Poloniex exchange (Poloniks) - a complete overview of the crypto exchange. Registration on the official website, verification, instructions for trading cryptocurrency

Poloniex (Poloniks) is a cryptocurrency exchange located in Boston, America. Trading on the site started in January 2014. In February 2022, the crypto exchange was purchased by the startup Circle, the estimated transaction amount was $400 million. The sale made it possible to avoid prosecution of the exchange by the American regulator SEC.

The official website of Poloniex is poloniex.com.

The Poloniex website is not presented in Russian; the interface is only available in English.
The trading platform is available in the form of a mobile application for Android and IOS. To trade crypto using apps, you need to generate API keys in your personal account. For a long time, the Poloniex exchange ranked first in the ranking in terms of trading volume. On October 25, 2018, it ranked 70th according to the Coinmarketcap service. An analysis by BTI found that most exchanges overestimate trading volumes. Poloniex provides real information and is already ranked 13th in the “real ranking of crypto exchanges”. The daily volume exceeds 13 million US dollars.

Mandatory account verification has been introduced on the site. Without it, cryptocurrency deposits and withdrawals, trading, margin trading and issuing loans are not available. The Polonix crypto exchange announced this procedure at the end of 2022, and in May 2022 the rules of the KYC procedure were finally changed. Previously, the Poloniex exchange set withdrawal limits for unverified clients - $2,000. The current limit for verified accounts is $25,000.

95 currency pairs and 56 cryptocurrencies are available for trading: Stellar, Ethereum, Monero, Stratis, Dogecoin, Bitcoin, Decred, Zcash, Siacoin, Basic Attention Token, Bitcoin Cash, Dash, Lisk, Litecoin, Tether, 0x, Augur, EOS, NEM , Golem and other coins. The main trading volume is formed by the following pairs: XRP/BTC, ETH/BTC, BTC/USDT, XMR/BTC. A stablecoin from Circle’s parent company, USD COIN (USDC), which is backed by fiat currencies, is also traded on the exchange.

The Polonix exchange provides the opportunity to trade cryptocurrency both without leverage and with margin collateral. Loans for leveraged trading are provided by other clients of the site. From 2019, margin trading and issuing loans will be closed to US traders. This is dictated by regulatory restrictions.

Registration and verification on the Poloniex crypto exchange

To register on the official Poloniex website (poloniex.com), you need to select “Sing in” in the top menu. Creating an account consists of 5 mandatory steps. The first step is to fill out the registration form.

It states:

1. First Name Last Name.
2. A country.
3. Date of Birth.
4. email. It will not be possible to change it.
5. Password.

You also need to pass the captcha and agree to the rules.

The second step is “Activate”, confirmation of the specified email. He received a letter from the Poloniex crypto exchange, in which you need to follow a link.

Third step. Fill in your profile information by indicating:

1. The street.
2. City.
3. Postcode.
4. Telephone.

Data is entered in Latin.

Fourth and fifth steps. Uploading supporting documents and their approval.

Registration and verification on Polonix are linked and represent one process. Without verification, you will not receive a cryptocurrency address and will not top up your Poloniex exchange balance. The introduction of mandatory confirmation of the identity of the account owner was the main reason for the outflow of traders and a decrease in trading volume.

Nowadays, many sites treat customers more loyally and do not require verification. For example, on Binance you can trade and withdraw 2 BTC per day; There are no withdrawal restrictions on Exmo; On Localbitcoins, this requirement applies only to sellers.

If you don't have a passport

Not everyone who wanted to take part in Poloniex exchange trading went through the process of obtaining a foreign passport. What should those who do not have this document do?

Since Poloniex requires a document with Latin writing for verification, you can use your car license. Other IDs are also suitable, as long as the information is provided in Latin writing.

If you don’t have anything suitable, you can take the following steps:

• Ask a friend who has a suitable passport or license for help by registering an account for him. The disadvantages of this option are clear - another person will be dedicated and involved in your financial affairs, which means there is a greater risk to your finances. Therefore, negotiate only with those in whom you are absolutely confident.
• Issue one of the documents that is suitable for confirming your identity. After all, a passport or license is useful for other needs. The disadvantage is going through bureaucratic procedures and delaying time.

