Poloniex account replenishment

Poloniex – that cryptocurrency exchangewhich offers spot and futures trading. To start working with the service, you need to deposit money on your balance. To do this, the user must create an account. To register on the exchange site poloniex.com, you need to fill out a form in which you enter: e-mail, password (at least 8 characters, but it is advised to enter a combination of 32 letters and numbers), the invitation code (if available). It is also necessary to agree with the service policies and the processing of personal information.

After sending the form, an e-mail will be sent to the specified e-mail address with a link to confirm the account creation. After logging into the account user will get access to a personal cabinet, where he can conduct financial transactions and use the functionality of the trading terminal.

Cryptocurrency deposit

The “Wallet” tab is available in the Poloniex cabinet. It opens a page with different balances in the system: exchange, futures, lending. Below is a list of “zero balances” with the name of all assets. By clicking on one of them, you can see the balance, the price and the “Deposit” and “Withdraw” buttons on the right.

There is also a “Deposit” button in the upper right corner. After clicking on it, a window opens on the right, where you can select the asset to be deposited. A search line is available, which allows you to quickly find the desired option. After selecting Cryptocurrencies a list of networks through which transactions can be made, or the address and QR code to which you need to transfer funds, will appear. It is important to make sure that the selected asset corresponds to the one you are going to transfer.

Under the address is the number of confirmations needed for the money to arrive in the trader’s account. The speed at which confirmations arrive depends on various factors, including the rate at which the next blocks are mined and the transaction fees. The deposit address is entered into the desktop or mobile third-party wallet. Once funds are credited to the account, information about them will appear in the “Wallet” section of the Poloniex website and will be available for placing orders.

Some cryptocurrencies use a payment identifier (or destination tag). It is needed to identify transactions in wallets that use the same address for all deposits. For some wallets, it is mandatory to enter a payment identifier and destination address. For each currency where this information is needed, there will be fields to enter it in the deposit window.

Buying cryptocurrency with a bank card

Poloniex allows you to buy some assets with a bank card through the Simlex system. The purchase of such assets is available: ATOM, BCH, AVA, BNB, BTC, BSV, BUSD, DAI, DASH, ETH, LTC etc. To take advantage of such an offer, after logging in, go to “Buy Cryptocurrency” in the menu above. In the form that opens, select the currency to be transferred. More than 40 options are available, including USD and EUR. Select the asset and the amount to buy. The commission and the total amount will be calculated automatically and displayed at the bottom. The system will redirect you to the Simplex website to enter your bank card details and complete the purchase.

Simplex charges between $3.5 and $5% or $10 for processing transactions. Simplex charges an additional $0.75% or $10 (whichever is greater). The Poloniex exchange charges another 0.75% for such transactions. Also, some banks may add their own fee to the amount. For first-time users of Simplex, you’ll need to confirm your identity during the transaction process, so a valid ID should be on hand. The transaction process is quick, but it can take anywhere from a couple of minutes to several hours to confirm identity. When the purchase is approved, the assets will be sent to an escrow account on Polonix. Funds will be credited within half an hour under normal network conditions.

Offline transfers

The exchange offers an offline transfer function. It allows you to send funds between Poloniex accounts quickly and free of charge. No fees are charged for such transactions. Due to the fact that transfers are made within the platform, they are instant. This means that another user can transfer you funds from his wallet to yours for free and in seconds. The administration warns that you should not make a transfer to a new purse, within 10 minutes after creating it. In this case, the system may not recognize it as an offline transaction and send it through the blockchain, which will result in a fee.

Replenishment via mobile app

You can deposit funds to your Poloniex account through the mobile application of the service. To do this the user needs:

• Open the application and log in. Tap “Deposit” in the lower left corner or tap the coin to be deposited.
• Click “Deposit.” After going to the page of a particular coin, read the requirements and swipe to the next page to open the address. You can copy, share or see the QR code of the address.

Minimum amounts

For some cryptocurrencies, there is a minimum to deposit. It is displayed when you click on the “Deposit” button for a specific asset. Now the minimum amount is specified for such currencies:

• ETC – 0.49.
• LSK – 1.
• NXT – 3.

If the user deposits less than the minimum amount, it will not be credited to the balance. He will need to make another transaction, topping up his account with the missing amount. Consider also the network commission, which may vary due to network activity and other indicators. The amount to be topped up should include not only the minimum, but also the network’s commission. When buying cryptocurrency through Simplex, the minimum amount is $50 (or the equivalent of that amount). U.S. (or the equivalent of this amount). There is also a maximum amount set for purchases – $20,000. USD per day ($50,000 per month).