Many cryptocurrency exchanges have emerged over the years because of the huge influx of crypto traders in the digital finance ecosystem.
However, with increasing platforms comes an increasing fear of scammers or hackers. You would want to keep your deposits safe and also want a platform that makes it easier for you to do so.
One such platform that has been satisfying customers with its easy trading option and deposits process.
Poloniex was founded in 2014 by Tristan D’Agosta and is currently based in California. The crypto platform is one of the largest crypto exchanges by volume in the world and continues to gather massive traders through the low Poloniex trading fees and huge cryptocurrency assets.
It gives freedom to the traders to make deposits and withdrawals anytime they like with a fast Poloniex deposit time. You can simply open a Poloniex account, deposit some crypto and start trading ASAP! The whole process won’t take you more than a couple of minutes.
So how do you access this large wealth of crypto-assets through your Poloniex account? By simply making a Poloniex minimum deposit, you can start using your margin account, gain access to exciting Poloniex offers, and futures trading with the click of a button. If you want to know everything about Poloniex deposits, then keep reading this or check out our full Poloniex review.
How To Deposit Funds Into Poloniex
The depositing process in Poloniex is very simple and only requires a few steps. There are two ways to fund your Poloniex crypto exchange account- deposit crypto on-chain or buy crypto with fiat using Simplex.
If you wish to make a crypto on-chain deposit, then follow the steps below.
Poloniex Deposits On Desktop
- Log in to Poloniex using your account E-mail and password
- On the home page, go to the “balance” option on the top right-hand navigation menu. Click on it and choose “deposits & withdrawals.”
- The page will show the list of all cryptocurrency assets on the platform. You can choose the filter option to filter out the assets that aren’t available in your account. Just click on the “hide 0 balances,” and you will get the list of only the crypto assets you own.
- The page will give you a full view of a particular coin, your total balance of that coin, its BTC value, your current orders, and an option to either withdraw or deposit that coin.
- To deposit a particular coin, you can type the name of the coin in the search box on the right-hand side. If you choose Bitcoin (BTC), then you will get all the details about BTC, then you can click on the “deposit” option. Then you will see your Bitcoin deposit address on the screen.
- You can choose to either copy the deposit address or paste it into the exchange wallet. Another option available is to view your QR code. Click on the “Scan QR code.” Your QR code will appear, which you can scan using your mobile or the device where you have your wallet.
- It is always recommended to use the QR code for making deposits because that ensures the security and efficiency of the process.
Tips to remember:
The most common deposit mistake most Poloniex users make is sending coins to the wrong or incompatible deposit address. For example, you must deposit BTC only to a Bitcoin deposit address and not any other coin address like Ethereum.
If you make a mistake, then you risk losing your funds permanently, and there’ll be nothing that Poloniex can do to save you. Therefore always double-check your deposit address before making a deposit.
Poloniex Deposits On Mobile
Follow the steps below to make deposits on Poloniex through the app.
- Open the Poloniex mobile app on your device and click on “Deposits,” located on the top left menu bar.
- You will now see the list of coins available on the platform. Search for the coin you wish to deposit by entering the name of the search box.
- Select the coin, and you will be directed to the coin’s deposit page. Read the information on the page and move on to the next step to view your coin’s deposit address.
- You can either copy the coin’s deposit address or view the QR code and scan it directly using another device that has your exchange wallet.
Depending on the type of coin your choose, it may have two to three ways to make a deposit. For example, there are three ways to deposit USDT using the BSC, Ethereum, or Tron networks. You can choose a network depending on whichever you think is faster or will incur lower deposit fees. Every network will have a different address.
Funding Your Poloniex Account With Fiat
For those of you who wish to fund your account using fiat currency, follow the steps below.
- Login to your Poloniex account and click on “Buy Crypto” from the top menu bar on the left.
- Select the denomination you wish to buy your crypto in. You can choose from popular currencies such as USD, EUR, AUD, ARD, ARS, and more. If your country’s currency is not mentioned, then you will have to choose any of the currencies you are comfortable with making the purchase. However, you may have to pay an international user charge from your bank.
- Select the asset you want to buy. Currently, the platform supports only a few currencies when you want to buy using fiat. You can choose from cryptos such as AVA, ATOM, BTC, USDT, and a few more, but Poloniex plans on adding more cryptos in the future.
- Enter the asset amount you wish to purchase. When you buy crypto, there are Poloniex deposit minimum fees and maximum fees, which you must meet to make the purchase. You will get a view of other fees applicable on your deposit and the total charge, including all fees. Then click on “buy crypto.”
- The payment process is done through Simplex.com. So you will be redirected to Simplex, where you’ll have to input your card details to complete the purchase. If you are an account member in Simplex, then you may need to verify your identity, so it is recommended to keep a valid ID ready when making the purchase.
Poloniex Deposit FAQs
Click on “Deposit” on the app or “Deposit & withdrawal” on the desktop site. Search for BTC and click on “Deposit,” copy the “Bitcoin deposit address,” and complete the deposit.
Click on the “wallet” icon on the app> choose “deposit” > select “USD currency” and make the deposit.
A pending deposit means the system is still processing your deposit and may take some time. If it shows pending for more than 12 hours, then contact the customer support team regarding your deposit.
Poloniex has evolved over the years to make its user- interface efficient and safe. Making deposits in Poloniex is easy and won’t take longer than 4 hours. You can immediately start trading once an asset is deposited in your account.