Poloniex Cryptocurrency Exchange Review : Pros & Cons

About Poloniex

Poloniex is a global crypto centralized exchange (CEX) platform backed by Justin Sun, founder of Tron. The exchange provides the following products: spot trading and margin trading, futures trading and perpetual swaps, limit orders, real-time order books, a convenient lending system (P2P lending), crypto staking and a trading terminal.

Poloniex Cryptocurrency lists over 350 cryptocurrencies and tokens, which can be purchased with a bank account, credit or debit card, and ApplePay. The exchange has an insurance fund and its own crypto community — Poloniex Learn, where guides, educational materials and relevant industry news are available.

Poloniex Exchange was founded by Tristan D’Agosta (CEO) in early 2013. In 2019, Poloniex spun off its parent company, Circle, to form a new firm, Polo Digital Assets, Ltd., which currently owns the business.

Information Table

How To Register At Poloniex Exchange ?

To register on Poloniex, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Poloniex Cryptocurrency Account ?

There is no mandatory verification at Poloniex, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 0.0008 BTC. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Poloniex, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Poloniex Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Poloniex Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Poloniex Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Poloniex Fees

Poloniex charges fees according to the maker-taker fee model, where 0.01% is charged for maker fee and 0.075% for taker fee. Commissions are directly related to the 30-day trading volume, traders with large volumes receive discounts. The commission level on the platform starts at 0.155%.

Spot Trading

Borrow Interest & Cross Margin Limit

USDT-M Perpetual Futures

Is It Possible To Use Leverage or Margin Trading on Poloniex?

One of the crucial features of Poloniex is margin trading, which allows platform clients to trade with leverage of up to 2.5X. Poloniex Futures offers leverage on all of the Futures products, with leverage up to 100X. Loans at a certain percentage are also available.

Poloniex Withdrawal Fees

Poloniex account charges its users with withdrawal fee of approx. 0.0005 BTC per BTC – Withdrawal, which is way below the average industry withdrawal fee of approx. 0.0008 BTC per BTC – withdrawal.

Features Of Poloniex Crypto Exchange

Available At Android & IOS Store

Poloniex Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Secure and Stable

They provide a trusted and intuitive platform for users, of all experience levels, to trade how they want.

24 / 7 Support

Reach out to your support team with any issues and they’ll help you resolve them as quickly as possible.

VIP Service

Poloniex offers high rate limit, and low latency API for you with good overall liquidity; friendly for institutional traders.

Earn Without Trading

Poloniex platform is a legitimate as well as legal entity, but currently due to change in its management and in its registered place of establishment, it is now an unregulated and non-governed crypto exchange.

Margin Trading

Further, to add more in its kitty of features it also offers its traders with both leverage as well as futures trading options for trading pairs. Apart from this Poloniex also provides its users or traders with margin trading and lending facilities.

Safeguard Your Assets

An industry-leading, multi-layered risk management system to safeguard your assets 24/7, all year round.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Poloniex Conclusion

In terms of usability, Poloniex can be categorized as a true crypto-to-crypto exchange. The exchange offers one of the largest selections of altcoins for you to trade with. In addition, it holds the largest share of the Tether trading volume for the cryptocurrency industry.  It is also the only cryptocurrency exchange that offers a lending option.