Review on Poloniex by Tran Dung

Poloniex was founded in 2014 as a US based digital asset exchange. Currently headquartered in Wilmington, Delaware the company allows traders to trade multiple cryptocurrency pairs. To keep hackers out, Poloniex has invested in security systems that not only protects customers’ funds but their digital assets too. Poloniex has an interface which is simple, sleek and convenient to use. The platform places all relevant charts and graphs on one page in a single view. All Major components that a trader needs, such as historic price, order books, market depth, trade history etc. are in an organized column for easy analysis and quick decision making. At the moment, a vast majority of customer deposits are stored in air gapped cold storage. The facility is always offline and comes online to facilitate active trading. This helps minimize risks. Poloniex has also invested in a state of the art audit program that monitors the cryptocurrency exchange 24/7. Its purpose is simple – to report and block suspicious activity. Apart from setting up a strong alphanumeric password, Poloniex offers Two-factor authentication. This is a two-step verification system where users need to identify themselves using a combination of different components. Once you set up your two-factor authentication, enter your password and the passcode sent to your phone every time you sign in. The passcodes are uniquely generated for individual accounts. As a result, your account will be protected with two layers of security. Poloniex has revised its fee schedule with the goal of encouraging liquidity and tighter spreads. As a result, they have developed a volume tiered maker-taker fee schedule. During trading, two parties are involved – maker and taker.