Poloniex is a beginner-friendly crypto trading platform based in San Francisco, offering over 100 bitcoin ( BTC ) markets for trading. The platform operates worldwide except for the residents and citizens of a few countries like Cuba, Iran, North Korea, Syria, Sudan, and The United States. Poloniex emerged as a fundamental unit in cryptocurrency because of its relationship with its traders. Poloniex was once one of the major cryptocurrency exchange platforms, until it slowly expanded in the shade of digital space and became involved with decentralized finance and the metaverse. For cryptocurrency investors, it's the safest platform that grants them the safest experience and security while performing any transaction. Poloniex was founded in the year 2013, and it allows you to buy or sell digital assets, such as Ethereum (ETH), Bitcoin (BTC), TRON (TRX), and other Altcoins. But despite all the leading features and functionalities, is Poloniex the right platform for you? Let’s find out on this crypto exchange review.
Pros And Cons of Poloniex
- Potential to can earn multiple incomes, from your crypto holdings.
- Poloniex has more than 200 cryptocurrencies available to store and trade.
- Users signing up for the platform can leverage and have futures trading investment options.
- Poloniex has an explore page that you can earn via the Referral programs, future campaigns, and ongoing campaigns.
- Poloniex has a very secure storage system with its exchange.
- It also provides 24×7 customer service, making it more reliable and trustworthy.
- The platform provides you with advanced-level trading features, which can be easily navigated.
- The platform is not available to the U.S and many other citizens.
- Poloniex has very few/ limited fiat deposit options available for its traders. As a result, the order section does not support fiat currencies during the trading process.
- Poloniex, having a history of being hacked twice, is one of the biggest cons which affected the platform.
- The unregulated crypto trading exchange after the change of management and authority.
Poloniex At A Glance
|Number of Listed Cryptocurrencies||200+|
|Minimum Deposit||Depends on the chosen currency|
|Trading Fee||Fees charged depend on trade|
|Withdrawal Fees||0.145% or 0.155% at the highest tier.|
|Customer Support||Online ( 24x7 availability )|
|Parent Company||M/s. Polo Digital Assets Limited.|
|Supported Fiat Currencies||GBP, CZK, DKK, CAD, CHF, USD, AUD, EUR, and few more.|
Poloniex Exchange: Company Overview
Poloniex was introduced in the year 2014, by Tristan D’Agosta and is well known as it was and is one of the biggest US-based cryptocurrency exchange platforms in the world. It is also a home for many unregulated cryptocurrencies like BitMEX, Binance, etc, and later was funded anonymously by a group of different Asian investors. Today, Poloniex is also touted as a cryptocurrency exchange haven for crypto traders, where investments are made easily and securely with over 500 spot trading pairs. In addition, it's a platform where you discover new and innovative crypto assets and can easily trade all the hot new coins emerging in the market. With this strategic take on the platform's future, it was no longer a US-regulated company and became a platform without verification and a fully unregulated exchange platform. It also holds the largest share of the Tether trading volume in the cryptocurrency industry and offers currency lending options.
Cryptocurrencies Supported in Poloniex
Poloniex is a platform where anyone can trade, having basic to advanced knowledge, from over 100 markets available for spot trading and margin trading, lending, and stalking. Currently, Poloniex supports major cryptos like Bitcoin and Ethereum. While the exchange also hosts some of the latest entrants like Shibu Inu (SHIB), Polkadot (DOT), and Dogecoin (DOGE), among other tokens. To give you an idea, here are some of the primary tokens listed over the platform:
|Ethereum (ETH)||Axie Infinity (AXS)||Avalanche (AVAX)|
|Binance Coin (BNB)||Decentraland (MANA)||Tron (TRX)|
|Terra (LUNA)||Dash (DASH)||SushiSwap (SUSHI)|
|Zcash (ZEC)||Bitcoin (BTC)||Stellar Lumens (XLM)|
|Litecoin (LTC)||Solana (SOL)||Dogecoin (DOGE)|
|Shiba Inu (SHIB)||Sandbox (SAND)||Zilliqa (ZIL)|
With many possible currencies available, the traders can easily trade with any of the currencies looking at the market and make a profitable investment. Besides, the platform is open to listing new and powerful projects on its exchange, making it a great place to start.
Key Features Of Poloniex
Poloniex is one of the largest crypto exchange platforms in the world and would not have been possible without having many core features. Let’s check out some features that make it unique for users.
Poloniex’s decentralized exchange is one of the platform's most significant highlights. Users signing up for the crypto exchange also get the option to leverage their Poloni DEX exchange. Earlier called “TRXMarket,” it was initially a TRON-based exchange. However, post its acquisition in 2020, users of every type can leverage the features and functionalities over the exchange. This platform also serves as an IEO (Initial Exchange Offering) launchpad to help users get their hands on the latest IEO projects that are introduced into the industry.
Seamless Compatibility Across All Gadgets
The intuitive UI over the Poloniex platform allows users to make the most of their everyday trading easy and engaging. Upon signing up, users are welcomed by a clutter-free trading experience that is simple and easy to comprehend. Interestingly, the platform has successfully provided a similar feeling across multiple applications and tools, developing an ecosystem of different simple and easy-to-function platforms. Therefore no matter whether you’re operating Poloniex over an Android device or a macOS, you’ll have a similar experience.
