Frequently Asked Questions (FAQ) in Poloniex

Frequently Asked Questions (FAQ) in Poloniex


Account:


I Cannot Access my Poloniex US Account

In late 2020, Poloniex spun out from Circle into a new company, Polo Digital Assets, Ltd., with the backing of a major investment group.

Unfortunately, in order to be competitive in the global market, we were not able to include US customers in the spin out, and we can no longer serve new or existing US customers. The criteria for a US customer are as follows:

  • Accounts that either now, or in the past, have a US address entered
  • Accounts that either now, or in the past, have a US ID document uploaded
  • Accounts that are consistently logging in from US IP addresses

Please be aware that US customers were able to withdraw their assets through Circle until at least December 15, 2019. If you have not withdrawn your funds yet, you are unable to do so through Polo Digital Assets, Ltd, and the Poloniex Support Team can no longer assist you. 

Please reach out to Circle Poloniex US Support for any questions regarding your US account and a member of that team will be happy to help. You can submit a support ticket with their team at https://poloniexus.circle.com/support/ or by emailing [email protected]
 

Password Reset

If you would like to change your password, please navigate to the password reset page here

Once you request a new password, an email will be sent to you from [email protected] with a link that will lead you to a page where you will be asked to set a new password.

Should your IP change during this period, the password reset procedure will fail. If you are experiencing this, please disable your VPN or anything that could cause your IP address to change unusually quickly.

We recommend using the desktop version of Poloniex in order to finish this process. The mobile website is currently being updated, and may not allow the full completion of your reset.

If you cannot change your password using this process, please contact our support team for assistance.

From time to time we receive lists from third-party services that contain potentially compromised email addresses and passwords. While these lists are not usually related to Poloniex users specifically, we evaluate them closely to determine whether or not a customer’s account information could be compromised. We will then take additional steps to protect a customer’s account, like proactively resetting their password, if we determine that their account information could be compromised. 

If you recently received an email from us about this, you can find details on the ticket. We recommend selecting a unique, secure password and enabling two-factor authentication (2FA) on your account if it is not currently enabled. Please find instructions on how to enable 2FA in here
 

How to use 2FA 16 digit recovery code

When you set up Two-Factor Authentication, you were prompted to save a 16 character recovery code and corresponding QR code. These can be used to set up a new 2FA device. By installing an Authenticator app on your new phone or tablet, you will be able to scan your saved QR code or 2FA recovery code and enter your Poloniex account again. Follow the steps below to proceed with this process:

1. Retrieve your back-up code that you saved at the time of setting up 2FA with your older phone. This document has the recovery key that you can now use to restore Poloniex account on your Authenticator app.
Frequently Asked Questions (FAQ) in Poloniex

2. You’ll need to again add a Poloniex account in your authenticator app and either manually enter the 16-digit recovery key or scan the barcode using the app.
Frequently Asked Questions (FAQ) in Poloniex

You may now continue using your Authenticator for logging into Poloniex.
Frequently Asked Questions (FAQ) in Poloniex
 

"Incorrect Code" 2FA Troubleshooting

Steps to fix "Incorrect Code" errors with Two-Factor Authentication

The most common cause for "Incorrect Code" errors is that the time on your device is not synced correctly. To make sure that you have the correct time in your Google Authenticator app, follow the instructions for your operating system below.


On Android:

  1. Go to the Main Menu on the Google Authenticator app

  2. Select Settings

  3. Select Time correction for codes

  4. Select Sync now

Frequently Asked Questions (FAQ) in Poloniex 

On the next screen, the app will confirm that the time has been synced, and you should now be able to use your verification codes to sign in.

On iOS (Apple iPhone):

  1. Go to the Settings – this will be your phone’s system settings, not the Authenticator app settings.

  2. Select General

  3. Select Date Time

  4. Enable Set Automatically

  5. If it’s already enabled, disable it, wait a few seconds and re-enable

Frequently Asked Questions (FAQ) in Poloniex


Two-Factor Codes - Need Reset

If you have already performed a time sync on your device, and are unable to find your 2FA backup code, you will need to contact our support team for further assistance.

Please reach out to us, and provide as much information as possible regarding your account in order to receive a fast 2FA reset. Information about your latest deposits, trades, balances, and account activity will be very helpful in confirming your identity.
 

