Poloniex Review
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Overview
Poloniex is a cryptocurrency trading platform that allows you to purchase and trade Bitcoin, as well as other cryptocurrencies. It was originally just a crypto-to-crypto exchange but later transitioned into full-fledged currency trading. Now it offers more services including FIAT purchases, spot trading, margin earning, staking coins for rewards or interest rates (12%), lending coins (interest rates are variable), and futures contracts. Though not the most popular cryptocurrency exchange globally anymore due to an obvious lack in marketing from its side of things – which has been remedied now with big investments being made – Poloniex still produces high-quality services for anyone who wants them at any time of day or night.
Poloniex is an exchange for cryptocurrencies. Low trading fees and a list of 350+ cryptocurrency investments make this site enticing; it also offers margin trading, lending options, and multiple platform buying/selling opportunities.
Despite the seeming attractive nature of Poloniex, there are some drawbacks to consider: customer service is rated as poor (though improving). It has been hacked in 2014 losing around 12% of holdings twice since then!
Company Overview
The exchange supports over 100 cryptocurrencies with highly competitive trading fees. If your main priorities are trading numerous digital currencies at low rates, you’ll find what you’re looking for with Poloniex.
Poloniex offers users the ability to buy crypto using bank accounts, Visa cards or Mastercards as well as Apple Pay which makes it attractive to beginner traders who don’t have any prior experience working on crypto exchanges before; they also offer their decentralized financial product called a “decentralized stock market.”
Despite its useful features and options on the security side of things, there are still some drawbacks we should keep an eye out for when considering this site’s reputation: customer reviews tend to be less than stellar when it comes to customer support services provided by this company – not shocking given how two hacks occurred during 2017 alone! This can lead us towards other cryptocurrency exchanges that provide better user ratings coupled with more robust security overall
Cryptocurrencies That Trade On Poloniex
Poloniex offers access to over 200 cryptocurrencies. Some of the most popular options are Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ripple (XRP), and Shiba Inu(SHIB). New cryptocurrencies are being added regularly, and you can view Poloniex’s full list of supported assets on their website.
Poloniex is heavily connected with TRON.network, which offers its native token TRX as a trading pair for most other crypto coins offered by Polonoix – it does not support some notable crypto such as Solana or Fetch AI, though.
Trading Experience
Poloniex offers basic spot and margin trading. For spot trading, you can select a crypto pair, create an order to buy or sell at the market price or limit your losses. Margin traders will find it much easier – they can borrow funds to trade more than they have on hand. The futures trader has access only to perpetual swaps contracts- these are types of derivatives that do not expire like other financial instruments (like stocks). Some privileges are limited for those who want margin trades but otherwise, anyone can output.
Security
Poloniex is the go-to cryptocurrency exchange for many investors. The company offers standard security features like two-factor authentication, email confirmation, and identity verification. That said, Poloniex has been compromised in the past and lost 12% of its users’ Bitcoin holdings once – not to mention its founder had to repay all of these lost funds as well as upgrade account security measures on fund withdrawals such that they have now become able to require email or 2FA confirmation. Here are some other details about this crypto exchange’s safety procedures:
Session history: Poloniex keeps a record of devices that have logged into your account; it allows you can end sessions or block devices you don’t recognize from logging in again via new IP addresses
Account freeze email: When a device logs onto your account from an unfamiliar IP address (and if there isn’t any login activity within one hour), Poloneix sends out a verification message with instructions on how to verify if it’s you who accessed the service but forgot their password/username/2fa token, etc., then freezes accounts immediately upon clicking the link within mail mentioned above
Opening A Poloniex Account
To sign up for a Poloniex account, you must provide an email address and password. Once your account is verified via email, you will be asked to set up two-factor authentication (though this can be opted out of if desired).
Poloniex offers two different verification levels, which offer different access features on the exchange. Level One requires just providing an email address and password and verifying the account by email; users can withdraw $10,000 per day or more if they have 2FA enabled. Users at this level also don’t have access to margin trading options.
Level Two requires users to verify their identity with photo identification and proof of home address (utility bills), where they then submit a selfie. This improvement in withdrawal limit provides total daily limits ranging from $500,000-$1 million with 2FA.
