Poloniex Review - Legendary Cryptocurrency Exchange (2022)

PoloniexThe "legendary cryptocurrency exchange" on its website is no longer as popular as it used to be, but it still offers high quality services when it comes to trading Bitcoin and altcoins. It offers the lowest fees in the industry and only requires your email when registering, because 100% authentication is optional. Following a change of ownership in 2019, the stock exchange moved to the Seychelles and adopted a more open, freely regulated approach, allowing it to offer a wider range of services, supporting more cryptocurrencies and gradually returning to being an important part of the cryptoworld's infrastructure. With low fees, a wide selection of assets and useful features, this exchange could potentially meet all the needs of many cryptocurrency traders.

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Basic information

Page type	cryptocurrency exchange and exchange office
Easy for beginners	Yes
Mobile application	Yes
	Seychelles
	2014
	cryptocurrencies, fiat (can be via credit card)
	Cryptocurrencies, fiat
	200+ spot, 25 margins
	272
	medium
	slow
Own cryptocurrency	No
Own wallet	No
Page	https://poloniex.com/

Poloniex reviews

Poloniex is a cryptocurrency exchange for experienced and amateur cryptocurrency traders. It offers a number of crypt markets, advanced types of trades as well as margin trading, futures and crypto lending.

The key features of the exchange include:

• Trading with more than 270 cryptocurrencies.
• Low fees. It has the lowest trading fees among popular altcoin exchanges.
• Margin trading. In addition to spot trading, you can also trade low-margin with up to 2.5 times the leverage.
• Margin loans. You can earn passive income by borrowing your crypto assets with interest.
• Launchbase and Justswap. Invest in the hottest new crypto projects and use a decentralized counterpart, DEX built on the Tron blockchain.
• Register and trade in minutes. The exchange does not force you to pass KYC inspections, so you can log in using your e-mail and start trading immediately (spot only). If you don't have a cryptocurrency yet, you can buy one for fiat currency using Simplex integration, although this operation will require verification of your identity.

Following the relocation to the Seychelles, the cryptobourse has undergone a number of changes and is one of the best altcoin exchanges today in terms of platform usability, fees and performance.

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History

The company was launched in Delaware, USA and started in January 2014. Its founder is Tristan D'Agosta, who has experience in music and previously founded Polonius Sheet Music in 2010.

Immediately after launch, it suffered a major hack in March 2014, losing about 12 %s of its BTCs, which at the time was worth approximately $ 50,000. However, the management of the stock exchange reacted openly to this hack and offered full compensation for the stolen 97 BTC from D'Agosta's profits.

After an uncertain start, Poloniex had to temporarily increase its fees, and in 2016 it made headlines again as the first exchange to list the cryptocurrency Ethereum (ETH). After that, the volume of trading on the stock exchange began to increase and became one of the most popular stock exchanges in terms of liquidity.

In early 2018, Poloniex bought the payment company Circle, whose goal was allegedly to turn it into the first fully regulated cryptobourse in America. The company paid $ 400,000 for the acquisition.

In order to comply with the regulations, the stock exchange withdrew almost 50 % of its cryptoactive assets from the stock exchange, which threatened to be classified as securities, and introduced KYC controls. Another problem for customers was Poloniex customer support. It was reported that some customers waited several months before the stock exchange called. Such poor customer service has led to the loss of thousands of users.

2019 was another big year of change for the Poloniex stock exchange. At the beginning of the year, the stock market faced problems posed by uncertainty in the US regulatory environment for cryptocurrencies. As a result, it continued to reduce the list of available coins for US cryptoinvestors. In the summer, the stock exchange owned by Circle ran another hurdle due to the collapse of the CLAM cryptocurrency, as many investors experienced unexpected losses.

In November 2019, Circle transferred Poloniex to a separate spin-off entity, Polo Digital Assets, Ltd., supported by an unnamed group of Asian investors, including TRON CEO Justin Sun. The newly formed company was registered in the Seychelles - an island in the Pacific, which is known for regulations favorable to cryptocurrencies. It is also home to other cryptocurrency exchanges, such as BitMEX or Prime XBT.

Under the new leadership, the Poloniex cryptobours took a different direction and abandoned the forced AML / KYC controls, so it is possible to trade on Poloniex again without verification, albeit with certain restrictions. In addition, the platform has added new features that have removed the business approach for US customers, meaning that it has completely abandoned the idea of becoming a fully regulated exchange.

In December 2019, the stock exchange led by Justin Sun came back into the spotlight. This time, it sparked a controversial decision to phase out DigiByte (DGB), a fairly popular altcoin, after Justin Sun and DigiByte founder Jared Tate got into a fight on Twitter.

Even in 2022, Poloniex remains a popular stock exchange with some of the lowest trading and withdrawal fees on the market.

