The trading site works only with cryptocurrencies and does not accept FIAT e. In this article we will introduce Poloniex, the main components of the site, the trading process on it and everything you need to know to take advantage of the features it has to offer:.
Sign up is relatively easy with your name, country and email address. Providing only this information can be attractive for users who would like to remain anonymous. However, to be able to withdraw large amounts you need to provide more information. You cannot use USD for deposits and withdrawals.
For Level 2 verification you need to provide address, phone number, date of birth, passport id, scan of photo ID and picture of yourself holding Photo ID. There is no minimum deposit amount for BTC but some cryptocurrencies have minimum amounts. Poloniex does not offer a demo mode , as such it can be risky for beginners as they will need to try the platform with real money.
On the left side you can see basic graph without advanced analysis options which is not the best option for advanced traders. Poloniex is probably the exchange which supports the most trading pairs. There is no mobile app provided by Poloniex nor they offer integration with MetaTrader.
They do have a mobile friendly version of the web site however. A new page listing all the supported cryptocurrencies will show up, you can filter it by removing empty wallets or use the search box to the right to find the currency you want to deposit.
Anything you send to that address will reflect in your balance in a matter of minutes maybe hours for newer coins with smaller networks , if not, just get in touch with customer support and ask for help. If you pass the mouse over the graphs, you will be presented statistics about the currently displayed pair for the selected date.
You can as well customize the charts, by picking a different date range, candlestick frequency and the lines to include. The level of personalization is not as high as it could be, but it is certainly enough for most traders. Order types are limited to limit orders and stop-limit orders. Professional traders are missing advanced order types on this platform. The trading interface is found below the charts, in the exchange page, accessible via the top menu.
Scrolling further down, you find the list of orders currently open, market depth and then, your own active orders. Finally, there is a table with trading history.
By default it lists global trades, but with a single click you can switch the tab and browse your personal activity. In the end of Poloniex removed margin trading for traders from the US.
The reason is that in the United States there are too many different jurisdictions from state to state, so to make sure that they comply with regulatory requirements in every region they decided to generally remove margin and lending products for US Americans.
Margin trading is possible with 2. Margin trading is not limited by verification level, however not all cryptocurrency pairs are available for margin trading. There is a nice opportunity for customers with unused funds to earn interest by using the lending function. Poloniex is strongly criticized on the net for problematic withdrawals and extremely slow customer support.
Market manipulation is also claimed by some, which say that the platform has behaved suspiciously during major events, such as the DAO hack. On March 4th, , about However after the hack Poloniex has repaid lost funds to the customers. General opinion is that customer support is not at the necessary level for such an exchange. Customer support link forwards to FAQ page which has relatively little information.
If you want to contact support you need to create another account for the support center and set another password, which is rather annoying. After that you can submit a ticket. Sometimes users can wait days or even weeks in order to get an answer to the support tickets. If you click in the order field and type in a number, it happens that it feels like hours until this number actually appears in the field.
Or you want to scroll down the site and nothing happens for another hours. This is really bad for a trading platform where it sometimes has to go quickly. Such a slow performance is a no-go for a trading platform. Poloniex is certainly not for beginners. You need to already have cryptocurrency to start trading on Poloniex. Current Top Broker Deals:. Main Features Trading : "Real "crypto trading actual crypto purchase. Order Types : limit buy order limit sell order stop-limit buy order stop-limit sell order.
Security Measures : 2-factor authentication; No more details, but it's said to be excellent since the small hack in Pros: many altcoins tradable margin trading altcoins high liquidity Cons: tends to load slowly compared to others no advanced order types pump and dump culture poor support has been hacked in
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Bitcoin How to Trade. In the previous posts I wrote about possible Bitcoin's downward movement. Now we can see that the market falls ti we have to be ready to catch price reversal and open new long positions on proper levels. The support zone trace by SMA, They can give good bullish signals soon. If the price bounces from the support zone and RSI confirms price reversal, we'll be able to open new buy positions.
One of the most reliable tools in my cryptocurrency investing toolbox is lending on the Poloniex exchange. It's the old-faithful, slow-but-steady, go-to champion of my passive investment strategies. And it's an answer to the age old question: if you have a large amount of Bitcoin or some other cryptocurrency lying around, what can you do with it? Make more of it, of course! But everyone has their own preferences. Other exchanges support lending as well, and the general principles discussed here apply equally well to each of them, though the nitty gritty of the UI aspects will differ. There are two types of trades you can do on Poloniex: you can go long buy low sell high and you can go short sell high buy low. Whenever someone borrows money to open a short position, it's called trading on margin. Note that it's also possible to go long on margin by borrowing Bitcoin.
Bitcoin How to Trade. In the previous posts I wrote about possible Bitcoin's downward movement. Now we can see that the market falls and we have to be ready to catch price reversal and open new long positions on proper levels.
The support zone formed by SMA, They can give good bullish signals soon. If the price bounces from the support zone and RSI confirms price reversal, we'll be able to open new buy positions. Estimated entry level will be above the high of the signal candle. Probably this price reversal will be the basis yow further upward movement to But if the price breaks this support zone we should be ready to see the market falling to Price action at If the market bounces, we'll tradde a new buy signal.
If the market drops below Let's follow the price and trade polonisx on the clear trading signals. Post Comment. Looking to buy large amount of BTC, should i wait or go for it? BuiSinam z1tn. Pkloniex is just my opinion; make your research safely!! But it retraced back to !! The Is a strong support area!! But looking at it I'm on the bullish side!! I know lots of people are polobiex the drop loud and clear!! Toni7 z1tn. Be sure to manage your risks!
Good luck. Jmanfoulds personemail. Can you discuss in an ICO? For Business. Made. From the creators of MultiCharts. Got it.
How to Make Money Fast Trading Crypto Coins on Poloniex
On the left side you can see basic graph without advanced analysis options pokoniex is not the best option for advanced traders. Now that you have read every single possible advantage and disadvantage, what do you think about Poloniex? This means that the exchange must make sure that they make every effort to keep customer funds safe, as well as make sure they keep crime away. Margin trading is not limited by verification level, however not all cryptocurrency pairs are available for margin trading. Professional traders are missing advanced order types on this platform. After that you can submit a in. The hacker found a bug in the Poloniex system, where he discovered that if how to trade bitcoin on poloniex processed lots of withdrawals how to trade bitcoin on poloniex the same time, you could withdraw more than your actual balance. They make their money by charging a fee on everyday trade that is made through their platform, which both the buyer and seller must pay. Although I briefly mentioned the trading fees earlier, I thought it would be a good idea to show you the structure in more. As you will trzde from the above pricing chart, the maximum amount you will pay is 0. By default it lists global trades, but with a single click you can switch the tab and browse your personal activity. The fact that Poloniex is based in the U. Success, you have subscribed successfully! Current Top Broker Deals:. How link you entrust any service provider with your money, that does not care about his customers, or customer service?