Change Password

1. Visit Poloniex.com and sign in your account; If you havent had a Poloniex account, please click here.
  • Click to the upper - right icon

  • Click on [Profile]

Frequently Asked Questions (FAQ) in Poloniex

2.Click on [Change Password]
Frequently Asked Questions (FAQ) in Poloniex


3. Your will see The Change Password page:
  • Enter your old password

  • Enter your new password

  • Confirm your new password

  • Click [Change password]

Frequently Asked Questions (FAQ) in Poloniex

Deposit:


Depositing to the Wrong Address

Poloniex does not offer a token/coin recovery service because the process to recover tokens is extremely complicated and may result in significant cost, time, and risk.

If you deposited your coins to the wrong address, it is extremely unlikely that we will be able to recover them, since blockchain transactions are permanent and immutable. We can attempt to recover these funds, but there is no guarantee it can be done, nor do we offer a timeline for this process.

To avoid this situation in the future, please take extra caution when depositing funds to make sure the coins match the wallet you are depositing to. Please ensure you are depositing coins to a compatible wallet before initiating a transaction.

Any unused deposit address may be deleted from your account, and made inactive or used for another purpose. If you deposit to an address unassigned to your account, you will lose access to these funds. Always check deposit addresses before depositing any currency.
 

Depositing Disabled Coins

Temporarily Disabled Wallets

If a wallet is temporarily disabled, this could be for a number of reasons. It may be disabled for an upcoming fork, general maintenance or routine updates. Any deposits made during this time should be automatically credited after the wallet is re-enabled.

If a wallet is temporarily disabled, our team is working on re-enabling it as soon as possible, but the timeline is often difficult to predict. If you would like to know when a particular wallet is re-enabled, please create a ticket through our Support Center and we will be happy to notify you via your ticket.

Permanently Disabled Wallets

If a wallet is permanently disabled, this means that the coin has been delisted from our exchange, and the wallet removed from Poloniex. We announce all delistings and timelines for removing disabled assets from our exchange prior to the date of delisting.

We do not support any deposits to a permanently disabled wallet. If you deposited funds to a permanently disabled wallet, the funds are irrecoverable.
 

I deposited a coin and it’s taking a long time for my funds to be accessible. Can you speed this up?

Certain coins, like BCN, have higher confirmation minimums due to network instability. At this time, BCN has a minimum of 750 confirmations before the funds are liquid. As a result, BCN deposits may take longer than usual to be available.
 

I sent a deposit without including the necessary memo ID.

Yes, our team may be able to assist with these cases provided the necessary information. Please file a support ticket for assistance, providing your transaction ID and evidence that the funds are yours.
 

I sent funds to the wrong address.

It’s likely we will not be able to assist in these cases. Due to the immutable nature of blockchains, its not possible to reverse transactions. If you reach out to our team, we can certainly investigate your case further.
 

Which countries are not supported?

Poloniex customers will be able to purchase crypto using credit and debit cards through Simplex in any country besides the following countries listed: Afghanistan, American Samoa, Antarctica, Botswana, Bouvet Island, Christmas Island, Crimea, Cuba, Democratic Republic of the Congo, DPR Korea (North Korea), French, Southern and Antarctic Lands, Gaza Strip, Heard and McDonald Islands, Iran, Iraq, Jan Mayen, Lebanon, North Mariana Islands, Pakistan, Palestine, Paracel Islands, United States of America (USA), United States Virgin Islands, West Bank (Palestinian Territory), Western Sahara, South Georgia and the South Sandwich Islands, Spratly Islands, Syria, Sudan.
 

I don’t see that option on my Poloniex account, why is that?

If you don’t see the option to buy with fiat under the “Wallet” menu, and you are in one of the supported countries above, your account might not be eligible or enabled for this feature. In order to be eligible for using this feature your account must meet the following criteria:

  • You must have a Level 1 or Level 2 account (found at www.poloniex.com/profile)
  • Your account must be in good standing (not closed or frozen)

If you believe you are eligible for this feature, but dont see the option on your account, please contact our support team and they will be happy to assist.
 

What cryptocurrency will I be able to buy?

You can buy ATOM, AVA, BCH, BNB, BSV, BTC, BUSD, DASH, ETH, LTC, PAX, QTUM, TRX, USDT, XLM, and XRP at this time. If we add additional crypto options in the future, we will be sure to notify customers.
  

Are there fees?

Yes, and we would like to be quite clear about it. Simplex charges a 3.5-5% or $10 processing fee per transaction - whichever is greater.