Remember that any problem can be solved. And lastly: since the Poloniex exchange will not allow you to work without verification, consider choosing another operating platform with less stringent requirements. We hope that by following these instructions you will be able to verify your identity and get started.

Review of the official Polonix website

Let's look at the main menu items on the Poloniex website and their purpose.

Top Menu:

• Exchange. Trading terminal for buying/selling cryptocurrency.
• Margin Trading. Margin trading.
• Lending. Lending (issuing a loan) for trading with leverage.
• Balance. The section includes 3 items: Transfer - transfer between accounts (from Exchanger to Margin, Lending and vice versa); Deposit/Withdraw — input and output of cryptocurrency; History - history of financial transactions.
• Order. Displays open orders and trading history.
• Key icon. In the section you can find: enabling two-factor authentication, API, commission amount for the account, sessions, changing the password.
• Profile icon. Profile check (verification) and account linking.
• Mode switching (day/night).
• New notifications.

Lower menu:

• About Poloniex. The section includes: contact information about the Polonix cryptocurrency exchange, fees, user agreement, privacy policy, cookie policy.
• Support. Information section and support contacts.
• News. Press releases and link to Twitter account.
• Downloads. Download the trading application to your phone from the App Store and Google Play.
• Information about trading volumes on the poloniex.com exchange, the number of traders online.

The main advantages of Polonix

One of the main advantages of the exchange is the decreasing commission size. This is probably the most significant factor for large investors. It implies that the larger the transaction amount between users, the lower the commission will be.

Poloniex's largest commission is 0.25%, which in itself is not very much. However, this rate gradually decreases as the transaction amount increases and can eventually reach 0.05%.

As a second advantage, we can note a very wide variety of different currencies. The exchange supports almost all more or less large tokens today, so with its help it is very convenient to track the rate and prospects of young cryptocurrencies.

Poloniex balance replenishment

If the verification did not scare you away and was successfully completed, then you can start replenishing your account on the Poloniex crypto exchange. There is no commission for input from the site. Each cryptocoin has a minimum deposit amount - do not transfer less and take into account the commission of the blockchain network itself. If you sent less than the minimum amount, you should make another transaction. Only then, after crossing the minimum threshold, will the cryptocurrency be credited.

The Polonix exchange only works with crypto coins. It does not support entering fiat currencies such as dollar, euro, ruble, etc.

You can buy cryptocurrencies for transfer to Poloniex for fiat at exchangers or on crypto exchanges where this method is supported. The exchange supports stablecoins: USDT, USDTCOIN.

To replenish you need:

1. Go to Balance - Deposits.
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2. Select a cryptocurrency from the list or search using the search box.
3. Click Deposit.
4. Get a cryptocurrency address.
5. Transfer the required number of coins from your crypto wallet to it using Bitcoin exchangers or making a transfer from another exchange.
6. After confirmation on the network, the Polonex balance will be replenished. In the History section you can see the transaction status with the number of confirmations. You can also track the transfer in blockchain network monitoring using the TxID or TXhash identifier.
7. If crypto coins are not credited within 4 hours, you should contact support.

Be careful when dealing with cryptocurrency. Please copy and paste the address correctly. Some cryptocurrencies require additional parameters. For example, Ripple's address can be supplemented with a destination tag.

How to withdraw money from Poloniex

When your account accumulates the traded profit and you decide to withdraw money from Poloniex to your wallet, you need to open the “ Balances ” tab again and select the “ Deposits & Withdrawals ” section.

In exactly the same way as depositing money on Poloniex, funds can be withdrawn by clicking the “ Withdraw ” function next to the selected cryptocurrency. Next, you need to fill out a short form and indicate the details of the operation:

Numerous reviews of Poloniex indicate that withdrawals are fast and hassle-free. However, when withdrawing large amounts, be prepared for the fact that you may be asked for verification documents - this is stated in the rules of the system, so it is quite reasonable. But there are situations when withdrawals are put on hold; more on this below.

