NOTE: Customers from United States are not allowed to trade or register at this broker. We would recommend a different broker at our toplist here.
Poloniex is a cryptocurrency exchange offering a wide choice of crypto coins and pairs. With more than 250 coins and 200 spot and margin trading pairs, Poloniex is also cheap on trading costs. You can invest in various cryptocurrency futures and assets into margin trade, spot trade, or lend your cryptocurrency to earn interest. Poloniex exchange had been hacked back in 2014, but now it is back on its feet, fully functional with features to help you trade wisely. Some crypto coins at your disposal are bitcoin, Ethereum, Solana, Dogecoin, and Stellar. Read on to learn more about this exchange; the leverage offered, features for you, fees you may incur, and its user-friendliness. Give Poloniex a try today!
›› Signup at Poloniex here
NOTE: Customers from United States are not allowed to register. Find another broker here.
A very professional crypto exchange more targeted to advanced traders. Good reputation and big variety of coins and tokens.CryptoLists.com
Background & Overview
The cryptocurrency exchange was created in January 2014 by its founder Tristan D'Agosta who pursued music before and established a music company in 2010. After the Poloniex exchange was formed, it suffered a hack in the same year, which cost them a lot. Although, in 2016, the company rejuvenated and resurfaced as the first crypto exchange to list Ethereum as part of the coins they offer. Steady growth since then has seen its prowess to become a world-renowned crypto exchange.
Coupled with numerous assets and futures to invest in, Poloniex is also unique for the friendly fees. The prices are affordable for both the maker and the taker, regardless of the investment type.
Advantages at Poloniex+Low costs in service and withdrawal fees.
+A wide variety of cryptocurrencies is supported - up to 250.
+Unique features like crypto ending and margin trading.
+You need your email to begin trading.
Disadvantages-The support is not reliable.
-The 2014 hacking scenario attracts doubt among some potential customers.
-You cant deposit or withdraw since all transactions are completed in cryptocurrency.
KYC & Registration
The registration process is rather quick. See the image in order to learn more about what you need to fill out before the new Poloniex account is created.
Like other exchanges, you will need to provide the basic information that includes your name, email address, and password. These details will allow you to enjoy only the level 1 features and services where you will only be able to withdraw $10000 daily. With the level 2 verification, you can withdraw amounts reaching $750000 and other features to enjoy, but more details about the user are required for this level. Some of them include:
+Your national I.D. or driving license.
+Your home address.
+Date of birth.
+Proof of address.
There are accounts like Poloniex Plus Silver, Gold, and Market maker for professional traders and institutions. For the KYC(Know Your Customer) requirements for verification, you must provide a photo of your national I.D., a selfie, and all the necessary contact details required. The registration is easy because all the information needed is easy to retrieve.
Leverage▪ Rated at 9/10
Poloniex has leverage as high as 100x, but only for futures investments. If you decide to open and hold a position worth 10 BTC, with 100x leverage, you'll only need 0.1 BTC as margin, excluding applicable fees. The 0.1 BTC can earn you up to 100% profit if the contract's price rises by only 1%.
Costs▪ Rated at 10/10
This crypto exchange offers cheap service and withdrawal fees compared to other exchanges in the market. You are charged on spot placing and margin trading for both the taker and the maker. The fee table is easy to understand and only covers 30 days of trading with both the maker and the taker fees listed. Poloniex VIP clients enjoy affordable prices to zero costs. Below is the list of costs chargeable over 30 days.
For 50 000 USD, the maker and the taker are charged 0.09%
For 50000 to 1000000 USD, both parties are charged 0.075%
For 1000000 to 10000000 USD, the maker's charge is set at 0.04%, while the taker gets a 0.07% charge
For 10000000 to 50000000 USD, the maker pays 0.02% and the taker 0.065%
For more than $50000000 USD, the make is not charged while the taker pays 0.04%
Poloniex Plus Silver and Poloniex Plus Gold don't cost the maker, but the taker receives a 0.04% and a 0.03% charge, respectively
Poloniex market maker receives a -0.02% charge while the taker pays 0.025%
They don't charge customers on depositing cryptocurrency, but you will have to pay the amount set by each cryptocurrency network for withdrawal fees. For example, to withdraw Litecoin, you will pay 0.001 LTC, Bitcoin may cost you 0.0005 BTC, and Ethereum withdrawal fees will cost 0.01 ETH. Lenders, on the other hand, earn money passively from borrowers. They are charged 15% of the interest the borrower garnered for them. You may be subject to the spread fee, which varies, plus a 3.5% or $10 charge for credit or debit card purchases.
