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

[This is a sponsored article with Poloniex.]

When dipping your toes into cryptocurrency trading for the first time, many crypto veterans recommend picking the right crypto exchange platform.

There are a number of things to consider, such as the number of tradeable cryptocurrencies available, the transactional fees, how secure it is, and how user-friendly the platform is.

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

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

Disclaimer: This content is for information purposes only, do not take this article as financial advice. Before making any key financial decisions, please ensure that you perform the necessary due diligence.

1. An ever-growing number of supported currencies

A platform that supports many trading options provides more investing freedom to the users as they can convert them to other up and coming currencies quickly.

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

For example, while Bitcoin (BTC) is mainly used for transferring money, the Ethereum blockchain uses Ether (ETH) to pay for gas fees, which are used to pay for any processes done on the blockchain. These include minting non-fungible tokens (NFT), 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 the conventional decentralised applications (dApps).

So, if you own BTC but would like to mint NFTs or use the Polygon network, you can quickly and easily trade your BTC for ETH or MATIC to use those services.

2. Low trading fees across its pricing tiers

Another thing to consider is trading fees, which are taken from each transaction you make on the cryptoexchange platform.

In 2021, the average trading fee on 30+ crypto exchanges was around 0.18% of the total transaction, which can be lowered 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 fee can be lowered further with a higher-value transaction or by using TRX, the token of the TRON ecosystem.

With lower transaction fees, you can make more frequent trades without worrying about the impact of the fees.

3. The option to forgo KYC requirements for new users

To start trading on some cryptoexchange platforms, they usually employ the know-your-customer (KYC) policy, which generally requires the users to be verified via their National Registration Identity Card (NRIC).

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

Malaysians can also start their investment journey immediately, instead of waiting for their identities to be verified before being able to trade.

The account has access to several services such as Spot trading, Staking, Futures trading, and buying Bitcoin with cards, with some limitations.

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

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

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Using eight years of experience thus far, Poloniex has plans to improve the crypto exchange platform further. These improvements include a new trading system to enhance trading speed, price matching, improved API latency, and security for a better investment experience.

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

They want to run more campaigns with attractive prizes to reward existing and new users in the future too.

Malaysians who are new to trading or are already knee-deep in crypto investing can try out Poloniex, which can be downloaded via the Google Play Store or the Apple App Store.