Polyx.net is a centralized cryptocurrency exchange that was launched in September 2018. The platform has also developed a secure wallet to provide the services of cryptocurrency storage. The mission of the company is the integration of popular crypto services in one product meeting the demand of absolutely different categories of users. To cater to the needs of beginning users and experienced traders, two levels of the interface have been developed: for beginning users and professional large-scale traders.
The exchange is founded in Estonia and headquarters in Tallinn, Estonia, that is known for its favorable attitude towards new technologies, so it works in accordance with the laws of the European Union. The users of the platform have to pass the KYC procedure, and Money Laundering and Terrorist Financing Prevention Act, in particular.
The exchange started its beta testing in March 2019. Within the shortest timeframe, it added 9 cryptocurrencies and tokens. The platform continues to evolve incorporating new cryptocurrencies and trading pairs. It’s hard to learn anything about the functionality of the site until you register on the platform.
The team of developers has come up with a standard trading interface, which is simple and clear. It supports cryptocurrencies and fiat pairs, though the selection of coins is rather modest at the moment of writing. The interface includes all the necessary elements for trading. The developers didn’t try to introduce something new and just implemented proven solutions that work well. Uses can select the trading pair they need and get all the information about it. There are dedicated blocks for each fiat currency in the wallet. One can use USD, EUR, and RUB for trading.
The users who just need to perform a certain operation fast should select Quick Buy&Sell feature, which is, actually, a simplified option for purchasing and selling cryptocurrencies. It offers a user-friendly design and handy functionality. If you switch it on in Settings, it is launched automatically each time you enter the system. There are three blocks in this interface. The main block includes the list of coins to buy and sell, the block on the left displays the balance in the wallet, and the block at the bottom includes the history of transactions.
The exchange helps to handle cryptocurrencies teaching its users to trade and store digital assets. The platform doesn’t reveal much information about its technologies so, despite its high social media activity, there is not much information about the exchange online. However, there are many educating materials in the blog of the platform and its social media accounts. There the cryptocurrency specialists explain simple notions and principles of cryptocurrency trading teaching the members of the community to trade.
The company hasn’t conducted public fundraising and ICO and it hasn’t included the sections about the team on the website. The users won’t find the whitepaper there either for the same reason.
Polyx security and support
The platform requires verification for depositing and withdrawal of fiat money. It’s possible to use two-factor authentication for enhanced security, as this feature can be found in the settings of the account.
The platform offers round-the-clock support so the person can ask for assistance at any time of day. The website of the platform promises high operating speed for all transactions and security of users’ wallets.
If problems arise, a user can submit a ticket to get in touch with the support. One should fill out the ticket correctly for the efficiency of communication. It’s necessary to specify the issue correctly and enter the name of the account and email address. The advisers promise to return the request within 24 hours. In case of urgency the phone number is offered on the website of the exchange as well.
It’s possible to withdraw fiat money and cryptocurrencies as well from the wallet of the exchange. The exchange charges two kinds of fees: a trading fee and a fee for financial operations (depositing and withdrawal of funds). The fee for operations with fiat money varies from 2.5% to 7% depending upon the chosen payment system. When cryptocurrencies are deposited, a user doesn’t pay anything for that. However, there is a fee for withdrawal, and its amount depends upon the type of cryptocurrency. One can explore the website to find out the minimal and maximal amount for withdrawal. The trading operations are charged with a fee 0.1% regardless of the direction as both takers and makers pay the same fee.
It’s possible to deposit using VISA or MasterCard along with different payment systems such as AdvCash, SEPA, and Payeer. The minimum deposit is 50 EUR or USD. The withdrawal limits vary for AdvCash and Payeer payment systems – from 5 to 500 EUR or USD. There are no withdrawal limits for banking cards and SEPA.
The platform doesn’t set its exchange rates as it’s not involved in trading. It only offers an unbiased platform for trading services without mediators engaged. The company also offers a rather profitable referral program sharing 50% of fees with partners. The person should just share a referral link to participate in it.
The founder of the exchange is Stan Chernykhin who takes the position of CEO at Polyx. When the project just started, its team consisted of three members only. The developers used their own funds for the development of the exchange. In February 2020, the company was acquired by SatSimple Ltd., a UK company providing innovative and secure integrated customer solutions for the management of cryptocurrency assets.
John Clifford, the head of communication in SatSimple, highly assessed a unique risk-based approach and regulatory status of Polyx. Having said that, he noticed that these features fit perfectly into the strategic goal of their company – to deliver innovative and secure BTC services to users. At this, Stan remained at the head of the platform and has joined the team of SatSimple.