Bitcoin.com PR, Author at Bitcoin News
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Author: Bitcoin.com PR
As Lockdown leaded economic crisis, Cryptocurrency Trading Surge in Malaysia
Cryptocurrency trading in Malaysia has surged during the lockdown. As the country crushed towards the lockdown issue, effecting the cost rate of $550 million a day. The cryptocurrency exchanges state that increase in trading volumes and additional users by getting people’s attachment “a good store of value in difficult economic times.”
The time grabbed lockdown strikes the interest in cryptocurrency growth in Malaysia. The country seems that 2.4 billion ringgit ($553 million) are missed out every day to get a business deal locked due to the coronavirus.
As per a report by government-approved crypto exchange, In action to the global economic crisis, cryptocurrency trading in Malaysia indicated outstanding growth. Malaysia’s first fully approved digital asset exchange, Luno stated that over the last four weeks the Malaysian Reserve publication that local trading volumes on its platform maximize 33%. Luno Malaysia manager Aaron Tang said the number of users on his exchange maximized higher record affecting the current situation “There are a plethora of digital coin investors in Malaysia,” Tang told the news outlet, elaborating:
We believe the surge is partly driven by the belief that cryptocurrencies (particularly bitcoin) are a good store of value in difficult economic times.
The Luno manager outlets that most of the investors engaged in cryptocurrencies, like bitcoin, to vary out their portfolios, as they are leading tough situations that the stimulus packages and the global economic crisis would add a way towards inflation.
Malaysia’s two approved cryptocurrency exchanges got a way to enrich the trading volumes and signups. Report by Luno Malaysia “We believe the surge is partly driven by the belief that cryptocurrencies (particularly bitcoin) are a good store of value in difficult economic times,”.
Followed by the next fully approved cryptocurrency exchange operator, Tokenize Technology also got a way to enhance the growth in user signups. CEO Hong Qi Yu reported the news that his platform seems an average daily trading volume growth by 30% to 40%.
Malaysia’s securities commission (SC), Suruhanjaya Sekuriti Malaysia, The 15 Jan 2019 resulted away in regulating the nation’s cryptocurrency industry, as “the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019” got into effect.
The result to Lockdown, the cryptocurrency trading surge in Malaysia by Jan 2019, Malaysia’s securities commission, Suruhanjaya Sekuriti Malaysia, regulated the cryptocurrency industry. The Commission has given a lead to three crypto exchanges, out of which two are fully approved.
The previous year, the Commission gave a lead to three cryptocurrency exchanges: Luno Malaysia, Sinergy Technologies, and Tokenize Technology. Luno stabilized the regulator’s expectations resulting in holding the first exchange position to grab full approval. Followed by the resent month, Tokenize Technology also stabilized the requirements.
Suruhanjaya Sekuriti Malaysia justifies that when the regulation got into the situation: “Entities which have not been approved by the SC, including those which have previously been operating under the transitional period, are required to cease all activities immediately and return all monies and assets collected from investors.”
Author: Harsh Sangwan
How to buy digibyte on binance
How To Buy And Sell Crypto In a Fast and Safe Way via Debit or Credit Card
The ultimate guide on how to buy and sell crypto in a safe and transparent way in 2020
There are at least four ways to buy and sell cryptocurrencies in 2020 all of which have their advantages and disadvantages. If you are opting for the most transparent and legal way to instantly buy or sell crypto via your debit or credit card, here is an ultimate guide on which steps to follow to get the most out of your transactions.
From Wild-Wild-West kinds of deals to safety and transparency
At the beginning of the crypto era, it was not easy to get Bitcoins. Most sales were direct transactions among two individuals. You had to trust a particular person at least to agree to meet them in person. Let’s just say it did not always go as expected. For example, in 2017 New Delhi police have arrested a gang that was robbing people who attempted to buy Bitcoins.