Withdrawal from the Polonix exchange

After successfully purchasing a cryptocurrency or exchanging it for another, it can be stored on an exchange wallet, but this is not recommended. It is worth withdrawing crypto coins to an address from which there is a private key and full control over the funds.

To withdraw from the Polonix exchange, follow the instructions:

1. Go to the Withdraws section on the official Poloniex website.
2. Select a cryptocurrency for withdrawal.

3. Indicate in the form the address of the cryptocurrency wallet to receive, the quantity and click Withdraw.
4. Confirm the seizure by clicking on the link in the letter (Confirm) or entering the code for two-factor authentication. If you did not receive the letter, check your Spam folder.
5. Get approval for withdrawal.
6. In browsers, track the status by the issued TxID or TXhash.

The speed of deposit depends on the cryptocurrency, the specified commission and other factors. You can also check the status in the transaction history. If you do not receive funds within 4 hours, contact the Polonix support service.

What is the Poloniex exchange

Poloniex (Poloniks)

is an American company established in 2014. The main office is located in Boston. The founder of the exchange is Tristan Dagosta, about whose biography almost nothing is known.

Initially, the service was created to carry out trading activities only on the American financial market, but after the exchange became popular, it was decided to expand the geography and make it available to users from all over the world.

US SEC logo

In 2022, Tristan sold Poloniex to Circle. The transaction amount was $400 million. Rumor has it that the sale allowed the Poloniex exchange to avoid prosecution by the Exchange and Securities Commission (SEC) for non-compliance with legislative measures. In exchange for Polonics becoming law-abiding and registering its activities under all US laws, the SEC agreed not to take any action for the site’s past activities.

According to the statement of the new owners of the Poloniex exchange, they plan to work towards scaling this business, adding new tokens to the listing and integrating support for fiat currencies. At the moment, Poloniex does not yet support fiat transactions.

Today, the Poloniex exchange supports 60 cryptocurrencies, including stablecoins Tether (USDT) and USD Coin, and just under 100 currency pairs. The site’s interface is only available in English, so we hope that our article will be useful for Russian-speaking users and will help them understand the basic issues of working with the Polonix exchange.

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Poloniex official website

Account security

Securing your account from hacking is the main task of the site itself and the client. For additional protection, you should enable two-factor authentication on the Polonix exchange. It connects by clicking on the key icon in the top menu and selecting Two-Factor Authentication (2FA).

Instructions:

1. Install the Google Authenticator app on your phone or tablet.
2. Launch, scan the QR code or enter the key manually (16 Digit Key). A six-digit code will appear, valid for 30 seconds.
3. Enter this code, account password and click “Enable 2FA”.
4. Save the key (which is 16 Digit Key). Necessarily!

This completes the process and your account on the Poloniex cryptocurrency exchange is protected.

Additional exchange features

In addition to the above options, Poloniex also offers its users:

Mobile app

This is one of the innovations from Circle for Poloniex. The application is developed for Android and IOS devices. It greatly facilitates the work of traders who are accustomed to solving all their issues on the go. The mobile application has the ability to select a language, but, unfortunately, Russian is not available there either.

Mobile application of the Poloniex exchange

Accounts for institutional investors

Another new product that appeared on the exchange after its sale to Circle. In addition to trading activities on the Polonics exchange, institutional clients are provided with several additional services. They can engage in trading on the over-the-counter Circle Trade platform, and a special support department has been created for them, which provides support to clients both at the registration stage and during exchange activities.

Poloniex.com crypto exchange commissions

The Poloniex exchange has the following commissions::

• Trading. Has a dynamic meaning. Depends on the type of order (maker, taker), i.e. creating or removing liquidity, as well as on the trading volume over the last 30 days. For the current size, see the “Trading Tier Status” section. Initial status: 0.15/0.25%. Can reach 0% for a maker with a turnover of more than $7.5 million and 0.1% for a taker with a turnover of $30 million.

