Are you looking for an app that you can use to trade conveniently? Then Poloniex App is an excellent option for you. This article will review all about the Poloniex exchange app and the platform with in-depth highlights on the pros and cons of using it.
What is Poloniex?
In case you haven’t heard of Poloniex, it is a platform for cryptocurrency exchange. Launched in 2014 by Tristan D’Agosta, the company has its base in the US. The platform enables all users to trade, sell or buy cryptocurrencies. You can choose anything from Bitcoin to Ethereum and less popular crypto coins. It’s a popular choice for affiliate marketers among the many crypto referral programs that exist these days.
Poloniex has gained popularity over the years, and the daily trading volume is close to a hundred million! However, the platform shut down its services for all users from the US in 2019.
Best Poloniex App
Like most other trading platforms, Poloniex also has an app. The platform is generally web-based, but if you don’t want to keep opening the website, you can always manage your account from the mobile app. However, there are certain things you need to know about the Poloniex mobile app. The app is not as exclusive as the website, and there are some limitations. But first, here is what you can do from the app.
Poloniex mobile app lets you trade, buy and sell cryptocurrencies at low fees, just like the website. So it’s perfect for trading on the go. The app helps you trade and manage your account and your funds without logging in to your computer. However, you cannot purchase crypto using a credit or debit card, and access to margin trading is not available. The options for margin lending as well as the Poloniex IEO platform are restricted. So the app is a strip-down version of the platform with limited features. Nonetheless, it still serves you well, and you can use the primary tools that help you trade. To get full access to its tools and features, visiting the website is the best option.
Opening a Poloniex Account through the App
Opening a Poloniex account is simple. There are no lengthy procedures, and it hardly takes a few minutes. All you need is a valid email, and you can instantly sign up. You can either visit the official page or open the android/iOS app and click on the register option. Enter your email, and it will send a verification link to your inbox. Once you click, your account gets activated, and you can start trading right away.
Trading with the Poloniex App
Trading on the Poloniex app is very convenient. The user interface is straightforward and easy for anyone to understand. Once you open the app, it will show you all the available coins once you click on the market option. You can have a look at it and then pick the coin you like. When you click on the selected coin, you are given two options; buy BTC or sell BTC. Depending on what you plan to do, you can click on one of them, and it will lead you to a new page where you can enter the amount you wish to buy or sell BTC.
How To Use the Poloniex App for Deposits and Withdrawals
Depositing and withdrawing from the Poloniex app is a simple process. You can open it on your Android or iOS phone and click on deposit located on the bottom left. It will direct you to a new screen that shows all the available cryptocurrencies. You can choose one and then click on it. It will lead you to the deposit page of the coin. Make sure that you read all instructions carefully before you make a deposit.
For withdrawals, you can follow a similar process. Tap on withdraw and twill show you the list of coins you invested in. You can click on the coin that you want to withdraw, and it will lead you to the withdrawal page. Make sure you enter all details correctly, such as your destination address and the amount.
Languages Available on the Poloniex App
Poloniex app has options for many languages, and it helps users from different parts of the world be a part of the community effortlessly. The app currently supports;
However, it’s worth mentioning that the iOS version of the official app is not available in China due to regulations. But the app is available for download from all other countries.
The change of language slightly differs in the Android and iOS versions. When you register after downloading the app, you are given the option to select the language of your choice. But you can always change it from the settings if you wish to.
Here is how you can navigate through the iOS app if you want to change the preferred language:
- Go to settings
- Tap on general and select language and region
- Select iPhone language and choose the language
For Android, you can follow these steps:
- Select settings
- Tap on system
- Click on languages and select the preferred language
How Safe is Poloniex?
One of the first things people pay attention to about trading online is the safety and security of the platform. Poloniex is a trusted platform, and it has a good record in the crypto space. It has all industry-standard security and encryption technology that protects all the data from the users. For additional security, the platform maintains all the servers in the US.
Currently, Poloniex offers these security and protection features;
- Two-factor authentication
- IP lockouts and email confirmation
- Registry lock
- Protect private information of users through role accounts
- High security against any form of web attacks
- Cold wallets for safer funds
- DoS attack protection
- Cache protection
Fees and Charges on Poloniex
There is a reason why people are attracted to the Poloniex app. Compared to many other trading platforms, the fee structure on Poloniex is one of the best because it is lower than average in the industry. So it opens up more space for users from different financial backgrounds and hence builds its user base.