Now for those who still prefer to deal with cash, there are Bitcoin ATMs using which you can instantly perform a transaction but at a substantial price of up to 10% commission. Bitcoin ATMs can be a gift for nostalgic personalities, but hardly offer benefits to serious buyers. Who would want to pay $100 for a $1000 transaction?
In the course of time, the cryptocurrency world has enjoyed the growth of peer-to-peer platforms where buyers and sellers were being matched on their terms. P2P platforms are offering escrow services, serving as middlemen to guarantee the success of a transaction. While the trust issue has been eliminated in platforms like LocalBitcoins.org, in many jurisdictions peer-to-peer transactions still fall in the grey zone and are not suited for substantial amounts.
Luckily, the market is nearing its maturity with the emergency of totally legal and transparent payment gateway providers. Now you can easily buy or sell cryptocurrencies via your credit and debit card on exchanges like Nominex. It is not only convenient but also allows you to enjoy the transparency of the exchange rate and perform transactions in a matter of minutes.
7 Steps how to instantly buy or sell cryptocurrencies using your Visa or Mastercard
Let’s dive deeper into how to buy and sell cryptocurrencies in a matter of minutes using the Nominex platform. Here are 7 easy steps to successfully buy or sell the cryptocurrencies:
One of the biggest advantages is the transparency of the process. For example, you can clearly see how much money you will be transferred to your card thanks to the user-friendly interface Nominex offers.
Register on the Nominex platform and become a part of the future!
Buying and selling cryptocurrencies via Mastercard or Visa using payment providers on exchanges is a simple, legal, and straightforward process. But how to avoid overpaying and gain additional benefits? Follow the simple checklist to optimize your transactions:
Not all exchanges and payment providers offer transparency. Different payment providers might charge different fees since they are designed for different kinds of users. A reputable platform will always let you know how much Bitcoins you will have at the end of the transaction. Check and compare transaction fees to find out what suits you most.
As in Walmart, it sometimes makes sense to buy more in one transaction. Buying with a Mastercard or Visa card is so easy, so many users can be lured by an opportunity to buy cryptocurrencies even for 5$. Find out not only the minimum amount but the minimum amount with a reduced fee. For example, on Nominex, if you want to buy cryptocurrencies for $30 you only have an option to choose a provider that charges 3.95%, but if you decide to purchase crypto for $60, you can pay only 2.5%.
To get the most of transactions, it also pays out to transact in the currency of your debit/credit card. It will allow you to avoid paying your bank additional fees on fiat currency exchange rates, enforced by the bank that issued your card. The conversion fee could be as high as 3%.
Payment providers operate in a legal domain. That way they can provide customers with a safe and transparent gateway to sell or buy cryptocurrencies, but it comes at a cost. Since they are licensed to operate under certain jurisdictions, they have country-specific limitations. Ahead of initiating your transaction, you might want to check if the provider accepts cards issued in your country.
It usually takes an ID card and proof of residence document to get through the KYC process. In return, that allows selling or buying cryptocurrencies, according to your needs and not the limits, which can be handy in the ever-changing cryptocurrency market.
The cryptocurrency world is indeed vibrant. Many exchanges compete in attracting users to their platforms. That is why they often offer additional bonuses like airdrops, referral programs, native tokens, and bonuses. For example, Nominex traders can purchase NMX and become a part of the referral program, earning perks for driving cryptocurrency adoption. Check the bonuses available and don’t be shy!
Author: Chainbits Staff
Bitcoin – Wikipedia
“₿” redirects here. It is not to be confused with “฿” for Thai baht.
Prevailing bitcoin logo
Data structure of blocks in the ledger.
Number of bitcoin transactions per month, semilogarithmic plot
For broader coverage of this topic, see Blockchain.
Simplified chain of ownership as illustrated in the bitcoin whitepaper. In practice, a transaction can have more than one input and more than one output.
Later amateurs mined bitcoins with specialized FPGA and ASIC chips. The chips pictured have become obsolete due to increasing difficulty.
Today, bitcoin mining companies dedicate facilities to housing and operating large amounts of high-performance mining hardware.
