Topic: Poloniex margin loans stuck at 5% daily rate with 60 day duration. (Read 419 times)

I sold more of the position and it finally did clear off more of that position....I had to sell at a loss unfortunately.

It happened as people were pulling all their BTC off Poloniex because they didn't state that they were going to support BCH....so I think their was a shortage of people willing to loan BTC, and then people probably hiked loan rates, and then Poloniex auto renewed loans....people exploited this hard....

I've always seen the percentages of very low loans and I'm surprised to read 5% per day

You are in a very complicated situation because polo does not respond to support tickets and now with this new TOS it has become very complicated to use polo

I'll lose like $800 if I completely close the position where it stand at the moment. I have enough equity in the margin account to open new positions, but I don't understand why reducing the position by 50% didn't reduce the balance on any of the loans whatsoever.

If you completely close them and reopen them you will be charged another trade fee but its much less than your 5%..
But slippage.. I don't know your vol or the liquidity..

I have tried reducing my positions by 50% to close most of the borrowed amount, but it has not closed out anything off of the loans that are sitting at between 3-5% daily interest rate.

You cant close your positions?

So...I just found out today that the loans that renewed on my Poloniex margin position on July 30th-31st have been set at a 5% daily interest rate and a 60 day duration.

I tried to reduce my positions so that these absolute absurdity of loans would be cancelled and I wouldn't be stuck paying a 5% daily interest rate, but the loans will not close out as I reduce my position. I have attempted to open new positions and receive new loans at the 0.01% rates that are currently offered, as someone else said that it would cancel my highest interest loans....but nothing I am trying is working.

I have heard of others being affected by this being trapped into these 5% interest daily loans.... such as at this link here that are currently losing very large sums of money. Others have been trapped in loans like these without even holding an active position anymore.  https://www.reddit.com/r/BitcoinMarkets/comments/6rbqgi/losing_132_btc_a_day_in_borrowing_fees_on_a/

I am literally at a loss for words. I knew that I was going to be taking on additional risk by taking leveraged positions, but I did not expect that I would be scammed on the loans themselves. I set a maximum loan rate of 0.5% when I opened these positions and had been sitting on them for a little while.

Poloniex is a scam exchange, I opened a ticket but expect that I will not hear back. Anyone have any idea on what I can do....or am I literally forced to watch my margin account be stolen daily?