Great Referrals and Campaigns
Poloniex is a legit platform for its traders and lets them earn extra rewards and money with the help of its referrals and campaigns. Besides the overall trading, users also have the option to make a few extra bucks by following the updates and activities that are announced over the platform regularly. The campaigns are hosted regularly, allowing its traders to earn an extra reward and income based on their active participation and other terms fulfilled. In comparison, the referral enables the user to earn an extra amount or a certain percentage of a positive active user gained via them.
Option Of Margin Trading
Margin trading is another core feature of the Poloniex platform that makes it unique. A feature limited to advanced traders allows them to get a hold of the features, like future trading and leverage options for active trading pairs. This way, the exchange ensures maximum returns, making it more suitable for crypto traders and investors. Not to forget, Poloniex also offers and provides its traders with margin trading and currency lending features that are unique on their own.
Additional Features Of The Platform
The above features are some of the essential core features and functionality of Poloniex. However, the cryptocurrency platform still has some other features which make the platform more functional and user-friendly. Let's check what those features are down below:
- Options to trade NFT: Although Poloniex started as a purely crypto exchange platform, for the past few years, it has started to promote Digital assets by stepping up its game in the field of NFTs. Users signing up for the platform can now easily tap into the portal’s dedicated NFT section to access the artworks and their promotions.
- Passive Income Generation: With 200+ actively added cryptocurrencies, Poloniex is one platform where traders can invest their funds in many cryptocurrencies. Poloniex also gives its traders a scope where they can invest in new hot trading and new currencies that are added to the platform actively, making it a more profitable trade for its traders.
- Reliable Customer Support: Poloniex has a team of executives who are very much functional and global. They have a customer support team who provides you support 24x7, covers a variety of multilingual customer executives for the convenience of its traders, and has customer support in over 100 countries and regions to make the whole support process a smooth encounter for its customers.
- Competitive Fees Structure: The fee structure happens to be one of the most significant aspects of any trading platform, and Poloniex is no exception! Users signing up for the exchange get access to a cost-friendly fee structure, saving you money on the overall trades.
Poloniex has the highest number of digital assets provided for its traders, allowing them to make different investments and distribute their funds better. Poloniex also allows you to make early investments whenever a new currency is launched, as it adds in cryptocurrencies pro-actively with proper research so that its traders won’t get scammed. They also provide a straightforward trading system, making it easy for their traders to trade in any device they want. The interface is fluid and not overloaded, making it smooth to surf through the platform. In addition, it has its distinctive features that allow both beginners and experts to make the most of their trading without making any compromises. Overall, Poloniex is a very user-friendly platform that is easy to access and gives a clutter-free trading experience. In addition, the several positive attributes of the console make it a great trading experience.
In terms of Trading and its Fee Structure, Poloniex follows the industry standard maker/taker model, which encourages liquidity highly. It is better to state that Poloniex supports more than 80 different altcoins. Besides, users are also entitled to additional discounts on paying using Tron. Your account will automatically qualify for a lower fee tier if you have $49 or more of the Tron token’s worth. The maker/taker feed depends on the amount of trade volume, the lowest tier being 0.00% for the maker and 0.05% for the taker and the highest being 0.15% for the maker and 0.25% for the taker, which is still less or equal to many the trading platforms available. Besides, here are some other additional costs that you might want to consider:
|Payment Method||Fees Over Poloniex|
|Bank Account||0.5% + Spread Fee (Variable)|
|Futures Trades||0.01% Maker / 0.075% Taker|
|Debit & Credit Card||3.5% ($10 minimum) + Spread Fee (Variable)|
|Margin Interest Fees||Varying Fees|
] Overall, the platform offers industry-standard rates, with the option to further reduce the overall cost of your trades via the Tron token offering and increased volume.
Is Poloniex Safe?
Security continues to be one of Poloniex’s weak aspects. While the platform seems to follow all the latest regulations and stringent measures, the company has faced regulatory and security problems while running its operations. The exchange has reported two hacking events, one in 2014 and the other in 2020. Besides, Poloniex has also run into problems with regulators in the United States. The SEC charged Poloniex a hefty fine for unregulated operations. However, the platform has worked on many aspects since then, making it one of the secure crypto trading platforms. It has opted for 3 levels of verification process to avoid any malware.
- First Level: A verification level where you need to verify your name, email address, and your residential address. Upon verification, you will be allowed to withdraw up to $ 2k and trade on margins.
- Second Level: A process where you will need to add your personal details such as an address, phone number, and scanned copy of your photo ID. Once your verification is complete, you will be allowed to withdraw up to $25k.
- Third Level: The third level is not made public for security reasons, except for the ones who want to withdraw more than $25000.
Besides, the platform has also adopted security practices like 2FA (2-factor authentication), email confirmation for withdrawal, and real-time security measures, among others. Overall, the situations mentioned above make Poloniex an average platform in this aspect.
