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Poloniex Exchange Review

In this post we give a non biased review of the Poloniex Exchange and share details about features, fees and an overview of their site.

Disclaimer: Under NO circumstance should this review be interpreted as a recommendation to trade or an endorsement of a trading platform, supplier or of a specific cryptocurrency.

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Poloniex Exchange Review – QUICK NAVIGATION

QUICK FACTS – Poloniex Exchange

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Founded

Type: Trading platform/crypto exchange

Founder: Tristan D’Acosta

Headquarters: Wilmington, Delaware, USA

Poloniex Exchange Review:

Overview of Poloniex

Poloniex is one of the earlier exchanges that was launched in 2014 in Delaware, USA by Tristan D’Agosta. It has recently been taken over by Circle, the Twitter-owned trading app which is owned by Goldman Sachs, the large US investment bank. They have a considerable roster of cryptocurrencies which includes the main Bitcoin and Ethereum but also others including Ripple, Bitcoin Cash and ATOM. With a trading volume of around $100 mln daily it is one of the most popular exchanges around. Fees are quite reasonable whilst Poloniex also has some interesting innovations in the form of a lending bot called Aivren. For more experienced traders, Poloniex also offers additional services such as margin trading and even Poloniex lending.

> Sign Up to Poloniex here

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Getting Started & Signing up to Poloniex Exchange

Registration

The verification process on Poloniex is straightforward

Here are the main stages for creating a Poloniex account:

  1. Enter an email and password and click sign up. 
  2. Verify you email to activate your account. 
  3. Add your address, phone number and personal info. 
  4. The ‘Start Identity Verification’ page pops up. Press Start. You will require:
    1. A copy of a Passport, National ID or Driver’s license. 
    2. A photo of your face/selfie
  5. Once all this information is verified, you can start using your Poloniex account to trade.

Poloniex also requires further verification based on the stages you are within your accounts, which they assign as account levels. 

For the first level, required verification of your personal info and this will allow you to withdraw up to @2k. 

For those who go to the second level, you will be asked to submit physical copies of your ID, however once approved your withdraw limit will go up to $25,000. 

For the third level of verification, you will go through standard enhanced due diligence, confirming several things like your identity, your residence, your source of wealth and even confirming you are not politically exposed. The benefit here is that you limits will go way beyond withdraw limits of $25,000.

On the whole, it is not so difficult to sign up with the normal KYC procedures in place. 

Sign Up to Poloniex here

How to Deposit on Poloniex Exchange

Ready to make a deposit on a Crypto Exchange?

To trade on Poloniex you have to deposit with Crypto. Meaning you have to buy crypto elsewhere and add your crypto to your poloniex wallet.  

To this you will need to select the cryptocurrency you wish to deposit, click on deposit, wait for a deposit address to be displayed and then from your wallet transfer funds to your poloniex account 

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Deposit Methods

Payment methods:

Fiat currency deposits through both bank transfers and credit cards

Online Currency:

Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Cardano (ADA), Litecoin (LTC), Ripple (XRP), Tether (USDT), EOS (EOS), ZBX (ZBX), Diode (DIO), ZBX (ZBX), Qtum (QTUM), ZB (ZB), Aeternity (AE), Diode (DIO).

Poloniex Exchange Bonuses: Sign up bonus

At the time of writing this review, Poloniex do not offer any sign-up bonuses

Trading on Poloniex exchange

How to place a Trade

Follow the step by step guide to  trade cryptocurrency on poloniex”

  1. Choose the base currency you want to trade
  2. Go to the Order book
  3. Click the price you wish to buy the crypto for
  4. Enter the volume you want to buy
  5. Click buy to place the order

Poloniex also offers margin trading on its exchange

Fees on Poloniex Exchange

Trading fees are charged to both buyers and sellers, howerver the more volume you trade the less % you will pay on that volume.

Maker Taker 30-day Trading Volume Volume

0.08% 0.20% < $1m USD

0.02% 0.15% < $20m USD

0.00% 0.10% ≥ $20m USD

Margin Lending Fees are 15% of earned interest by the lending customer.

Withdrawal on Poloniex

To withdraw crypto from Poloniex is straightforward as funds would go back to your crypto wallet. So once you select which crypto currency you want to withdrawal all you need to do is sent it to the correct wallet address or QR cord. Be sure your wallet accepts the cryptocurrency you are sending. 

User Experience on Poloniex

Navigation

It is quite easy to get around the Poloniex website although experienced traders have the edge.

Charts

Poloniex uses the Trading View option for charts so they are quite easy to get around. As always, these are customisable and have dark/light options. 

Offerings/Markets 

With over 100 pairs to buy and sell along with margin trading Poloniex offers a good variety of markets and trading opportunities.

Other products

Crypto Lending is also available on their desktop and app.

And they also allow token listings, in otherwords ICOs of STOs. Sometimes this kind of offering can be scary but to those who are familiar with ICOs and STOs this added trading opportunity can be very exciting. 

Mobile Experience 

The mobile experience is quite good and not substantially different from the desktop mode.  

Security

Poloniex ranks 3rd on ICO Ratings Exchange Security Report. They have enhanced security functions like 2FA, email confirmations, protection acgains DDos attacks along with cryptographic signatures to prodect their DNS cache, and this is just a few of the key security factors they have in place. 

Governance

Poloniex is registered in Wilmington, Delaware with an undisclosed number of employees. They do not trade on account but do offer margin trading options.They do not have their own wallet but accept a number of reputable ones such as TrustWallet and Ledger. Currently, Pooniex is not licensed but under its new ownership of Circle, it plans to become the first regulated cryptocurrency exchange in the United States. 

Poloniex was acquired by Circle, this merger is pushing the exchange to higher heights and broader offerings. 

Support & Social

Poloniex newbies have access to three starter videos demonstrating how to deposit funds, trade bitcoin and withdraw funds. If you need more guidance they provide comprehensive FAQs that cover all aspects of trading on their platform. They also offer support via email. 

Our Rating of Poloniex Exchange

As an exchange Poloniex is middle of the road as regards fees and opportunities. It has a number of pros such as being in the top three exchanges globally for security, offering margin trading and lending (outside the US) with 2x leverage and over 100 crypto-to-crypto pairs traded. Another good feature is the access to Circle institutional products, including OTC trading and the USDC stablecoin.

On the flip side, Poloniex is an unregulated exchange with poor integration with Circle products for large traders. There are separate apps for Poloniex and Circle products which limits integration. Other cons include limited deposit options, no wallet and restrictions in margin trading and lending for US investors

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