In my previous post spotlight on poloniex contest: the legendary crypto asset exchange, I explained the registration process of having an account on Poloniex, if you missed my previous post, then you should take time to read through it. In this post, I will be explaining Poloniex deposit and withdrawal process and will be giving my thoughts and review on it.
Poloniex Deposit and Withdrawal
The major feature of every exchange is the deposit and withdrawal as this is what allows the inflow and outflow of coins, tokens and fiats currencies into the exchange. On Poloniex, the option to deposit coins, withdraw coins, buy with fiat and sell with fiat is available, so for the purpose of this post, I will be taking it one after the other.
Deposit
The deposit feature on Poloniex is associated with crypto assets (coins and tokens). There are 175 coins and tokens currently available for deposit, some tokens are ERC-20, TRC-20, EOS tokens and other tokens from several blockchain as well as coins such as BTC, ETH, TRX, EOS, STEEM and Many more. For this post, I will depositing STEEM and i will be explaining the deposit process. I will be looking at the time it takes and the process taken to deposit.
For beginners, it is important to follow the instructions on the exchange when you want to deposit because sending the wrong coin or token or sending to the wrong address or with a wrong memo may lead to loss of funds. This said, I will start by depositing STEEM.
First, you click on the wallet button which will take you to your exchange wallet page, after which the deposit button is clicked.
After clicking on the deposit button, it should take you to the deposit page where you can now search for the coin or token you want to deposit into the exchange and like I previously stated above that I will be showing the process of deposit with STEEM. When the deposit page pops up, you then search for the coin or token you are interested in depositing, and then you click on the asset to be deposited.
While you click on the coin/token, you are advised to pay attention to the instructions associated with depositing the asset. Also, you are advise to copy address and memo (if required) properly so as to prevent loss of funds. After clicking on steem, it will show the deposit address, the memo as well as give a straightforward instruction on deposit, which you are to follow.
You can see the transaction done on your account by clicking the activity button. This will show deposits, withdrawals and other transactions don on the exchange.
WIthdraw
In the same like as deposit does withdrawal work but in other to withdraw, you should have funds in your wallet else withdrawal will be impossible. In this post, STEEM is what i will be using to illustrate.
While withdrawing, confirm the address and the memo the coin is to be transfered to because sending coin to a wrong address and/or a with a wrong memo can lead to loss of funds as the coin is no longer in the Poloniex wallet.
Buy With Fiat and Sell With Fiat
It is visible that buying cryptocurrency with fiat is relatively new on Poloniex as it the function isn't visible on the mobile application but i hope that in the future, this option will be added into the mobile application
I also tried using the Buy with fiat option on mobile chrome browser and I got a message indicating that the age isn't found. I hope the Poloniex takes this into consideration and work on it ASAP.
I was able to get see how the buy with fiat using PC. When users are buying with fiat, there are different choices of denomination to be picked from. Also, users can buy up to 18 coins ranging from BTC, ETH, TRX, XRP, STR, EOS and so on, to mention a few. Users can buy using their debit or credit Visa or Mastercard card as well as bank transfer. The Buy with Fiat and Sell with Fiat is powered by Simplex, and I have been using simplex for a while now, and I can vouch for it.
In the same way does Sell with Fiat works. the cryptocurrency is transferred to the user's simplex account. The minimum that can be deposited and/or withdrawn is $50 and simplex charges 3.5% or $10 for transaction, depending on which one is greater.
My Experience with Deposit and Withdrawal
The process of depositing cryptocurrency was smooth and it was fast depending on the coin, the number of confirmation and how long the confirmation period takes. For me, not being able to access the buy with fiat and sell with fiat on my mobile device isn't convenient for me as I want to have access to all features with my phone at all times since I can't always go out with a PC.
To Be Continued...
Thanks for taking time to read through my post, I will appreciate your comments and will like to see you sign up to Poloniex if you haven't. In my next post, I will be sharing more about Poloniex.
All Images are screenshot from https://poloniex.com/ except stated otherwise in the post.