Poloniex review: Pros, cons, fees & more

Poloniex review: Pros, cons, fees & more

It also offers margin trading products, cryptocurrency lending, and multiple trading platforms to buy and sell a long list of supported currencies. In conclusion, Poloniex offers various trading features and wide range of cryptocurrency options for users. While it boasts user-friendly interfaces, a wide range of cryptocurrency options, and advanced trading tools, it’s important to consider the pros and cons. Moreover, Poloniex is not available in the United States, and its customer service has got mixed reviews.

Deposit and Withdrawal Fees

Finder US is an information service that allows you to compare different products and providers. We do not recommend specific products or providers, however may receive a commission from the providers we promote and feature. Enter the amount of the desired currency (in our case ETH) that you want to buy or sell, and the exchange will calculate its amount in BTC, make sure to set the price.

Global Crypto Owners Increased to 580 Million by End of 2023: Crypto.com Report

The information about a specific cryptocurrency exchange or trading platform in reviews and guides may differ from the actual provider’s website. As such, the app is suitable for beginners and advanced traders alike. For margin and leveraged traders using the Futures platform, Poloniex has a flat trading fee of 0.01% (maker) and 0.04% (taker).

Account Setup and Verification

While the platform survived the incidents, you may want to use caution when holding significant balances with this exchange. You can Poloniex Crypto Exchange qualify for lower costs if you pay for exchange fees with Tron and hold a Tron balance of at least $49 USD. If you purchase with a debit or credit card, you’ll pay a 3.5% to 5% fee ($10 minimum) to the card processor, Simplex. Poloniex offers a long list of 400+ cryptocurrencies and tokens. Noteworthy currencies include Bitcoin, Ethereum, Solana, Stellar, Dogecoin, Shiba Inu, and more. Perpetual futures are futures contracts without expiration dates.

Poloniex Fees

The cryptocurrency exchange charges and deducts its fees on a per-trade basis. This is somewhat beneficial for the trader because the more volume he trades, the lower the fee is going to be on subsequent trades. Today we will review – Poloniex – a digital asset trading exchange registered in Seychelles. In this review, we will be discussing in detail Poloniex features, fees, Pros, Cons, security, fees, and much more. Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more.

Furthermore, users with a TRX balance higher than $49 can get a slight discount. Additionally, users can pay their fees using Tron (TRX) for a 30% discount. While the grid trading bot Poloniex offers recommended strategies and shows an estimated profit, losing money with the bot is possible. As such, the service is typically used by more experienced traders who strongly understand how the market and trading bots work. To see how Poloniex’s bots compete with the most popular trading bots for crypto, read this comparison. Ultimately, there’s no perfect cryptocurrency exchange for everyone.

However, you may prefer an exchange with a stronger reputation and history. To unlock all account features and higher limits, you need to complete the Level 1 and Level 2 verification process. Level 1 includes unlimited trading, unlimited deposits, and $10,000 per day in withdrawals. Level 2 allows up to $500,000 in daily withdrawals, margin trading, and faster customer service if you get locked out of your account. However, Coinbase has a much larger trading volume than Poloniex, a 24-hour trading volume of $2.6 billion.

• Compared to those average trading fees, Poloniex’s taker fees and maker fees is below the industry average.
• You can use the account dashboard to navigate through account settings and the primary account features, including the trading platform, futures trading, and lending.
• It also lets you do margin trading, lend cryptocurrencies, and has multiple ways to trade.
• In total, there are 485 tradable markets on Poloniex that can be viewed with live and historical prices.
• It has also a live 24/7 chat support section that can assist you with emergency queries.

Coinbase is registered with the SEC to operate in the U.S., while Poloniex no longer does. Poloniex lists 587 cryptocurrencies, only 76 of which have a trading volume of more than 0.01% of the total volume on the exchange. This is likely the main reason its trading volume is so much lower than Coinbase and many other exchanges. In January 2022, Poloniex ceased all trading in Ontario, announcing that the territory had become a restricted jurisdiction.

Poloniex strives to become one of the most used cryptocurrency exchanges and evolve into an agent of influence and change for the cryptocurrency and digital space. Banking on its experience and longevity in the cryptocurrency arena, Poloniex has positioned itself to act as a mentor and partner in the industry as well as an active exchange. Although the Poloniex team aims to respond to users as quickly as possible, there have been reports that the exchange’s response time is closer to a few days.

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• While creating our Poloniex review, we carefully tested all essential aspects of the platform.
• While the platform survived the incidents, you may want to use caution when holding significant balances with this exchange.
• With leverage, traders can take a long or short position on a crypto asset to hedge against volatility or a downtrend without using a specialized derivatives platform.
• While they haven’t given exact numbers, Poloniex always aims to keep its fees competitive and low as compared to other crypto trading exchanges.
• Despite this, there are some security and regulatory concerns, and it is not available in certain countries.
• Poloniex charges fees according to the maker-taker fee model, where 0.01% is charged for maker fee and 0.075% for taker fee.

We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review. There are several platforms on Poloniex available that may be appropriate for different trading experience levels. Beginners should start with the simple buying and selling form, while experienced traders can jump to the active trading exchange.

This is a major issue and might make you think twice about using Poloniex. Even though Poloniex managed to keep going after these hacks, it’s still something to be careful about, especially if you have a lot of funds with them. You will also have the lending option to trade on Poloniex, which is something you can’t do on other websites. On this website, you can place different kinds of orders to buy or sell cryptocurrencies, such as Bitcoin, Ethereum, Monero, and Tether. The exchange was hacked in 2014, and hackers stole approximately 12.3% of the exchange’s Bitcoin. This is a serious issue and could be reason enough to avoid Poloniex.

There’s a good mix of well-supported utility tokens and lesser-known currencies. It’s important to mention the exchange’s relationship with the Tron (TRX) currency. The site was hacked in 2014 losing around 12% of the company’s holdings. This happened again in 2020, accounting for around 6% of the exchange. In March 2022, Poloniex partnered with the Fantom Foundation, a dApp-focused blockchain, to help it develop its highly scalable ecosystem that supports smart contracts.