Total bitcoins in circulation.
For broader coverage of this topic, see Mining pool.
Electrum, a lightweight client
A paper wallet with the address visible for adding or checking stored funds. The part of the page containing the private key is folded over and sealed.
A hardware wallet peripheral which processes bitcoin payments without exposing any credentials to the computer.
Bitcoin price bubbles in 2011, 2013 and 2017
- Bitcoin.org website
Author: Authority control
Is It A Reliable Exchange?
Self-proclaimed “legendary crypto assets exchange,” Poloniex is not as popular as it just to be anymore, but it still offers quality service when it comes to trading bitcoin and altcoins. It offers the lowest fees in the industry and only asks only for your email during registration as identity verification is 100% optional. However, it lags behind other exchanges in terms of customer service and has experienced a security breach back in 2014. After changing owners 2019, the exchange has relocated to Seychelles and adopted a more open, loosely regulated approach, which allows it to offer a wider array of services, support more cryptocurrencies, and gradually get back towards being an important part of cryptoverse’s infrastructure.
Poloniex is a centralized cryptocurrency exchange for both experienced and amateur cryptocurrency traders. It offers a range of crypto markets, advanced trade types, as well as margin trading and crypto lending, which makes it a convenient place for traders from all walks of life.
The key features of the exchange include:
In 2020, Poloniex does not support fiat trades and deposits, and its customer support efforts are still minute. However, after it’s relocation toSeychelles, the crypto exchange underwent a series of changes and is one of the best altcoin exchanges today in terms of the platform’s usability, fees, and performance.
In this Poloniex review, we’ll look into the exchange’s current situation, trading fees, services, ease of use, and accessibility.
Launched in Delaware, USA, Poloniex began in January 2014. Its founder is Tristan D’Agosta, who has a background in music and previously established the Polonius Sheet Music company in 2010.
Right after the launch, Poloniex suffered a high-profile hack in March 2014 when it lost about 12% of its BTC, which was worth approximately USD 50,000 at the time. Nevertheless, the exchange’s management responded to the hack openly and by offering full reimbursements for the stolen 97 bitcoins out of D’Agosta’s company profits.
After a shaky start, Poloniex had to temporarily increase its fees and made the headlines again in 2016 as the first exchange to list Ethereum (ETH) cryptocurrency. After that, the exchange’s trading volume began to increase, and it became one of the more popular exchanges in terms of liquidity.
In early 2018 Poloniex was acquired by payments company Circle, which reportedly aimed to transform it into America’s first fully regulated crypto exchange. The company paid USD 400,000 for the acquisition.
In order to become regulatory compliant, the exchange delisted almost 50% of its crypto assets that are at risk of being classified as securities and implemented strict KYC (know your customer) checks.
Another customer pain-point was Poloniex’s customer support, which was as dull as ditchwater and had over140,000 outstanding customer support tickets. It’s been reported that some customers have been waiting for several months before they heard back from the exchange. Such poor customer service had led to a loss of thousands of Poloniex users.
2019 was another big year of changes for Poloniex exchange. Early in the year, the exchange faced challenges posed by the uncertainty in the U.S. cryptocurrency regulatory environment. As a result, it continued reducing the list of available coins for the U.S. crypto investors. In the summer, Circle-owned exchange bumped into another hurdle due to the cryptocurrency CLAM crash as many investors experienced unexpected losses.
In November 2019, Circle spun out Poloniex into a separate entity, Polo Digital Assets, Ltd., backed by an unnamed group of Asian investors, which includes TRON’s CEO Justin Sun. The newly formed company was registered in Seychelles – a remote island in the Pacific known for crypto favorable regulations. It is also a home for other unregulated cryptocurrency exchanges like BitMEX, Prime XBT, and reportedly even Binance. Commenting on this move, Circle said that it faced “challenges as a US company growing a competitive international exchange.”
