Spotlight on Poloniex Contest: What You Might have Missed Not Reading Poloniex User Agreement

A Deloitte study shows that over 90% of consumers accept terms and conditions when signing up to a platform or signing an agreement without reading through them, and I can say with a 90% conviction that you didn't read through the Poloniex's User Agreement, Privacy Policy, Cookie Policy, and E-Sign Consent as it can be lengthy and time consuming, but this legal terms are what Poloniex respect from the mutual agreement signed by you when you click on the box while signing up.

For the purpose of you who did not read through this terms and want to know the content, I took my time to read through the User Agreement as well as other Legal Agreements and I will writing a few things you should know or should have known or done before clicking on the box of agreement and signing up to Poloniex. For the sake of this post, I will be taking through the User Agreement of Poloniex.

POLONIEX: USER AGREEMENT

First, the User Agreement was revised in July 10, 2020 and in it, it is stated that by signing up into Poloniex, users have read and understood, accepted and agreed to the terms, but a lot of us didn't even read through it. Also, it was stated clearly that users should save or print the terms for record purpose.

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By signing up, you agree that you are above 18 and not a citizen of the United States or any other countries with restrictions. Also, you will not be using Poloniex for any form of illegal operations such as fraud, money laundering and any other financial crime.

User data are kept securely and privacy will be protected on Poloniex.

To show how serious Poloniex takes safety of asset and the security of accounts, it is stated that you are to only use your account and not allow a third party have access to your account, as well as not share your credentials with anyone. Also, it is stated that you are to provide valid information about you while registering which applies for customers who want to get to level 2, so as to be able to allow Poloniex identify you should incase of any financial crime. also, all data can submitted to Poloniex can be used to investigate should in case of any financial crime, and you are to provide the correct information to Poloniex. This is a proof that Poloniex takes the security of all users and assets seriously. A lot of people may not understand why Poloniex request for this information but a typical hacking and transferring of funds from wallet to a Poloniex account which has submitted all details means that the culprit can be investigated and the funds frozen.

I have read about customers who complain about sending assets to wrong addresses of exchanges and not getting their funds back and they blame the exchanges. For Poloniex, it is clearly written that it is the responsibility of the users to ensure they send tokens to the right address that is provided by Poloniex and sending to the wrong address may lead to a complete loss of funds. So should in case you send a digital asset to a wrong address or an unsupported asset to a Poloniex address, for example sending SBD (which is not supported by Poloniex) to Poloniex address, there is a possibility that you might not get your coins again but before you conclude, always ensure to contact support. Also, sending coins less than the required amount, you are liable to lose your coins forever.

Also, you are liable to your decisions to buy any digital asset and you are responsible for any profit or loss incurred while investing or trading any digital asset. It is written clearly that Poloniex do not serve as a financial advisor.

Further expressed in the terms of service is the fact that prices of digital asset is determined by the market and customers which is definitely demand and supply, buys and sells.

My Thoughts

It takes a trustworthy and transparent business to create an easy to comprehend user agreement and terms of service. You should read the User Agreement, Privacy Policy, Cookie Policy, and E-Sign Consent as well, so as to have an insight into what Poloniex is liable of and what it isn't liable of. You can read Poloniex User Agreement here

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To Be Continued...

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Thanks for taking time to read through my post, I will appreciate your comments and will like to see you sign up to Poloniex if you haven't. In my next post, I will be sharing more about Poloniex.

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All Images are are photos and screenshot from https://poloniex.com/ except stated otherwise in the post.

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You should read my previous post about Poloniex below

Spotlight on Poloniex Contest: The Legendary Crypto Asset Exchange

Spotlight on Poloniex Contest: How Deposit and Withdrawal Works on Poloniex

Spotlight on Poloniex Contest: Features I will Like to See on Poloniex [Part 1]