• Marginal. Fees are set for the lenders and the loan recipient. Credit is used for leveraged trading.
• There is no commission for depositing or withdrawing cryptocurrency.

Market position

For a long time, Poloniex was in the TOP of various ratings, but today it only gets 80th place according to the CoinMarketCap portal. Poloniex's daily trading volume exceeds $37 million.

Poloniex's position in the ranking of exchanges by trading volume
// coinmarketcap.com
There is a version that the loss of positions in the ranking is caused by the fact that the Poloniex exchange, as before, shows truthful results of its activities, while other exchanges began to cheat and inflate trading volumes to artificially raise their positions in the rankings. But, to be honest, it’s hard to believe that Polonix remains the only honest exchange on the market. It can be assumed that the problems are caused by a change of power, and soon we will again see Polonix among the leaders.

The most popular cryptocurrencies on Poloniex are Bitcoin, Ethereum, Ripple, Monero, Litecoin. At the same time, traders most often use trading pairs with Bitcoin: BTC/USDT (29.26%); BTC/USDC (17.47%); ETH/BTC (7.45%).

Cryptocurrency trading on the Polonix website

Let us remind you that cryptocurrency trading is available only to verified users, as is replenishing the balance. To do this, go to the official Poloniex website and go to the “Exchanger” section. It houses an online trading terminal.

In the central part there is a chart of a currency pair, below it is a form of an order to buy/sell and a stop-limit order. Below is the glass of liquidity or open orders of traders. Below it is the market depth and trading history.

Instructions on how to trade on Poloniex:

1. Select the underlying cryptocurrency in the currency pair using the Market section. Quoted cryptocurrencies are: BTC, USDC, ETH, USDT, XMR. For example, XRP/BTC - buying Ripple with Bitcoin.
2. Select a point of purchase or sale. To do this, study the chart. It contains a selection of indicators: SMA, EMA, Bollinger Band, Fin levels and setting the desired period. The graph also shows the volume.
3. Fill out the application. Indicate the required amount of cryptocurrency in the Amount line and the price in Price. For example, selling Ripple for Bitcoin:

4. If the order hits the order book, then the commission must be paid as for the maker. And its execution depends on when the counter order buys it. If the specified order is executed at the market value instantly, then the commission is paid as for the taker.

Information about schedules on site

The exchange presents a price chart that is inconvenient for trading, and its setup is quite complicated. Everything is in an unusual place for a trader. For example, you cannot change the size of the graph using the mouse wheel. To do this, you need to drag the zoom slider manually.

Also, the chart does not stretch to fill the entire screen, and the buttons for switching timeframes are mixed with buttons for changing the scale. This causes serious inconvenience when setting up if you come from other exchanges or from regulated markets.

For traders who trade using indicators, this chart will also not be convenient, since it only shows MACD, moving averages and Fibonacci numbers.

Margin trading on Poloniex

Margin trading on the Poloniex exchange is trading using borrowed funds from other users. It is essentially a loan with interest payments. First you need to top up your balance, and then in the “Balance” section, select the “Transfer” item and transfer coins from the “Exchanger” account to “Margin”.

Margin trading allows you to open long (long) and short (short) positions. Maximum leverage 1:2.5. Let us remind you that on Bitmex you can trade 1:100 without verification.

To get started, go to the “Margin Trading” section. The account table is of interest. Let's take a closer look at an example.

• The initial margin is 40%, which means if you need to borrow 10 BTC, you must have at least 4 BTC in your Margin account.
• Total Borrowed Value - the total amount of the loan (credit).
• Total Margin Value - the total amount of funds in the margin account.
• Unrealized P/l - loss/profit if positions were closed at market value minus fees for using the loan.
• Unrealized Lending Fees - the amount of interest for using borrowed funds.
• Net Value is the net amount of funds minus all fees and profit/loss.
• Current Margin - current margin, the ratio of Net Value to Total Borrowed Value. If it falls below the Maintenance Margin of 20%, the position is liquidated. In our example, this will happen when the Net Value reaches 0.21699876 BTC.

