Poloniex Exchange Review 2021 - Is It Safe?
Maker | Taker Trade | Volume (trailing 30 day avg)
0.08% | 0.20% | < $1m USD
0.02% | 0.15% | < $20m USD
0.00% | 0.10% | ≥ $20m USD
In the modern world, the number of cryptocurrency exchanges is growing every day, and sometimes it is difficult for traders to decide which of the platforms to use for their activities. Poloniex Exchange is one of the cryptocurrency market old-timers.
And yet, is Poloniex a scam, a dubious resource or a reliable cryptocurrency exchange that guarantees safe trading with the opportunity to get a decent income and withdraw it without any problems? Is Poloniex legit? Today we offer to find out whether there are pitfalls and how much Poloniex surpasses other sites.
- Poloniex Overview
- Poloniex Features
- Poloniex Fees
- Poloniex API
- How to Use Poloniex exchange
- Customer Service
- Is Poloniex Safe?
The Poloniex exchange has been operating in the field of cryptocurrency pair trading since 2014. Today it has become one of the largest sites with similar specialization. The system was founded in San Francisco, California, and was initially targeted at US citizens. But, rapidly increasing trading volumes, wide functionality, numerous advantages attracted the attention of users from around the world. The founder of the exchange is Tristan D'agosta, whose biography is practically unknown.
The number of participants in the Poloniex exchange continues to increase today. Easy to learn, opens up a wide range of opportunities for traders.
Initially, the service was created to carry out trading activities only in the American financial market, but after the exchange became popular, it was decided to expand the geography and make it accessible to users from all over the world.
In 2018, Tristan sold Poloniex to Circle. The deal amounted to $ 400 million. Rumor has it that the sale avoided the Poloniex Exchange prosecution by the Exchange and Securities Commission (SEC) for non-compliance. In exchange for Poloniex becoming law-abiding and registering its activities under all US laws, the SEC agreed not to take any measures for the site’s past activities.
According to the statement of the new owners of the Poloniex exchange, they plan to work towards scaling this business, adding new tokens to the listing and integrating support for fiat currencies. At the moment, Poloniex does not yet support the work with fiat.
Poloniex is a US-based cryptocurrency exchange offering cryptocurrency trading globally.
Poloniex does not offer service to residents of China, Germany, Pakistan, Vietnam. If you are a citizen of these countries residing in an approved country, you can proceed with the registration process. Also, Poloniex does not offer service to residents of Washington state (WA), New York (NY) and New Hampshire (NH).
Poloniex daily volume varies within 1500 BTC or $15.000.000. Daily about 3500 visitors are online to trade.
Different from most exchanges, Poloniex accepts fiat currency deposits through both bank transfers and credit cards.
Poloniex has long been the most famous altcoin exchange. It offers a large number of cryptocurrency pairs, which allows experienced traders to create an excellent portfolio of their choice in a short time. Today, the Poloniex exchange supports about 62 cryptocurrencies, including the Tether (USDT) and USD Coin stablecoins and about 120 currency pairs. Among them: ARDR, ATOM, BAT, BCH, BCHABC, BCHSV, BCN, BNT, BTS, BURST, CLAM, CVC, DASH, DCR, DGB, DOGE, EOS, ETC, ETH, FCT, FOAM, GAME, GAS, GNT, GRIN, HUC, KNC, LBC, LOOM, LPT, LSK, LTC, MAID, MANA, NAV, NMC, NMR, NXT, OMG, OMNI, PASC, POLY, PPC, QTUM, REP, SBD, SC, SNT, STEEM, STORJ, STR, STRAT, SYS, VIA, VTC, XCP, XEM, XMR, XPM, XRP, ZEC, ZRX.
The site interface is available only in English and Chinese.
One of the reasons for the success of the platform is the expanded opportunities for cryptocurrency trading, safe and profitable cryptocurrency exchange, and lending. At the same time, the largest percentage of the audience, about 90% of the exchange participants, are interested in trading and currency exchange options.
