Exchange trading is a fairly common practice in the financial world, and since the first online exchanges began to appear, it has gradually moved almost completely to the Internet. The essence of trading and exchange trading is that people are professionally engaged in studying the patterns of changes in the exchange rates of various currencies. They make money by buying and selling currencies at different rates at different times.
Exactly the same principle applies to cryptocurrency exchanges. They appeared relatively recently, but they began to gain popularity very quickly and turn from local resources into large global platforms with a multibillion-dollar turnover. One of the most popular and in demand today is the Poloniex exchange.
A little about crypto exchanges in general
The world's first cryptocurrency - bitcoin - appeared in 2009. It did not cause much excitement then, so for the first few years no one was interested in this technology. Over time, the capitalization of the network began to grow at an incredible pace, new cryptocurrencies began to appear, and in order to ensure a convenient circulation of all these funds, cryptocurrency exchanges began to be created.
BCompared to conventional exchanges, the lifespan of even the largest cryptocurrency exchanges today is negligible. This is manifested in the fact that many of them are extremely unstable and cannot provide the proper level of security and reliability. New exchanges are blocked every day, they freeze user accounts, do not allow withdrawals, and so on. To avoid all this, you need to choose from the largest exchanges, which guarantee the safety of funds and the safety of trading as much as possible. One of them is Poloniex.
How did the Poloniex exchange come about?
Despite the fact that Japan is the official homeland of cryptocurrencies, a very large number of exchanges, exchangers and major market players are in the American market. The Poloniex exchange was founded in America in 2014. This project was carried out by a team of experienced developers who took very seriously the creation of the most convenient and safe resource for trading cryptocurrencies.
The result is impressive. The exchange almost immediately gained immense popularity due to the high stability of work and some undeniable advantages that are worth talking about in more detail.
User reviews and benefits of the exchange
If you pay attention to the reviews, Poloniex can rightfully be considered the exchange with the most loyal user base. This is due to the large number of advantages that provide the highest level of trading comfort.
One of the main advantages of the exchange is the declining commission. This is probablythe most significant factor for large investors. It implies that the larger the amount of the transaction between users, the smaller the commission will be. Poloniex's biggest commission is 0.25%, which isn't a lot in itself. However, this rate gradually decreases as the amount of the transaction increases and can eventually reach 0.05%.
As a second advantage, a very large variety of different currencies can be noted. The exchange supports almost all more or less large tokens today, so it is very convenient to use it to track the rate and prospects of young cryptocurrencies.
Certainly, one of the main reasons why reviews of Poloniex are predominantly positive is the high level of security. The exchange has two-factor authentication, which allows you to provide an almost 100% guarantee of the safety of user data. As for protection against hacker attacks and DDoS, everything is also quite stable here. For all the time of work, there was not a single case when hackers could somehow seriously harm the exchange and its users.
Margin trading
This item should be discussed separately, as it is not so much an advantage as a feature of working on the stock exchange. Margin trading means that users can exchange loans with certain interest rates among themselves. That is, any user can both give a loan, which will help him earn money in the future, and apply for it if he finds a suitable offer.
The margin trading system is quite simple and transparent, you only need to figure it out once. Reviews about Poloniex most often say that this form of cooperation between users is very convenient and useful, which means that you can safely use it if necessary.
How to use the exchange?
First of all, it is worth noting that the Poloniex cryptocurrency exchange does not function in Russian. This means that for correct operation, the user will need at least a minimum knowledge of English. In fact, it is not necessary to be able to speak it, it is enough to know some of the terms that are often used in the trading process. If everything is in order, you can start registering Poloniex accounts.
Create an account
In order to start working on the exchange, the user will need to enter some personal data. The first page asks you to enter your work email address and create a password. Then a special confirmation letter will be sent to the mailbox. After the account is confirmed, you can enter it from the start page using your username and password.
This completes the account creation process, however, in order to gain access to trading directly, you will need to go through the verification process. At the first stage, when a person is just beginning to understand how to use Poloniex, it will be enough to enter the full name, city and other data that people usually fill out in various forms. This will allow you to access trading in small amounts, which are enough for personal purposes.
If a person needs access to trade with more serious amounts, the verification process will be a little more complicated. You will need an identity card, most often it is a passport that is requested, and a photograph of a person with this certificate. Passing this level of verification is not too difficult, and it is definitely worth doing for those who intend to seriously get into exchange trading. You can not worry about the safety of your personal data, as the exchange provides a sufficiently high level of security and confidentiality.
Trading
The site interface is quite simple and intuitive, although it is impossible to use the Poloniex cryptocurrency exchange in Russian. Most of the screen of the main page is occupied by the course chart of the selected pair. To the right of the graph, a complete list of available currencies is presented, so the user can always select the one he needs and see the graph of its rate.
Using this field, traders determine patterns in changes in cryptocurrency rates and monitor the dynamics in relation to certain pairs. This information helps to draw a conclusion about which currency is the most promising, and which one is better to sell before it falls in price.
Under the chart there are fields with the help of which the purchase and sale takes place directly. Here, the interaction mechanism is quite simple: the user chooses how much cryptocurrency he wantsbuy right now and carry out the transaction at the best offer. The table, which is located on the left under the exchange fields, just contains information about the most advantageous offers at a given time.
The table on the right, on the contrary, shows the demand for the currency pair that is currently selected by the user. It is necessary if a person wants not to buy, but to sell a certain amount of cryptocurrency. Then he enters the desired sale amount in the appropriate field, focusing on the current demand in the table on the right, and his offer appears in the table on the left. If the moment comes when this offer becomes the most profitable, the transaction is carried out.
In conclusion
That was all the basic information you need to start trading on the stock exchange. As already mentioned, the reviews of Poloniex are quite positive, because it is certainly a great option for both experienced and novice participants in the world of cryptocurrencies.
