Last update: Apr 15, 2022

Poloniex Review

Cryptocurrency seems to get more and more popular with each passing year. However, with so many crypto exchanges available, finding one worth investing in isn’t always easy. Therefore, we created a brief Poloniex review to help you decide if the crypto exchange platform is right for you.

  • Poloniex

    1. Operating Since 2014
    2. Currencies Supported 300+ cryptocurrencies
    3. Fees Varies
    4. Deposit Methods Cryptocurrencies, bank transfer, credit and debit cards
    5. Fiat Currencies Limited fiat deposit options and doesn’t support fiat currency during its trading process
    6. Verification Methods email
    7. Margin Trading Yes
    8. Futures Trading Yes

About Poloniex

Poloniex is one of the oldest and most trusted crypto exchanges available. Founded by Tristan D’Aosta in 2014, Poloniex quickly grew into an industry leader and is currently the 15th largest crypto exchange worldwide.

The platform allows people to buy and trade all the leading cryptocurrencies without requiring extensive personal information or background checks. The platform’s simple user interface (UI) and low commissions make it the immediate choice for many cryptocurrency enthusiasts.

In Poloniex’s early years, a high-profile security hack targeted the platform, stealing 97 bitcoins (the equivalent of $50,000 at that time) from the platform’s users. Fortunately, Poloniex reimbursed its users, thus receiving immense praise for its transparency and swift action. The reimbursement gained the trust of many cryptocurrency enthusiasts and helped the platform become what it is today.

In 2016, Poloniex made headlines again by becoming the first crypto exchange to offer Ethereum (ETH) for sale and trade. Later that year, Poloniex decided to stop selling Bitcoin and focus on becoming a worldwide payment provider. However, the platform still allows users to trade and lend Bitcoin.

Poloniex has evolved tremendously since its creation. Although it originally planned to become the first fully regulated crypto platform in the United States, it changed course due to its lack of Know Your Customer (KYC) regulations. Poloniex changed leadership numerous times and no longer adheres to anti-money laundering laws, making it unregulated and subsequently banned in the United States.

Supported Cryptocurrencies

Poloniex offers over 300 cryptocurrencies, 60 crypto trading pairs, and currently ranks 55th in daily turnovers. It supports all the leading cryptocurrencies, including:

  • Bitcoin
  • Ethereum
  • Litecoin
  • XRP
  • Tron
  • Ripple
  • Monero
  • Tether
  • Neo
  • Dogecoin

As mentioned, the platform no longer sells bitcoin, but users can still trade it if they have a Poloniex account.

Poloniex Payments

Users can fund their Poloniex accounts using cryptocurrencies, a bank transfer, and a credit or debit card. The exchange platform’s logical dashboard and UI layout make it easy for newcomers to navigate and enter the exciting world of crypto trading.

Trading Fees

Poloniex’s fee structure fluctuates depending on your 30-day trade volume, varying if you are selling or buying and if Poloniex verifies your account. If you have a verified account, you will pay a minimum of 0.07% per trade, depending on the cryptocurrency. Unverified accounts’ trading fees are also relatively low, ranging between 0.1% to 0.2%.

Although the prices may seem high, Poloniex is actually one of the cheapest crypto exchange platforms that don’t require users to provide extensive personal information. Cryptocurrency investors must provide only an email address in order to buy and trade on the platform.

Purchases and trades conducted on Poloniex happen faster than on other crypto exchanges. Many occur in real-time, giving you your newly acquired assets immediately. The exchange also finalizes most withdrawals within 24 hours.

Transactions aren’t the only thing Poloniex responds to promptly. Its customer support branch also replies swiftly and helps you with all your needs while using the platform.

One of the best aspects of Poloniex is its user-friendly interface. New investors grow accustomed to its layout almost immediately, making it easy to set up an account, add funds, pursue trading reports, and more. It provides newcomers and veteran crypto enthusiasts with numerous options to help them get the most out of their trades and investments.

Poloniex’s margin borrowing and lending feature, better known as Poloniex lending, is one of the best available. It allows you to develop a passive income stream based on your user assets.

While using the feature, you can set a custom fixed interest rate and lend money to other users. Once the other user approves, you receive your payment and provide Poloniex with a portion of your earned interest. It’s a great way to build up your cyber income without jumping through unnecessary hoops.

Most Poloniex reviews praise the exchange for its low fees, organized layout, and fast response time. Both novice and veteran investors enjoy its simplistic yet efficient nature, making it ideal for users of all experience levels.

Poloniex Limitations: Deposit and Withdraw

Unlike other crypto exchange platforms, Poloniex doesn’t charge deposit fees. Users can deposit as much cryptocurrency as desired without worrying about additional fees, regardless of the crypto type or amount.

