Poloniex’s New Policy on Transaction Fees May Affect the Industry

NEW YORK, NY / ACCESSWIRE / December 10, 2019 / By the end of the year, many digital asset investors are left bewildered at the tiny little returns they make despite dozens of successful trades. The million-dollar question is, where did all the money go?

In fact, a lion’s share of the returns made by digital asset investors goes to exchanges, which justifies exchanges’ nature of taking advantage of cryptocurrency investors. A transfer fee of a few thousandths per transaction sounds like nothing, but just as the old saying goes, “many little drops of water make a mighty ocean”. Over time, the cumulative amount of transaction fees from digital asset trading may well grow larger than your principal.

This is not exaggerating.

Take Bitfinex as an example, for transactions below $500,000, makers and takers are charged 0.1% and 0.2% commission fee respectively. The commission charged by exchanges is $15 each day or as much as $5475 a year, when a Bitfinex user successfully buy and sell $5,000 every day on the platform. In this case, the commission charged is higher than the investor’s principle. Exchanges, as the middlemen in the blockchain industry, make considerable profits through commissions.

Shown above: transfer fees for crypto exchange on Bitfinex

World top-tier exchanges like Coinbase charge users similar transfer fees.

Shown above: transfer fees for crypto exchange on Coinbase

Poloniex, a well-known time-honored exchange, recently announced that all transfer fees for crypto exchange on the platform would be waived by the end of 2019. Founded in 2014, Poloniex is a world-leading digital asset trading platform registered in Seychelles and one of the world’s oldest digital asset trading platforms. Since its establishment, Poloniex has won the trust of users with its secure and efficient services and has long been sitting among the world’s top three exchanges by its real trading volume. Its unique TrollBox system offers users superior trading experiences.

Shown above: Official Twitter of Poloniex

Now it’s time to transfer your digital asset to Poloniex and start trading, you might save yourself an iphone 11 Pro within just a month!

Worry that transactions between exchanges will charge you transfer fees? The good news is that TRC20-USDT frees you of all unnecessary expenses. It has never been this easy to fleece the flock!

Users used to be beset by the high transfer fees and slow transactions when transferring assets between exchanges. Many have felt the pain of being manipulated by the Omni network, which charges a whopping $10 for transfer fees and transactions may take hours or even days to complete.

But TRC20-USDT provides a perfect solution to this. For those who are unfamiliar with TRC20-USDT: it is a USD-pegged stablecoin issued by Tether on the TRON network. TRC20-USDT enjoys two major advantages over Omni-USDT and ERC20-USDT, one of which is the optimized transaction speed, another one is zero transaction fee between exchanges.

PS: Now Poloniex is supporting TRC20-USDT, allowing transactions between exchanges to complete within a split second at no cost. Besides, Poloniex acquired the biggest decentralized exchange TRXMarket and upgraded the brand to Poloni DEX. Users can find the entrance of Poloni DEX by logging in Poloniex and trade based on their own needs. Fleecing the flock is simple as that, come and use Poloniex right now!

Eric Kim
+852 54835406

SOURCE: Poloniex

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