As I mentioned in my previous post I transferred all my assets to Poloniex, and there a purchased a bunch of coins. I could not be happier... until the moment I realized another mistake I have done! (Yes I have done plenty and I am sure more will follow)
Well, you see start reading and researching more and more about Cryptocurrencies I came across a lot of promising coins. One of them was Reddcoin, a cheap coin with very promising future (based on what I read at the time). Well, I was hooked and I was heading to Poloniex to buy some. When I entered the coin information I could not find it, I double and triple checked but no luck. Than I researched where I could buy it and I came across Bittrex!
Quickly I created an account. After spending about 30 min researching how to use Bittrex on Youtube I was ready to transfer some Bitcoin form Poloniex and to go in a new Shopping Spree! I sold a good portion of coins that I had invested in (I sold the ones that I was making money on), and I had about 1.23 BTC ready. Super excited, I enter my new BTC address from Bittrex to my Poloniex and I click send and... error!
I was like "what the hell happened" , when I realized that 1.23 BTC was above the $2,000 USD Equivalent withdrawal limit I have in my account.
Well read the rules before you create an account you Dummy! (Well who does these days :P). My issue is that for about two weeks I am waiting to get in to Level 3 having all the info submitted.
Poloniex is a great exchange market place but it can be rather difficult to get in to higher Levels, it takes time (for me about 2 weeks with no signs as of yet) to be able to withdraw high amounts and that can cost you money. My advice is that when you create an account submit all the necessary info to get to Level 3 ($25,000 withdraw limit) because it takes time.
Don't do the same mistake I did, because you can find a great coin in another market and by the time you get there it can be really late..
- Split you money in to more than one exchange market
- Make sure you pay attention to the limits
- Provide all the info to get to the higher Level/Tier because it takes time
To be continued...
I tried the poloniex and feel like it is not yet a stable platform. Sbd is always disabled and I am using bittrex now. So far it's good except a but expensive.
I like Poloniex, but my issue is that they don't have as many coins as Bittrex does, and that in Bittrex I was able to get to Tier 3 within hours...
But as you said is a little bit expensive, but way more flexible for me.