Security and advanced features are the two most important variables to professional traders. Anyone who has been in the cryptocurrency industry for a while will understand why these two factors are important in trading cryptocurrencies. Poloniex has proven to be a cryptocurrency exchange that offers users both things and more.
What Is Poloniex?
Poloniex is a leading digital currency exchange based in San Francisco. It allows users to exchange cryptocurrencies and trade on margin. This isn’t something most exchanges offer.
How the Cryptocurrency Exchange Poloniex Works
The exchange offers hundreds of cryptocurrencies to users along with a unique feature that lets users analyze the cryptocurrency market before they execute trades. Any fund users put into the exchange will be used to facilitate trades on the user’s account. You can trade over one hundred cryptocurrencies include the major ones, Bitcoin, Litecoin, Ethereum, Ripple, Monero, and, BitShares. It offers services to users across the globe. However, fiat currencies are not acceptable on the platform. You can only make your deposits in cryptocurrencies.
Just like with many other cryptocurrency exchanges, you’ll be required to open an account to have access to the features. The withdrawal limit is based on verification. When you have not verified your identity, your withdrawal limit will be around $2,000, but after verification, it can go as high as $25000. All you need to do is create an account, activate the account, complete your profile and start making deposits.
One of the best things about Poloniex is that it offers a wide array of cryptocurrency selections. Apart from that, it also has good liquidity and allows marginal trading. What’s more, the platform has a stop-limit feature that reduces the risk of losing cryptocurrencies. It provides a secure solution for trading cryptocurrency. However, the website is slow, and the customer support isn’t as effective as it should be.