Cryptocurrency trading can be exciting, but it’s not without its challenges. One of the biggest challenges is finding an exchange you can trust your hard-earned money with. Fortunately, Poloniex is here to help. The exchange boasts a wide range of trading pairs, competitive fees, and solid security features.
Of course, it’s not all sunshine and rainbows—there are a few areas where Poloniex could improve. But don’t worry; we’ll cover everything you need to know in this Poloniex review. So, buckle up, and let’s take a closer look at this exchange.
What Is Poloniex?
Poloniex is a cryptocurrency exchange that was founded in 2014. It provides users with access to over 400 cryptocurrencies, including many of the most popular and widely-traded assets. Poloniex offers a range of features and services, including futures trading with up to 100x leverage, cross-margin trading with 3x leverage, and the ability to earn rewards through the Polo Earn wealth management program.
Poloniex is also committed to security, using multi-layered risk management systems to safeguard users’ assets. The exchange has a user-friendly interface and a mobile app, making it easy to trade and manage your crypto assets on the go. Additionally, Poloniex provides WebSocket and HTTP APIs for users who want to automate trading.
Overall, Poloniex is a reputable and popular exchange in the cryptocurrency space, known for its wide selection of cryptocurrencies and competitive fees.
How to Open an Account at Poloniex
Opening an account at Poloniex is simple; just follow these steps:
- Go to the Poloniex website or download the app from the App Store or Google Play Store.
- Click or tap on the sign-up button and enter your email address and a secure password on the sign-up page. If you are referred to Poloniex by a friend, you can also enter their referral code.
- Click or tap the “Click to Verify” button to prove that you’re human.
- Once you’ve signed up, you’ll receive a verification email, which you’ll need to click or tap on to confirm your email address.
- Log in to your newly-created Poloniex account by entering your email and password and clicking or tapping the verification button.
Congratulations, you’re now a Poloniex user with a Level 1 account. For more information about Level 2 accounts and the verification process, you can check out the Poloniex help center.
Is Poloniex Safe?
Poloniex takes the security of its users seriously and wants to ensure that everyone is aware of the dangers of scams targeting crypto exchange users.
The exchange constantly reminds its users to be vigilant about phishing and other scams targeting crypto exchange users. It offers self-freeze emails to aid in account security and recommends enabling two-factor authentication (2FA) as another security measure. 2FA requires users to provide an additional piece of information together with account credentials to verify their identity. Poloniex provides resources for traders to learn more about 2FA and how to enable it.
However, according to our research for this Poloniex crypto review, it hasn’t always been smooth sailing for Poloniex when it comes to security. In 2014, the exchange fell victim to a hack, and as a result, it had to reduce customer account balances by 12.3%. Additionally, Poloniex was hacked in 2020, losing approximately $4 million in assets. This raised concerns for some traders about the safety of their funds. And while these incidents have been a cause for concern, the company has taken several measures to improve security and mitigate potential risks.
What Are Poloniex Features?
Poloniex offers a variety of features for traders of all levels. From spot and margin trading to futures and strategy trading, there are many options available for users. Let’s take a closer look at these features and what they offer.
- Spot trading: Poloniex offers spot trading for a variety of cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and more.
- Margin trading: Users can engage in margin trading on Poloniex, which allows them to borrow funds to increase their trading power and potentially increase their profits.
- Strategy trading: Poloniex offers a unique feature called “strategy trading,” which allows users to automate their trading strategies and execute trades based on certain criteria.
- Futures trading: Users can also trade perpetual futures contracts on Poloniex, which allows them to speculate on the future price of cryptocurrencies.
- Grid trading: Poloniex also provides a grid trading feature, which allows users to set up a grid of orders at various price points to automatically buy and sell cryptocurrencies.
- Copy trading: Users can copy the trades of other successful traders on Poloniex, making it easier for beginners to get started in trading.
- API: Poloniex provides a robust API that allows developers to implement their own trading bots and connect to various third-party applications.
- Mobile app: The Poloniex mobile app for both iOS and Android allows users to trade and monitor their accounts on the go.
