Poloniex, a self-proclaimed “legendary crypto assets exchange” offering low fees and optional identity verification. It is gradually regaining its place in the cryptoverse’s infrastructure with its relocation to Seychelles. In this review article, we will discuss all about Poloniex, from it’s key features, fees up to their pros and cons.
Sign up here to get started.
What is Poloniex?
Poloniex is a self-proclaimed “legendary crypto assets exchange” that offers low fees and optional identity verification. What’s more, after changing owners in 2019, the exchange has relocated to Seychelles and adopted a more open, loosely regulated approach. By doing so, it allowed to offer a wider array of services, support more cryptocurrencies, and gradually get back towards being an important part of cryptoverse’s infrastructure. Despite a security breach in 2014, Poloniex remains a reliable and secure platform for trading bitcoin and altcoins. Finally, they also have the lowest fees in the industry.
Poloniex is a cryptocurrency exchange founded by Tristan D’Agosta. Located in Delaware, USA, the exchange is highly regulated. In addition, it allows users to buy, trade and sell a variety of cryptocurrencies, including Bitcoin and Ethereum. What’s more, with daily trading volumes of over $100 million, Poloniex charges a fee for every trade made through their platform. Furthermore, these fees are paid by both the buyer and seller. With that, Poloniex is a popular choice for those looking to buy, trade and sell digital currencies.
Key Features of Poloniex
The key features of the exchange include:
Trade over 60+ cryptocurrencies. From Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Tron (TRX), EOS (EOS), Monero (XMR) and many more. Get access to the world’s most popular digital assets and start trading today!
Low Fees. Poloniex is renowned for offering some of the lowest trading fees amongst popular altcoin exchanges.
Margin Trading. Trade with leverage on Bitfinex and get up to 2.5x more buying power with our low fee margin trading.
Margin Lending. Poloniex offers margin lending, and then a way to earn passive income by loaning your crypto assets and collecting interest.
Poloni DEX and IEO launchpad. Poloniex offer investors the opportunity to invest in the latest crypto projects. Moreover, Poloniex’s decentralized counterpart, Poloni DEX, investors can take advantage of the hottest new crypto projects and make the most of their investments.
Easy Sign up and Fast Trading. Sign up and start trading on Poloniex in minutes without having to pass KYC checks. If you don’t have any cryptocurrency yet, you can easily buy some with fiat using Poloniex’s Simplex integration, though this will require you to verify your identity.
Key Advantages of Poloniex
Huge Range of Cryptocurrencies
Poloniex offers a wide selection of cryptocurrencies, including major coins like Ripple, Steem, Monero and Bitcoin Cash, as well as smaller coins like BlackCoin, Bela and Burst.
Good Selection of Tools
Poloniex offers a comprehensive selection of trading tools, including candlestick charts ranging from 5 minutes to 4 hours, stop-limit orders, and the ability to zoom in and out of charts. The user-friendly interface makes it suitable for both beginners and experienced traders.
Based in the U.S. with Strict Government Regulation
Poloniex, based in the United States, is a secure and reliable cryptocurrency exchange. Furthermore, with strict government regulations in place, Poloniex takes every measure to ensure customer funds are safe and secure, and to prevent any criminal activity. As a result, Poloniex is a safe and reliable exchange for cryptocurrency trading.
Liquidity
Poloniex offers traders a high level of liquidity, particularly with its wide selection of altcoin pairings, making it an ideal platform for those looking to trade with minimal risk of volatility.
No Transaction Fees
Poloniex is one of the most competitive exchanges when it comes to fees, offering low-cost deposits and withdrawals with no additional charges. Unlike other cryptocurrency exchanges, Poloniex does not profit from your withdrawals, ensuring you get the most out of your trading experience.
Reasonable Trading Fees
Poloniex offers competitive trading fees, with a maximum fee of 0.125% for all trades. Furthermore, this fee is reduced for larger volumes, making it an attractive option for high-volume traders.
No Complicated Verification Process
Poloniex offers anonymous trading for those who do not wish to verify their identity, allowing users to trade up to $2,000 a day without the need for verification. This is a great advantage for those who want to trade without having to provide personal information.
Wide Range of Customer Support Options
If you need help with any issues, there are plenty of options available. Ticket support, email, and then live chat are all great ways to get assistance quickly. We personally prefer live chat as it allows for immediate support.
Key Disadvantage of Poloniex
Unreliable Security due to Previous Hack
Poloniex, a popular cryptocurrency exchange, experienced a security breach in 2014 when 12.3% of their Bitcoin supply was stolen. The hacker discovered a bug in the system which allowed them to withdraw more than their actual balance. However, the exchange owner, Tristan D’Agosta, managed to pay everyone back by temporarily increasing trading fees and contributing his own money. Since then, Poloniex has taken security seriously and has not been hacked again.
How To Use Poloniex?
Creating an Account
- Firstly, visit Poloniex.com to in order to sign-up.
- Next is to click the “Create Your Account” button.
- Create an account by entering your country of residence, email address and choose a strong password.
- Confirm your email address with Poloniex by clicking the link in the email they sent you.
- and now you have created your own account on Poloniex!
Deposit Funds
- To access your account balances, hover your mouse over the Balances tab at the top of the screen and click on the Deposits & Withdrawals option.
- Search for the cryptocurrency you want to deposit with on the right side of the page to view a comprehensive list of available coins.
- To purchase Bitcoin Cash, click on the ‘Deposit’ button located on the right side of the screen.
- You will be provided with a distinct deposit address for the cryptocurrency you are using to fund your account. Remember, each coin has its own address, so make sure you don’t send Litecoin to a Bitcoin Cash address.
Conclusion
If you have read this comprehensive Poloniex review, you should have all the necessary information to determine if Poloniex is the right cryptocurrency exchange for you.
The ease of use of the platform is the most important factor when it comes to exchanging. The Platform’s user-friendly interface makes it easy to trade a wide variety of coins with minimal trading fees.
For those looking to expand their cryptocurrency trading options, Coinbase, Binance and Kraken are highly regarded exchanges that offer a wide range of digital asset options.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
