How To Buy Cryptocurrency – Exchanges – Poloniex:

This blog post discusses how to register for the Poloniex exchange so we can purchase NEM (XEM) as the #10 market cap coin. If you are new to this blog, you might want to start from the beginning as we walk through step-by-step how to get set up and purchase the top 10 cryptocurrencies.

OK. So we are ready to purchase NEM (XEM) as our last top 10 market cap coin to round out our index. First, we want to find a decent exchange. To do that, we can use CoinGecko to see what volumes are trading on each exchange: https://www.coingecko.com/en/coins/nem/trading_exchanges

CoinGecko - List of NEM Exchanges
CoinGecko – List of NEM Exchanges

Note here, we see that the top Exchanges are Zaif, Bittrex, Huobi, and Poloniex. You can research each exchange on https://www.cryptocompare.com/ to get and idea of their pros and cons and also http://www.bestbitcoinexchange.net/. Overall, Zaif is a Japanese exchange and did not get the best reviews. Bittrex is U.S. and is decent, but is not currently taking new accounts. Huobi is Chinese and no longer trading. So that leaves us with Poloniex which is a U.S. exchange.

So we will register with Poloniex. Goto https://poloniex.com/ and click on Create Your Account.

Poloniex - Create Your Account
Poloniex – Create Your Account

Enter in your registration information and click on Register (Note that they mention due to a large number of registrations, it may take weeks to verify)

Poloniex - Enter Registration Information
Poloniex – Enter Registration Information

You will then get an email confirmation. Click on the confirmation link to confirm your registration. Check your spam if you do not get it in a reasonable amount of time.

Poloniex - Email Confirmation
Poloniex – Email Confirmation

This will activate your account. Use the email and password created during registration to log into Poloniex

Poloniex - Account Activated - Login
Poloniex – Account Activated – Login

Once logged in, go to your profile and enter in the appropriate information for verification

Poloniex - Profile Verification
Poloniex – Profile Verification

You will then need to provide an ID for verification. Click on Start ID Verification

Poloniex - ID Verification Start
Poloniex – ID Verification Start

Choose an issuing Country and ID Type for verification. In our case, I chose Driver’s License

Poloniex - Choose ID Type
Poloniex – Choose ID Type

It will then ask you to take pictures of your id and your face for verification

Poloniex - ID Pictures
Poloniex – ID Pictures
Poloniex - Face Picture
Poloniex – Face Picture

It will then check the images uploaded for verification. If everything worked, you will receive a Submission Received message

Poloniex - Image Check
Poloniex – Image Check

 

Poloniex - Submission Received
Poloniex – Submission Received

Next, similar to the other exchanges, we should set up two-factor authentication using Google Authenticator. Choose two-factor authentication from the settings menu:

Poloniex - Two Factor Authentication
Poloniex – Two Factor Authentication

Copy down your 16 digit key somewhere for backup, take a picture of the QR code in Google Authenticator to add Poloniex to Google Authenticator. Then enter your password and the code from Google Authenticator into the appropriate fields and click on Enable 2FA

Poloniex - Enable Two Factor Authentication
Poloniex – Enable Two Factor Authentication

Now your Two-Factor Authentication (2FA) should be enabled and your Poloniex account is all set up. We just have to wait for verification before trading.

Poloniex - Two Factor Authentication Enabled
Poloniex – Two Factor Authentication Enabled

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