Good afternoon, dear readers and guests of the blog pyatilistnik.info, Happy 2022, many exchanges have decided to increase their efforts to identify the user trading with them and introduce forced verification, and the Poloniex exchange is no exception in this regard. For many users, this process raises a huge number of questions and misunderstandings, so I will try to cover this topic in great detail and show how it happens step-by-step verification on the Poloniex exchange.
What is verification
A small theoretical digression, for people just getting acquainted with cryptocurrency and exchanges. Let's define verification; to put it simply, it is the disclosure of your identity to the exchange administration, after which it will know:
- What is your name
- Your address and place of residence
- Your age
This was done in order to force you to pay taxes and to have an understanding of who you are and where your money comes from. The myth about the anonymity of cryptocurrencies will soon not work on exchanges, you simply will not be allowed to trade, this law can be compared to the law on instant messengers, where now you will be forced to link a cell phone to your account, or you will not be allowed to communicate.
Please note that if you do not pass it, then all your current transactions will be automatically closed at current market prices and you will not be able to trade. This is described in the official statement from the exchange. (https://poloniex.com/press-releases/2017.12.27-Notice-to-legacy-account-holders/)
Also, you will need to upload 2 photos:
1. “ Scan of Photo ID :” - photo of an identity document (passport); 2. “ Verification Photo :” - your photo along with your identification document, as well as paper with the inscription POLONIEX, month, day, year.
After you submit all your data, your profile status will be changed to “ Pending verification ” - awaiting confirmation. If the data is confirmed, your limit will be increased to $25,000 per day.
Registration on Poloniex.com
Let's look at how to register on poloniex. Go to the official website of the exchange. As soon as you log into the exchange, you will see a large “Create Your Account” button in the center, this will allow you to create a new account.
A registration form will open, you will need:
- Country - indicate your country, indicate the correct one, since for the verification process, everything will be checked against documents.
- Email - I advise you to indicate Yandex or Gmail mail, there may be problems with mail, I also advise you to immediately protect your mail.
- Password and Repeat Password - enter your password
Check the “I am not a robot” checkbox, agree to the license agreement and click Register.
You will be notified that to continue registering on the Polonyx exchange, you need to confirm your email.
This is what the link to confirm registration on Polonics looks like.
As we can see, we have confirmed the email address, all that remains is to log in. Enter your Email and password and click Sign In.
About two-factor authentication
Two-factor authentication is performed by the user solely at his will. The administration’s logic is this: if the client sent his personal and passport data, and even confirmed it with a photo, there is no urgent need for 2FA. This is two-factor authentication on other exchanges - and this is the main key to withdrawing funds from the platform. On Poloniex, with or without authentication, withdrawals are available up to $25,000 per day. The only mandatory procedure is ID Verification .
Therefore, this is everyone’s personal choice. But we still recommend protecting yourself by authenticating yourself: in the event of hacker or fraudulent attacks, only 2FA can save your money.
The settings window is available at the very top:
You will receive your own QR code and Security Code for it. Be sure to save the security code somewhere, as this is the key to your account in case of problems.
Open Google Authenticator , scan the QR code and enter the resulting six-digit code in the special field. Then log back into the system - you will be automatically “kicked out of your account.” Done - you've passed TFA.
Verification procedure on the exchange
Let's all figure out how to get verified on Poloniex. As soon as you log in, a page will immediately pop up with a form to fill out the necessary data.
- First Name: Your name in Latin
- Last Name: Your last name in Latin
- Street address: Your address
- City: City
- Postal Code: postal code
- Phone Number: Phone number
After which you click “I agree to the Terms of Use” and click Begin Verification
Next, the “Start ID verification” window will open, click the button.
The verification itself gives three options:
- A passport is MANDATORY FOR A FOREIGNER, otherwise I have seen so many cases when people tried to offer our Soviet passport, believe me, no one needs it there.
- ID card - not for Russia
- Driving license - new sample, with international standard
If you do not have such documents, then on poloniex.com you will be sent to distant lands.
Next, choose a method that is convenient for you, I will choose the method with rights. A window will open in which you will be asked to show your license through your webcam, if there is no camera, as they say, goodbye. To take a picture, click “Take image” then the “Continue” button
Then you will need to take a photo yourself and the quality of your documents will be checked.