For comfortable trading in cryptocurrencies, the Polonix website offers a convenient functional terminal. In the work, you can use the graphs of exchange rates with the ability to change the period of their display, add your own markers, use a lot of settings, oscillators, indicators (detailed reviews of indicators here) and filters, convenient forms for applications for buying and selling currencies (SELL, BY, STOP LIMIT ), by displaying orders of traded pairs. Advanced analytics (cryptocurrency price for the last day, trading history) will make trading effective.
The platform is also interesting because traders are offered an impressive amount of digital currencies: more than 120, a lot of rare virtual coins participate in the turnover. Cryptocurrencies such as Ethereum, Bitcoin, Zcash, Dash, Ripple, Litecoin, MaidSafeCoin, Factom, Clams, Dogecoin, Monero, etc. are available on the exchange. When registering on the exchange, each user automatically opens a personal multi-currency wallet.
The main advantages of Poloniex:
- High level of reliability. This feature is important for each participant in the system; it plays a special role for experienced traders conducting large financial transactions leading successful trading;
- Intuitive interface. The Poloniex cryptocurrency exchange is available only in English and Chinese, but everyone can understand the features of the work, even if they do not know English well. Everything is clear and transparent, and the windows on the main screen are located as on most other trading floors;
- A huge selection of types of cryptocurrencies, and accordingly, cryptocurrency pairs;
- Wide platform functionality. In addition to margin trading on Poloniex, you can take and give out loans, exchange digital coins for another, more convenient or profitable type;
- Informative charts that help to create a complete picture of the situation on the cryptocurrency market, make a forecast regarding the future movement of the value of the selected asset;
- Low fees for operations. The difference with other systems is especially felt for traders who are active here. This point will be confirmed by numerous reviews of the Poloniex exchange.
Poloniex is an exchange that provides optimal conditions for cryptocurrency trading, and not only experienced trading participants but also beginners can prove themselves here.
Poloniex does not work with fiat currencies. The US dollar is tied to the Tether altcoin (USDT), which costs exactly 1 dollar, but in times of crisis (for example, after closing the withdrawal of dollars on Bitfinex) its exchange rate does not always correspond to the dollar.
The amount of fees varies from 0 to 0.09%, depending on the trader’s trading volume over the past 30 days and the role in which he acts - a maker or a taker. This value corresponds to the average market.
You can find more detailed information on Poloniex Fees here.
Poloniex provides both HTTP and WebSocket APIs for interacting with the exchange. Both allow read access to public market data and private read access to your account. Private write access to your account is available via the private HTTP API. You can find more information on Poloniex API here.
How to use Poloniex exchange
Poloniex Sign Up
To start working with the Poloniex exchange, you need to create a personal account. This process will take you no more than 5 minutes.
First you need to open the official Poloniex website and click on the “Sign up” button in the upper left corner or in the middle of the start page.
Within a few seconds, an email will be sent to your mail indicating the link by which you must go to activate the account. If you cannot find the incoming message from Poloniex, check the Spam folder.
Once you confirm your email, you will be redirected to the Login page where you need to indicate the email and password again.
Recently Poloniex platform required its users to pass the verification to start trading. However, if you click on the “My Profile” button in the upper right corner after registration, you will see that your account is assigned “level 1 verified”. It follows that for 1 level you have access to Deposit assets, Withdraw assets (10.000$/day) and Card purchases.
If you want higher limits and get increased limits and advanced features like margin trading and lending, you can get it in case of providing a bit more profile information. Press on the “Upgrade” button under the “Level 2” line.
You will be provided the form where you have to fill with your personal information like Country/Region/ First Name, Date of Birth, Street Address, City, Postal Code, and Phone Number. Once you finish press “Submit”.
The next step in the verification process is to verify your identity. To start identification, click the "Start" button.
You will be asked to select a country and one of the documents that you will use for identification. It could be Passport, Identity card or Driver’s license.
Then you need to upload a photo of the selected document. It is important to know that the photo of the document must be color, clear, and also saved in JPG or PNG format.
After downloading the photo of the document, you should also send a selfie with a text note in your hands, on which should be indicated the current date and the inscription "Poloniex".
