Use Poloniex for receiving payments | Bitcointalksearch.org

Barbut

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Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Is it okay/wise to receive payments directly to the poloniex account? Especially if the payment to be received is an altcoin?
Because eventually the altcoin is to be exchanged with bitcoin, which will be done at polo so it makes sense to receive the alts directly there.
Same goes for buying altcoin too right? I can buy alt with fiat from someone and give them polo address to receive. Has anyone done this?

It is wise if you plan to sell right away, I'm doing same with digibyte. I earn trough playing various games and my withdraw address is poloniex, I never sell all, I have some little amount there just in case. Maybe that is not wise but I don't risk too much, that is better then to download wallet just for some coin. I have some other coins that I hold there, nothing much, but I trade so I sell often and buy often.

Wandering Soul~

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If you will be receiving and wil quickly convert an altcoin to bitcoin shortly after that, I think it will be okay just always transfer your bitcoin in your main wallet (I assume that it is not some kind of lousy web wallet) but if by chance you're planning to store it for a long time or you don't know when you will convert it, then it better to do what everyone says-- to use the official wallet . Polo is extremely popular and has the highest trading volumes so I don't see any reason why hackers wouldn't target it .

Always remember that an exchange is an exchange it is not a wallet Grin

KenR

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Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Is it okay/wise to receive payments directly to the poloniex account? Especially if the payment to be received is an altcoin?

Never okay.Doesn't matter what coin you have there,use the corresponding wallet.

Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Because eventually the altcoin is to be exchanged with bitcoin, which will be done at polo so it makes sense to receive the alts directly there.

What if polo gets hacked overnight ? Do you have any trust over the sites security system that it will never be hacked ? Historic events should speak for itself.

avatar_kiyoshi

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That's very risk, even not recommended, because there's a possibility the exchange collapse or hijack.
I have bad experience keep coins on the exchange wallet(mintpal case) and I will not fall into same hole.

I personally use their wallet just for exchange, basically that's their usability.

mrjoy15

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It's not safe in longer to use Poloniex or other exchange site for receiving payments. There first must be came out security issue, your control over your money. These exchanges site only work to receive coin, if you send any other Token etc there you will lose them. To be safe and further any uses you should use own wallet which have good security.

BitcoinPanther

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Poloniex had been around for sometime now, and I never had an issue with it ever since I used the site. I even accept payment from the address of my poloniex account specially when I am about to receive an altcoin that is listed on tha site for a single transaction. It saved me from lots of hassle of checking the altcoin wallet of possible malware, and downloading the blockchain. Though I still believe that having a full control of our wallet is the best thing but I think there is no harm if we use our account wallet address on a reputable site to accept payment.

buwaytress

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I think by default, minimum security measures would mean that you should be in full control of funds you deposit into any exchange/site. However, when dealing with sometimes relatively small amounts, I myself make my withdraws from one site to another using the addresses from both, without it routing through my own wallet.

It's not recommended, and I accept the risk but the risk of depositing my own funds from my wallet to me is the same: the exchange could delist or simply lose my funds for whatever reason.

The only think you must check is if the site insists on withdrawing to the same deposit address. Then you've no choice but to use your own wallet.

Golftech

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if you will not hold the alt coins that you will going to buy or sell polo is a good alternatives just make sure that you already secured your account before dealing with it, but if you will buy alts and you have a long term plan better to download the wallet and store it inside your computer for your better security of your investment.

ArdiPrabowo

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Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Is it okay/wise to receive payments directly to the poloniex account? Especially if the payment to be received is an altcoin?
Because eventually the altcoin is to be exchanged with bitcoin, which will be done at polo so it makes sense to receive the alts directly there.
Same goes for buying altcoin too right? I can buy alt with fiat from someone and give them polo address to receive. Has anyone done this?

you can buy altcoin in poloniex with fiat money only use USDT(tether)
because in poloniex only support tether, you can deposit use fiat money in tether wire transfer or debit card

another poloniex you can buy altcoin use fiat money in kraken

stiffbud

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Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Is it okay/wise to receive payments directly to the poloniex account? Especially if the payment to be received is an altcoin?
Because eventually the altcoin is to be exchanged with bitcoin, which will be done at polo so it makes sense to receive the alts directly there.
Same goes for buying altcoin too right? I can buy alt with fiat from someone and give them polo address to receive. Has anyone done this?

I think there is no harm in using poloniex address for receiving coins but I think it's still best if you have that coins wallet installed in your pc . There may be problems which you may encounter if you use an exchange address instead of using a wallet address that you totally control.

PokerFace3

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Basically you can use any exchanges address to receive altcoins but the only concerns from exchanges is they will not prefer receiving your dust payments. They do not want their reprocesses get over loaded for recognizing your faucet payout kind of deposits.

