With over 350 cryptocurrencies available on Poloniex, here are 3 features it brings to the scene

[This is a sponsored article with Poloniex.]

When you first dip your toes into cryptocurrency trading, many crypto veterans recommend choosing the right crypto exchange.

There are a number of things to consider, such as the number of tradable cryptocurrencies available, transaction fees, security, and platform usability.

The age of the crypto exchange platform also plays an important role, as older platforms are perceived to be more reliable compared to existing platforms that were launched not so long ago.

That being said, Poloniex, an eight-year-old crypto exchange, is now officially available in Malaysia. Here are 4 platform features that could benefit the local crypto trading community.

Warning: This content is for informational purposes only, do not consider this article as financial advice. Before making key financial decisions, be sure to perform the necessary due diligence.

1. An ever-increasing number of supported currencies

Image credit: Poloniex

A platform that supports numerous trading options gives users more investment freedom as they can quickly convert to other emerging currencies.

Having a mix of different cryptocurrencies in your wallet is never a bad thing, as these currencies were developed with different features in mind.

For example, while Bitcoin (BTC) is primarily used to transfer money, the Ethereum blockchain uses Ether (ETH) to pay gas fees, which are used to pay for all processes performed on the blockchain. These include minting non-fungible tokens (NFTs), creating smart contracts, and more.

Another example is the MATIC token used to access Web3 applications built on the Polygon network with much lower fees and faster than conventional decentralized applications (dApps).

So if you own BTC but want to create NFTs or use the Polygon network, you can quickly and easily exchange your BTC for ETH or MATIC to use these services.

2. Low trading fees on all its pricing tiers

Another thing to consider is trading fees, which are taken from every trade you make on the crypto exchange platform.

In 2021, the average trading fee on over 30 crypto exchanges was around 0.18% of the total transaction, which can be reduced if you have a much higher transaction amount.

However, even with the most expensive tier, Poloniex charges 0.155% of the total transaction, and the fees can be further reduced with a higher value transaction or by using TRX, the token of the TRON ecosystem.

With lower transaction fees, you can transact more frequently without worrying about the impact of fees.

3. The ability to waive KYC requirements for new users

To start trading on some cryptocurrency exchanges, they typically use the know-your-customer (KYC) policy, which typically requires users to be verified through their national registration ID card ( NRIC).

Some platforms like Poloniex are now starting to offer non-KYC accounts called Tier 1 accounts that do not require any form of identification other than a registered email address and password. This makes the investment onboarding process less daunting and faster.

Malaysians can also begin their investment journey immediately, instead of waiting for their identity to be verified before they can trade.

The account has access to several services such as spot trading, staking, futures trading, and buying Bitcoin with cards, with certain limitations.

Note that these Tier 1 accounts also come with limited features, such as only allowing users to withdraw up to $10,000 per day, or up to $50,000 per day if you enable authentication 2-factor (2FA).

To upgrade your account to Tier 2, you must complete all KYC verifications. Your account will see the previous restrictions lifted and your maximum withdrawal per day will be increased to US$1 million per day.

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With eight years of experience to date, Poloniex plans to further improve the crypto exchange platform. These improvements include a new trading system to improve trading speed, price matching, improved API latency, and security for a better investing experience.

They have also just launched Poloniex Global Tour which has established footprints in Malaysia as their first resort. This event aims to share the latest news and trends in the blockchain industry.

Blockchain Malaysia Review which was recently hosted by Poloniex / Image Credit: Poloniex

They want to launch more campaigns with attractive prizes to reward existing and new users in the future as well.

Malaysians who are new to trading or are already into crypto investing can try Poloniex, which can be downloaded through the Google Play Store or Apple App Store.

  • Learn more about Poloniex here.
  • Learn more about the Poloniex Trading Fee Schedule here.


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