Customer Service
Poloniex is a cryptocurrency exchange that offers customer service primarily through email, and there’s no direct support email address. Instead, users must submit a contact form to the Poloniex support center to get in contact with customer care. There are also educational articles and tutorials about cryptocurrencies available on their blog for customers who would like more information.
Customer Satisfaction
Poloniex has received a large number of complaints, with many users detailing their loss of account access and the inability to withdraw funds from their accounts. Some users report that losing access to 2FA for the account means being unable to make any trades or investments for months at a time, or in some cases years until customer service can help. This is concerning if you’re considering investing/trading on Poloniex
Account Management
Poloniex is a crypto exchange where users can buy, sell, and trade cryptocurrencies. They have the option to log in to their dashboard from anywhere and deposit cryptocurrency funds for trading purposes. Poloniex also offers a lending service allowing you to lend out certain cryptos for interest payments which provide additional income opportunities. The mobile app is available on Android and iOS devices offering live trading tools like market orders or margin trades unavailable through traditional desktop platforms.
I’ve been using Poloniex since 2013 because of how it has grown over time with new features and improved safety measures during a bear market- it’s not even close to being one of my selections when I compare exchanges now!
How Poloniex works
Poloniex is a cryptocurrency trading platform. Its spot trading platform offers hundreds of trading pairs and crypto futures contracts. In addition, Poloniex gives you access to cryptocurrencies through Simplex – if you want to use credit cards or debit card payments in your transactions with this exchange service provider. The fees are somewhat high, but the payment process is smooth, transparent, and quick- taking less than two days for funds to reach your account once Simplex approves.
Cryptocurrency selection
Poloniex has a huge selection of over 200 different cryptocurrencies. It doesn’t have any gaps in its lineup as it includes all the biggest crypto coins and plenty of altcoins.
You can only buy a small fraction of these cryptocurrencies with cash – most are trading pairs, meaning you trade one cryptocurrency for another before getting access to more than Poloniex offers. To get access to most or all Poloniex has on offer, you need to buy another currency like Tether (USDT) or USD Coin (USDC). Afterward, you can purchase anything on the exchange’s list – including many other altcoins not available without buying them through something else first!
Is Your Cryptocurrency Safe With Woloniex?
Poloniex had a few breaches in the past, but it seems to have improved. One breach stole 97 bitcoin, which is 12% of its supply. In response, Poloniex temporarily reduced all customer balances by 12% and increased trade fees to raise money for them until they could pay back customers everything that was lost. It repaid all accounts within the year (July).
In 2019 someone posted an email list on Twitter claiming these emails were associated with accounts at Poloniex, and 5-6% of those email addresses belonged to actual users with trading activities on the exchange who needed their passwords to reset as well because this information wasn’t real or accurate enough.
Poloniex does not have a dedicated security page on its website. The site does not provide information about how much of its customer’s funds are kept offline in cold storage or if it has any crypto insurance. Other exchanges are more open about their security than Poloniex, which is concerning given that it has been hacked before.
Besides this, several features may be designed to keep you and your money safe from theft: 2FA- two-factor authentication; email notifications for logins by new IP addresses with the option to freeze the account if unauthorized access was gained; and a bug bounty program.
Steps To Sign Up To Poloniex
To register for an account on Poloniex, follow these three steps.
Register and Verify your ID
To sign up for the service, your email and password are needed. Check off the ‘User Agreement box and click on the Sign Up icon. Your account will be set up as Level 1, and you can go on to verify your ID to move to Level 2 at any time by clicking on “Upgrade Account.”
Make a Deposit
You must enter your account credentials and confirm that information to complete the process. Select the amount of currency to deposit in the drop-down menu, then click “Deposit Funds.” Use a card or bank transfer if you don’t have any coins yet. Follow on-screen prompts as prompted by Coinbase – make sure not to miss any steps!
Purchase your Crypto
Choose the fiat denomination you want to purchase, select the crypto asset you want in return, input how much of that asset you want to spend, and confirm. The transaction will be displayed along with any fees or charges incurred before confirming whether or not it is okay for this transaction to happen. Follow the steps below if needed: enter your wallet address using a secure connection, then enter details about who sent it (i.e., from), where it is going (to), and when they sent it; once confirmed by clicking on ‘I Accept button at the bottom right-hand side of the screen, proceed onto entering an amount for transfer confirmation purposes as well as accepting additional terms such as service usage policy agreement before proceeding onto tying up loose ends like picking an email delivery method so keep reading!
