Spotlight on Poloniex Exchange...##4

One of the biggest and most common platforms for exchanging crypto assets is Poloniex.

Poloniex is not just a common exchange, it's one of the best exchanges that provide most altcoins with the highest trading volumes and still provides quality services when it comes to trading bitcoin and altcoins.

In the crypto industry, the exchange provides the lowest trading fees and has a lot of impressive features to enhance its users ' experience.

Not only does the exchange encourage users to exchange cryptocurrencies, but it also allows its users to trade on the margin.

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History of Poloniex Exchange

Poloniex exchange was launched in Delaware, USA. In early January 2014, a music enthusiast Tristan D'Agosta founded the exchange.

Poloniex suffered security breaches in March 2014 after the launch of the exchange, and the exchange lost about 12 percent of its BTC supply.

The exchange, however, claimed responsibility for the loss and agreed to refund the stolen BTC from the exchange.

Poloniex was recently acquired for $400 million for payment processing and institutional trading by Circle, a major Goldman-Sachs group.

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User interface

The Poloniex exchange has a simple platform for trading. About $10 million in transaction volume is carried out on the exchange regularly and orders are performed very quickly.

With a large range of drawing instruments and trading indicators, the platform is also equipped with a high display graphing option to help users make better decisions and enjoy a better trading experience as well.

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Supported Currencies

Poloniex exchange supports more than 80 cryptocurrencies which comprise Bitcoin, altcoins, and stable coins.

Recently, Poloniex exchange support fiat currencies where users can purchase cryptocurrencies using a traditional payment with their debit/visa cards.

Among the most popular cryptocurrencies includes:

Bitcoin (BTC)
Ethereum (ETH)
Ripple (RPX)
Litecoin (LTC)
Monero (XMR), etc.

Poloniex Exchange Security

After the security breach that occurred in 2014, Poloniex Exchange took very serious security steps.

By holding the majority of customer deposits in air-gapped cold storage offline the exchange takes care of its protection in several ways to keep hackers out.

For simple active trading, ample online funding is made available online. This allows the disclosure of funds and their user details to be reduced.

The exchange also has an audit program that tracks irregular activities and identifies them. When identified by the program, these suspicious activities are blocked.

Two Factor Authentication in Poloniex Exchange

Each user has to enable two-factor authentication (2FA), which will improve the account's additional security measures.

The account is connected to Google authentication and on the Google app, a QR code can be scanned.

Another choice is to enter a code of 16 digits given below the QR code. A 6-digit code is generated at regular intervals and sent by Google.

To disallow unauthorized access to your account, this code will be required during login times.

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Verification at Poloniex Exchange

There are 3 levels of verification on Poloniex.
Level 1 requires users to verify their name, email address, and country of residence.

After completion, the data is being verified, and once accepted, the user is allowed to make a maximum withdrawal of $2000 and trade on margin.

Level 2 requires users to provide more personal information such as proof of address, phone number, and a scanned copy of a valid ID card.

Once this verification process is completed, the user is allowed to make a maximum withdrawal of $25,000.

Level 3 can only be done by contacting the Poloniex support team when a user wants to withdraw more than $25,000 worth of crypto.

Conclusion

In conclusion, Poloniex exchange offers the best user experience for crypto-to-crypto exchange and also offers a large selection of altcoins and bitcoin trading with the lowest trading fee. The security of funds is ensured as deposits are hoard offline.

Poloniex is one of the best cryptocurrency exchange platforms I can strongly recommend for a successful trading career.

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