[This is a sponsored article with Poloniex.]
Disclaimer: Poloniex is not a registered recognised market operator underneath the digital asset alternate class by the Securities Fee Malaysia, subsequently they don’t have any license to function in Malaysia. This content material is for data functions solely, don’t take this text as monetary recommendation. Earlier than making any key monetary selections, please be certain that you carry out the mandatory due diligence.
When dipping your toes into cryptocurrency buying and selling for the primary time, many crypto veterans suggest choosing the right crypto alternate platform.
There are a selection of issues to contemplate, such because the variety of tradeable cryptocurrencies obtainable, the transactional charges, how safe it’s, and the way user-friendly the platform is.
The age of the crypto alternate platform performs an essential function too, as older platforms are perceived to be extra reliable in comparison with current platforms that had been launched not too way back.
One instance is crypto alternate Poloniex. Listed below are 3 options the platform has that may profit the crypto buying and selling neighborhood.
1. An ever-growing variety of supported currencies
A platform that helps many buying and selling choices supplies extra investing freedom to the customers as they’ll convert them to different up-and-coming currencies rapidly.
Having a mixture of completely different cryptocurrencies in your portfolio is rarely a foul factor, as these currencies had been developed with various functionalities in thoughts.
For instance, whereas Bitcoin (BTC) is especially used for transferring cash, the Ethereum blockchain makes use of Ether (ETH) to pay for fuel charges, that are used to pay for any processes accomplished on the blockchain. These embrace minting non-fungible tokens (NFT), creating good contracts, and extra.
One other instance is the MATIC token used to entry Web3 functions constructed on the Polygon community with a lot decrease charges and quicker than the traditional decentralised functions (dApps).
So, for those who personal BTC however want to mint NFTs or use the Polygon community, you’ll be able to commerce your BTC for ETH or MATIC to make use of these companies.
2. Low buying and selling charges throughout its pricing tiers
One other factor to contemplate is buying and selling charges, that are taken from every transaction you make on the crypto alternate platform.
In 2021, the average trading fee on 30+ crypto exchanges was round 0.18% of the overall transaction, which will be lowered you probably have a a lot larger transaction quantity.
Nevertheless, even with the costliest tier, Poloniex charges 0.155% of the overall transaction, and the charge will be lowered additional with a higher-value transaction or through the use of TRX, the token of the TRON ecosystem.
With decrease transaction charges, you can also make extra frequent trades with out incurring the next value.
3. The choice to forgo KYC necessities for brand new customers
To begin buying and selling on some crypto alternate platforms, they normally make use of the know-your-customer (KYC) coverage, which usually requires the customers to be verified through their Nationwide Registration Id Card (NRIC).
Some platforms like Poloniex are actually beginning to supply non-KYC accounts known as Degree 1 accounts that don’t require any type of identification apart from a registered e mail handle and password.
Customers also can begin their funding journey instantly, as a substitute of ready for his or her identities to be verified earlier than having the ability to commerce.
The account has entry to a number of companies resembling Spot buying and selling, Staking, Futures buying and selling, and shopping for Bitcoin with playing cards, with some limitations.
Word that these Degree 1 accounts additionally include limited functionality although, resembling solely permitting customers to withdraw solely as much as US$10,000 a day, or as much as US$50,000 a day for those who allow 2 factor-authentication (2FA).
To improve your account to Degree 2, you will need to full all of the KYC checks. Your account may have the earlier restrictions lifted, and your most withdrawal per day might be elevated to US$1 million per day.
Utilizing eight years of expertise to date, Poloniex has plans to enhance the crypto alternate platform additional. These enhancements embrace a brand new buying and selling system to reinforce buying and selling pace, price-matching, improved API latency, and safety for a greater funding expertise.
They’ve additionally simply launched Poloniex International Tour which goals to share extra newest information and tendencies within the blockchain business.
They need to run extra campaigns with engaging prizes to reward current and new customers sooner or later too.