Pros
Cons
Quick Summary
| Headquarters Location | Boston, Massachusetts, USA |
|---|---|
| Fiat Currencies Supported (through third party apps) | USD, AUD, GBP, CAD, EUR, NZD + 86 others |
| Total Supported Cryptocurrencies | 506+ |
| Trading Fees | -0.005% - 0.2% |
| Deposit Methods | Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Apple Pay, Google Pay, Mercuryo, Simplex |
| Support | Twitter, Help Center Articles, Support Ticket |
| Mobile App | Yes - iOS, Android |
Since its inception, Poloniex has established itself as a reliable exchange. It allows users to create accounts and participate in transactions while accessing a wide range of features that improve their trading experience.
Despite past issues, including a notable breach in 2014, Poloniex has redoubled its efforts with heightened security to reassure its users that they can trust the platform.
For traders keen on advancing assets or businesses searching for reliable market features, Poloniex is worth considering.
About Poloniex
Established in 2014, Poloniex has refined its exchange platform through the years. This progression enables traders to operate with the assurance that the platform is dedicated to delivering a solid cryptocurrency exchange experience.
Since its acquisition by Circle in 2018, the platform has demonstrated adaptability. With a user interface that has undergone significant enhancements, Poloniex offers a place for crypto enthusiasts to manage their digital assets, whether beginners or expert traders.
Poloniex has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit and Telegram.
Poloniex has a mobile app on both the Apple App Store and Google Play.
Poloniex Supported Cryptocurrencies
Poloniex supports trading on over 506 cryptocurrencies on their platform. This exchange currently supports 24 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies Poloniex supports
Poloniex offers an extensive selection of digital currencies across various markets, giving traders many options. However, the platform focuses solely on transactions involving digital currencies, deliberately avoiding fiat trading pairs and direct fiat currency deposits.
This strategy requires users especially interested in the multitude of altcoins to convert their funds into a cryptocurrency such as USDT first. Only then can they fully appreciate the wide range of features Poloniex offers.
Trading Experience
With a wide array of trading options, Poloniex users can trade with precision. Features like AI strategy trading and lending supplement the platform’s diverse trading modes.
Poloniex’s advanced trading platforms cater to varying levels of trading experience, from beginners making their first trades to veterans implementing complex strategies. Below, we’ll discuss the trading experience you can expect from the platform.
Trading Interface
Poloniex provides an efficient and user-friendly trading interface through its web platform and mobile applications for iOS and Android devices, which are accessible on both the App Store and Google Play. These tools allow traders to keep track of their balances, carry out trades, and modify their strategies instantly.
The Poloniex trading platform delivers detailed charts filled with analytical indicators, information on recent trades, and a summarized view of the order book. These features help traders stay updated with the crypto market’s ever-changing dynamics.
Needless to say, Poloniex takes pride in providing a commendable user experience on its platform. Customers have rated the mobile app highly, showcasing its commitment to catering to users’ needs. Managing an account on Poloniex mirrors the ease and familiarity of online stock brokerage or banking interfaces.
Although customer support is mainly accessible via email, the platform’s design usually diminishes any requirement for extra help. This setup allows customers to concentrate on their primary business activity, which is trading.
Spot Trading
Poloniex provides spot trading, characterized by prompt transactions, sufficient liquidity, direct conversion between various digital currencies, and a guarantee of instant trade completion.
The platform features diverse spot trading combinations that give traders great versatility and entry into an extensive marketplace. Popular pairs include BTC/USDT, ETH/USDT, XRP/USDT, and LTC/USCT.
Poloniex Fees
Poloniex has introduced a trading fee system that offers reduced fees to higher-volume traders. However, users should be aware of extra costs incurred when using credit or debit cards for purchases, for example, as these can affect the overall expense of their investments.
Depositing and withdrawing funds on Poloniex supports a range of payment options, such as bank account transactions and Apple Pay. Nevertheless, users might face occasional delays or issues with their transactions that could give the impression that their funds are trapped.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | 3.95% |
| Deposit Fee (Credit/Debit Card) | 3.50% - 5% |
| Trading Fee | -0.005% - 0.2% |
| Withdrawal Fee (Bank Transfer) | 1% |
Poloniex supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0005 BTC. The average across all other exchanges that we've reviewed is 0.000381 BTC. This means Poloniex charges above the industry average by 31.39%. This is worth noting because it likely means they are also charging higher fees and spreads across all cryptocurrencies on their platform.
Poloniex has a maker/taker fee schedule which you can see below.
|
Level
|
30-Day Spot Trading Volume
|
30-Day Futures Trading Volume
|
Total Balance
|
TRX Balance
|
Maker/Taker
|
Maker/Taker (Pay with TRX)
|
|---|---|---|---|---|---|---|
| VIP 0 | $0 | $0 | $0 | $0 |
0.2000%/0.2000%
|
0.1400%/0.1400%
|
| VIP 1 | $10,000 | $100,000 | $2,000 | $100 |
0.1150%/0.1250%
|
0.0805%/0.0875%
|
| VIP 2 | $80,000 | $2,000,000 | $4,000 | $10,000 |
0.1050%/0.1200%
|
0.0735%/0.0840%
|
| VIP 3 | $500,000 | $5,000,000 | $10,000 | $50,000 |
0.1000%/0.1200%
|
0.0700%/0.0840%
|
| VIP 4 | $1,000,000 | $10,000,000 | $200,000 | $100,000 |
0.0900%/0.1200%
|
0.0630%/0.0840%
|
| VIP 5 | $2,000,000 | $20,000,000 | $400,000 | $500,000 |
0.0700%/0.1150%
|
0.0490%/0.0805%
|
| VIP 6 | $5,000,000 | $50,000,000 | $1,000,000 | $1,000,000 |
0.0600%/0.1150%
|
0.0420%/0.0805%
|
| VIP 7 | $10,000,000 | $100,000,000 | $8,000,000 | $100,000,000 |
0.0500%/0.1100%
|
0.0350%/0.0770%
|
| VIP 8 | $20,000,000 | $500,000,000 | $16,000,000 | $200,000,000 |
0.0000%/0.1000%
|
0.0000%/0.0700%
|
| VIP 9 | $50,000,000 | $1,000,000,000 | $30,000,000 | $400,000,000 |
-0.0050%/0.1000%
|
-0.0050%/0.0700%
|
Security - Is Poloniex Safe?
