What is Poloniex and How Does It Work?
The Poloniex cryptocurrency trading platform has been in operation since 2014. It is now one of the most popular platforms with a similar focus. The system was established in San Francisco, California, and initially targeted Americans. Users from all over the world began flocking to Bitcoin, which showed a rapid increase in trade volumes, broad functionality, and numerous benefits. Tristan D'agosta is the founder of the exchange, and his life story remains relatively unknown.
The number of users on the Poloniex exchange continues to rise today. It's simple to learn and opens up a lot of possibilities for traders.
The NASDAQ was originally created to trade only in the American financial market, but after it grew in popularity, it was decided to expand its global reach and allow users from all over the world access.
In 2018, Tristan sold his Poloniex exchange to Circle for $400 million. It was said that the sale avoided the SEC's Poloniex Exchange prosecution for non-compliance. In exchange for Poloniex agreeing to become a lawful and registered business under all US laws, the SEC agreed not to take any action against the site's prior activities.
The new owners of the Poloniex exchange said that they intend to grow this business, adding new tokens to the listing and integrating support for fiat currencies. At the moment, Poloniex does not support working with fiat currencies.
Poloniex, Inc. is a Delaware corporation with legal registration in the United States (Wilmington, DE) and is bound by its rules and regulations. The exchange is required to collect personal information, as well as information on computer passwords, computers, IP addresses, user cookies, and other technical details in order to improve the service; track customer actions' accuracy; assist clients with difficulties; prevent fraudulent or suspicious behaviors that are against the laws of the country where the business is incorporated. The exchange promises to share information about its clients with third parties (partners, subcontractors, and law enforcement agencies). More information may be found in the "Privacy Policy" section of the Poloniex exchange website.
Poloniex is a cryptocurrency exchange based in the United States that provides trading services to customers all around the world.
Residents of China, Germany, Pakistan, and Vietnam are unable to use Poloniex. Citizens of these countries who live in an approved nation can go ahead with the registration procedure if they so wish. Residents of Washington state (WA), New York (NY), and New Hampshire (NH) are not eligible for service at Poloniex.
Poloniex Features
The expanded possibilities for cryptocurrency trading, safe and lucrative cryptocurrency exchange, and lending are one of the platform's benefits. At the same time, about 90% of the exchange participants are interested in trading and currency exchange choices.
The Polonix website provides a user-friendly functional trading terminal for users looking to trade cryptocurrencies with ease. In the job, you may display exchange rates with the option of altering the time period and adding your own markers, utilize a variety of settings, oscillators, indicators (detailed reviews of indicators here) and filters (ORDER BY ), as well as convenient forms for applications for purchasing and selling currencies. Effective trading will be aided by powerful analytics (cryptocurrency market price for the previous day, trade history).
The platform is also appealing since traders are allowed to trade in a plethora of digital currencies, with over 120 options available. On the exchange, you will find Bitcoin, Ethereum, Zcash, Dash, Ripple, Litecoin, MaidSafeCoin, Factom, Clams and Dogecoin among other cryptocurrencies. Users of the exchange may have a multi-currency personal wallet opened for them when they sign up.
Poloniex API
Poloniex offers both HTTP and WebSocket endpoints for interacting with the exchange. Both APIs allow read access to public market data as well as private reading of your account data. The private HTTP API enables you to create, modify, or delete your accounts.
Customer service
Support is available by email, a feedback form on the website, and through chat. The exchange has recently ended chat support, claiming a lack of personnel to help. You can get assistance by filling out the contact form on the website. You may also use the search bar on that same page to discover the answer to your question.
Customer service
For assistance, you may send an e-mail, fill out a feedback form on the website or use live chat. The exchange recently closed the conversation because it didn't have enough staff to support it. You can get help by filling out a support request on the website's contact page. On the same page, you may use the search bar to get the answer to a query you're thinking about.
Positive and negative comments about traders regarding the resource are readily available on the Internet, but it's impossible to know if there are more positive or negative comments. The platform's reliability and reputation, as well as profitable trade, usefulness, and ease of use are among the good features mentioned. In 2014, the exchange was hacked, and users were reimbursed for their losses. This is not a fraudster but rather a serious business, as evidenced by its reaction to the hacking in 2014 and return of funds to customers. Users, on the other hand, have frequently complained about the firm. Poloniex's customer support is excruciatingly sluggish. The same may be said about the withdrawal procedure.