If everything is provided correctly, you will see that everything has been received and will be verified in a few minutes. In the “profile” tab you can track your status.
What problems might arise?
Often, when passing verification, people have various problems that greatly lengthen this procedure. Firstly, Poloniex requires you to fill out your profile in English, and some may have difficulty with this. Be very careful when checking your profile: if a mistake is made somewhere, the verification procedure may take a long time, at the end of which you will most likely simply be refused. Thus, you will only waste a lot of time without achieving results. Please note how long it takes for information to be verified: usually it takes from 24 hours to one week, but if they answer you much longer, then it makes sense to contact support or try again.
After you upload photos of your ID and face, you may be asked to try again. In most cases, this means that the photos are either blurry or not clear enough. Usually, after several repeated attempts, it is still possible to achieve acceptable quality, and verification is successful. But sometimes the camera may simply not meet the necessary requirements. In most cases, the system itself warns about this, but sometimes, even though the camera fits the parameters, it nevertheless takes bad pictures. If the system does not let you in after many attempts, try changing the camera or borrowing it from a friend.
We have already said that a foreign passport is best suited for verification. The fact is that in this document the information is written in Latin letters. If you try to use an internal passport, then the wait for verification may drag on for an indefinite period, and there is no guarantee that in the end you will successfully pass it.
How long does it take to verify on poloniex?
The procedure itself will take up to 5 minutes, after which you will either be approved for verification or not, ideally you should achieve the “Verification” status. Now you can trade calmly without fear of anything. Currently, your daily withdrawal limit is $25,000; if you need more, you should write to technical support.
As you can see, the registration and verification process takes about 10 minutes, so I ask everyone to make purchases, I advise you, for example, to take a closer look at the Ripple cryptocurrency.
The main advantages of Polonix
- A simple and accessible interface, despite the lack of a Russified version of the site.
- Large trading turnover, over 140 exchange directions.
- Low system commissions for transactions - from 0 to 0.25% ("Maker" commission - from 0% to 0.15%, "taker" commission - from 0.1% to 0.25%).
- High level of security, two-factor authentication, three-step verification (voluntary).
- Convenient analytical and technical tools.
In a word, Poloniex is an exchange that provides optimal conditions for trading cryptocurrency, and here not only experienced traders, but also beginners can prove themselves.
Pros and cons of the Poloniex exchange
How to top up your account and withdraw money
To replenish your balance and withdraw funds, we need the Wallet tab. Next Deposits - for depositing and Withdrawals - for withdrawing money.
Please remember that any transactions on the platform require KYC verification.
To top up your Poloniex account:
- Select an asset for deposit (you can use the search bar);
- Copy the address or scan the QR code ;
- We send the selected currency to this address.
If you chose BTC, then send only BTC coins to the received Bitcoin address. Sending any other currency to this address may result in loss of your deposit.
Only digital currencies can be deposited directly onto the exchange. Payment methods - bank cards and accounts.
Poloniex's partnership with processing company Simplex allows users from more than 60 countries to purchase Bitcoin on the exchange using debit and credit cards. ✅
Deposits and withdrawals in fiat currencies are carried out using conversion: after entering the exchange, fiat is converted into stablecoins from the parent company Circle USD Coin (USDC), which are then used for various transactions on the platform.
According to Poloniex representatives, the ability to quickly convert fiat into USD Coin allows users to combine the advantages of the traditional dollar with the speed of digital assets.
Using the Transfer between balances , which is located here, the user can easily move funds between his accounts on the exchange: main, margin, futures, landing, etc.
Trading pairs
There are currently 443 trading pairs . The 24-hour trading volume on January 13, 2022 is $82,750,060 or 1,890.18 BTC .