Under new leadership, the Poloniex crypto exchange took another direction and dropped forced AML/KYC checks, so from now on, it is possible to trade on Poloniex without verification again. Besides, the platform added new features revoked trading access for the United States customers, meaning that it completely abandoned the idea to become a fully regulated exchange.
In December 2019, Justin Sun led exchange made it to the spotlight once again. This time, it attracted controversial sentiment due to the delisting of DigiByte (DGB), a somewhat popular altcoin, after Justin Sun and DigiByte’s founder Jared Tate got into a skirmish on Twitter.
In 2020, Poloniex remains a popular digital currency exchange with some of the lowest trading and withdrawal fees on the market. In February, the exchange experienced some issues with its order book and had to delete 12 minutes of trading history due to a bug. In April, the exchange revamped its interface across its website and mobile apps and promised more significant improvements later in the year.
Currently, Poloniex is a global exchange with only a few geographic restrictions. The access to the Poloniex platform is prohibited for the residents and citizens of the following countries:
- North Korea
- The United States
Users from other countries can access and trade on Poloniex without restrictions.
To access the platform, you only need to provide your email, since identity verification is optional.
Poloniex cryptocurrency exchange offers two account verification levels: Level 1 and Level 2.
For level 1 verification, you only need to register on the exchange using a valid email address.For level 2, you will need to submit the following information and documents:
- Your residential address
- Your phone number
- Your date of birth
- Your ID, driver’s license, or identity card
- Proof of address
Here is a quick video on how to start trading on the Poloniex exchange using a tier 1 Poloniex account.
In addition to Level 1 and Level 2 accounts, large-volume traders, professionals, and institutions can apply for opening Poloniex Plus Silver, Gold, or Market Maker accounts.
Poloniex Plus services come with numerous benefits, including lower trading fees, premium features, account managers, whitelisting priority, increased withdrawal limits, and much more.
You can learn more about Poloniex Plus programs on the Poloniex support page or by contacting the exchange directly.
Speaking of Poloniex Market Maker Program, it was made to incentivize top liquidity providers to join the exchange. It offers them a rebate of 0.02% per executed maker order.
To be eligible for the Poloniex Market Maker program, you must have a 30-day trading volume of a minimum of USD 10,000,000 and have at least 12 trading pair points per month.
Each market maker’s performance is evaluated on a monthly basis. Learn more about how it all works here.
When it comes to trading, Poloniex fees are amongst the lowest in the industry. Poloniex charges its users for placing spot and margin trades, as well as cryptocurrency withdrawals.
The Poloniex trading fee schedule is rather straightforward. The fee you pay per trade depends on whether you’re on the taker or maker side of the deal, as well as your 30-day trading volume. VIP customers that fall into Poloniex Plus Silver, Gold, or market maker tiers pay 0% for maker trades and less than 0.04% for executed taker orders.
For the sake of comparison, Kraken offers a maker fee of 0.16% and 0.26% taker fee for low volume retail traders, while the most popular altcoin exchange Binance offers a0.1% base rate per trade for every low volume investor. Other popular altcoin exchanges, such as Coinbase Pro, Bitfinex, or Bittrex also charge much more per trade when comparing the most basic account tiers.
Poloniex’s trading fees are higher than HitBTC’s, which charges as little as 0.07%. However, that rate applies to verified customers only, while unverified accounts pay a 0.1% maker fee and 0.2% taker fee for every trade executed on HitBTC exchange.
As such, Poloniex is the least costly option out there for users who seek to preserve their privacy.
The same fee schedule applies for Poloniex margin trading, as you will pay 0.09% per every executed margin trade (plus margin funding fees for traders who open leveraged positions).
Here’s how Poloniex ranks amongst other margin trading exchanges.
As for deposits and withdrawals, Poloniex doesn’t charge anyone for depositing cryptocurrency. Even though no fiat currency can be deposited, withdrawn, or purchased on the platform, you can still use fiat-pegged stablecoins in your trades. Customers will be charged for withdrawals, although these are set by the network of each cryptocurrency being traded.