Poloniex charges

When it comes to trading, Poloniex fees are among the lowest in the industry. Poloniex charges its users fees for conducting spot and margin trades, as well as for withdrawing cryptocurrencies.

The Poloniex business fee schedule is relatively simple. The fee you pay for a trade depends on whether you are on the side of the recipient or the creator of the trade, as well as on your 30-day trading volume. VIP customers that fall into the levels of Poloniex Plus Silver, Gold or market makers pay 0 % for trader trades and less than 0.04 % for executed taker orders.

By holding and using Tron, you can get cheaper fees.

The same fee schedule applies to Poloniex margin trading, as you will pay 0.14 % for each margin trade executed (plus margin financing fees for traders who open positions with leverage). The futures fees are 0.01% for market makers and 0.075% for beneficiaries.

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In terms of deposits and withdrawals, Poloniex does not charge anyone for cryptocurrency deposits. Even if no fiat currency can be entered, withdrawn or purchased on the platform, you can still use fiat-fixed stabilecoins in your stores. Customers will be charged for withdrawals, but these are set by the network of each cryptocurrency traded.

Poloniex has a margin lending feature that allows you to earn passive income from your crypto assets. All borrowers pay interest to creditors based on the amount borrowed. The interest rate is usually specified by the creditor; so there are many different offers. As a creditor, you will pay 15% a fee on the interest earned by the debtor.

Poloniex tutorial

There are several options available on Poloniex that may be suitable for different levels of business experience. Beginners should start with a simple form of buying and selling, while experienced traders can switch to an active trading exchange.

Registration

The registration process for Poloniex is similar to other cryptocurrency exchanges. You start by creating an account with your email address and password.

The Poloniex cryptocurrency exchange offers two levels of account verification: Level 1 and Level 2.

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Level 1: By default, you get Level 1 authentication once you register for Poloniex. It allows unlimited spot trading, deposits, a daily withdrawal limit of up to $ 20,000 and all other Poloniex services. However, you will not have access to Poloniex and IEO LaunchBase margin trading, and you may experience account recovery issues.
Level 2: Get access to all Poloniex features, including a daily withdrawal limit of up to $ 750,000 per day.
To verify level 1, all you have to do is register on the stock exchange with a valid e-mail address. For level 2, you will need to submit the following information and documents:

• Your home address
• Your telephone number
• Your date of birth
• Your ID card, driver's license or ID card
• Proof of address

In addition to Level 1 and Level 2 accounts, high-volume traders, professionals and institutions can apply to open Poloniex Plus Silver, Gold or Market Maker accounts.

• Poloniex Plus services come with a number of benefits, including lower trading fees, premium features, account managers, whitelisting priority, increased withdrawal limits and much more.
• The Poloniex Market Maker program was created to motivate top liquidity providers to join the stock exchange. It offers them -0.02 % for a realized macro order.

Trading on Poloniex

Usability is something that Poloniex does well. The range of windows and boxes it offers can initially confuse an inexperienced trader. On the other hand, an experienced trader can enjoy great flexibility in trading cryptocurrencies, whether they are spot trades, margin trades, futures, lending or participating in crowdfunding of cryptoprojects.

Deposit

Poloniex is one of the easiest exchanges for trading. After logging in via e-mail, you can insert cryptocurrencies via the section "Wallet“Where you can manage all your resources. Using the "Transfer Balances“You can easily finance your exchange or credit accounts with a few simple clicks.

For those who have no cryptocurrency, Poloniex offers an alternative - you can buy the cryptocurrency directly with your credit or debit card using its Simplex integration - it will cost you either $ 10 or 3.5 % of the total transaction amount. You can find this option on the tab "Buy Crypto“.

Business interface

Kryptoburza Poloniex has a neat design and a simple user interface. While this may not be the easiest option for the complete beginner, it shouldn't be a problem if you're learning fast - each window is clearly laid out and sits in the right place.

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Spot

The active spot trading platform Poloniex includes a chart with a number of indicators powered by tradingview, so you can customize it using your preferred indicators and other analytical tools. You can also view recent trades, a backlog summary, your open orders, and a quick trade form.

Margin

The margin trading panel is different for spot trading. On the right side of the screen is the summary table "Margin Account“And a summary of your open positions below it. Above it you will see the control panel "Markets“, Where you can choose a couple of cryptocurrencies that interest you. Below you will find the field "Notices“, Which informs you about the latest developments regarding the Poloniex exchange and also your account.

Next, you will see three windows for entering order purchase, stop-limit and sale. In addition, below them you can track purchase and sale order books, market depth chart, your open orders and trading history.

In both trading interfaces, you can also look at Trollbox, which is a chat where you can chat with fellow traders.