Further, all data will be sent for verification. Usually, this process takes several minutes but may take several days. Upon the completion of verification at Poloniex, you will be sent a letter to the email specified during registration, you can also see the status of the verification on the page of your profile.
In order to deposit funds to your exchange wallet, you need to go to the menu “Balances” → “Deposits & Withdrawals”.
Next, a window opens with a list of cryptocurrencies, select the necessary one and click on the “Deposit” button in front of it.
The system will generate a unique wallet number (public key), which must be used to make a deposit. In addition, you can use the system QR code.
It should be noted that replenishment with some cryptocurrencies has individual requirements, for example, a minimum deposit. If such conditions exist, the system will notify you of this by issuing an appropriate message indicating the smallest amount that can be deposited into the account.
How to withdraw money from Poloniex? Everything is very simple. The process of withdrawing funds from the Poloniex exchange account is similar to the process of replenishing your wallet.
Go to the menu “Balances” → “Deposits & Withdrawals” and click on the “Withdraw” button opposite the currency of interest. A window will open in front of you, in which you need to specify the address of the recipient and the number of coins to be withdrawn.
It takes some time to complete the transaction, from a few minutes to 24 hours. For security reasons, withdrawals sometimes require certain confirmations, namely direct review and approval by members of the Poloniex operating team. This is necessary in some cases, depending on how secure your account is.
Then a link will be sent to your email to confirm the transaction. Clients with two-factor authentication do not confirm the withdrawal of funds by email.
Trading at Poloniex
Trading functionality on the Poloniex exchange includes many different tools. So, for example, this service provides the ability to use three types of financial transactions - Exchange, Margin training and Landing.
The trading screen supports a smart interface. It can be divided into several time intervals, it has different backlight modes, and also supports Fibonacci levels and Bollinger Bands. All these settings apply to each of the pairs on the exchange.
Also available on the exchange is a lending function, where users can take or offer a loan with a certain interest rate.
How to buy at Poloniex
To carry out standard exchange activities, you must select the Exchange section in the upper left corner.
To select the required currency pair, use the Market tool. From the top, select the base cryptocurrency, and from the opened list - the quoted one.
Also on the same page is a graph of the changes in the selected currency pair.
Under the chart, you can see three application forms for creating a buy, sell, and stop-limit orders.
In order to buy or sell cryptocurrency on Poloniex, use the Buy or Sell application forms, respectively. Indicate the required amount of currency, as well as the purchase/sale price. Then the system will automatically calculate your total transaction amount. Pay attention to the commission, the size of which is indicated in the line "Fee". To confirm the transaction, click the “Buy” or “Sell” button, depending on the type of transaction.
As for the stop-limit order, its use will help you to some extent protect the profit and minimize losses. Such an order is executed in a certain price range, for example, you want to buy a cryptocurrency when the market price reaches 200, but you do not want to pay more than 210.
Then you need to specify the value in the “Stop” field - 200, and “Limit” - 210. As soon as the market value reaches 200, the order will be executed at the best of the offered prices.
Let's look at what happens next with your application using the example of a purchase order. After the application is placed, Polonix will look for a counterparty, ready to sell the desired cryptocurrency at the price you need. If the exchange does not find a sales order in which there will be a corresponding price, then the order will be placed in the order book (block “Open order”) until a suitable sales order appears.
As soon as your order is executed, it will automatically be displayed in the history of transactions (block "Trade history").
The platform’s functionality also includes order glasses (“Sell orders” and “Buy orders” blocks) and a graph of sales and purchases (“Market Depth” block).
Technical support is available by email, feedback form on the website or via chat. Recently, the exchange closed the chat, citing a lack of employees to support it. You can contact support via the support form on the website. Also, on the same page, you can use the search line in the case to find the answer to the question you have on mind.
Both positive and negative reviews of traders about the resource are presented on the Internet, but it cannot be said if there are more positive or negative reviews. Among the positive aspects, first of all, reliability and reputation, profitable trade, functionality, and convenience of the platform are noted. A correct reaction to the hacking of the exchange in 2014 and reimbursement of funds to users prove that this is not a fraudster, but a serious organization. However, users have often complained about the company. Poloniex support is very slow. The same can be said about the withdrawal process. You can find more reviews on Trustpilot.
