Bitstamp fees swallowing
In this article I intend to give three cryptocurrency trading tips that you can implement in your cryptocurrency trading strategy.
A cryptocurrency exchange is a platform that allows you to buy and sell cryptocurrencies. However, there are some distinct differences between some cryptocurrency exchanges that you will need to know. A cryptocurrency exchange that allows you deposit and withdraw fiat straight from your bank account is known as a fiat gateway. By fiat I simply mean currencies such as: In essence, fiat is what you use every day to buy your groceries or pay the bills. Fiat gateways are important because they provide the means for you to actually get your money to a point that enables you to buy and sell cryptocurrencies.
Popular fiat gateways include:. Fiat gateways can often be limited in the number of cryptocurrencies that you can trade with. For example, Coinbase only supports 4 cryptocurrencies: Bitcoin , Ethereum , Litecoin and Bitcoin Cash. Therefore, it is often necessary to use other exchanges that support a wider range of cryptocurrencies.
One downside of needing to move money between multiple exchanges are the fees. It therefore becomes important that you only move your cryptocurrency between exchanges when you need to. Excessive movement of money can easily result in fees eating into a large chunk of your profits. Here is an example illustration of how you can move your money around in order to purchase a particular cryptocurrency:.
Lower network fees and a faster transaction time. For reasons I will not go into now, purchasing and sending ether will result in it arriving quicker and me paying less in fees than if I had used Bitcoin. However, this is not to say that you can use any cryptocurrency as a medium for exchange between cryptocurrency exchanges. It is important that the exchange supports the relevant trading pair.
Social media is an incredibly powerful tool for staying up-to-date with your investments, as well as for finding new ones. The cryptocurrency market is still so small that even a tweet by an influential player can add a few percentage points to a cryptocurrency. Telegram — Similar to WhatsApp, Telegram is a private messaging service that allows you to create and join group chats with thousands of people. Users are only allowed one account, and registering more than one could result in suspension or expulsion from the platform.
Each account, however, offers exchange, trading and lending services. You automatically have access to all three services when you sign up for any of them. The exchange service facilitates the movement of value from one crypto to another. On the other hand, the margin trading service enables you to leverage your cryptos and earn gains from price changes. If you are risk averse but still want to make a profit on the platform, you can put up your cryptocurrencies for others to borrow and trade with.
In exchange, you will receive a guaranteed interest rate. When you engage in margin trading, you essentially have access to the three sections available on Poloniex. You can borrow funds from the lending section to invest through the margin trading section. In the event you want to move your value to another type of crypto, you will need to use the classic exchange section.
It is also through the exchange section that you make deposits. Once your signup is complete this takes less than five minutes you are ready to deposit and start trading. The most differentiating feature from the rest of the trading platforms, however, is the fact that Poloniex offers more risk-averse crypto holders the option of lending out their coins. In addition to the three sections separated according to function, Poloniex also offers three levels of account verification.
You get the first level of verification by providing an email address, your name and country of residence at the signup stage. You can exchange, trade and lend with this level of verification, with the only limitation being how much you can deposit and withdraw daily. If you need to have your daily limits increased, then you will have to apply for level-two verification.
You will do this by providing a physical address, postal address, phone number, date of birth and passport ID. Along with the application, Poloniex requires you to upload an ID photo and a passport photo. You apply for this level by reaching out to support.
The deposit and withdrawal limits Poloniex offers are relatively higher than you will get from accounts on Coinbase, Kraken and Bitstamp.
Since Poloniex accepts only crypto deposits and withdrawals, it is one of the cheapest exchanges to use. Both the person putting up an offer to buy or sell the maker and the person picking and accepting an offer the taker pay transaction fees. Generally a maker pays fewer fees in a transaction than a taker. In both cases, the higher the amount involved in a trade, the lower the fees paid.
Maker and taker fees apply to both the exchange and the trading platform. Lending fees are set by those putting up their funds for borrowing. Since the market is competitive, the lower the interest a lender charges, the more successful they are at having traders taking their offers. Nevertheless, average loan offers on the platform charge at least 0.
Should you like to try something different to Poloniex, the following are the most popular alternative cryptocurrency exchanges:. September 01, by BestBitcoinExchange — 24 Comments. Buy Bitcoin Now Rank. Buy Now Go to eToro eToro. Read More Buy Now. Thank you for submitting your comment for moderation.
Notify of new replies to this comment. I made the mistake of not doing my due diligence on poloniex. I signed up using their exhaustive verification process and never received any confirmations after submitting quite personal information. I also subsequently submitted support ticket regarding the matter with no response as well. Hopefully the information disappeared into the ether, but I remain very suspicious. Thanks for getting in touch, we are beginning to see more and more comments like this, we will re-evaluate soon and see if it stands by this feedback.
Apparently they have stolen my coins. And stolen coins from hundreds of others. I made a deposit to the correct address and nothing has appeared in my account. I have full documentation including screenshots of the entire process and 's of confirmations on the blockchain. The deposit does not show up in my account after several weeks and Poloniex does not even acknowledge support tickets.
I posted the full documentation and have requested updates, but not even a single response from Poloniex. I made a complaint the the Better Business Bureau, but the the BBB says they cannot get in touch with them and it appears that they are out of business. I don't know why the authorities have not shut this down yet. People should be going to prison over this. We are hearing more and more of feedback like this.
Their Bytecoin wallet is faulty at the moment as it's not letting users send Bytecoin to external wallets. Far from ideal, thanks for sharing. Wow, this place has interesting reviews. I'm glad I read these as I will never use Poloniex. There are plenty of alternatives to Poloniex that are very trusted by the community. Has anyone but me had their BTC stolen while using Poloniex and then got no response when desperate for help? It took them 4 months to respond to me and the only reason they did is because I was able to locate the attorney that represents Poloniex.
Of course I was told it was my fault and that they were not responsible. They even went so far as to blame me for logging into a fake Poloniex website. I am going to offer this information on as many forums that I can involving Poloniex and based on your responses I am considering a class action lawsuit. It's not so easy to sweep a group of people under the rug as it one person.
I am prepared to offer up Poloniex attorney information. Just trying to determine my next steps. Who is the attorney that represents them? Eager to get my issues resolved! Need more people on the support. My ticket has 30 days pending. Poloniex are notorious for not answering support questions.
I think they missed the opportunity to reassure the community and bring on more agents. People have left and sought out other exchanges with better customer support response times. I am having difficulty withdrawing my small amount of XRP. The box instructs me to insert a 'Destination Tag.
What is a Destination Tag?. I cannot get a response. I am being ignored. Bad customer service for such a simple question. If huge volumes are the reason for a lack of response, then why not say so!. Otherwise, I fear for my XRP.
I cannot create a ticket at poloniex. I cannot access my email anymore due to a spammer who took over my account so my provider deleted it. I need to ask for changing my email. What the hell is that support. Coinmama and Poloniex are definitely going to maintain their popularity. While Coinmama provides a very easy way for new and old BTC enthusiasts alike to buy more using debit and credit cards, Poloniex keeps the whole world of cryptocurrencies spinning despite their loss of millions of customers because of withdraw issues.