Poloniex started as a crypto-to-crypto exchange platform but later transitioned into a full-fledged crypto trading exchange platform. It now offers futures contracts, crypto lending, staking, margin trading, spot trading, and FIAT purchases. Read on to learn more about Poloniex and see if it’s worth your time and money.
- Operating Since 2014
- Currencies Supported 300+ cryptocurrencies
- Fees Varies
- Deposit Methods Cryptocurrencies, bank transfer, credit and debit cards
- Fiat Currencies Limited fiat deposit options and doesn’t support fiat currency during its trading process
- Verification Methods email
- Margin Trading Yes
- Futures Trading Yes
- About Poloniex
- Supported Cryptocurrencies
- Poloniex Payments
- Trading Fees
- Poloniex Limitations: Deposit and Withdraw
- Poloniex Trading
- Account Levels
- Additional Accounts
- Unique Features and Functionality
- Customer Support
- Safety Features
- Poloniex’s Pros and Cons
- Poloniex Crypto Exchange Review for Australia
- Poloniex Crypto Exchange Review for Canada
- Poloniex Crypto Exchange Review for United Kingdom (UK)
- Contact Smart Billions for Additional Crypto Tips
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, Smart Billions created a brief Poloniex review to help you decide if the crypto exchange platform is right for you.
Smart Billions is among the nation’s leading online cryptocurrency workshops. We teach you about the exciting world of cryptocurrency trading so you can gain the most from your investments.
Poloniex is one of the oldest and most trusted crypto exchanges available. Founded by Tristan D’Agosta in 2014 in Delaware, Poloniex quickly grew into an industry leader and is currently the 15th largest crypto exchange worldwide.
The Poloniex platform allows people to buy crypto and trade all the leading digital currencies 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.
M/s. purchased Poloniex in the first quarter 2018. Circle (a payments company), was acquired for almost 4,00,000. USDT.
After the acquisition, Poloniex began to transform and was transformed into USA’s first fully regulated cryptocurrency exchange by Circle company. Poloniex has become a highly-respected US Crypto exchange, especially amongst experienced traders and new users. It boasts daily trading volumes exceeding USD 100 million.
Circle split Poloniex in November 2019 into a separate entity, Polo Digital Assets, Ltd., supported by an unnamed group Asian investors, including Justin Sun , TRON CEO. The new company was formed in Seychelles, a remote Pacific island known for its crypto-friendly regulations. It also serves as a home to other unregulated cryptocurrency exchanges such as Prime XBT and BitMEX. Circle commented on the move saying that it was facing “challenges” as a US-based company trying to make an international exchange competitive.
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.
Poloniex offers over 350 crypto assets , 60 crypto trading pairs, and currently ranks 55th in daily turnovers. It supports all the leading cryptocurrencies, including:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- USD Coin (USDC)
- Dash (DASH)
- EOS (EOS)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Tron (TRX)
- Monero (XMR)
- Tether (USDT)
- Neo (NEO)
- Dogecoin (DOGE)
As mentioned, the platform no longer sells bitcoin, but users can still trade it if they have a Poloniex account. For more info, don’t forget to visit Poloniex’s website (poloniex.com).
Users can fund their Poloniex accounts using cryptocurrencies, a bank transfer, and a credit card 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.
Poloniex employs the industry-standard maker fee / taker fee model for trading fees. This is believed to encourage liquidity.
Fees are a key selling point of Poloniex, because you will only ever pay the blockchain transaction fee!, especially once your account has been funded with crypto. Poloniex fees are 0.155% for taker trades and maker trades if you trade less than $50,000 in a 30 day period. If you pay with Tron, you can get fee discounts. You can qualify for a lower fee Tier if you have a sufficient Tron balance ($49)
Poloniex’s fee schedule 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 Poloniex charges low trading fees, the fees charged for buying and selling cryptocurrency is more costly. These transactions are made through a partnership with Simplex, a payments processor.
You pay 1% for crypto purchased using a Simplex bank accounts. Poloniex’s disadvantage is that you can withdraw or deposit money from your bank account at no cost. This is an unfortunate decision.
You can also pay using a debit or credit card. Simplex charges a fee between 3.5% and 5%, plus a minimum of $10, while Poloniex charges a 0.75% fee.
Although the prices may seem high, Poloniex is actually one of the cheapest crypto exchange platforms that doesn’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 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, start 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 beginners 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 such as Binance and Coinbase, 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 withdrawal 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 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.
The active trading platform Poloniex includes a chart that displays a variety of indicators. A quick trading form, stop-limit orders,, as well as a summary of your outstanding order books and open orders, can be accessed.
The active trading platform is best suited for experienced traders with previous experience in cryptocurrency, stock trading or other active markets.
Users can choose between two account tiers: Level 1 and Level 2.
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 and phone number for verification process, making it perfect for people wanting to buy or trade cryptocurrency anonymously.
