Poloniex Review: Introduction

Poloniex is a digital asset exchange platform that was founded in 2014. The platform is based in the United States and is known for its wide variety of cryptocurrency trading pairs, as well as its advanced trading tools and features for experienced traders. Poloniex is one of the oldest and most established cryptocurrency exchanges in the market, and it has gained a reputation for its reliability and security. The platform offers trading for over 100 different digital assets, including Bitcoin, Ethereum, and many other popular coins and tokens. Poloniex’s user interface is designed to be easy to use for both novice and experienced traders, and it offers a variety of order types and charting tools to help users make informed trades. Overall, Poloniex is a solid choice for anyone looking to trade a wide range of digital assets with a reputable and well-established exchange.

Poloniex is a well-established cryptocurrency exchange that was founded in 2014. However, it faced a setback in 2014 when it was hacked, resulting in the loss of 12.3% of its customers’ bitcoins. Despite this setback, the platform was able to recover and increase its trading volume by being the first exchange to list Ethereum (ETH) in 2016. In 2018, Poloniex was acquired by Circle, a payments company, for an acquisition cost of around $40 million.

After the acquisition, Poloniex underwent a transformation and became one of America’s first fully regulated crypto exchanges. It has since become a popular choice among US investors, experienced traders, and new users alike, with daily trading volumes of over $100 million. Despite facing further challenges in the form of regulatory uncertainty in the US, Poloniex has managed to continue its success. In 2019, the parent company, Circle, spun off Poloniex as a separate entity under the name Polo Digital Assets Ltd, which is officially registered in the Republic of Seychelles, known for its crypto-friendly regulations and home to other unregulated exchanges such as BitMEX, Prime XBT, and Binance.

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(Risk warning: 75.59% of retail CFD accounts lose)

With this new direction, Poloniex is now able to offer a wider range of services and crypto assets to its users, including those that may not be available on fully regulated exchanges. The platform does not require any personal identification for account registration and users can trade anonymously. This makes it an attractive option for those who value their privacy and wish to avoid the compliance requirements of regulated exchanges. However, it is important to note that this also means that the platform may not have the same level of protection and security measures in place as regulated exchanges, and users should be aware of the risks associated with trading on an unregulated platform.

Overall, Poloniex has had a tumultuous history, experiencing both setbacks and acquisitions. Despite these challenges, the exchange has managed to bounce back and establish itself as a popular choice among US investors, experienced traders, and new users. With daily trading volumes of over $100 million, Poloniex has proven to be a resilient player in the cryptocurrency exchange market. The exchange’s new parent company, Polo Digital Assets Ltd, which is based in the crypto-friendly jurisdiction of Seychelles, has allowed Poloniex to operate as an unregulated platform, and it underwent a revamping of its interface in 2020 to improve user experience.

Poloniex Review: Features

Poloniex offers a variety of features to its users, including margin trading, lending, and staking.

Margin trading allows users to trade with leverage, which can potentially increase their profits, but also increases the risk of losses. Users can borrow funds from the platform to increase their buying power, and can choose from a variety of leverage ratios, such as 2x or 3x.

Poloniex also has a lending feature, where users can lend their own funds to other traders who are margin trading. They can earn interest on their loans, but also run the risk of the borrower defaulting on their loan.

Staking allows users to earn rewards for holding certain cryptocurrencies and participating in the network’s consensus mechanism. By staking their coins, users can earn a portion of the block rewards for maintaining the network.

Poloniex also offers a variety of trading pairs, with support for over 90 different cryptocurrencies. The platform also has an API, which allows users to connect their own trading bots or access the platform’s data for use in their own applications. Additionally, Poloniex has a mobile app that allows users to trade on the go.

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(Risk warning: 75.59% of retail CFD accounts lose)

Earn Without Trading

Poloniex offers several ways for users to earn passive income without actively trading on the platform. One of the main ways is through staking, where users can stake their coins in order to validate transactions on the network and earn rewards. Another way is through lending, where users can lend their coins to margin traders and earn interest on their loans. Additionally, Poloniex has a feature called Lending Markets, where users can lend out their coins to borrowers for a specified amount of time and earn interest on their loans. Another way is by participating in liquidity pool on poloniex, by providing liquidity for a pair of tokens in the form of providing buy and sell order and earn rewards for that.