To place a trade order using leverage, please specify:

1. The cost is in the “Price” line.
2. Quantity "Amount"
3. “Loan Rate” - the maximum % rate per day for using a loan. You specify the rate yourself. Today its size starts from 0.0071%. If there is such an offer, then you will immediately receive funds in debt. If not, then the application falls into the “Loan Demands” column of the “Loading” section.

Line with open position:

1. Position. Long or Short. Sell ​​or buy position.
2. Amount The amount of cryptocurrency purchased.
3. Base Price. Break-even price of the position.
4. Est.Liquidation Price—liquidation price.
5. Unrealized P/l - profit or loss that can be obtained at the current closing moment at the market price.
6. Unrealized Lending Fees - the amount for using credit funds.

Poloniex trading functionality

For almost 5 years after its launch, Poloniex operated only as a crypto-to-crypto trading platform. But in July 2022, the exchange launched fiat-crypto trading using bank accounts, as well as debit and credit cards.

As we noted earlier, deposits and withdrawals in fiat occur through the conversion of funds: after being credited to the exchange, fiat currencies are converted into USDC stablecoins, which are used for further transactions on the platform.

Poloniex trading functionality consists of 4 main sections:

• Buying cryptocurrency for fiat;
• Trading on the classic spot market;
• Margin trading;
• Futures trading.

Buying cryptocurrencies with fiat

Polonix allows you to buy cryptocurrency using a VISA/Master Card debit or credit card or from a bank account at Simplex Bank.

To do this, in your personal account, select Buy with Fiat and indicate:

• fiat currency for payment, for example, USD;
• the cryptocurrency we want to buy, for example, BTC;
• amount.

The system will calculate the total cost of the purchase (including commission).

Simplex charges a processing fee of 3.5% or $10 (whichever is greater) to process card transactions.

If everything is satisfactory, check the box next to I have read the disclaimer and agree to Poloniex transferring my deposit address and username to the Simplex service → Buy now .

Buying cryptocurrencies for fiat on Poloniex

However, keep in mind that Simplex may require verification. Therefore, please prepare a valid identification document.

Limits:

• Minimum purchase amount is $50 (or equivalent).
• Maximum daily amount is $20,000 (or equivalent);
• The maximum monthly amount is $50,000 (or equivalent).

Spot

Poloniex has all the necessary tools for working on the classic spot market: in your personal account, select the Exchange .

Transactions on the spot market occur according to the standard scheme:

• Specify the currency pair ;
• Select Buy or Sell depending on the direction of the transaction;
• Select an order ;
• We indicate the price and amount of the transaction ;
• If the value in the Total and the commission are satisfactory, click Buy or Sell accordingly.

Spot trading on Poloniex
To the right of the buy/sell form is the order book and chart for the pair being traded.

Margin trading

To open trading on Poloniex using leverage, select the Margin .

Margin trading - carrying out trading operations using assets provided on credit against the security of an agreed amount (margin).

Polonix supports margin trading with 2.5x leverage on many currency pairs.

Margin trading on Poloniex is only available to clients who have passed Level 2 verification . Therefore, you will first need to verify your account. After verification, we replenish the margin account and proceed to trading.

Margin trading on Poloniex

In addition, the exchange has a lending function available - a landing page, where users can take out or offer a loan with a certain interest rate. ✅

Futures trading

In addition to spot trading, Poloniex offers trading of perpetual futures with up to 100x leverage and maker fee refunds directly from your Poloniex account on Poloniex Futures.

To start trading, select the Futures .

You can trade futures on Poloniex by opening long (Buy/Long) or short (Sell/Short) positions.

Futures trading on Poloniex

Withdrawal limit

The exchange establishes very democratic terms of cooperation with traders. Literally anyone can trade here. You don't even need to have significant capital to do this. Poloniex does not set a minimum deposit to start trading.

True, you need to take into account the amount of lots for the cryptocurrencies with which you are going to make transactions.

