If you hope to kick start your journey into cryptocurrency, your first step will most likely be getting on a cryptocurrency exchange platform. These are websites that will enable you to buy, sell or exchange cryptocurrencies for other digital or fiat currency like the US dollars or Euro. There are two main types of cryptocurrency exchanges; fiat exchanges and cryptocurrency to cryptocurrency exchanges. The fiat exchange allows the direct transfer of fiat currencies in trading cryptocurrencies. Cryptocurrency to cryptocurrency on the other hand is a platform where cryptocurrencies are traded with each other. For this write up, we will be considering a cryptocurrency to cryptocurrency type of exchange; Poloniex.
What is Poloniex?
Poloniex is one of the top cryptocurrency exchange platforms in the world. It has its head office in the United States and it makes available all the features required by traders, including advanced trading tools and of course, top notch security. It was launched in 2014 and it was recently acquired by Circle. With operation in most European countries and North America, the new owners are planning to extend its reach to the Asian market. Currently, the exchange platform has over 97 trading pairs, making it possible for users to trade on virtually any cryptocurrency they want.
How to create an account on Poloniex
New users on Poloniex will find the creation of an account quite easy, compared to other top exchanges. However, the platform uses only cryptocurrencies only. This all makes the sign up process straight forward as it does not need too much regulation.
Step 1 – Visit www.poloniex.com
Regardless of the device you are using, Poloniex homepage is as shown above. The home page welcomes you with a ‘SIGN UP’ and a ‘SIGN IN’ option. It shows that they are ready for business, so your first point of contact will be signing up. Depending on the country on which your internet proxy address is registered, the equivalent of some of the biggest cryptocurrencies by market capitalization will be in the local currency.
After you click on the ‘SIGN UP’ button, you will be directed to the ‘Register’ tab. The tab is made up of four different steps; Register, Activate, Profile, Identity and Complete. We will be taking these steps accordingly.
Step 2: Register
When you eventually click on the sign up button, you will be directed to the registration page as shown above. At this stage, you will be required to fill in your documented name, country, date of birth, email address and your password. It is advisable that you use a new email account which you should never reveal to anyone. This is for security purposes.
Step 3: Activate
Immediately you submit the form to create your account, a verification mail is sent to your email address. The confirmation letter might be in your inbox but if it isn’t, you can check your junk folder. It is usually in the format as shown below;
Step 4: Confirmation and Security Check
The completion of your profile is in different phases. But first, after clicking on the verification link that is sent to your mail, you will be re-directed to the homepage with a message thanking you for validating your email address. There you have to log in to Poloniex with your email and password. After logging in, security check will be carried out on your browser and generally, your computer system. The steps are as shown below;
Step 5 – Idenitiy Verification
The verification stage requires you filling in details like your phone number, street address, postal code among others. The most important however is the identity card. You can choose between international passport, driver license or any recognized ID card. Whichever you have, it must be an identity card with assigned number. Selecting a driver’s license makes things easy. All you have to do is use a phone with a good camera to snap the front and back view of the license and upload them on the ‘Front’ and ‘Back’ slot respectively. Verification process varies. Sometimes it takes few minutes and other times it takes days. Make sure you check the box on agreeing with the terms and conditions though – that is after you must have gone through them.
Step 6 – Trading
Prior to the final activation of your account, you can actually play around with some features of Poloniex, but you cannot trade. Remember that Poloniex exchange does not support fiat cryptocurrency purchases, you will have to buy cryptocurrencies on exchanges like Coinbase after which you will send it to Poloniex.