Today everyone is familiar with the tremendous growth of digital currencies all over the world. And Bitcoin is the reason that paved the new wave of monetary transactions. Ever since its inception, it has made a special place in the hearts of investors and businesses globally. With cryptocurrencies, came more new businesses, tokens, fundraising ways in the market. Also, websites like Cryptoknowmics seem to be the best guide for all crypto enthusiasts. With such growing popularity, there has been a rise in the trend of cryptocurrency memes on social media platforms also. Whenever there is a mention of cryptocurrencies, it is possible to discuss cryptocurrency exchanges. So today, I am going to tell you about the Poloniex exchange. I will mention the facts that you need to be knowing about this latter exchange.
In recent history, the crypto industry has changed very rapidly ever since the inception of Bitcoin on 3rd January 2009. Today, it has become a decade’s old industry. However, it has also led investors to be aware of security threats. Poloniex exchange came around six years back and established itself into the list of top digital currency exchanges. And it is all because of its user-friendly bonding regarding safe transactions.
Introducing Poloniex Exchange
Now, what makes Poloniex a worthy exchange in the crypto world? To know this answer, we must understand it. Poloniex is an exchange where trading of digital assets takes place. This cryptocurrency exchange benefits its users in the transaction of many cryptocurrencies, worldwide. Poloniex exchange is much akin to those exchanges dealing in digital assets trading. The headquarters of all the exchanges are located in several countries.
What Sets Poloniex Apart From Other Competitor Exchanges?
Even though Poloniex exchange is akin to other exchanges in terms of trading of digital currencies, still, there is something that sets it apart from its competitor exchanges. The framework of this crypto exchange is crafted completely based on trading between digital currencies. So in short, users can execute their trading plan in cryptocurrencies only.
If you notice other cryptocurrency exchanges, you will find that these exchanges do not only deal in the trading of cryptocurrencies and their selling and purchases, but they are also open to fiat currencies. But in the case of Poloniex exchange, it is not the same. Trading is done between cryptocurrencies. Other cryptocurrency exchanges enable users the purchase digital currency with fiat or any other type. But when it comes to Poloniex, users must be having one or more number of cryptocurrencies, to be part of the exchange market.
Ever since the inception of Poloniex, constant developments have taken place in the restructuring of its format and designs of this exchange. Now, apart from usual trading operations, Poloniex exchange has also added user support as well as technical analysis. Besides these, more add on features of trading have also been branched out.
If the trading volume of the user is higher for the past 30 days, then he will experience a minimal fee. Various exchanges find the need of utilizing the Maker-Taker model in the financial ecosystem. They aim to boost trading in the specific market.
Financial Crunch, Security & Cybercrime
Poloniex exchange might differ in its trading terms and framework, but like other exchanges, it also aims to ensure its users with full security at the time of doing a transaction. This is one common stand or say objective that Poloniex has taken for its users. But what is that method it applies to ensure security? The answer to this is a cold storage solution. It is where all deposits of customers are kept offline, safely.
But merely finding cold storage as the best solution for storing the deposits of customers is not enough. Poloniex exchange also keeps a vigil eye on the operations all the time ensuring assets security for its users. Amid all the security provisions, Poloniex exchange had still experienced security complaints by the users.
It all happened three years back when a rumor raised a question mark on the Poloniex exchange security matter. It got circulated among the users about the latter exchange is facing bankruptcy. Although tracing the source from where this rumor generated proved much challenging, there came a report stating the experience of a user who became a victim of hacking resulting in the loss of money. It also came true that the user did not get any satisfactory guidance from the exchange support department.
So this is all you need to know about Poloniex exchange. Unlike other cryptocurrency exchanges, Poloniex allows its users to trade or exchange only in digital currencies. Hence they need to be having some quantity of digital assets. This sets it apart from its competitor exchanges. But there is one thing which Poloniex has in common with other exchanges. It is ensuring the security of the transactions for users. And for that, it uses a special technique of cold storage. Other than cryptocurrency exchange, if you want to explore other important topics like the 2020 block talk summit, then go to the Cryptoknowmics site.