Poloniex Review

bitcoinBitcoin
bitcoinETH
bitcoinETC
bitcoinLitecoin
bitcoinZcash
bitcoinRipple
bitcoinDash
coins100+
4.8 Users (1 vote)
Beginner Friendly4.5
Services5
Support5

Overview

Basic Information Poloniex prides itself on being one of the most diverse cryptocurrency exchanges on a global scale. The company offers a brilliant liquidity for the big part of altcoins… more

Read Full Review

Pros

  • Many altcoins to trade in
  • Margin trading in altcoins
  • Good liquidity

Cons

  • No fiat currency trading
  • Pumps and Dumps
  • Poor support

Full Review

Basic Information

Poloniex prides itself on being one of the most diverse cryptocurrency exchanges on a global scale. The company offers a brilliant liquidity for the big part of altcoins that can be traded against Bitcoins.

The exchange finds its origins in January 2014 by Tristan D’Agosta. The command center of the company is nestled in San Francisco, California, and the enterprise’s focus is the U.S. market. However, the guys at Poloniex tend to attract numerous altcoin investors from across the globe.

As of yet, they don’t possess a license for providing exchange services on the U.S. market and since crypto currencies are still a tad shady, the executive level of the company is maintained anonymously.

Verification on the Website of Poloniex

A simple account creation awaits you at Poloniex’s website, which won’t take you more than five (5) minutes. A user basically provides required data and info and has to confirm her/his e-mail to finalize the account creation.

In line with verification processes on other exchanges, it consists of two (2) levels.

The first level necessitates e-mail verification, country of residence, and first and last name. At its completion, margin trading is enabled and the daily withdrawal will be automatically set to $2,000.

The second level of verification asks for personal data, phone number, address, and a scanned photo ID (passport, driver’s license, or a national ID), as well as an image of the trader, holding the photo ID. A couple of days is what it usually takes the staff to review one’s submission and verify her/his account.

When a punter completes level 2, the withdrawal limits jump to $25,000. Besides, there is a third verification level, which may provide limits grander than $25,000. Support can help with that request as public details are not available.

Poloniex does not support FIAT currencies, only digital. Bitcoins (BTC), Litecoins (LTC), Monero (XMR), Zcash (ZEC), Dash (DASH), Ethereum (ETH), and more than eighty (80) other crypto currencies are accessible for trading at Poloniex.

Poloniex Fees

Fueled by a regular maker-taker model, the trading platform fosters market liquidity by bestowing makers with a lower fee, which, in turn, yields a better market spread, encouraging makers to outspend each other. The maker-taker model is quite important for a cryptocurrency exchange such as Poloniex because it’s among the most diverse ones with more than 80 digital currencies, so providing a decent liquidity for all, is a substantial challenge.

Lenders have a 15% flat fee on earned interest.

Calculating the fees is on the basis of the previous 30 days of trading volume for every user. In line with the volume, the fees automatically adjust themselves. Poloniex deposit and withdrawals are gratuitous.

Trading on Poloniex

The exchange’s trading screen is packed with multiple time frames and candlesticks with multiple options, as well as Bollinger bands and Fibonacci levels. All 200+ trading pairs have access to this view.

Poloniex’s four chief markets are:

  • Bitcoin (BTC),
  • Tether (USDT),
  • Monero (XMR),
  • Ethereum (ETH).

Last year, the Tether trading volume on Poloniex accounted for more than 99% of the global volume and the exchange is still the sole market with high liquidity for this currency.

The three main order types are:

  • Buy
  • Sell
  • Stop Limit

All currency pairs benefit from these orders.

Poloniex supports margin trading and a 2.5x leverage for these pairs:

BTC/ETH

BTC/XMR

BTC/XRP

BTC/MAID

BTC/FCT

BTC/DASH

BTC/STR

BTC/LTC

BTC/CLAM

BTC/DOGE

BTC/BTS

Additionally, there exists a lending option where traders can provide or demand a loan with a given interest rate.

As of now, Poloniex does not provide futures and derivates to be traded.

Ease of Use

The exchange’s interface and the website are elegant and easy to use. Switching between the 200+ cryptocurrency pairs is admirably rapid.

No apps for iOS or Android exist currently, but on mobile devices, the platform looks great and is responsive. Don’t use third-party apps as they cannot be trusted.

Poloniex Customer support

The support center offers assistance through e-mails, tickets, and straight from troll box (chat). The troll box might be the quickest way to reach out, but some delays have been reported. Truthfully, the support might be quite slow, so this is not a strong feature of Poloniex. There’s a learning center but only with basic information.

User Experience on Poloniex.com

Some scams related to Poloniex tempering with Eth Classic (organizing pumps and dumps – increasing and decreasing the price artificially) have been reported. Not much evidence exists about that, but there have been comments by users on that topic. However, some of them are perhaps biased since those users didn’t obtain free ETC at the time.

Poloniex Security

Poloniex, similar to other trading platforms, provides a two-factor login and withdrawal authentication. Withdrawals necessitate an e-mail confirmation. The bulk of client funds are maintained in cold storage, and the CC entity claims to monitor the platform 24/7 for any kind of unusual activities.

Despite the exchange was hacked in March 2014, this vulnerability was effortlessly fixed and no incidents have occurred since then.

The CEO handled the blow very well by raising fees for a while and then bringing them back at the initial level after two months. Mr. D’Agosta even went public and explained the trouble, which was well applauded and immensely reduced the damage to the exchange’s reputation.

Next to e-mail notifications, there are also SMS ones. Nevertheless, PGP encryption is not made use of in communication.

Conclusion

Poloniex is a first-rate digital currency exchange not only for those looking to trade Bitcoins but also for those traders who love altcoins.

Visit Site
What people say... Leave your rating
Sort by:

Be the first to leave a review.

User Avatar
{{{review.rating_comment | nl2br}}}

Show more
{{ pageNumber+1 }}
Leave your rating