Nevertheless, Poloniex continues to attract users with a large set of cryptocurrencies and its functionality.
Is Poloniex Safe?
The security issue of working on the Poloniex exchange is probably one of the main issues for all such sites since it is always a “wide field” for manipulating various fraudulent schemes. Thanks to two-factor authentication on the Poloniex website, user accounts are reliably protected, in case the transactions are suspicious, the administration of the resource requests documents to confirm the identity of the trader.
However, in March 2014, Poloniex suffered from a major hacker attack. About 12% of bitcoins stored on the exchange were stolen. After that, the company raised commissions to be able to compensate for the loss of affected users.
Nevertheless, a decent solution to security and reliability issues on the Poloniex website is one of the company's strengths. The exchange is popular, colossal volumes of transactions and incomes - all this cannot but attract the attention of fraudsters who would like to cash in on the carelessness of users to the resource. However, Polonix is developing, improving the level of trading security. Traders are advised to go through two-factor registration, as well as managers can request documents proving the identity of the user.
Poloniex is an exchange that is currently not a scam since honorably and honestly fulfills its obligations to traders by consistently paying them funds, monitoring the correct operation of payment systems, ensuring work security to prevent hacking. Traders positively evaluate the company after hacking, when the exchange paid users funds from its budget.
And yet, is Poloniex a scam? The answer is no since the resource rightfully occupies the leading positions in the ratings of such companies, leads in the number of regular customers and the turnover of funds, and has opportunities for comfortable and profitable trading. Anyone will be able to understand how to trade on Poloniex if the person is a little bit acquainted with crypto. The exchange is aimed at both beginners and experienced traders. Favorable trading conditions are offered to each user. Due to the high level of protection, you don’t need to worry about your own funds, paying more attention to the bidding itself. And here the platform offers assistants - informative charts, which show minimal price fluctuations. You just need to customize them for yourself, setting the criteria of interest.
Poloniex opens up the widest possible opportunities for its participants, which is why it is very popular. This is confirmed by systematically increasing trading volumes, regularly increasing the number of active users.
It’s not necessary to think long about how to get money for Poloniex. There are also plenty of options here.
Of course, we can also highlight the moments that can confuse some users, for example, the lack of support for fiat currencies and poor technical support. But, these nuances can not be called cons, rather, these are the characteristic features of a particular site, because in many systems working in this direction, things are the same.
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Poloniex is famous for their liberal fee policy. I like how low it is.
I have no clue what's happening, but the exchange most likely has a huge problem. I see a lack of a volume, permanent website issues, many suspended transactions. It looks like the whole dev team took a vacation.
That's fuuny, I see that my withdrawal hasn't finished since 25 November. But the exchange sent me fake confirmation that the transaction has done. That's "amazing". They don't give an answer to this, just sending this worthless conformation, but I don't see any money! Useless support ever.
I've never faced such an incompetent service in my whole life. There is no any transparancy or professionalism. The support provides just automated response to any question, there is no any contacts or reall support. All of it is some kind of imitation and profanation. I'm deeply disappointed.
I'm sick of all this verification stuff, I can admit that we need as traders to verify it, no problem, but why should we do that all the time? Nothing hast changed its still me, but this year I was asked 4 time to confirm my personality. Guys, that's not a good way of a business. It seems to me, that the support has a really short memory or they have a big problem with the inner algorithm.
I was a loyal trader, and I was satisfied with the platform, but now I don't know how I can work with that. All my recent operations were suspended I don't get any explanation why. What's happend to the support? Where are they? That's a complete dead-end.
I loged in and I saw that my 0,1 btc just gone. I don't know what it means. I contacted the support but I didn't get any answers. I've been waiting for 4 days and I don't know where my money is.
The platform used to be good but the low volume can diminish all the profits. Sometimes it's hard to make any operations because of that. I hope they will change this situation, I've been trading since 2017 but just couple a months ago I started to face this problem.