Maximum liquidity in the BTC/USDT pair. ✅
TOP 5 coins on the Poloniex exchange:
| Pair | Exchange rate, $ | Trading volume, $ | Spread % | Rate change in 24 hours |
| BTC/USDT | $43,775.00 | $12,509,216 | +0.01% | +$896.24 |
| WIN/USDT | $0.0004061 | $7,387,127 | +0.28% | +$0.0000193 |
| BTT/USDT | $0.0025992 | $6,449,688 | +0.27% | +$0.0000439 |
| TRX/USDT | $0.06816 | $6,434,647 | +0.02% | +$0.0014347 |
| ETH/USDT | $3,360.02 | $4,878,809 | +0.02% | +$105.51 |
| DOGE/USDT | $0.17357 | $3,077,798 | +0.12% | +$0.019460 |
| NFT/USDT | $0.0000028 | $2,992,330 | +0.70% | +$0.0000000 |
| JST/USDT | $0.05097 | $2,752,245 | +0.11% | +$0.0017581 |
| BTC/USDC | $43,775.00 | $2,728,705 | +0.07% | +$896.24 |
| ETH/BTC | $3,360.02 | $2,614,732 | +0.03% | +$105.51 |
Data update 01/13/2022, 11:16
Types of orders
There are 2 types of orders available for trading on Poloniex:
- Limit
- Stop-Limit.
Limit is an order to buy or sell a specified amount of an asset at a specified price or better.
Stop limit is an order to buy or sell a certain amount of an asset when a specified stop price is reached or exceeded.
The best way to understand how a stop limit order works is to divide it into two parts: the stop price and the limit price.
The stop price is responsible for placing a limit order if the asset reaches a certain value. Limit price is a predetermined cost of a limit order at which it will be executed. Therefore, once the stop price is reached, a limit order will be immediately placed to buy/sell.
The order selection occurs immediately before creating a buy or sell order.
Trading terminal
A trading terminal is a trader’s main tool for trading on any financial market. The trading terminal of the Poloniex crypto exchange is available in a web version , as well as as a mobile application .
Many users note the convenience and functionality of the trading platform: sections are clearly structured, charts from TradingView and all the functions necessary for analysis.
Opening and closing a deal
The trading process on a crypto exchange consists of opening a transaction to buy/sell a certain amount of an asset and its subsequent closing.
Accordingly, when trading on the spot market, we use Buy to open a transaction and Sell to close it.
When trading on margin, a transaction can be opened with a sale and closed with a purchase.
Margin trading
To expand trading opportunities, investors with little personal capital can use so-called margin lending.
Margin trading involves increasing a trader's trading volume using funds borrowed from the exchange . Thus, he can carry out transactions with financial assets without physically owning them.
Margin trading on Poloniex involves opening long positions and short positions . In addition, the trader himself can act as a lender and provide his loans to other users at a certain percentage. ✅
To offer a loan, select the Landing tab in your personal account.
The minimum loan amount is 0.005 BTC.
Commissions
Deposit : Poloniex does not charge a commission for depositing your account.
Conclusion : When withdrawing funds from your wallet, there is a fixed fee for transferring the transaction on the network for each asset
Trading commissions
The exchange uses a system of “maker fee” and “taker fee”, the size of which directly depends on the user’s trading volume over the last 30 days.
A maker , in essence, “makes” the market : he forms and maintains the liquidity of the exchange market, thanks to which trading participants are able to make transactions quite quickly. Therefore, exchanges charge minimal commissions for maker orders or do not ask for any money at all, and on some sites the maker commission can even be negative ( rebate ).
While the maker creates the market by providing liquidity to the order list, the taker consumes this liquidity by taking an order from the list. Therefore, the commission for the taker is higher.
Thus, this system rewards traders with high trading volume by charging lower commissions.
The trading fees for both market participants are shown in the table:
Trading fees on Poloniex
The commission size is calculated every 24 hours and takes into account the trader’s activity on the exchange over the last 30 days.
When paying the commission with TRX coins, you get a 25% discount.
Futures trading commission : -0.026% and 0.075% (Maker/Taker respectively)
Margin interest
Margin traders pay a percentage based on the amount they receive on credit. The interest rate is always indicated in the loan offer itself and is calculated after closing the margin position. Margin transactions are also subject to the exchange trading fees listed above.
Landing
As a lending fee, the exchange charges 15% of the interest received by the lending trader.
All Poloniex commissions can be viewed on the website in the Commissions/Fees section.
API trading
Among other features, Polonix offers traders to automate trading using flexible web sockets and HTTP APIs.
An API, or Application Programming Interface, is a set of rules that describe how two applications communicate with each other.
By trading cryptocurrency via an API, a trader can connect to an exchange, access real-time market data, execute trades, and manage an account.
To activate trading via the API, you need to create an API key. To do this, in your personal account, select Settings → API keys and follow the instructions.
All API documentation is on the website.