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.
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 and Functionality
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 digital assets 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.
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. The quickest method to get support is by directly asking the moderators in the trollbox.
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, as well as support ticket. 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.
Poloniex’s security improved immensely since hackers infiltrated the platform during its infancy. It’s one of the first crypto exchanges to utilize two-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 350 cryptocurrencies
- Provides leverage to crypto 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 Poloniex 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.
What Fiat Currencies Does Poloniex Support Outside Trading?
US Dollars (USD), Euro (EUR), Australian Dollars (AUD), Canadian Dollars (CAD), (Swiss Franc) CHF, Czech Koruna (CZK), Danish Krone (DKK), Pound Sterling (GBP), and few more
What Are the Supported Payment Methods for Poloniex?
Poloniex allows users buy crypto with Apple Pay, MasterCard, Visa, bank account (SEPA), credit card, debit card, and PayPal. So, what are you waiting for? Buy Bitcoin now and other crypto assets on Poloniex!
Does Poloniex Require KYC?
The platform is regulated and managed by Republic of Seychelles in Crypto trading. This means that the platform is open to trader and user perspectives in regards to AML and KYC rules and controls.
Poloniex Crypto Exchange Review for Australia
Poloniex, an international cryptocurrency exchange, allows users to trade, buy, and sell supported cryptocurrency. It offers crypto lending, which allows users to place their crypto on the platform and earn interest. Poloniex allows crypto-to-crypto trading with more than 350 support cryptos (and new ones being added frequently).
Tristan D’Agosta founded Poloniex in 2014. It was then sold to Circle in 2018. The company was then spun off and bought by Justin Sun, a TRON.network investor. For greater regulatory flexibility, Poloniex moved its headquarters from the United States in 2019 to Bermuda. This exchange is now available in many countries around the globe, but there are a few countries that are not supported, including the United States.
Poloniex is a crypto-to-crypto trading platform that offers a large selection of supported currencies and very low fees. Poloniex is designed for active traders and offers limit orders and margin trading as well as live order books.
Poloniex gives users access to more than 350 cryptocurrencies. This allows them to have a wider selection than many centralized exchanges (CEX). The most popular crypto offerings are Bitcoin (BTC), Ethereum(ETH), Tron (TRX), Ripple (XRP), Shiba Inu (SHIB), and Polkadot (DOT).
Poloniex has a strong connection to TRON.network and offers its native token TRX as a trading pair for most popular cryptos on the Poloniex platform. Some notable cryptocurrencies are not supported by it, including Solana (SOL) and Fetch.ai. (FET).
Poloniex provides a simple spot trading experience to users who wish to trade crypto pairs. It also offers a margin trading option to those who prefer to leverage. Users can choose a trading pair and create a limit or market order. Then, they can submit. Margin trading allows users to choose from a smaller number of crypto and borrow funds to purchase more. Poloniex offers perpetual Swaps, which are a type derivatives contract, for futures trading.
Margin trading requires identification verification. However, all types of trading are accessible to all users.
Poloniex has the lowest fees for trading cryptocurrency. However, users will have to pay a large fee through a third party to buy crypto directly with fiat currency. Poloniex does not offer a fiat onramp service and does not directly handle fiat transactions. It outsources crypto purchases with fiat currency to Simplex.
Poloniex, for non-U.S. citizens who wish to have access to a large selection of crypto at very low fees, is a good exchange. You can also trade margins and futures, and lend crypto to earn interest.
Poloniex users have reported being locked out for months or even years without any support. Poloniex also ran into U.S. regulatory issues. It doesn’t require identification verification so this exchange can be a risky one.
If you don’t feel like giving Poloniex a shot, don’t worry, there’s are still other crypto exchanges out there! In fact, here are the best crypto trading platforms to exchange Bitcoin in Australia.
Poloniex Crypto Exchange Review for Canada
First of all, keep in mind that Poloniex no longer support Ontario-based users. But if you’re in other parts of Canada, read on!
Poloniex allows you to trade, buy and sell cryptocurrency. It also allows users to lend crypto to earn interest. Poloniex provides crypto-tocrypto trades, with over 350 support coins (and more constantly being added).
Tristan D’Agosta, who founded Poloniex, sold it to Circle, an online payments company in 2018, in 2018. It was later spun off as its own entity by investors including Justin Sun (of TRON.network fame). To provide more regulatory flexibility, Poloniex’s headquarters was moved to Bermuda in 2019. Although this exchange is accessible in most countries worldwide, it does not support the U.S.
Poloniex offers crypto-tocrypto trading and a wide range of supported cryptocurrencies. They also have very low fees. Poloniex was designed with active traders in the mind. It offers limit orders, margin, futures, and live order book.