For example, bitcoin withdrawals cost 0.0005 BTC, making Poloniex among the very cheapest of exchanges for processing withdrawals.
Here is a small sample with some of Poloniex withdrawal fees for some of the top cryptocurrencies.
Last but not least, Poloniex has a margin lending and borrowing feature, which allows you to earn passive income from your crypto assets.
All margin borrowers pay interest to lenders based on the loaned amount. The lender typically specifies the interest rate; thus there are many different offers. As a lender, you will pay a 15% fee on earned interest paid by the borrower.
In sum, Poloniex fees are very low, as it runs one of the least expensive crypto-to-crypto services in the industry.
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Despite going through a high-profile hack early in its beginnings, Poloniex has recovered and today is considered to be a reliable exchange in terms of security.
After the hack, Poloniex CEO Tristan D’Agosta wrote:
“Since the hack, we implemented continual automatic auditing of the entire exchange, bolstered the security of all servers, and redesigned the way commands are processed so that an exploit like the one used in March is impossible.”
Even though the exchange lost 97 bitcoins, Poloniex had managed the situation relatively well. First, it reduced the balances of all exchange users by 12.3% to compensate users who lost their funds. Then, the exchange’s leadership compensated all users who had their balance deducted, thus demonstrating the commitment and conscience of its business.
Poloniex had no notable security breaches ever since. Currently, the exchange is said to deploy the following security measures:
- Protection against DoS attacks.
- Cryptographic signatures-based DNS cache protection.
- Strong security against web attacks like robot infiltration.
- Most of the Poloniex user funds are stored in cold wallets.
- Role accounts to protect users private information
- Registry lock to prevent unauthorized changes to the website.
- Two-factor authentication.
- Session log history.
- Email confirmations and IP lockouts.
As per CryptoCompare Exchange Benchmark Q4 2019, Poloniex gets a grade B and ranks 17th amongst all 159 rated exchanges. The rating indicates that Poloniex’s security is average – the exchange scores 9.5 out of a maximum of 20 points.
On the other hand, Poloniex is an unregulated exchange. It operates outside of the traditional financial system, and that’s why it’s a crypto-to-crypto exchange only. As such, there are no guarantees if things go south, though Poloniex founders have proven to behave ethically in the past.
Another element of Poloniex security is that it respects your privacy. Since you do not need to pass KYC/AML checks before starting to trade, it has no user data to sell, which is good news for individuals who value their data and privacy.
Overall, it can be said that Poloniex takes its security seriously. It is not recommended to leave your funds on the exchange long-term, but it is unlikely to get hacked again at the moment you deposit your funds.
Exchange usability is something that Poloniex does well. The range of screens, windows, and boxes it offers may confuse a more inexperienced trader at first. In contrast, an experienced trader may enjoy a great deal of flexibility and power in how they go about their crypto trading, be it spot, margin trades, lending, or participating in crypto project crowdfunding.
In my view, Poloniex is one of the easiest exchanges for trading. After signing up with your email, you can deposit cryptocurrencies via the “Wallet” section, where you can manage all of your funds.
Using the “Transfer Balances” section, you can easily fund your exchange or lending accounts with a few simple clicks.
For those who don’t have any cryptocurrency, Poloniex offers an alternative – you can buy crypto directly with your credit or debit card using its Simplex integration – it will cost you either USD 10 dollars or 3.5% off a total transaction amount.
Poloniex crypto exchange has a slick design and a simple user interface. Though it may not be the simplest option for a complete beginner, it should not be an issue if you’re a quick learner – every window is laid out clearly and sits in the right place.
First and foremost, you will notice Poloniex’s chart for the specific order book. It is powered by TradingView, so you can customize it with your preferred indicators and other analysis tools.
On the right side of the screen, you will see the “Markets” dashboard, where you can select cryptocurrency pair that interest you. At the moment, you can sort them by TRX, BTC, USD (stablecoins), and ETH pairs.
Below, you will find the “Notices” box, which informs you about the latest developments concerning Poloniex exchange, as well as your account.