Margin Trading

In terms of margin trading, Poloniex allows users to trade with leverage up to 2.5x on a variety of different cryptocurrencies. This feature is available on the web platform and it allows users to open both long and short positions. Margin trading can be a useful tool for experienced traders looking to amplify their returns, but it is important to remember that it also increases the risk of loss. Users should be aware of the risks and trade responsibly.

Additionally, Poloniex also offers margin lending, which allows users to lend out their digital assets to margin traders in exchange for interest. This can be a great way for users to earn passive income without having to actively trade. Users can set the interest rate they want to charge and the duration of the loan, and the platform will automatically match them with borrowers.

Poloniex also offers a feature called Polo Earn, which allows users to earn interest on their idle digital assets by lending them out to other users on the platform. This is a great way for users to earn passive income without having to actively trade. The interest rates offered on Polo Earn vary depending on the digital asset and the duration of the loan.

Finally, Poloniex also has its own Initial Exchange Offering (IEO) platform, called Polo IEO, which allows users to participate in token sales for early-stage projects. This can be a great way for users to get in on promising projects at an early stage and potentially earn large returns.

➔ Open your free trading account with Poloniex now

(Risk warning: 75.59% of retail CFD accounts lose)

Poloniex also offers margin trading for its users, allowing them to trade with leverage. The exchange offers margin trading for a variety of cryptocurrencies, with leverage levels up to 2.5x. However, it is important to note that margin trading is a high-risk activity and should only be done by experienced traders. In addition to this, Poloniex also offers a lending feature where users can lend their cryptocurrency to other traders for margin trading, and earn interest on their loans.

Furthermore, Poloniex also offers a number of other features such as staking, where users can stake their cryptocurrencies and earn rewards, as well as an earn feature, where users can deposit their cryptocurrency and earn interest on their deposits.

In summary, Poloniex is a reputable exchange that offers a wide range of features such as spot trading, margin trading, staking, lending, and an IEO platform. It has a user-friendly interface and provides 24/7 customer support. However, its customer support is not the best in the industry, and its mobile app does not have all the features available on the website.

In summary, Poloniex is a cryptocurrency exchange that has a long history in the industry. Despite facing setbacks such as hacking attacks, the platform has managed to recover and strengthen its security measures. It offers a user-friendly interface and a wide range of cryptocurrencies to trade, but has limited options for fiat currency deposits. Poloniex also offers a decentralized exchange, an IEO launchpad, and 24/7 customer support. Overall, while it may have had a rocky past, Poloniex is an exchange that has proven its resilience and continues to be popular among US investors, experienced traders, and new users.

➔ Open your free trading account with Poloniex now

(Risk warning: 75.59% of retail CFD accounts lose)

Poloniex Review: Verification Process

The verification process for Poloniex is relatively simple and straightforward. The exchange requires users to provide their email address and complete a basic verification process before they can start trading. The basic verification process includes providing personal information such as name, date of birth, and address. Once this information is provided, users will need to upload a government-issued ID or passport for identity verification.

The next level of verification is known as advanced verification. This level of verification is required for users who wish to trade larger amounts of cryptocurrency. Advanced verification requires users to provide additional information such as their occupation, source of funds, and estimated trading volume. Users will also need to upload additional documents such as utility bills or bank statements to verify their address and source of funds.

Once the verification process is complete, users will be able to start trading on the platform. However, it’s worth noting that Poloniex does not support fiat currency deposits, so users will need to deposit cryptocurrency in order to start trading.

Further, going more into its detail, following is the description of the steps in these levels in more details:

In Level 1 account verification process

For level 1 verification, Users users only need to provide their email address and create a password to start trading on Poloniex. However, there are certain limitations to the features and functionality available to Level 1 account holders. For example, they may not be able to make deposits or withdrawals, and their trading limits may be lower than those of verified users.

In Level 2 account verification process

For clearance of the Level 2 of the Verification process, In Level 2 account verification process, users will need to provide personal information such as their name, date of birth, and address. They will also need to upload a government-issued ID, such as a passport or driver’s license, for verification. This level of verification will allow users to deposit and withdraw crypto assets, and they will have higher trading limits.