Poloniex provides access to over 350 cryptocurrency, which gives users more options than most central exchanges. Some of the most popular crypto offerings include Bitcoin (BTC), Ethereum (ETH), Tron(TRX), Tron (TRX), Ripple (XRP), Shiba Inu (SHIB) and Polkadot (DOT).
Poloniex is closely connected to TRON.network. It offers its native token TRX as an option for trading pairs with most of the crypto on the Poloniex exchange. Some of the most popular cryptocurrencies it does not support are Solana (SOL), and Fetch.ai(FET).
Poloniex offers spot trading for crypto pairs. There is also a margin trading option available for those who are looking to use leverage. Spot trading is easy. Users simply select a trading pair, place a limit order or create a market, then submit. Users can choose from a limited selection of crypto to use in margin trading. They can also borrow funds to buy more. Poloniex provides perpetual swaps for futures trading. This is a type de derivatives contract.
Margin trading requires that you verify your identity, but all traders have access to the other types.
Poloniex charges the most affordable fees to trade cryptocurrency. However, customers will need to pay a significant fee (through a third-party) in order to buy crypto with fiat currency directly. Poloniex isn’t a fiat-onramp and doesn’t handle fiat currency purchases directly. Instead, it contracts Simplex to purchase crypto with fiat currencies.
Poloniex is an acceptable exchange for non-U.S. resident who want to access a wide range of crypto with low fees. You can trade futures and margin, as well lend crypto to make interest.
Poloniex has been hacked before, and some users report that they were locked out of their accounts for many months, or even years with very little support. Poloniex has also encountered regulatory issues in the U.S. and doesn’t require identity verification. So, using this exchange may be risky.
On a side note, if you’re also interested in NFTs, make sure to check other well-known best Canadian crypto exchanges out there, tap here.
Poloniex Crypto Exchange Review for United Kingdom (UK)
Poloniex is an international crypto exchange that lets users trade, buy, or sell cryptocurrency. It also offers the opportunity to lend certain crypto. This allows users to stake their crypto and earn interest in return. Poloniex supports crypto-to-crypto crypto trading. There are over 350 support cryptos available (and more are being added daily).
Tristan D’Agosta started Poloniex and it was later sold to Circle, an online payment company. It was eventually spun off by investors, including Justin Sun from TRON.network fame. Poloniex headquarters relocated from the United States and Bermuda in 2019, to allow for greater regulatory flexibility. This exchange is currently available in most countries across the globe, however, it doesn’t support certain countries such as the U.S.
Poloniex is focused on crypto-tocrypto trades, offering a wide variety of supported cryptocurrency and very low fees. Poloniex has limit orders, margin and futures trading and live order books.
Poloniex allows users to access over 350 cryptocurrencies. This gives them a greater selection than many central exchanges. There are many popular crypto offerings, including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ripple (XRP), and Shiba Inu (SHIB), as well as Polkadot (DOT).
Poloniex, which is strongly connected to TRON.network offers its native token TRX for trading on most of the popular cryptos on the Poloniex marketplace. It doesn’t support certain notable cryptocurrencies like Solana, Fetch.ai, and ETC.
Poloniex offers basic spot trading options for users who trade crypto pairs. For those who use leverage, there is a margin option. To spot trade, you can choose a trading pair to use, set a limit order or market, and then submit. For margin trading, you can select from a smaller selection of cryptos and borrow funds for more. Poloniex offers perpetual options for futures trades. It is a type o derivatives contract.
Margin trading is subject to identity verification. All users have access to other types of trading.
Poloniex is known for offering the best cryptocurrency trading fees. However, they will charge a high fee to users who wish to buy crypto using fiat currency. Poloniex doesn’t offer fiat onramps and doesn’t directly deal with fiat purchases. It instead outsources the purchase of crypto with fiat currency through Simplex.
Poloniex can be considered a good exchange for non U.S. residents, who want to have easy access to a variety of crypto without paying high fees. It allows margin and futures trading as well as lending crypto to earn interest.
Poloniex was hacked in the past. Users also reported being locked out their accounts for months to even years, sometimes with very little support. Poloniex is also facing regulatory issues in America. The exchange doesn’t require ID verification.
Just in case you don’t wanna try Poloniex for some reason (maybe because it’s not FCA-regulated) and instead want to try other exchanges such as Kraken, eToro, Gemini, Bitfinex, etc., make sure to check out these best crypto exchanges in the UK.
Contact Smart Billions for Additional Crypto Tips
If you want to get the most out of your cryptocurrency investments, contact the crypto experts at Smart Billions. We offer first-class online workshops that can take your crypto trading to the next level. Whether you want to read more Poloniex reviews or compare exchanges, Smart Billions is here for you.
Visit the Smart Billions website and learn more about cryptocurrency today!
Disclaimer: smartbillions.com is owned and operated by Smart Billions and may contain advertisements, sponsored content, paid insertions, affiliate links, or other forms of monetization.