However, Poloniex does limit withdrawals depending on your account’s verification status. The exchange platform limits unverified accounts to $2,000 per day but sets no restrictions for verified users.

Poloniex also charges a per-transaction fee when you withdraw or trade on the platform. The rate fluctuates depending on the crypto you use. If you withdraw Bitcoin, Poloniex charges you 0.0005 (five millionths) BTC—one of the lowest rates among all crypto exchanges.

Poloniex Trading

Poloniex was the first crypto exchange to reach a daily trading volume exceeding $100 million and continues to do so today. Trading fees are the primary component of the platform’s success. Both sellers and buyers pay a small fee every time they trade using the exchange.

Account Levels

Users can choose between two account tiers: Level 1 and Level 2.

Level 1

Level 1 users have unlimited spot trading and can withdraw up to $20,000 a day. This standard account level activates automatically when you create a Poloniex account. It requires only a valid email address, making it perfect for people wanting to buy or trade crypto anonymously.

Level 2

Level 2 accounts enjoy everything provided in Level 1 with a few additional features. They have a $750,000 daily withdrawal limit and can participate in margin trading. However, Level 2 users must submit a valid photo ID, proof of address, and contact information.

Additional Accounts

For more proficient crypto enthusiasts, the platform offers Poloniex Plus Silver and Gold level accounts as well as a Market Maker user status. Poloniex designed these levels for active users and institutions that trade in large volumes. They offer increased daily withdrawal limitations, less expensive trading fees, and personal account managers.

Unique Features

Poloniex gives users access to several forums and chat boards to improve their trading experience. Advanced users have a helpful Application Program Interact (API) that they can customize to perform specific commands that help them buy and sell cryptocurrencies on the platform. If you program the API to sell a particular cryptocurrency once it reaches a specified price, it will execute the task automatically, making things more convenient for busy Poloniex users.

The platform allows users to personalize their experience more than other cryptocurrency exchanges. It offers numerous automated programs that you can customize to match your specific trading strategies. There are also several tutorials available that make customization easier than ever.

Customer Support

One of Poloniex’s weak aspects during its early years was its lack of customer support. Several users reported waiting months for the exchange’s customer support team to respond to their questions and concerns. The long response times caused a mass exodus from the platform, causing Poloniex to overhaul its customer support features.

Since then, Poloniex has vastly improved its customer service, now offering a 24-hour support team. Users can utilize several customer support features ranging from live chat to email assistance. The Poloniex team responds promptly to user questions and issues, improving their users’ experience.

You can also visit one of the many online Poloniex community forums where fellow users provide helpful information and share trading strategies.

Safety Features

Poloniex’s security improved immensely since hackers infiltrated the platform during its infancy. It’s one of the first crypto exchanges to utilize multi-factor authentication and continues enhancing its safety protocols to hinder unauthorized access and protect account information. The exchange platform also incorporated the following security measures:

  • Chronicles individual users’ session activity
  • IP lockouts and Email verification
  • Registry locks to stop hackers and cyberattacks

Poloniex also stores most of its crypto wallets in an offline cold storage facility to further its security. The exchange platform uses advanced security audits that monitor all transactions while flagging any questionable activity. It keeps sufficient funds online to support trading, ensuring your cyber assets remain safe and secure.

Many Poloniex reviews praise the crypto exchange’s commitment to user security and improved safety measures. Several also commend its lack of stored account data since it doesn’t collect personal user information. Users can buy and trade anonymously while ensuring their cyber accesses are secure.

Poloniex’s Pros and Cons

Like most cryptocurrency trading platforms, Poloniex has its strengths and weaknesses. Although Poloniex has improved tremendously since its creation, it still must overcome a few hurdles to reach its full potential. Below are some of the exchange’s pros and cons.


  • Offers affordable trading fees
  • Presents straightforward and easy-to-use UI layouts
  • Supports over 300 cryptocurrencies
  • Provides leverage to traders and users
  • Supports futures trading
  • Provides a mobile app that works with both iOS and Android devices
  • Utilizes its own decentralized exchange (Poloni DEX)


  • Provides limited fiat deposit options
  • Doesn’t support fiat currency during its trading process
  • Presents an unregulated trading exchange platform
  • Has a history of being hacked (although Poloniex has improved its security features)


Are Poloniex Mobile Apps Available?

Yes. The Poloniex app is available on iOS and Android devices. However, it doesn’t feature the entire exchange. The app doesn’t support margin buying and trading, but users can still check their account balance and develop trade alerts.

Does Poloniex Offer Users a Crypto Wallet?

Yes. However, Poloniex recommends storing your assets in a mobile, paper, or hardware wallet for increased security.

Is Poloniex Safe?

Yes. Poloniex has increased its security since its creation.

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.