➔ Open your free trading account with Poloniex now

(Risk warning: 75.59% of retail CFD accounts lose)

Fee Schedule of Poloniex Exchange Services: Fees for Trading, Deposits and Withdrawals

The fee schedule for Poloniex’s exchange services varies depending on the type of service being used. For trading, the platform uses a maker-taker fee model, where makers, who add liquidity to the order book by placing limit orders, are charged a lower fee than takers, who remove liquidity by placing market orders. The exact fee percentages can vary depending on the trading pair and the user’s 30-day trading volume.

For deposits, Poloniex does not charge any fees for depositing cryptocurrencies, but there may be network fees associated with the deposit transaction. For withdrawals, the platform charges a withdrawal fee for each cryptocurrency, which is based on the network fee for that particular cryptocurrency.

Additionally, there are fees for using certain advanced features such as margin trading and lending, as well as fees for using the IEO launchpad. Users should review the fee schedule on the Poloniex website for a complete list of all the fees associated with each service.

The chart of Poloniex Fees: Maker & Taker Fee Structure:

Poloniex Withdrawal Fees

Withdrawal fees on Poloniex can vary depending on the cryptocurrency being withdrawn. These fees are used to cover the transaction costs of moving funds from the Poloniex exchange to the user’s external wallet. These fees are dynamic and are subject to change based on network congestion and other factors.

To view the current withdrawal fees for a specific cryptocurrency, users can go to the Withdraw page on the Poloniex website and select the cryptocurrency they wish to withdraw. The withdrawal fee for that specific cryptocurrency will be displayed. It’s important to note that Poloniex does not charge any withdrawal fees for certain assets.

In addition to the network fee, Poloniex may also charge a withdrawal fee for certain assets to cover the costs of processing the withdrawal. These fees are typically small, however, they may vary depending on the asset and the amount being withdrawn. Users should also be aware that some assets may have minimum withdrawal amounts, which can also affect the withdrawal fee.

Poloniex Deposit Fees

Poloniex does not charge any deposit fees for digital assets. However, users should note that there may be network fees associated with depositing certain digital assets, such as Bitcoin, which are not controlled by Poloniex and may fluctuate based on network congestion. Users should also check if the country they reside in is supported by Poloniex for deposit and withdrawal.

Poloniex Review: Pros & Cons

As per our reviews and recommendations, the exchange has some attractive features, which are beneficial from users or trader’s perspective; Apart from this on one side of review, it has few advantages while on other side, it has few disadvantages too. Further, as discussed in the review, let’s look into the advantages and disadvantages:

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(Risk warning: 75.59% of retail CFD accounts lose)

Poloniex Review: Conclusion

In conclusion, Poloniex is a reputable and well-established cryptocurrency exchange that has been in operation for several years. The platform offers a wide range of features, including margin trading, decentralized trading, and an IEO launchpad. The platform has also undergone several changes and improvements over the years, including a move to an unregulated jurisdiction and a change in ownership. Despite some high-profile security breaches in the past, Poloniex has made significant efforts to improve its security measures and protect its users’ assets. One downside of the platform is that it only supports crypto-to-crypto trading and does not offer fiat currency deposits or withdrawals. Additionally, customer support can be slow and unresponsive at times. Overall, Poloniex is a solid choice for experienced traders looking for a variety of trading options, but may not be the best fit for beginners or those who prefer to trade with fiat currencies.

Poloniex is a well-established and reputable cryptocurrency exchange that has a strong presence in the United States. The platform offers a wide range of features such as margin trading, margin borrowing, and its own Initial Exchange Offering (IEO) launchpad. Additionally, the platform has a user-friendly interface and offers low trading fees. The Poloniex also has a decentralized exchange that allows for trading without the need for KYC verification. However, the customer service is not considered the best in the industry. Overall, Poloniex is a solid choice for traders looking to invest in a variety of cryptocurrencies with a range of trading options, and can be considered as a recommendation for those looking to enter the crypto industry.

➔ Open your free trading account with Poloniex now

(Risk warning: 75.59% of retail CFD accounts lose)