In other words, if you deposit too small an amount into the depository, you simply will not be able to complete a trading operation with the selected pair.

Poloniex also has no minimum withdrawal limits. However, the commission for such transactions is set at 0.0001BTC. That is, the withdrawal amount must be greater than this value. To transfer bitcoins or other cryptocurrency directly into regular money in a bank account, you will have to use exchangers.

Here Poloniex zero limits no longer apply. Such sites set their own limits, which can be 0.003BTC and 0.05BTC plus the exchanger’s commission.

If you are going to work with fairly serious amounts, you need to take into account Poloniex limits on the maximum withdrawal amount. The basic limit is $2000 per day or the equivalent in cryptocurrency. You can remove the limit by going through full user verification, indicating extended information about yourself.

Polonix: support service work

An important factor when choosing a resource on which you will perform various operations with money is the ability to promptly and promptly receive help on any issue. For this purpose, Poloniex has created a special support service, with the help of which users can solve all kinds of technical problems.

If you have any questions, you should first go to the “Support Center” section. In it you can find the most popular questions about various processes: from trading to verification issues and working with money. If the question you are interested in is not on the list, you need to contact specialists.

This can be done in various ways: write an email, fill out a special application on the website. The resource also has an online chat where you can contact specialists. The fastest way to get an answer is to submit a request and ask in chat for help with the question by sending a link to the page with the question.

In general, judging by feedback from traders, it takes several days to receive a response if the system is too busy. Considering that this is a large crypto exchange, one can come to terms with such deadlines.

By the way, the Polonics exchange was included in the ranking of the best cryptocurrency exchanges of 2022.

Team

The exchange was founded by Tristan D'Agosta in January 2014. Many of Poloniex's employees still remain anonymous, likely because digital currencies are still an underground business and they are not licensed to provide exchange services in the United States. The company is based in San Francisco, California. Initially, the exchange focused on the United States market, but its universal popularity and large trading volumes attracted altcoin traders from all over the world.

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Show your passport

Previously, in order to pass document verification, you had to upload a scan of your passport into the system, as well as a photo along with a sheet of paper on which the current date would be written. Now the rules have changed a little. After you click on “Start verification”, a pop-up window will appear in front of you in which you need to click Start ID verification. You will immediately be redirected to the Select ID type page, where you need to select the type of document provided. Select “passport” and move on. Remember that for Polonix it is better to take an international (foreign) passport. If you don’t have this, read this paragraph.

Next, you will need to provide access to the webcam of your laptop or computer. Unfortunately, any camera will not work; you need a device with high resolution. After granting access to the camera, a special page will open in front of you, where you will be asked to take a photo of your document. Try to make the photo as clear as possible.

All stages of this procedure will look something like this:

1. We take the passport and bring it to the lens.
2. We wait for the camera to focus on the document and click Take Image.
3. As soon as the Continue button turns green, click it.

After this procedure, you will need to take a photo yourself. This happens in exactly the same way as with a passport, the main requirement - a clear photo - remains the same. Click the Confirm button, check the photo and send it to the administration.

Personal Account Overview

When the user has registered on the service website, he has the opportunity to enter his personal account. Please note that there is no translation into Russian, so you will have to learn to navigate the English version. If the investor has a high level of foreign knowledge there should be no problems.

In general, the interface is intuitive, so it’s possible to figure it out in a few days without knowing a foreign language.

So, there are three sections in the site header:

• EXCHANGE - currency exchange.
• MARGIN TRADING - trading with leverage
• LENDING - this section is considered non-standard for the lion's share of exchanges, since it is responsible for providing credit services. Agree, it is extremely rare for a site to provide its clients with the opportunity to apply for a loan.

As for these loans, there is a customer protection system on the exchange platform, as a result of which the user will not lose credit funds.

Now, in terms of the functionality of the office itself, everything here is extremely simple and clear.

There are charts with the ability to set TFs, a filter is present to search for the required cryptographic coin. In addition, there is a trading history, due to which you can analyze the situation, as well as create a personal order to purchase an asset or put it up for sale.