Poloniex Exchange // Condensed Review – Pros and Cons

Poloniex Exchange // Condensed Review – Pros and Cons

Founded in 2014, Poloniex is a world-leading digital asset trading platform registered in Seychelles. It is one of the world’s oldest cryptocurrency platforms, and at many times in its history, Poloniex ranked in the top 3 global exchanges based on trading volume.

With its low fees, a wide selection of coins (350+ cryptocurrencies), and useful features, this exchange could potentially meet the needs of most crypto traders. Let’s found out more in detail.

Create a FREE account at Poloniex!Create a FREE account at Poloniex!

Restricted Countries/Regions

Poloniex restricts users from the following countries and regions: Crimea, Iraq, Iran, Libya, North Korea, the Canadian province of Ontario, Sudan, Syria, United States of America and US Territories (such as American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and US Virgin Islands)

Is Poloniex a safe cryptocurrency exchange?

The exchange was hacked in 2014, and hackers stole approximately $4 million in assets. Poloniex was hacked again in 2020, but nothing major has happened since then.

As for security, Poloniex uses 2-factor authentication for account login and withdrawals. Email confirmation is also required when making a withdrawal. As an additional precaution, the bulk of the clients’ funds are kept in cold storage. Also, the platform is constantly being monitored with the most modern software for any unusual activities, so in many ways, Poloniex has improved significantly since its 2 major hacks.

Is Poloniex a safe cryptocurrency exchange?

Available Cryptocurrencies at Poloniex

Poloniex offers a long list of 350+ cryptocurrencies and tokens. Noteworthy currencies include Bitcoin, Ethereum, Solana, Stellar, Dogecoin, Shiba Inu, Avalanche, and more.

Available Cryptocurrencies at Poloniex

Users can also trade some volatile currencies like Baby Dogecoin, Dogelon, and Dogs of Elon. There’s a good mix of well-supported utility tokens and lesser-known currencies. It’s important to mention the exchange’s relationship with the Tron (TRX) currency. Holding and using Tron may qualify you for massive discounted fees (up to 30% reduction).

Poloniex Services

Let’s check out the major financial services offered on Poloniex.

Spot Trading

Spot trading is simple and convenient at Poloniex. Easily trade between cryptocurrencies by selecting USD, BTC, TRX, ALTS, or INNOV as the base currency. Choose among the hundreds of currency pairs at any time.

Poloniex Spot Trading

Staking

Poloniex offers crypto staking, a way to put your funds to work and earn passive rewards. You can deposit and withdraw your crypto at any time. It is recommended to hold TRX, BTT, WIN, and ATOM to easily earn the highest rewards. There’s no lockup period required.

Futures Trading

This exchange offers futures trading with up to 100-times leverage. A futures contract is an agreement to buy or sell an asset at a predetermined price in the future. Futures are extremely risky, so please use caution when trading, unless you are an experienced trader.

Poloniex Futures Trading

Please note that futures trading may not be available to residents of some regions, which are listed in Poloniex’s user agreement and its FAQs.

NFT Marketplace

For those interested in non-fungible tokens (NFTs), Poloniex is partnered with the APENFT marketplace. Poloniex users can access APENFT directly with their accounts. They can also get additional benefits on Poloniex if they own any NFTs from APENFT!

Poloniex NFT Marketplace

Poloniex Wallet

Poloniex is one of the easiest exchanges for trading because of their convenient wallet. After you create your account, you can deposit cryptocurrencies via the β€œWallet” that is already built-in to the exchange. This secure wallet can hold regular spot cryptocurrencies as well as your funds for high-risk trading.

Using the β€œTransfer Balances” feature, you can easily transfer your funds between your regular wallet and your trading wallet.

Poloniex Mobile App – iOS and Android

Poloniex has apps available for iOS and Android devices. The apps allow you to manage your account, view crypto balances, and trade supported currencies. The layout is easy on the eyes, and there is no delay in the execution of trading at all. Overall, the app is a pleasure to use.

Poloniex Mobile App – iOS and Android

Poloniex KYC Verification Requirements

Under new management recently, Poloniex took a different direction and dropped forced AML/KYC checks. This means that from now on, it is possible to deposit, trade, and withdraw on Poloniex without verification.

Create a FREE account at Poloniex!Create a FREE account at Poloniex!

Poloniex Trading Fees and Limits

Once your account is funded with crypto, fees are a major selling point for Poloniex compared to competitors. If you trade less than $50,000 per 30 days, fees are 0.0145% for maker trades and 0.155% for taker trades. If you hold a sufficient Tron balance ($49 or more), you qualify for a lower fee tier. At the highest level, you can get up to 30% fee discounts with Tron.

Poloniex Payment Methods and Fees

Let’s check out the depositing and withdrawal methods as well as the fee structures at Poloniex.

Depositing at Poloniex and Fees

Poloniex does not support fiat deposits, but you can directly buy Bitcoin and other cryptocurrencies using Visa, Mastercard, or Apple Pay via the exchange’s integration with the payments processor called Simplex.

With Simplex, you can purchase between $50 – 20,000 USD per day and up to $50,000 USD per month. The payment processing fees cost either $10 or 3.5% of the total transaction amount (whichever is higher). Please note that these fees are taken by Simplex, not by Poloniex.

If you already hold crypto from another exchange, then easily transfer them into your Poloniex wallet at no charge whatsoever.

Withdrawing from Poloniex and Fees

Users will be charged for withdrawals, although these are set by the network of each cryptocurrency, and not by Poloniex. Here is a small sample of some of Poloniex’s withdrawal fees for some of the top cryptocurrencies:

  • Bitcoin (BTC): 0.0005 BTC
  • Dogecoin (DOGE): 20 DOGE
  • Ethereum (ETH): 0.01 ETH
  • Dash (DASH): 0.01 DASH
  • Litecoin (LTC): 0.001 LTC
  • Tether (USDT): 10 USDT (OMNI) / 1 USDT (ETH) / 0 USDT (TRX)
  • Monero (XMR): 0.0001 XMR
  • Ripple (XRP): 0.05 XRP
  • Tron (TRX): 0.01 TRX

Poloniex Customer Service

For the most part, Poloniex is a self-service platform where you take care of your own account maintenance – meaning that you should not expect top-class customer service. Email responses are also said to be slow. If you don’t feel comfortable searching for answers to questions in the Help/FAQ sections, you may prefer an exchange that offers more options for customer support.

Conclusion – Should I use Poloniex?

Poloniex exchange platform had turbulent several years, but it seems now that this exchange is stable and ready to win back its user base. The trading platform offers some of the lowest trading fees on the market. Even though its customer service is not the best, Poloniex allows you to trade without forced KYC requirements, which is a rare positive in today’s crypto industry! Here is a reminder of the benefits of using Poloniex:

βœ… Deposit and trade with over 350 coins/tokens!

βœ… Enjoy up to 30% reduction in trading fees by using Tron!

βœ… Easy-to-understand user interface!

βœ… Trade futures with up to 100x leverage!

βœ… NFTs are the future! – Buy and sell them here!

This exchange is an excellent starting point for beginners as well as more experienced traders. It takes just a couple of minutes to sign up and start trading, so use Poloniex to your advantage!

Create a FREE account at Poloniex!Create a FREE account at Poloniex!

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