Is Poloniex Safe?
There's no sense in putting money into a blockchain exchange that doesn't have adequate security measures. If you can't keep your account secure with something other than a strong password, you might lose your money. Let's see if Poloniex is a secure service.
Poloniex is a FinCEN-regulated cryptocurrency exchange based in the United States. Poloniex cannot be considered a fraudulent organization because it is regulated by FinCEN. It upholds high security standards set forth by the legislation that demands Poloniex to safeguard client accounts at a reasonable level of security. The Information Commissioner's Office is another entity that sets the exchange's security standards.
There are a lot of security measures available on the Poloniex exchange and for customers. The platform's anti-DDoS defenses, for example, are crucial in avoiding downtime and platform closures. The exchange has anti-spam and anti-bot measures in place. The signature encryption of the exchange cache is secure. Most of the users' money is kept offline. So, if hackers break into the company's servers, they will not be able to steal a large number of users' funds. The domain name is registered with the registry lock, so no one can change it without your permission. The exchange's operations are monitored. If a transaction appears to be unusual, Poloniex prevents it.
On Poloniex, 2-factor authentication (or simply 2fa) may be used to secure your assets and data. Unwanted visitors' chances of gaining access to your account are significantly reduced via this security measure. 2FA (two-factor authentication) is a security feature that requires a user to enter a one-time password before anyone can access their account, withdraw money, or make significant changes to the account's settings. Because this password is generated on your mobile device, you should have little doubt that your data and money will be secure.
You can check the session log history to make sure your account wasn't hacked. You may quickly kill all sessions in one click if you discover unauthorized activity. In addition, you may enable email confirmations to add an extra authorization level. If you follow this procedure, several actions on your account will need your approval via confirmation links in the emails. The IP blacklist and whitelist can be used to restrict the IP addresses that may access your account. This can make the account considerably more secure.
Today, we consider Poloniex to be a secure platform, but in March 2014, the exchange was assaulted by a severe hacker. approximately 12% of bitcoins stored on the platform were stolen. The firm then increased fees to reimburse affected users for their losses.
One of Poloniex's greatest assets is its ability to solve security and dependability concerns on the website. The good news is that this mistake has been acknowledged. The exchange is well-known, with enormous amounts of transactions and revenue — this can't go unnoticed by fraudsters looking to profit off of people's carelessness. Despite the fact that Polonix is promoting and enhancing the level of security in trading, it is also expanding. Traders are advised to go through two-factor registration, as well as managers can request papers demonstrating the user's identity.
Conclusion
Poloniex is not a scam at the moment since it honorably and honestly fulfills its obligations to traders, paying them funds on time, monitoring the correct functioning of payment systems, and ensuring safe work conditions. After hacking, traders are more likely to praise the firm. When an exchange pays out funds from its budget in response to a hack, traders are more pleased with it.
Is Poloniex, on the other hand, a fraud? The answer is no, since the company enjoys first place in such rankings in terms of resources, leads in the number of regular consumers and funds turnover, and provides traders with an inviting and lucrative environment. Anyone who is even somewhat familiar with cryptocurrencies will be able to figure out how to trade on Poloniex. The exchange is designed for both novice and seasoned traders. Each user is eligible for favorable trading terms. Due to the high degree of protection, you won't have to worry about your own money or pay attention to the bidding process. And here, the platform offers aids - informative charts that display minimal price changes. All you have to do is personalize them for yourself by defining your parameters of interest.
Because Poloniex opens the most extensive possibilities for its users, it is extremely popular. This is evidenced by continued growth in trading volumes, as well as an increase in the number of active users on a regular basis.
It's not necessary to spend a lot of time researching how to generate money on Poloniex. There are many alternatives here as well.
The new token sale system may be confusing to some users, for example, the lack of fiat currency support and poor technical assistance. However, these nuances should not be characterized as drawbacks; rather, they are inherent characteristics of a certain site because in many cases things operate the same way.