Poloniex Exchange // Condensed Review β Pros and Cons
Founded in 2014, Poloniex is a world-leading digital asset trading platform registered in Seychelles. It is one of the worldβs 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. Letβs found out more in detail.
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Restricted Countries/Regions
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 clientsβ 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.
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.
Users can also trade some volatile currencies like Baby Dogecoin, Dogelon, and Dogs of Elon. Thereβs a good mix of well-supported utility tokens and lesser-known currencies. Itβs important to mention the exchangeβs relationship with the Tron (TRX) currency. Holding and using Tron may qualify you for massive discounted fees (up to 30% reduction).
Poloniex Services
Letβs 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.
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.
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 Wallet
Poloniex Mobile App β 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 KYC Verification Requirements
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
Letβs 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 exchangeβs 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 Poloniexβs 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 β meaning that you should not expect top-class customer service. Email responses are also said to be slow. If you donβt 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?
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!