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.
This post was last updated on:20 May 2020
Poloniex Exchange Review – QUICK NAVIGATION
QUICK FACTS – Poloniex Exchange
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.
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”
- Choose the base currency you want to trade
- Go to the Order book
- Click the price you wish to buy the crypto for
- Enter the volume you want to buy
- 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
It is quite easy to get around the Poloniex website although experienced traders have the edge.
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.
With over 100 pairs to buy and sell along with margin trading Poloniex offers a good variety of markets and trading opportunities.
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.
The mobile experience is quite good and not substantially different from the desktop mode.
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.
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