Poloniex Exchange: Part-02 [Spot & Margin Trading]

Hello everyone, I came with the second part of Poloniex Exchange. Those who have not read the first part can take it later by clicking on this link
Part-01. In the 1^st part, I showed you how you can create your account. Moreover, I have given many more shortcut summaries. You can come and see if you want.

Here is what is in this part:

1. How to trade at Poloniex?
2. Spot & Margin Trading Fees.
3. Poloniex deposit and withdrawal fees.
4. Poloniex Security?
5. Conclusion

How to trade at Poloniex?

You must first choose a coin pair to pair. Suppose you are Steem and BTC. You have chosen this pair. Like other exchanges, you can trade in this exchange, such as buy and sell. You can see it well in the picture. Rarely cuts charges when making it huge here.

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In order to buy or sell cryptocurrency on Poloniex use the Buy or Sell application forms respectively. Indicate the required amount of currency, as well as the purchase/sale price. Then the system will automatically calculate your total transaction amount. Pay attention to the commission, the size of which is indicated in the line "Fee". To confirm the transaction, click the buy or sell button, depending on the type of transaction.

As for the stop-limit order, its use will help you to some extent protect the profit and minimize losses. Such an order is executed in a certain price range. For example, you want to buy a cryptocurrency when the market price reaches 200, but you do not want to pay more than 210.

Then you need to specify the value in the stop field 200 and Limit 210. As soon as the market value reaches 200. The order will be executed at the best of the offered price.

Spot & Margin Trading Fees

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To encourage liquidity and tighter spreads in markets. Thay use a volume-tiered and maker-taker fee schedule.

This exchange does not charge different fee between takers and makers. Their fee model is instead something called a “flat fee model”. Poloniex charges both makers and takers 0.125%. You can also achieve lower trading fees if your preceding 30 day trading volume is above certain thresholds.

Fees are charged and deducted on a per-trade basis. Your total volume on a rolling 30 day basis increases, the percentage of fees you pay will decrease. Your fees will be dynamically updated and calculated based on your last 30 days of trading volume (total buy and sell ) based on the daily average (BTC-USD) rate (using a 24-hour weighted average price).

Paloniex Exchange charges a little more than other exchanges but charges less during withdrawals. And no charge is deducted at the time of deposit. I have shown their deposit and withdrawal fees through the list of top 50 coins through the figure below. In particular, the withdrawal fee of steem is much less than (0.01) steem and also deducts about (0.01) SBD charge during SBD withdrawal. Which is much less than other exchanges. It is shown below:

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Poloniex Security?

The security issue of working on the Poloniex Exchange is probably one of the major issues for all such sites. Because it is always a wide field to handle various fraud projects is thanks to two-factor authentication on the Poloniex website. User accounts are reliably protected. If the transaction is suspicious, the administration of the company requests documents to confirm the identity of the trader.

However, in March 2014, Poloniex suffered a major hacker attack. About 12% of the bitcoin stored on the exchange was stolen. Subsequently, the company has raised commissions to enable the affected users to pay compensation.

Nevertheless, a decent solution to the problems of security and reliability on the Poloniex website is one of the strengths of the organization. The exchange is a popular transaction and a large amount of income can not attract all these fraudsters. Those users are interested in providing resources inadvertently. However, as Poloniexcs develops, the level of security of the business will improve. Traders are advised to do double-digit registration. As well as managers can request documents to prove user identity.

Conclusion

Poloniex is an exchange that is currently not a scam since honorably and honestly fulfills. It's obligations to traders by consistently paying them funds, monitoring the correct operation of payment systems, ensuring work security to prevent hacking. Traders positively evaluate the company after hacking, when the exchange paid users funds from its budget.

And yet, is Poloniex a scam? The answer is no since the resource rightfully occupies the leading positions in the ratings of such companies. Leads in the number of regular customers and the turnover of funds and has opportunities for comfortable and profitable trading. Anyone will be able to understand how to trade on Poloniex if the person is a little bit acquainted with crypto. The exchange is aimed at both beginners and experienced trading. Favorable trading conditions are offered to each user. Due to the high level of protection. You don’t need to worry about your own funds, paying more attention to the bidding .The platform offers assistants informative charts, which show minimal price fluctuations. You just need to customize them for yourself, setting the criteria of interest.

Poloniex opens up the widest possible opportunities for its participant. Which is why it is very popular. This is confirmed by systematically increasing trading volumes, regularly increasing the number of active users.

It’s not necessary to think long about how to get money for Poloniex. There are also plenty of options here.

Of course. We can also highlight the moments that can confuse some user. Forn example, the lack of support for fiat currencies and poor technical support. But, these nuances can not be called cons and rather. These are the characteristic features of a particular site. Because in many systems working in this direction, things are the same.

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Thanks to all

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@steemitblog
@steemcurator01
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