The 3rd party liquidity provider who supplies the crypto asset to Simplex will apply a spread to the quoted price of the asset you’re buying

Please be aware that none of these fees are charged by Poloniex.

Also note you may incur "international transaction" or "cash advance" fees from your own bank or card issuer in some cases.

Please see Simplex’s Support Article for more information on potential credit card fees. In general, debit cards are recommended to avoid incurring these fees.

Are there limits?

Yes. The minimum purchase amount is $50 (or equivalent). The maximum daily purchase amount is $20,000 (or equivalent). The maximum monthly purchase amount if $50,000 (or equivalent).
 

How long does the process take?

After determining how much crypto you want to purchase, you will be redirected to Simplex.com for processing your payment. If this is the first time you ever used this service, you will have to verify your ID, so make sure you have a valid ID document handy. While the payments process is quick, it might take from a few minutes to a couple of hours to verify your identity for the first time. Once your purchase is approved, the crypto is procured and sent on-chain to your Poloniex deposit address. You should see your funds in your account after about 30 minutes under normal network conditions.
 

Where do you get the price from?

The price you see is quoted from one of Simplex’s partner liquidity providers. That price is maintained for a window of time while you decide to purchase - significant variances in price during the purchase process will cause you to reconfirm your purchase or start over.
 

Why don’t you offer other fiat currencies?

We offer all fiat currencies that Simplex currently supports. As Simplex allows for purchases with other fiat currencies, we will consider adding support for them as well. You can still purchase with cards denominated in other fiat currencies, but you might incur an FX / international use charge.
 

I have an issue with my transaction.

The card processing is performed by Simplex so they will be the ones to assist you with your issue. You can reach out to them at [email protected] or check out their FAQ here: https://www.simplex.com/support/.
 

Minimum Deposit Amounts

Some currencies have a minimum amount for deposits, which is displayed when clicking on “Deposit” for  the specific currency.

Below is a list of currencies that require a minimum deposit amount:

Coin Name Minimum Amount
ETC 0.5
LSK  1
NXT 3


Withdrawal:

 

Can I withdraw my coins and cash out to my card  through Simplex?

No, you can only use Simplex to buy crypto and have it deposited to your Poloniex account. Withdrawals are not supported at this time.
 

What if I withdraw my USDT-ERC20 to my USDT-TRON address(and vice versa)?

Our system is able to identify the different types of address and will prevent one type of coin being deposited into the wrong type of address.
 

How long does it take my withdrawal to arrive? 

It takes several minutes for a transaction to be complete as several confirmations are required. Depending on network congestion, it usually does not take more than 4 hours to complete. Finally, a user confirmation is needed to complete the step. Customers with two-factor authentication enabled for their withdrawals do not receive email confirmations.
 

Confirming Your Withdrawal

Poloniex offers two different options for securing and authenticating withdrawals. The default option is confirmation via email. The other is confirming via 2FA.
 

Increasing Withdrawal Limits

If you are an individual looking for more information on withdrawal limits, or to access additional security precautions like address whitelisting, please reach out to contact our support team.
 

Trade:

 

Stop-Limit Orders Explained

A stop-limit order is an order to place a regular buy or sell order (also known as a "limit order") when the highest bid or lowest ask reaches a specified price, known as the "stop." This can be helpful for protecting gains or minimizing losses.

Usually a stop-limit order will be executed at a specified price, or better (i.e. higher or lower than the specified price, depending on whether limit order relates to a bid or ask, respectively), after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.
 

Limit Orders Explained

You should use limit orders when you are not in a rush to buy or sell. Unlike market orders, the limit orders are not executed instantly, so you need to wait until your ask/bid price is reached. Limit orders allow you to get better selling and buying prices and they are usually placed on major support and resistance levels. You may also split your buy/sell order into many smaller limit orders, so you get a cost average effect.
 

When Should I Use a Market Order?

Market orders are handy in situations where getting your order filled is more important than getting a certain price. This means that you should only use market orders if you are willing to pay higher prices and fees caused by the slippage. In other words, market orders should only be used if you are in a rush.

Sometimes you need to buy/sell as soon as possible. So if you need to get into a trade right away or get yourself out of trouble, thats when market orders come in handy.

However, if youre just coming into crypto for the first time and you are using Bitcoin to buy some altcoins, avoid using market orders because you will be paying way more than you should. In this case, you should use limit orders.

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