Deposit Methods▪ Rated at 7/10
Below you can see a list of the deposit methods available on Poloniex. Some of them may not be available in United States as it depends on regional regulation, but normally the most common payment methods are available across numerous countries.
Platforms▪ Rated at 9/10
This exchange is best suited for an experienced trader or an informed beginner. Poloniex's interface offers flexibility as you navigate and trade on the platform to lend cryptocurrency, margin or spot trade, and crowdfunding. You can deposit your cryptocurrency to the wallet once you have an account and manage your transactions from there. If you don't have cryptocurrency coins, you can purchase them through a credit or debit card at a fee of $10 or 3.5% of the transaction through Simplex integration.
Poloniex has a Trollbox that enables you to communicate with other traders. Trade and withdrawal processing is fairly quick, with transactions not taking more than 24 hours, although processing may take a while longer at peak hours.
Broker Support▪ Rated at 9/10
Customer support for Poliniex is not as reliable because they take long to reply despite having various channels to forward queries and complaints. You can reach them via:
+Social media like Twitter.
+The help center's support ticket system.
Phone support is not available, leaving the Trollbox moderators the fastest way to get help, but probably also the least knowledgeable of Poloniex support team.
Other Names for Poloniex
Poloniex is or has also been known under the following names: Poloniex Digital Asset Exchange, Poloniex LLC
Is Poloniex Safe?
Since the hacking in 2014, doubts have been raised about the reliability of Poloniex. Recently there has not been any case, and therefore, it's true to deem it safe.
Can you transact with fiat currencies?
No, which is one of its major downsides that makes Poloniex lag behind its competitors who transact in government currencies. If you have normal money, you have to convert it to crypto to trade in this exchange.
Who benefits more?
The friendly layout suits beginners, but experienced traders can benefit more from its advanced features and tools that they have used in the past.
Who started Poloniex?
Tristan D'Agosta founded this crypto exchange at the beginning of 2014.
What cryptocurrencies are accepted in the Poloniex exchange?
Most popular cryptocurrencies are available, like Bitcoin, Litecoin, USDT, Dogecoin, Dash, and Moreno.
Instruments available▪ Rated at 9/10
Crypto CurrenciesDOGE/BTC, BTC/USDT, BTC/ETH, ETH/USDC, STEEM/USDT, WIN/USDT, LTC/BTC, ETH/BTC, SOL/USDC, JST/USDT, USD/USDT, JOE, JOE/USDT, VADER, VADER/USDT, ZKS, ZKS/USDT, FXS, FXS/USDT, TIME, TIME/USDT, METIS, METIS/USDT, AAVE/USDT, AAVE, ACH1, ACH1/USDT, ADA, ADA/USDC, AKITA, AKITA/USDT, ALICE, ALICE/USDT, BCH, BCH/USDT, BCH/USDC, BAL, BAL/USDT, BIFI, BIFI/USDT, BTC/DAI, BTC, BTC/PAX, BUSD/USDT, BUSD, CAKE, CAKE/USDT, CHR, CHR/USDT, CREAM, CREAM/USDT, CRO, CRV, CRV/USDT, DASH, DASH/USDT, DIA, DIA/USDT, DOGE, DOGE/USDC, DOGE/USDT, ENJ, ENJ/USDT, EOS, EOS/USDC, EOS/USDT, ETH, ETH/TUSD, ETH/DAI, ETH/PAX, ETH/USDC, FTT, FTT/USDT, GALA, GALA/USDT, GRT, GRT/USDT, HEX, HEXT/USDT, KCS, KCS/USDT, LINK, LINK/USDC, LOKA/USDT, LTC, LTC/USDT, MANA, MANA/USDT, MATIC, MATIC/USDT, MATIC/USDC, METIS/USDT, MIR, MKR, MKR/USDT, OCEAN, OCEAN/USDT, NEO, NEO/USDT, PAX, PAX/USDT, QTUM, QTUM/USDT, QUICK, QUICK/USDT, RUNE, RUNE/USDT, SAND, SHIB, SOL, SOL/USDT, SUSHI, SUSHI/USDT, SWAP/USDT, TRADE, TRU, TRU/TUSD, TRX, TUSD, TUSD/USDT, UNI, UST, USDD, USDD/USDT, USDT, USDT/USDC, UST/USDT, WETH, WETH/USDT, XRP, XRP/USDC
CRO/USDT, TRY/USDC, UNI/USDT
›› Sign up at Poloniex here
NOTE: Customers from United States are not allowed to register. Find another broker here.
Screenshots from Poloniex
Last Updated: Friday, 12 Aug 2022 6:59 pm