[Geko]

Poloniex

https://poloniex.com/

Account creation: yes
ID verification: yes
Internal wallet: yes

Poloniex was founded in 2014, it is one of the world’s leading cryptocurrency exchanges. The exchange offers a secure trading environment with more than 100 different Bitcoin cryptocurrency pairings and advanced tools and data analysis for advanced traders. As one of the most popular trading platforms with the highest trading volumes, users will always be able to close a trade position. Poloniex employs a volume-tiered, maker-taker fee schedule for all trades so fees are different depending on if you are the maker or the taker. For makers, fees range from 0 to 0.15%, depending on the amount traded.

For takers, fees range from 0.10 to 0.25%. There are no fees for withdrawals beyond the transaction fee required by the network. One of the unique tools on the Poloniex platform is the chat box which is constantly filled with user help and just about everything. Any user can write almost anything but inappropriate comments are eventually deleted by moderators. It can sometimes be hard to distinguish the good advice from the bad, but the Chatbox is a great tool that will keep you engaged.

- Pros: fast account creation, feature rich, BTC lending, high volume trading, user-friendly, low trading fees, open API.

- Cons: Slow customer service, no fiat support.

Poloniex might be an option to trade less famous cryptos and ICO as they have a large range of cryptos.

[Geko]

Here an interesting post that I found about Poloniex.

I want to bring something to the communities attention that has been bothering me quite a bit. About a month ago when ALT-coins started their giant rise I was excited to actually be able to profit off of what I perceived as yet another bubble. After seeing poloniex was the spot I transferred about 150 BTC on there and immediately began shorting a variety of coins. I made some decent return and wanted to cash out as I just don't trust exchanges. Poloniex requires you verify your account to be able to withdraw over 2000$ worth of anything from your account. So I submitted the docs and it's been almost a month now and its still under review... This to me is crazy. Upon further investigation I found that several other people have had the same problem. Yet when someone requests an increase with no or little funds in their account the process is almost immediate. I have not been able to get any help with support or by submitting tickets. No one has been able to that went this route of depositing then getting verified later. Yes of course it was a mistake to jump right in like this, but it got me thinking of to as why they are doing this- clearly it is a policy and a conscious decision they are making. Also I witnessed an ETH drop of like like 30% in a matter of minutes and the site literally froze and even from what I understand stop losses and forced liquidations were frozen as well. This could be explained with a bunch of scenarios and I am not here to knock Polo or float conspiracy theories, but rather bring something to peoples attention. The way that Polo and other exchanges operates is EXTREMELY unsafe and causes bubbles of epic proportions to propagate. It's fairly complex and I would like to explain in detail but I would run out of room. I even had to literally quasi map out the flow of BTC and trades to very smart people to get them to understand. Long story short the way the margin and lending markets work on Polo functions as a Franctional Reserve system without even many users knowing it. This explains why the alt coin markets have been so robust and prolonged. Also it explains why Polo needs to keep high net worth BTC holders from pulling large amounts of coins off the system at the same time. There is a finite amount of actual BTC on the site, yet the net worth of the users is much much more than the number of BTC actually being held. It's not even that Polo I believe intended to do this or thinks that what they are doing is fractional reserve lending or a ponzi scheme, but it shakes out in the end this way. Let me give you an example of how this works so you can see with an example. Without margin or a lending market an exchange has the exact amount of coins the users have put on the site minus fees. The markets then decide how many ETH or DASH will be traded for the BTC on the site and the users set a real rate where they trade. Lets say for example ETH is woth .01 BTC and Dash is worth .1 BTC. Several users transfer their bticoins to the site, lets use 100 as the example. 100 people transfer 100 BTC to the site. Then the owners of Dash and ETH transfer 100 BTC worth to the site as well. You have a total net worth of 300 BTC on the site of BTC and Alts. The alt markets begin to rally, the owners of Dash and ETH say sold 25% of their perspective holdings originally netting them 50 BTC leaving the total BTC at 100 still, spread out through the community fairly evenly. However the price has now rallied and say the Dash and ETH is worth now 5x what they originally were. All of these users have placed all their coins into their margin account which is calculated in pure BTC, which would now be the 100 BTC originally invested and 500 BTC worth of DASH and ETH prospectively. For a total of 1100 in collateral vs the original 300 worth of BTC (100 of only actual BTC) The users then can buy even more DASH and ETH which further bid up the price of the alts causing more available credit and more users to cash in their alts for BTC so they can get FIAT. This is all well and good but ultimately these BTC must get withdrawn and sold. The number of BTC available is still only 100 that can be moved on the block chain. What if these coins have been already withdrawn and paid to people who sold the alts? The price still is the same in terms of "net worth" for collateral in BTC but the BTC simply ceases to actually exist. Ultimately the price must crash in this scenario when the exchange needs the BTC to pay out its users when they request it. The danger is that you can transfer BTC from margin to exchange without actually unwinding your paper trade. I think this is why I have not been able to withdraw large amounts of BTC as they are intentionally denying me large access and mind you everyone who has been having these issues appears to be shorting the alt-coin markets. I know this seems crazy and probably is not the proper place for this, but I am really worried about a total implosion that seems inevitable once they run out of BTC to send out. Please think about this!

[Geko]

How to start trading with Poloniex:
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The first thing you will need to do is to open an account at Poloniex. Nothing special about this step.

The next thing you will need to do is to fund your Poloniex’s account. In order to fund your account, you will need coins as Poloniex do not accept cash deposit.

So, you have to purchase some coins with your favourite exchange (Kraken, Coinbase, Lykke…). Once you have purchased some coins (bitcoins or Ethereum) then you can transfer some of them into your Poloniex’s account.

You can start as low as 5$ to make sure it is working fine.


How to transfer coins to Poloniex:
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Log-in your Poloniex’s account and then navigate to Balances > Deposits & Withdrawals.

You will see a list of the various coins available for deposit and withdrawal.

PS: if the boxes “Hide 0 balances” and “Hide delisted” are checked some coins might be hidden.

If you want to deposit some bitcoins for example, then select the Bitcoin line BTC and click on deposit.

The address you will have to use to transfer your coins to your Poloniex’s account will appear (you might have to click on show me the address). If you are new to Poloniex, it might ask you to generate a deposit address.

Select and copy the generated address, and log in the exchange you have funded and go into the menu where you can transfer/send fund and paste the address in the recipient field and proceed.

After a moment, the coins will appear in your Poloniex’s account. Please not that with Bitcoins it might take up to 1 hour or more.

How to withdraw from Poloniex:
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You will have to do the opposite:

First get an address from your favourite exchange (Kraken, Coinbase, Lykke…), and copy it.

Then log-in your Poloniex’s account and select which coin you would like to withdraw and click on withdraw and then paste your address.

Please make sure that your supports the coins you are going to send from Poloniex before to proceed.