POLONIEX trading platform---A fair warning
Hi! I've just recently began trading cryptocurrencies, and as the www holds much of information, I started very small (o.o2 BTC). Luckily for me, a coin can go lower than 3 decimal points :).
Poloniex. Stay away, stay away as a plague. Why? Carry on reading.
First, I got my BTC bought, transfered that to Poloniex. No big deal, went through fairly quick. Then I bought some ETH, sent that to my ether wallet, and this is very things started to get suspicious. Txid is not valid, non existant. Ammount wasn't much, was only 0.022 ETH, received it 0.018. So, a logical assumption is there is a withdrawal fee, right? Correct, but not as user friendly as I would expect. On the withdraw page, where you click the currency, you get a notification about the fees. ETH fee is a flat 0.005 ETH, which is again, fine by me. I don't like the fact the fees aren't mentioned in the Fee section. Weird, but ok, lets move on to the real virus. Trading with Poloniex is something I will never again repeat, and I mean, NEVER again. Their fee section states that if you take an order from the market, you pay the taker fee (0.15%), and if you put it there you're the maker (0.25%). All fine and dandy, if they wouldn't charge my buy order and my sell order the same fee. 0.25%. Unnaceptable behavior. I advise all to stay away, unless you don't want to. Up to you. Support is dead, non-responsive. No personal data of them, no actual address, not even the audit available. This place is suspicious AF. I don't trust I will be able to drain my account of my funds succesfully, but non-the-less, at least what I can do is to warn you.
For those that persist on using the platform. Every trade comes with fees. Calculate on your own, don't trust the ''suggested break even price'' - it doesn't have the fee incalculated. My last transaction, if I'd take the suggestion, would net me a loss of 0.00001058 BTC (about $2c) -- mulitply that by a 100, or a 1000, or a 100000---and you'll get the picture why I started small, and why I am warning you. You could be having whole coins staked, and suggestions would fuck you over. Always do your own math.
Best advice I can give you : Forget Poloniex, and move on.
That 0.25% fee they've put on me is enough to brand them a plague to cryptomarket, and that is just unnacceptable for me.
All I wrote, is a warning to all of you, not a intended -how to trade- topic. Whatever you do, at least, be carefull, cause apparently devil is in the details.
PS : Margin trading can show P/L to be positive and you'll still end up in minus. Happened to me. Why? FEES.
If you read the whole post, thank you. Comments and questions, please below. Feel free to share this, as post is purely informative on my situation and it is meant to warn people to be more carefull.
If you feel sorry for me, and would like to help me get my 2 cents back, feel free to donate me some BTC 1A45J1hEXJJs9WN7RB47k4NPPLSgCKorVH or perhaps fund that beer-picnic I plan to have for my crypto-illiterate friends, to help them understand the meaning of ETH 0xc9803efe2e8aedfa6e572b96ba78e1df4197c410
Anyhow, thank you for the time, and donation if you have made one. For any questions you might have, comment the topic. I'll do my best to answer in reasonable time. Thank you!
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