Looking for a reliable cryptocurrency exchange? With countless choices available, it can be tricky to know which one(s) to use. That's why we've done the research for you and reviewed Poloniex's features, security, trading fees and much more. Whether you're a veteran trader or a newbie, our impartial evaluation will assist you in determining if Poloniex is a suitable exchange for you. Keep reading to find out if Poloniex is worth your time and investment!
Poloniex is a Boston-based cryptocurrency exchange founded in 2014 by Tristan D'Agosta. The exchange is registered in Seychelles and supports over 350 cryptocurrencies; including Bitcoin, Ethereum, Ripple, Litecoin, and many others.
To keep their platform secure, Poloniex operates with strict geographic restrictions that prevent users from certain jurisdictions including the US, China, and OFAC countries. This helps them to maintain a high level of security for their users without compromising on their customer experience.
The exchange offers a wide range of trading services such as spot, margin, and futures trading with up to 100x leverage. This allows traders to make the most of their investments and maximize their profits. Overall, Poloniex is a solid and reliable cryptocurrency exchange that provides a comprehensive and user-friendly platform to buy and sell digital assets.
Poloniex offers its users convenient mobile access with apps available for both iOS and Android devices. The Poloniex Crypto Exchange app can be downloaded from the App Store or Google Play, allowing users to buy, sell, and trade a range of cryptocurrencies, including Bitcoin, Ethereum, TRON, Tether, and other altcoins.
The Android version of the app has an average rating of 3.8 stars based on 9,000 reviews and has been downloaded over 500,000 times. Overall, the Poloniex mobile app provides a user-friendly and accessible platform for trading cryptocurrencies on-the-go.
Poloniex Signup & KYC
Unlike many other exchanges, Poloniex does not require KYC verification for users to deposit crypto, trade futures, or withdraw assets. This makes it a popular choice for users who value privacy and anonymity. The signup process on Poloniex is quick and easy, taking less than a minute to complete. Users simply need to provide their email address and create a password to access the exchange.
However, it is important to note that while KYC is not required on Poloniex, some financial institutions may require it in order to process deposits or withdrawals from the exchange. Overall, Poloniex offers a fast and convenient signup process without requiring users to go through KYC verification. This makes it a great choice for users who value privacy and want to quickly start trading cryptocurrencies. However, users should be aware of potential limitations when it comes to withdrawals or deposits from external financial institutions.
Poloniex Products & Services
Poloniex is a cryptocurrency exchange that offers both spot and futures trading, grid trading, the option to buy crypto with a card via simplex, earn products, and NFTs. While the user experience on Poloniex is not very polished, the exchange is easy to navigate and offers a decent range of products and features.
One of the standout features of Poloniex is its futures trading, which offers leverage of up to 100X. For cross margin trading, Poloniex supports a maximum leverage of 3x. This makes it a great option for traders who are looking to maximize their profits with high leverage trading.
In addition to futures trading, Poloniex also offers spot trading for a variety of cryptocurrencies. This includes popular coins like Bitcoin, Ethereum, and Litecoin, as well as smaller altcoins that may not be available on other exchanges.While the user experience on Poloniex may not be as polished as some other exchanges, the platform is still easy to navigate and offers a decent range of products and features.
This makes it a great choice for traders who are looking for a reliable and secure cryptocurrency exchange. With an average daily spot trading volume of over $80 million, Poloniex is definitely worth considering for traders of all skill levels.
Poloniex users can easily buy and sell crypto on Poloniex via spot trading with low fees, making it a popular choice for traders.
For those looking to buy crypto with a debit or credit card, Poloniex offers the option through third-party payment provider, Simplex. However, this method comes with a high fee of 3.5% or $10, whichever is greater.
Overall, Poloniex is a solid option for spot trading cryptocurrencies, but users looking for P2P trading or the ability to buy crypto with bank deposits will need to consider other exchanges. The high fees for buying crypto with a card may also deter some users.
Poloniex charges a 0.145% maker fee for spot trading which is on the lower end of the spectrum compared to other exchanges. However, its spot taker fee of 0.16% is higher than some competitors. When it comes to futures trading, Poloniex charges a 0.02% fee for makers and a 0.05% fee for takers, putting it in the middle of the pack. Overall, Poloniex's trading fees are competitive for spot trading and futures trading.
Poloniex Deposit Methods
Unfortunately, Poloniex does not support fiat deposits at this time. However, they do offer the ability to deposit and trade with a wide variety of cryptocurrencies. Additionally, they have partnered with Simplex to offer the option to buy crypto with a credit card. While the lack of fiat deposit options may be a drawback for some users, Poloniex's focus on KYC free cryptocurrency deposits and trading and their is suitable for privacy focused users.
Poloniex Withdrawal Methods
Similar to fiat deposits, Poloniex does not offer fiat withdrawals so the only withdrawal method on the platform is via cryptocurrencies.
Poloniex offers relatively low withdrawal fees for Bitcoin and Ethereum, with a 0.0005 BTC fee for Bitcoin withdrawals and a 0.0032 ETH fee for Ethereum withdrawals. Additionally, users can withdraw ERC-20 USDT for a fee of 5 USDT and Solana for a fee of 0.01 SOL.
While the exchange does not support fiat withdrawals, it is still a great option for those looking to withdraw their cryptocurrencies to other platforms or wallets. In most cases, the cryptocurrency withdrawal fees are quite competitive with the lowest options in the market.
Is Poloniex Safe?
Poloniex is a cryptocurrency exchange that has had a complicated history with security. In short, the platform has been hacked multiple times which has led to concerns about the safety of user funds. Having said this, Poloniex maintains a 95% asset cold storage ratio which helps to keep user funds safe from potential hackers. And while Poloniex is currently working on implementing proof of reserves, it is not currently available.
Despite these past issues, Poloniex has recently obtained a license in Bermuda that covers the operation of payment services, custody, exchange, trading, and other financial services. This is a positive step towards improving the platform's security and gaining the trust of its users. Besides this, the exchange offers common security features such as whitelisting addresses, two-factor authentication, and bug bounties to incentivize white hackers.
In conclusion, Poloniex is a comprehensive and user-friendly cryptocurrency exchange that offers a wide range of trading services for digital assets.
With over 350 cryptocurrencies available, Poloniex is one of the most versatile platforms on the market. The exchange also offers a variety of trading options, including spot, margin, and futures trading with high leverage of up to 100x. The exchange also has relatively low trading fees for both spot and futures trading.
While Poloniex has some geographical restrictions and does not support fiat deposits or withdrawals, it offers a quick and easy signup process that doesn't require KYC verification.
Poloniex has had a complicated history with security with past hacks raising concerns about user funds. However, the exchange has taken steps to improve its security measures, including obtaining a license in Bermuda and maintaining a 95% asset cold storage ratio.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.