The maximum amount you can pay is 0.125%, and as you trade more, the fees start to drop.
There are many options for coin wallets on Poloniex. However, it follows a centralized system for all wallets, so you don’t have control over the funds whenever you transfer crypto into your account. Depending on the funds, some are kept in the hot wallets for ease of access during trading. But there is a reason why the funds are centralized.
Security is the topmost priority for Poloniex, and a centralized system ensures that about 90% of the funds are kept safe from any cyber attack. They keep them in cold wallets that are not online, so the funds are secure because thefts occur on all online funds in case of a security breach. Poloniex also has an audit program to monitor all the exchange activities and keep an eye on any suspicious transactions.
The Supported Cryptocurrencies on Poloniex
There are about 110 cryptocurrency options on Poloniex, but they are not absolute. They are not available in some countries that follow a tighter regulation, so you need to know before you start trading. To better understand the available cryptocurrency options, you can visit the website, and it should give you a fair idea of the available options. Generally, you can find almost all the cryptocurrencies in the market, from the least popular to the most popular ones.
Transferring Crypto Funds to Poloniex
For those of you that have crypto funds elsewhere, you can always transfer them to your Poloniex account. There are two options available for you. You can either deposit it on crypto on-chain or purchase Bitcoins using Simplex through your credit card.
Here is how you can transfer your funds to Poloniex with the crypto on-chain option.
- Login to your Poloniex account through the official website
- Click on the deposit option
- Select the crypto you want to transfer to the exchange
- Generate the wallet address (if required, add the payment ID)
- Confirm the transaction and wallet destination
- Click on ‘send.’
For transferring funds out of Poloniex, here are the basic steps to follow.
- Click on the wallet option in your account.
- Then click on withdraw and enter the amount of cryptocurrency you want to transfer
- Enter the wallet address of the destination
- Select and confirm the crypto, and it will transfer all the funds to the preferred destination.
Poloniex Exchange Platform
Looking at the pros and cons is one of the best ways to determine how good an exchange platform is. Poloniex is like any other trading platform with its fair share of advantages and disadvantages, but it’s safe to say that the platform has many benefits, and thus the Poloniex referral program stands as one of the top programs in the cryptosphere.
To begin with, Poloniex offers options for a wide range of cryptocurrencies. You will find almost all the cryptocurrencies available in the trading industry, such as Monero, Ripple, Bitcoin, Steem, etc. Poloniex also deals with smaller cryptocurrencies like Bela and Burst. The user interface is ideal for all types of traders, including beginners, and navigation is easy. There are some fantastic tools that you can use, such as candlestick charts that you can view for five minutes or four hours and zooming them in for better a better view.
The fee structure on Poloniex is by far one of the best for all deposits and withdrawals. You only pay a fee for the blockchain transaction, and that’s it! Most other platforms charge you for withdrawals which is a little unfair, but Poloniex does not operate like that.
Poloniex also stands out in terms of liquidity, specifically altcoin pairing. With this feature, you can minimize the risks, and you can always find a user for trading. You also don’t need to share your personal information, and you can trade anonymously, which is an excellent feature. But if you are looking to trade for large amounts like 2k USD a day, there are some procedures where you will need to give your personal information. The customer service and help are excellent, and you can get assistance anytime through live chats and emails.
However, despite all these fantastic features, Poloniex has its fair share of disadvantages. For instance, you can’t make Fiat trades, and there are some user complaints in terms of the slow customer service. Nonetheless, these are not significant issues and not something you should worry about a lot.
Trading platforms are always at risk, and that is one fact you cannot ignore. Despite all the strict security measures, Poloniex got hacked in 2014. But ever since then, the platform has had no such issues, and it shows that the security levels are doubled after their first experience.
Poloniex app is an excellent option for trading on the go if you have an account on the platform. You can argue that the features are limited, but you can still trade, buy or sell using the app and get timely alerts. The option to trade anonymously is excellent, and you don’t have to fill KYC forms to have an account on the platform.