Next, you’ll see three orders placing windows for buying, placing stop-limit orders, and selling. Besides, you can observe buy and sell order books, market depth chart, your open orders, and trading history. If you enjoy the company, you can also check out Poloniex’s Trollbox, where you can chat with fellow traders.
The margin trading dashboard looks precisely like the spot trading window. The only difference is the “Margin Account” summary table on the right side of the screen, and your open positions summary below it.
When it comes to the margin lending section, you will find a clear and straightforward interface, too. Currently, Poloniex supports the lending of 16 crypto assets, but more are likely to be supported in the future. Here, you can find the latest markets and loan offers. Alternatively, you can create an offer with your preferred interest rate and conditions, too.
Performing any of these operations is easy, requiring only that the user transfer cryptocurrency from their exchange accounts to either their margin or lending accounts. This is also helped by the clear layout of Poloniex’s screens and pages, which have an uncluttered, white-background design.
Similarly, completion of trades and withdrawals is fairly quick, with the exchange stating that withdrawals will take no more than 24 hours at the very latest. That said, some customers have complained that, during peak trading periods, they can wait a while for a response from customer support.
Even though you can navigate the Poloniex website on your mobile phone browser, you can also use one of the Poloniex apps for either Android or iOS devices.
The apps are convenient for trading on the go, but they do not include all features available on the website just yet. You won’t have access to margin trading, the ability to buy crypto with a bank card or make use of margin lending or the Poloniex IEO platform.
Nevertheless, it’s still a good option for spot trading, managing accounts, creating alerts, and managing your crypto finance whenever you’re away from your computer.
Initial exchange offering (IEO) enthusiasts can also make use of Poloniex LaunchBase, which debuted in May 2020.
Here, you can find some of the latest IEO projects entering the cryptoverse and invest in them from the early stage. Mind that you have to be a verified customer in order to participate in Poloniex’s IEOs.
Poloni DEX is a decentralized version of Poloniex exchange. Although it is a different exchange than Poloniex, the two exchanges are working closely together since the acquisition and relocation of the company to Seychelles.
Poloni DEX was previously called “TRXMarket” and is a TRON-based exchange. The biggest plus is that it does not charge any trading fees (0% per trade), smooth design, and seamless user experience.
However, like most decentralized exchanges at this stage, it does lack liquidity, especially compared with its parent exchange, which makes it more difficult to execute trades on the exchange.
Poloniex customer support is sort of a mixed bag, as many users have complained about how slow it is to respond. Regardless, it is reachable via the following channels:
- Support ticket system via the help center
- Extensive FAQ knowledge base
- Twitter and other social media channels.
Poloniex does not offer phone support and is said to reply within several days. The fastest way to get support is by asking the moderators in the trollbox directly.
Poloniex allows trades only in cryptocurrency so customers have to make crypto deposits and withdrawals. Fortunately, this is simple enough: the Deposit & Withdrawals page gives customers a wallet address for each cryptocurrency they wish to deposit, and it allows them to enter their own external crypto wallet address for any currency they want to withdraw.
Poloniex does not support fiat deposits, but you can buy bitcoin and other cryptocurrencies using your credit or debit card via the exchange’s integration with the crypto payments processor Simplex.
With Simplex, you can purchase between USD 50 – 20,000 per day and up to USD 50,000 per month. The payment processing fees include either USD 10 fee or 3.5% off the total transaction amount (whichever is higher).
Poloniex deposits and withdrawals are processed quickly and without long delays. Poloniex does charge a withdrawal fee per every cryptocurrency, which varies per digital currency.
Poloniex exchange platform had turbulent several years, but it seems that now the exchange is ready to stabilize and win back its user base. The trading platform offers some of the lowest cryptocurrency trading fees on the market, margin trading, margin borrowing, has its decentralized exchange, and the IEO launchpad. Even though its customer service is not the best, it allows you to trade without forced KYC measures, which is a rare positive element in today’s crypto industry.