manual fund transfers are exclusively available at Level 2, enabling more control over one’s account and assets. Users can also trade some volatile currencies like Baby Dogecoin, Dogelon, and Dogs of Elon. There’s a good mix of well-supported utility tokens and lesser-known currencies. It’s important to mention the exchange’s relationship with the Tron (TRX) currency.
You’ll start by creating an account with your email address and a password. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Orders may be partially crammed or may be stuffed by numerous orders, depending on the trading exercise on the time an order is positioned.