Some exchanges will not acknowledge some dust deposits so check with the minimum allowed limits and as long as your receiving above that limit then exchanges will not be having any problem for letting you to use their address/services as your personal wallet.

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Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Is it okay/wise to receive payments directly to the poloniex account? Especially if the payment to be received is an altcoin?

It is okay, but not the best decision for you. What will you do if your payment will be reversible? Exchange have rules and anytime your transaction can be determined as a suspicious transaction.
I can say no for this one.

Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Because eventually the altcoin is to be exchanged with bitcoin, which will be done at polo so it makes sense to receive the alts directly there.
Same goes for buying altcoin too right?

It gives exchange site an obligation to control or manage your payment or salary.

Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

I can buy alt with fiat from someone and give them polo address to receive. Has anyone done this?

It is possible and i ever did it before.

mrcash02

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I think the oppost, exchanges are good to receive altcoins and even small amount of Bitcoin payments. I do it very often. If you fear to let your money on the exchange for much time, just convert the altcoins to BTC and withdraw to your Bitcoin address.

There isn't much sense to fear letting money stay on exchanges. Traders do it all the time to work everyday, just withdrawing the profit slowly along the days. The risk exist, but it's not so big and if the amount in money we are talking about is low, there is nothing to fear.

JanpriX

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Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Is it okay/wise to receive payments directly to the poloniex account? Especially if the payment to be received is an altcoin?
Because eventually the altcoin is to be exchanged with bitcoin, which will be done at polo so it makes sense to receive the alts directly there.
Same goes for buying altcoin too right? I can buy alt with fiat from someone and give them polo address to receive. Has anyone done this?

It is actually possible to do that but it is not advisable. You should not trust your funds to any online exchange. The risk of not getting it out of the exchange will always be there especially if you're going to make it as a wallet. Exchanges should be used as an exchange center for coins and not a wallet. Just send it to a personal wallet where you have full access and control. Trusting an exchange too much could cost you big amounts in the future.

lite

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Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Is it okay/wise to receive payments directly to the poloniex account? Especially if the payment to be received is an altcoin?
Because eventually the altcoin is to be exchanged with bitcoin, which will be done at polo so it makes sense to receive the alts directly there.
Same goes for buying altcoin too right? I can buy alt with fiat from someone and give them polo address to receive. Has anyone done this?

I think shapeshift can be useful here! poloniex is also good, but i think shapeshift will be better especially if you want to exchange altcoins received to bitcoin right away.

BrewMaster

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you just have to know the risks and accept them first. it surely is easier and more convenient to receive payments, specially in altcoins, in your exchange account. and it is actually a better idea than downloading one of these scamcoin wallets and installing them, risking contaminating your PC!

but an exchange wallet is always going to be a third party service that have access to your funds and can either block your account or runs away with all the funds.
so it also depends on the amount

Iranus

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Actually I would say it's alright to receive the payments directly to the exchange. It's just preventing the extra step of taking it out into your wallet and then depositing it into Poloniex which is inconvenient for you.

Be careful if you're dealing with large amounts of funds though. I would never trust someone completely to do transactions for you.

Ewox

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Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Is it okay/wise to receive payments directly to the poloniex account? Especially if the payment to be received is an altcoin?
Because eventually the altcoin is to be exchanged with bitcoin, which will be done at polo so it makes sense to receive the alts directly there.
Same goes for buying altcoin too right? I can buy alt with fiat from someone and give them polo address to receive. Has anyone done this?

I'm not sure if wise is the correct term for that but it's actually okay 'cause I tried it. And you just have to secure your account with a 2FA.

Catmony

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Yes you can do this at your own risk, i have also used my polo account to receive several payments in altcoin before without any problem. But if you want to receive some stable alts like ETH, LTC etc than i suggest you to use Jaxx like multicoin wallet which give you full control as well as are light weight client not a full node, so you don't have to worry about space and bandwidth.

LuanX3

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Quote from: shamzblueworld on April 26, 2017, 07:05:17 AM

Is it okay/wise to receive payments directly to the poloniex account? Especially if the payment to be received is an altcoin?
Because eventually the altcoin is to be exchanged with bitcoin, which will be done at polo so it makes sense to receive the alts directly there.
Same goes for buying altcoin too right? I can buy alt with fiat from someone and give them polo address to receive. Has anyone done this?

It depends on how much you are going to receive. If you are planning to receive more than the daily limit then you will have problems withdrawing from it. I think it is theoretically a good idea but I don't know if it is wise because of the fact of limits and possible fall of the platform, though the latter is highly unlikely.

Topic: Use Poloniex for receiving payments (Read 1127 times)