Poloniex is a cryptocurrency exchange platform. You can trade your bitcoins with any other cryptocurrencies. With Poloniex, buying and selling cryptocurrencies take seconds.
Why use Poloniex?
If you are planning to buy cryptocurrencies other than Bitcoin and Ethereum, you may want to sign up with Poloniex. They provide a platform where you can trade a lot of cryptocurrencies. With time, they are adding more cryptocurrencies to their list.
You can follow this guide to know how to use Poloniex to buy cryptocurrencies in India.
Even if you are not from India, you can always use Poloniex. It is fast and simple. Conversion happens within seconds.
Best thing about Poloniex
Poloniex allows you to see customized charts. You can easily compare the growth of any cryptocurrencies and buy and sell accordingly. You can compare the price of any cryptocurrency with respect to BTC, ETH, XMR, USDH.
Poloniex Review and Ease:
Ease: 5 Stars
Safety: 4 Stars
Trust: 4.5 Stars
Is Poloniex Safe?
Yes, and No. Buying cryptocurrencies and storing them online always come with risk. It is more like happy 1 lakh INR in your PayTM wallet. People can always hack your account and transfer the money. It is always advised that you enable 2-step authorization. Before doing this, just make sure you copy the code and store it safely with you so that when your mobile gets damaged or lost, you can always access your Poloniex account with the code you have. Print and keep if needed.
Can you trust Poloniex?
If you are worried about Poloniex taking your money and running, though it is theoretically possible but has not happened with anyone yet. So are they reliable? Yes. But, it is always good to be safe. Diversify to other wallets/exchanges and store your money safely.
Best Poloniex alternatives
Before trading coins, you will need to have either BTC or ETH and then trade coins with BTC/ETH. If you do not have BTC or ETH, and looking forward to buy Bitcoins, Coinbase is the best bet (for the US residents). I have also shared a SIGNUP URL which will get you 10USD in your Coinbase wallet when you trade for more than 100USD.
Apart from Coinbase, you can use localbitcoins to buy and sell bitcoins. And then use Changelly to shape from one currency to other.
If you want to directly buy cryptocurrencies in India, you can refer to this article.
Disadvantages of using Poloniex
To be very frank, there is hardly any disadvantage. However, I have faced a weird issue with Poloniex that stopped me from logging in multiple times.
Sometimes, even after logging in, you might see that you have been logged out of your system. When you try to log in again, you may still have the problem. Try using other browsers for some time. Delete caches and log in again to see if your problem has been solved.
Plus, all the altcoins are not listed in Poloniex. However, you can always request Poloniex to include the coin on their exchange.
Can anyone take my money from Poloniex account?
Taking money from someone's account is not easy but chances are always there. It is always recommended to shift your coins that you have purchased to your private wallet from the exchange.
When I tried to shift my coins from Poloniex to some other exchange, I had to first enter the authentication code from my mobile. After which, a mail was sent to me. I now needed to confirm the withdrawal for the process to get completed. Isn't great? So even if the hackers get access to your account, they will need access to your email to get all the coins transferred.
Or, by mistake, even if you send it to a wrong wallet, you will have one more chance to verify it from your email.
Overall, Poloniex is one of the best exchanges to buy altcoins. Give Poloniex a try and let me know your thoughts under comments.
Sign up now: Poloniex Website