Opening A Poloniex Account
Concerning the opening account aspect, Poloniex has a very smooth UI/UX, which is very easy to understand. Therefore, users signing to the platform can get started by following the three steps mentioned below: Step 1: Search for Poloniex’s website or download it on your device. Step 2: Once you download it or come to their main landing site, you’ll see Sign Up at the bottom- left of your desktop screen. Step 3: Complete the registration process, where you must add your details and your id to verify your details.
Once done, link the payment methods, fund your account, and start trading.
Poloniex could be one of the best exchanges for many traders and is a bit limited due to its lack of prompt customer service. Though it might still have some points to be worked on, we can still count it as one of the leading exchange platforms as it has many currencies, which is a plus point for traders. According to the research and stats provided, the review section has a rating of about 7:3, where Poloniex was praised for its liquidity and cryptocurrencies available, and the remaining 3% indeed faced some inconveniences that Poloniex is working towards to get it resolved, as ever-growing trading platforms. Some of the positive reviews about the exchange were around its accessibility and the presence of over 100 cryptocurrencies available for trade. In addition, some advanced traders also liked the possibility of making margin trading over the platform. Besides, some of the negative reviews around the exchange were around the hacking events and the improper response of the customer service.
Poloniex Vs. Competition
There are many leading crypto trading platforms, and Poloniex is one of the leading crypto trading platforms to have been huge once, has many positive approaches towards it from across the world. It also provides a very user-friendly and straightforward trading experience making it easy for beginners. Though there might be some parts of it that shall still be lacking compared to its industry-standard or its competitor.
Poloniex vs. eToro
Both Poloniex and eToro share similar features and functionalities. The platforms have a similar user base, are active in their operations, and are backed by several features and functionalities. However, similar to the pros, there are some differences in these platforms too. They are:
- Supported Cryptocurrencies: Poloniex has more than 200+ currencies available to trade, whereas eToro has only 30+ trading currencies. Meaning Poloniex has more range and liquidity compared to eToro.
- Rewards and Campaigns: Poloniex offers free campaigns where its users can win free rewards by participating in them and using referrals to earn a certain percentage. In contrast, eToro has a portal to invite friends but not for campaigns.
- Fee structure: The fee structure of Poloniex is low or equal when compared to other platforms like the taker fee is 0.155%, the maker fee is 0.145%, and the withdrawal Fee is 0.000046 BTC, as compared to eToro, the taker fee is 0.75%, maker fee is 0.75%, and the withdrawal fee is 5 USD.
Hence, Poloniex & eToro may have some shortcomings and have a scope to fix them. Still, for now, Poloniex is one of the top cryptocurrency exchange sites that take the lead because of its low fee structure, rewards, and campaigns for its users, making it a more user-friendly space and having more cryptos than eToro.
Should You Consider Using Poloniex?
Poloniex is one of the first crypto exchange platforms and can be categorized as a trustworthy crypto-to-crypto exchange platform with more than millions of active traders daily. It is one such platform where you get to trade with many cryptocurrencies, has the largest share in the Tether trading volume, and has other unique features, which could be one of the main reasons many traders join the platform. Other things to be considered are:
- Competitive fee structure: Poloniex charges a trading fee that is low or equal compared to any other platform dealing with cryptocurrency trading. The highest tier trading charge offered by Poloniex is 0.25%, and the lowest trading charge is 0.00%, which is negligible, making it one of the platforms to provide a meager trading fee.
- A vast number of supported cryptos: The amount of cryptocurrencies available is more than any other platform when compared. It has about 200+ or more cryptocurrencies available for its traders to trade actively and has more than 500 spot trading pairs.
- Access to advanced features and functionalities: The users or traders of Poloniex can leverage and have futures trading investment options with the help of multiple fund deposits. This way, they can make the most of their operations without compromise.
Shortcomings Of Poloniex
Poloniex has about 100k active users, and it still has some shortcomings that can be fixed in future updates.
- Flawed security system: Poloniex has a secure security system, which was still hacked twice but taken care of later. So to take care of it, Poloniex can launch more security systems like other platforms.
This brings us to the end of our comprehensive review on Poloniex. Looking at this review, it’s evident that while the platform has great features, it lacks security aspects. Besides, the fact that it has been hacked twice makes it unreliable. It is also to be kept in mind that the platform keeps growing and updating itself daily.
Q1. Should I trust Poloniex?
Nobody can predict the hacking of a crypto exchange! However, Poloniex is a secure crypto trading platform with a reliable customer support system that works 24x7. Even though Poloniex has been hacked twice, it has not stopped the platform from being one of the reputed platforms in terms of trading and having a secure security system.
Q2. How to secure your Poloniex Account?
Poloniex has a secure security system to keep your funds safe, but it still asks its users to provide an extra layer of protection from its end. That being said, it has a 3-step verification process to keep your account secure and safe, whereas the 3rd process is still not disclosed for security purposes.
Q3. What are the fees charged by Poloniex?
Poloniex is on par with the industry standard and does not charge more than it. Although the fees may change according to the trading volume, the maximum trading fee is 0.25%, and the trading fee decreases as your volume increases. The lowest trading fee is 0.00%.
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