As you can see, Poloniex provides a diverse range of features to its users, catering to the needs of both novice and experienced traders alike. With these features, Poloniex stands out as a versatile and comprehensive platform for cryptocurrency trading.
What Are Poloniex Fees?
Poloniex offers a tiered fee schedule for spot trading, with the fees varying based on your 30-day trading volume. The maker/taker fees are as follows:
|30-Day Trading Volume
Poloniex also offers cross margin trading with interest rates as low as 1% and 3x leverage. Additionally, the exchange offers perpetual futures trading with competitive fees, starting at 0.015% for the maker and 0.05% for the taker fee.
For traders who require a custom fee schedule, Poloniex offers Poloniex Plus Silver and Poloniex Plus Gold, which offer lower fees of 0.0000%/0.0600% and 0.0000%/0.0400%, respectively. Market makers can also request a custom fee schedule by contacting support.
Which Customer Support Options Does Poloniex Have?
Customer support is an important consideration when looking for top crypto exchanges to trade on. Poloniex offers a variety of customer support options to assist users with any issues or questions they may have.
Firstly, Poloniex has an extensive support section on its website that covers a wide range of topics, from account security to Poloniex trading fees, and more. Customers can access this section by clicking on the “Contact Support” link at the bottom right corner of the website.
Additionally, customers can submit a support ticket to Poloniex’s support team by clicking on the “Request Help” button on the contact support page. This option allows customers to submit a specific request for assistance and receive a response via email.
For urgent matters, customers can reach out to Poloniex’s support team via the live chat feature on the website. The live chat is available 24/7 and provides customers with immediate assistance from a Poloniex representative.
Lastly, Poloniex also has several social media accounts (Twitter, Instagram, Facebook, Telegram, and Reddit) where customers can reach out to the exchange and receive assistance or updates on any issues.
Poloniex Reviews - What Do Customers Say About Poloniex?
Customer reviews may provide valuable insights into an exchange’s performance, features, and customer service, and Poloniex has gotten mixed reviews from customers.
Some customers have praised Poloniex for its great exchange features, top-notch graphs and tools, and user-friendly interface. They’ve also emphasized the importance of taking personal responsibility for security by using a unique, secure password and enabling two-factor authentication on both the registered email and Poloniex account.
However, other customers have expressed dissatisfaction with the exchange, citing issues such as difficulty accessing their accounts or withdrawing funds.
As with any exchange, it’s important to conduct thorough research before deciding to trade on Poloniex.
Final Thoughts: Is Poloniex Worth It?
At the end of the day, whether or not Poloniex exchange is the right choice for you will depend on a variety of factors, including your trading needs, risk tolerance, and overall goals.
If you’re looking for a wide variety of trading options, including spot and futures trading, as well as margin, strategy, grid, and copy trading, Poloniex has a lot to offer. Its user-friendly platform and robust API make it easy to navigate and integrate with other trading tools.
However, the exchange’s history of security breaches may be off-putting for some traders. Ultimately, it’s up to each individual to weigh the pros and cons and decide if Poloniex is worth it for their specific trading needs.
Is Poloniex legit?
Poloniex is a legitimate cryptocurrency exchange that has been operating since 2014. The exchange is registered with the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and operates in compliance with US laws and regulations.
Where is Poloniex located?
Poloniex is a US-based crypto exchange headquartered in Wilmington, Delaware.
How to buy Ripple on Poloniex?
To buy Ripple on Poloniex, you first need to create an account on the platform and deposit some cryptocurrency or fiat money. Once you have funds in your account, you can navigate to the XRP trading pair of your choice and place a buy order at the current market price or set a limit order at a specific price level.
How long does Poloniex withdrawal take?
In general, Poloniex withdrawals are processed within four hours. The exchange recommends waiting up to 12 hours for the withdrawal to complete before contacting the support team if it hasn’t been processed. If traders experience longer wait times or issues with their withdrawal, they should reach out to the support team for assistance. As previously mentioned in our Poloniex review, they can do so via live chat or by submitting a support ticket.