Futures

However, Poloniex also enables trading in so-called perpetual futures contracts, where the maximum leverage is set to 1: 100. The USDT Secured Contract uses the USDT as a margin for trading bitcoin contracts. Futures contracts allow you to speculate on the direction of the price of the underlying asset.

To place an order on Poloniex Futures, select the order type, leverage and enter the order amount. Poloniex Futures currently supports three types of orders: Limit, Market, Stop.

• Limit: The limit order is used to pre-enter the price for the purchase or sale of an asset.
• Market: A market order is an order to buy or sell a product at the best available price on the current market.
• Stop: A stop is an instruction that will be executed when a given price reaches a predetermined stop price.

Poloniex Futures offers advanced order settings including "Post only", "Hidden" and "Good till cancel", "Immediate or cancel" and more. These advanced settings are only available for limit or stop commands.

Margin loans

As for the margin loans section, you will also find a clear and straightforward interface. Poloniex currently supports the lending of 13 crypto assets, but more is likely to be supported in the future. Here you will find the latest markets and loan offers. Alternatively, you can create an offer with a preferred interest rate and terms.

Performing any of these operations is easy and only requires the user to transfer the cryptocurrency from their stock exchange accounts to either their margin or credit accounts. This is also helped by the clear layout of the Poloniex pages, which have a clear design with a white background.

While you can browse the Poloniex website in your mobile browser, you can also use one of the Poloniex apps for Android or iOS devices.

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Poloniex Launchbase

Enthusiasts for the initial exchange offer (IEO) can also take advantage of Poloniex LaunchBase, which debuted in May 2020.

Here you can find some of the latest IEO projects entering the cryptocurrency sector and invest in them from an early stage. You must be a verified customer to participate in Poloniex IEO.

SunSwap

Although it is a different exchange from Poloniex, the two exchanges have been working closely together since the acquisition and relocation of the company to the Seychelles. You can find it on the top bar in the Explore → JustSwap tab

SunSwap was formerly called "TRXMarket" and is a TRON-based exchange. The biggest advantage is that it does not charge any trading fees (0 % per trade), its design and seamless user experience.

Deposits and withdrawals

Poloniex only allows cryptocurrency trades, so customers must make cryptocurrency deposits and withdrawals. Fortunately, it's simple enough: the Deposit and Withdraw pages in the Wallet section provide customers with a wallet address for each cryptocurrency they want to deposit, and allows them to enter their own external cryptocurrency address for any currency they want to withdraw.

Poloniex does not support fiat deposits, but you can buy Bitcoin and other cryptocurrencies using your credit or debit card through integration of the exchange with the Simplex crypto payment processor. With Simplex, you can shop between $ 50-20,000 a day and up to $ 50,000 a month. Payment processing fees include either a $ 10 fee or 3.5 % of the total transaction amount (whichever is higher).

Poloniex deposits and withdrawals are processed quickly and without long delays. Poloniex charges a fee for the selection of each cryptocurrency, which varies according to the digital currency.

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Safety

Despite initially a victim of the hack, Poloniex has recovered and is now considered a reliable security exchange. After the hack, Poloniex CEO Tristan D'Agosta wrote:

"Since the hacking, we have implemented a continuous automatic audit of the entire exchange, strengthened the security of all servers and redesigned the way orders are processed so that an attack like the one used in March is not impossible."

Poloniex has not detected any significant security breaches since then. Currently, the Exchange has the following security measures:

• Protection against DoS attacks.
• DNS cache protection based on cryptographic signatures.
• Strong security against web attacks such as robot infiltrations.
• Most Poloniex user resources are stored in cold wallets.
• Lock the registry to prevent unauthorized changes to the site.
• Two-factor authentication.
• Session log history.
• Email confirmation and IP lock.

According to the CryptoCompare Exchange Benchmark, Poloniex receives a B mark and ranks 17th among all 159 rated exchanges. The evaluation shows that the security of the company is average - the stock market has a score of 9.5 out of a maximum of 20 points.

On the other hand, it is an unregulated stock exchange. It operates outside the traditional financial system, and therefore it is only a crypto-to-crypto exchange. As such, there are no guarantees, although the founders have shown in the past that they behave ethically.

Another element of security is that it respects your privacy. Because you don't have to go through KYC / AML checks before you start trading, it has no user data to sell, which is good news for individuals who value their data and privacy.

Overall, Poloniex takes its safety seriously. It is not recommended to leave your funds on the stock exchange for a long time, but it is unlikely that you will be hacked again when you deposit your funds.

Customer support

Poloniex customer support is a bit mixed, as many users have complained about the slow response. However, it is reachable through the following channels:

• Support via help center and email
• Extensive FAQ section
• Trollbox
• Twitter and other social media channels.

Poloniex does not offer telephone support and will reportedly respond within a few days. The fastest way to get support is to ask the trollbox moderators directly.

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.