Poloniex Review

Are you looking for the best cryptocurrency exchange for Bitcoin, Ethereum, Ripple, and other altcoins? If yes, Poloniex is a promising destination. This crypto coin trading website was established back in 2014 by Tristan D’Agista, and it is based in Wilmington, Delaware, in the United States.

Over the last five years, the brand has grown from strength to strength to become one of the safest places to buy, sell and trade more than 60 cryptocurrencies and the best Altcoin in the world. The operator is committed to providing top-notch security to all customers using the latest technology. Unlike most cryptocurrency platforms that only accept crypto deposit and withdrawals, Poloniex allows users to deposit and withdraw funds using popular debit and credit cards like Visa and Mastercard.

Poloniex, even as other cryptocurrency exchanges emerge both in US and off-shore, remains a leader when it comes to traders security and advanced trading tools. It packs together all the trading tools to trade the market profitably, including fast APIs and in-depth asset reports. Recently, Polonix was purchased by Circle, a Goldman-Sachs controlled company.

In most aspects, Poloniex is designed for intermediate and advanced traders. So, if you are trying to buy your first coin, you will find the interface a little intimidating. Also, the brand only accepts cryptocurrencies only, which means you cannot make your very first cryptocurrency purchase on the site.

Poloniex website is built with the latest HTML5 technologies, which enables it to retain the original high-quality graphics, loading speed, and features across all devices including iPad, iPhone, Android, Windows, and Mac. Continue reading our complete Polonix review to find out about the commissions & fees, variety of crypto coins, special features and much more about Poloniex cryptocurrency exchange.

Commissions and Fees

Poloniex MarketsTo keep the tools and the website running smoothly, Poloniex must charge traders commission and fees, just like other exchanges. The brand, however, does try as much as possible to keep the trading fees low. In fact, Poloniex attracts many people because of the low transaction fees. It charges different prizes for Makers and takers. Makers refer to traders who create and add new orders to the order book. On the other hand, takers are traders who place orders that match what a maker has placed, effecting taking orders from the market. Poloniex charges lower fees for the makers, a model that enhances market liquidity.

Both the fees for makers and takers are multi-tiered, based on your trade in the last 30 days. The higher the transactions, the lower the fees you will be charged.

Trust, Security, and Safety

Poloniex is one of the safest platforms to trade your cryptocurrencies. It uses Two-Factor Authentication (2FA) to provide extra security when depositing or withdrawing funds from your account. You will be required to provide your name, address, ID photo, and a verification photo of you holding a signed and dated paper. The process of verification takes approximately one hour.

Although Poloniex does use API keys to provide full access to your account without using the Two-factor Authentication method. It is recommended that you enable the API on the account only when needed and always use unique keys for each bot. Poloniex has an insurance cover for its clients’ assets.

Desktop Experience

One thing that will catch your attention with Poloniex is the simple and easy to navigate design on all computers. The brand’s exchange interface gives real-time updates of all trading pairs and flexible dashboards for monitoring your prices. It is available instantly through standard desktop browsers including Firefox, Chrome, and Safari. You are also provided with the Android APK for your desktop computers.

Mobile Experience

Poloniex has a sleek and responsive instant mobile version. You are provided with the option to switch between the two platforms straight from the homepage. You can also download the Polonix apps from the App Store or the Google Play store.

Opening an Account

Creating accounts on Poloniex website is easy. You will find three videos on their YouTube channel covering different topics. The 3 videos are

  • How to sign up with Poloniex: Explains the issues you may encounter when signing up for the first time.
  • How to trade with Poloniex: Explains the charts, data, and other features you will see on the homepage after successful sign-up.
  • How to deposit and withdraw from Poloniex: Explains how to add or remove crypto coins in your account.

Poloniex utilizes an automated system to validate your information. Several things are required for your application to be processed automatically. Some of them include:

  • Use your legal name that matches your ID
  • Give your current address
  • Take clear pictures of yourself and the requested documents

Deposits and Withdrawal Options

You can use three different options to add and withdrawal funds from your Poloniex exchange account.

  • Cryptocurrency – You can deposit using more than 50 different cryptocurrencies. Deposits can also be made to your Poloniex account by your friends or family. Crypto deposits are instant and hassle-free.
  • Wire Transfer – Poloniex wire transfers require you to link a bank account. The received wire is tokenized into USDC and then deposited into your Poloniex account.
  • Buy Bitcoin using Simplex – It requires a debit card and enables you to buy BTC in a faster way.
    Withdrawal requests take approximately 24 hours to be processed.

Investment Products

Poloniex offers a wide range of assets, but the products available to you will vary based on your location. The brand has over 60 different products including Bitcoin, Dogecoin, Ethereum, Bytecoin, Dash, Digibyte and more. The main products available on this website are:

  • Ethereum Exchange
  • Ethereum Margin Trading
  • BTC Lending

Research Tools, Insights and Education

Poloniex has a section dedicated to providing you with all the Crypto reports, weekly recaps, insights, and education about crypto trading and its products.

Use your card PaymentYou can join the platform’s global community and learn from other people who believe in the future of crypto. The brand maintains a detailed blog that covers all the trending topics in the crypto world.

Customer Support

This website offers support via email, and sometimes it takes up to 72 hours before you get your feedback. The fastest way to receive a response from the support team is by filling in all the required field on the form before sending. Poloniex has a Twitter fun page where you can connect with other traders from around the globe. You can also consult its detailed FAQ section that covers all the common questions about the brand.

Final Thoughts

ApprovedPoloniex is an excellent and most trusted trading platform for all the best cryptocurrencies in the market, including BTC, ETH, and Altcoins. The biggest downside of this platform is that you cannot deposit funds in fiat currency. Generally, Poloniex is a safe and reliable exchange platform that can be used by people of all experience levels.

Is this your final decision?

We suggest you visit one of the most popular trading platforms instead!

 

Open Free Demo Account
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Pros

  • Offers highly detailed charts and efficient data analysis tools
  • Supports more than 60 cryptocurrencies as well as connectivity to cards and banks
  • Low transaction fee on deposits and withdrawals
  • Has high volume margin trading and lending on popular assets
  • Intuitive mobile apps for Android and iOS devices

Cons

  • Use your legal name that matches your ID
  • Give your current address
  • Take clear pictures of yourself and the requested documents

7 Binary Options review: Poloniex: 3 stars

 

Leave a Reply

Your email address will not be published. Required fields are marked *