Safeguarding user funds and data is important in all cryptocurrency exchanges. Poloniex employs an array of security measures to defend against potential threats. Their protective strategies include encryption, consistent audits, cold storage, and offering insurance for digital assets. Such precautions are essential for securing users’ personal information and financial investments on the platform.
Poloniex offers additional functionalities like whitelisting specific addresses and implementing two-factor authentication. Such initiatives show the platform’s commitment to solid defenses for its users’ interests.
Past Security Issues
Like other exchanges, Poloniex has experienced its share of setbacks due to security compromises that resulted in significant asset losses. Such incidents highlight the potential dangers of digital exchanges and demonstrate similar risks across other trading platforms.
Efforts have been increased to enhance protection. The financial damages from previous breaches that were not compensated continue to serve as warnings for individuals considering these services.
Poloniex Customer Support
Poloniex’s customer support has garnered varied reactions. Some users report satisfactory outcomes, while others report ineffective communication and delayed support.
Negative reviews highlight various issues, including withdrawal difficulties and transaction irregularities. Often accompanied by stories of persistent unresolved problems, this feedback emphasizes Poloniex’s difficulty in preserving trust and satisfaction among its users.
Overall, the varying customer reviews may become an issue for traders who value reliable help with their chosen trading platform.
Poloniex Support Channels
Advanced Features
The Poloniex platform offers a range of advanced functionalities that address the demands of cryptocurrency traders. API connectivity with services like Bitsgap enhances its system capabilities, providing users extra advantages in the swiftly moving crypto trading industry.
Automated Trading
Poloniex has revolutionized the trading experience by introducing automated trading, enabling bots to conduct trades quickly and reduce the likelihood of human mistakes. By linking with advanced trading platforms like Bitsgap, Poloniex allows users to tackle strategies such as Grid and DCA bots.
NFT Marketplace
In collaboration with APENFT, Poloniex has established an NFT marketplace that offers users a platform to participate in the rapidly expanding domain of non-fungible tokens.
Despite the compelling attraction to NFTs, traders are encouraged to proceed carefully, considering the speculative dynamics of this market.
Regulatory Compliance
After incurring a penalty for conducting futures trading without proper registration paid to the SEC, Poloniex restructured its operations towards Bermuda for those outside the U.S., maneuvering through regulatory challenges.
While continuing to enhance its compliance measures, it offers international traders a credible platform for futures trading, with restrictions in specific areas.
How to Sign Up on Poloniex
- Create Account - Visit the Poloniex website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you can deposit using the methods listed below. Note that this exchange only supports depositing fiat currencies through third party apps it supports.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
Poloniex Alternatives
Binance
Total Supported Cryptocurrencies
393+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
286+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
329+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
As one of the most trusted crypto exchanges, Poloniex presents a versatile platform that combines competitive fees with a broad spectrum of trading options. However, while it has demonstrated resilience and adaptability throughout the years, its past security breaches and varied customer reviews call for caution.
As traders continue to weigh the balance of features and drawbacks, Poloniex remains a good option for beginners and expert crypto traders.
Poloniex FAQs
Poloniex is a cryptocurrency exchange that has been operating since 2014. Like any online platform, its safety depends on security measures and operational practices.
Users should always exercise caution and use all available security features, such as two-factor authentication. Additionally, it’s important to stay informed on the exchange’s operational status and any changes in regulatory compliance.
To cash out from Poloniex, you must withdraw it from a wallet or bank account. This involves selling your cryptocurrency for fiat currency, if available on the platform, and then withdrawing the fiat currency to your bank account.
Poloniex was initially based in the United States. However, in 2019, the exchange spun out from its previous owner, Circle, and became operated by Polo Digital Assets, Ltd., which has ties to an international group of investors.
Users should refer to the official Poloniex website for current information on the location of its operations and legal jurisdiction.
The withdrawal fees on Poloniex can vary and are subject to change. For the most current information on withdrawal fees for Bitcoin (BTC) and other cryptocurrencies, it’s best to check Poloniex’s official website or fee schedule.
Poloniex typically charges trading fees as well as withdrawal fees. The trading fees can be based on a maker-taker model and may vary depending on your trade volume. Withdrawal fees depend on the specific cryptocurrency you wish to withdraw.
Poloniex experienced a security breach in March 2014, which led to the loss of 12.3% of its total bitcoins. Since then, the exchange has reported improvements in security measures.
Users should review the exchange’s security practices and consider their personal risk tolerance when using Poloniex or any online platform.
Due to regulatory constraints, Poloniex no longer offers its services to citizens and residents of the United States. In December 2019, Poloniex stopped supporting users based in the U.S.
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