Features
Poloniex LaunchBase
Poloniex introduced LaunchBase in May 2020 to attract new customers interested in Initial Exchange Offerings. The first step is registering for an account and verifying it, allowing you access to the large pool of new IEO projects on the platform.
Poloniex for Institutions
Poloniex is a cryptocurrency exchange for institutions. It offers all types of institutional access to select cryptocurrencies and trading pairs and customer support services, including an API.
Poloni DEX Decentralized Exchange
The world of crypto has changed so much that the new norm is using decentralized exchanges. Poloniex offers a DEX (decentralized exchange) built on Tron’s blockchain and was formerly called TRXMarket. Users can access and trade decentralized digital assets on this platform, which has recently gained lots of attention.
Fees
Poloniex offers one of the lowest fee schedules in the industry. If you are a trader, there is no doubt that it’s worth considering Poloniex for your next trades. There are different fees and costs on Poloniex depending on whether you’re a maker or taker based on your 30-day rolling trading volumes and level of account.
Deposits and Withdrawals
Deposits are free and withdrawal fees depend on the cryptocurrency or underlying network. Bitcoin, for example, costs 0.0005 BTC per transaction while Simplex charges a 3.5% fee for credit card purchases.
Trading Fees
For unverified accounts, trading fees are 0.1% for makers and 0.2% for takers of the trade-in question. Users who have verified or VIP accounts will pay only a small fee: maker trades at 0%, while taker trades at an even smaller cost of just under one-tenth (0.04%). For margin positions, Poloniex charges a rate of around only 9 cents per trade- some among the lowest in crypto exchanges that support cryptocurrency-to-cryptocurrency transactions! You can compare these rates against current industry players by checking out our review on top cryptocurrency exchanges here.
Payment Methods & Limits
The platform offers various methods of payment, like credit cards and bank transfers, so customers can fund their accounts and buy cryptocurrency. It is one of the exchanges that currently accept these types of payments.
Payment methods available
- Credit card
- VISA
- MasterCard
- Bank transfer
- SWIFT
- SEPA (EU banks)
- Faster Payments (UK banks)
- Crypto transfers
Steps to Sign Up to Poloniex
To register for an account on Poloniex, follow these three steps.
- Register and Verify your ID: Your email and password are needed to sign up for the service. Check off the ‘User Agreement box and click on the Sign Up icon. Your account will be set up as Level 1, and you can go on to verify your ID to move to Level 2 at any time by clicking on “Upgrade Account.”
- Make a Deposit: To complete the process, you must enter your account credentials and confirm that information. Select the amount of currency to deposit in the drop-down menu, then click “Deposit Funds.” Use a card or bank transfer if you don’t have any coins yet. Follow on-screen prompts as prompted by Coinbase – make sure not to miss any steps!
- Purchase your Crypto: Choose the fiat denomination you want to purchase, select the crypto asset you want in return, input how much of that asset you want to spend, and confirm. The transaction will be displayed along with any fees or charges incurred before confirming whether or not it is okay for this transaction to happen. Follow the steps below if needed: enter your wallet address using a secure connection, then enter details about who sent it (i.e., from), where it is going (to), and when they sent it; once confirmed by clicking on ‘I Accept button at the bottom right-hand side of the screen, proceed onto entering an amount for transfer confirmation purposes as well as accepting additional terms such as service usage policy agreement before proceeding onto tying up loose ends like picking an email delivery method so keep reading!
Pros
- Established exchange – operational since 2014
- Fiat deposit allowed via mastercard
- Mobile app for golem and iOS with support for all options obtainable on the online exchange
- Margin commerce associate degreed funding – users will margin trade or lend alternative users an interest
- Unlimited deposits and spot commerce while not verification
- VIP Accounts – special accounts for its verified users, as well as institutional investors
Cons
- No fiat trades
- Slow customer service
Conclusion
One of the most popular cryptocurrency exchanges suffered a breach just four weeks after its launch. After this unfortunate event, it managed to improve and offer services such as crypto margin trading and lending. However, Poloniex is largely unregulated, so be cautious when storing significant amounts on the exchange for prolonged periods.
