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Poloniex Exchange Review 2021 – Details, Trading Fees and Features

Poloniex-Exchange-Review Crypto Exchanges

Introduction

This Poloniex exchange review discusses most of the things about the exchange and its features. However, this article should not be taken as financial advice. Instead, we urge the traders and investors to do their own research before getting involved in cryptocurrencies.

Poloniex is one of the biggest crypto platforms in the crypto world. It also offers an easier way for users to create an account in the exchange by simply providing their email. In addition, Poloniex is available in Google Play Store and Apple Apps Store. As a result, traders and investors using the platform can access their funds anytime and anywhere.

Furthermore, Poloniex also offers various trading features such as margin trading, futures trading, and lending. Therefore, traders using the exchange will have more trading options to choose from depending on their risk appetite. Truly, the Poloniex exchange provides flexible trading features where users can maximize their chance to gain profit.

Above all, the exchange designed its platform with a friendly user interface. For this reason, all levels of traders can easily use the platform seamlessly without the need for technical support. Also, due to the friendly user interface of Poloniex, users can easily sign up and navigate the exchange within minutes.

Moreover, the Poloniex exchange supports various crypto assets. To be specific, the platform holds more than 200 cryptos with 339 token pairs. These different kinds of crypto assets include Bitcoin, Ethereum, and DOGE to name a few. Best of all, the platform offers crypto staking that enables Poloniex users to earn crypto without trading assets. But, of course, the staking pool depends on the offers set by the Poloniex exchange.

Last but not least, the users of the exchange must always remember that not all countries support Poloniex. For example, Cuba, Iran, and North Korea are some of the countries where Poloniex remains restricted. Hence, traders and investors using the platform must practice with caution when visiting these countries.

Poloniex Exchange Details

Websitehttps://poloniex.com/
Available on mobileYES
Number of supported coins/tokens216
Number of supported trading pairs339
Native tokenNA
Supported fiat currenciesUSD
CEOTristan D’Agosta
HQ LocationWilmington, DE, USA

History Overview

The Poloniex exchange is one of the exchanges in the crypto market where users can trade even without the KYC process. As a result, all users of the platform can experience a flexible way to create an account in the exchange. This seamless process in the crypto exchange will not be possible without the founder and the CEO of Poloniex, Tristan D’Agosta.

On the other hand, the Poloniex exchange was launched in Delaware, USA, in January 2014. With this, crypto traders and investors in the country can easily buy, sell, and trade crypto using the exchange. However, the Poloniex exchanges may not be available in all the states in America. For instance, in 2014, the city of New York is one of the states in America that are not crypto-friendly.

In 2018, four years after the launch of Poloniex, the exchange changed its management. To be specific, Poloniex was acquired by Circle, a company that focuses on payment processing. Furthermore, the Circle company seeks to transform the Poloniex exchanges as America’s first regulated crypto exchange.

To expand the reach of the exchange, the Circle company re-organized Poloniex into a separate entity in 2019. This time, the company is supported by a group of Asian businessmen such as Justin Sun, TRON CEO. As a result, the newly formed company was registered in Seychelles, a crypto-friendly island in the Pacific ocean.

In Seychelles, the Poloniex exchange joins other crypto exchanges such as BitMEX, Prime XBT, and even Binance. Best of all, since Poloniex resides in the island of Seychelles, the exchange developed more decentralized features. But, some of these features are restricted in the US. For this reason, we can say that Poloniex already dropped its vision of being a regulated crypto exchange in the US. 

Hacking and Other Incidents

Cyber threat is a word that is not new in the crypto world. In fact, there are already many cases of exchange hacking incidents that have been recorded in the past year. The Poloniex exchange is one of the crypto platforms that have been a victim of this cyber threat. In March 2014, a few months after its launch, the exchange was hacked. As a result, Poloniex lost almost 12% of its BTC which was around $50k at that time.

Aside from the hacking incident, Poloniex exchange also has issues regarding its customer service. According to a blog, Poloniex had over 140,000 backlog tickets in 2018. These backlogs are all inquiries made by Poloniex users that have been sitting in queue for months. Best of all, these backlog problems are said to be resolved by the platforms support group in the same year.

Now that we already have some idea about the exchange, let’s check the platform interface in this Poloniex exchange review.

Poloniex exchange Platform Interface

Today, Poloniex provides one of the easiest ways to buy, sell and trade crypto assets. This is due to the flexible rules set by the platform in terms of its Know-Your-Customer (KYC) rules. In addition, the exchange can also be downloaded in Google Play Store and Apple App Store. Hence, users of the exchange can easily transact their funds wherever they are.

Poloneix Platform Interface

Poloniex exchange Key Features and Functions

  • Supports over 200 crypto assets such as BTC, ETH, XRP and DOGE
  • Provides low fees
  • Margin trading and Margin lending
  • Poloni DEX and IEO launchpad
  • Cryptographic signatures 

Supported Cryptocurrencies

In this Poloniex exchange review, we will also discuss the supported crypto assets of the exchange. Best of all, these crypto assets listed on the exchange can be directly traded with each other and staked to earn rewards. But, of course, the staking pool depends on the pools that the exchange provides.

Bitcoin (BTC)Polkadot (DOT)
Ethereum (ETH) Tether (USDT)
Ripple (XRP)Monero (XMR)     
NEM (XEM)USD Coin (USDC)       
EOS (EOS)Shiba Inu (SHIB)
Litecoin (LTC)Polygon (MATIC)
Cardano (ADA)  Dogecoin (DOGE)
BitTorrent (BTT) Binance coin (BNB)

Note: The crypto’s shown above are just some of the digital assets supported by the Poloniex exchange. Hence, for a full list of supported crypto’s you can click the link in this Poloniex exchange review.

Deposit/Withdrawal/Trading Fees

Aside from the supported crypto assets, this Poloniex exchange review article also discusses the transaction fees of Poloniex. The transaction fees is one of the most important things that traders and investors need to consider when choosing a crypto exchange. Greatly, Poloniex is one of the exchanges in the crypto world that offers competitive fees in trading digital assets.

polonoix Deposit Withdrawal Trading Fees
Polonoix Deposit Withdrawal Trading Fees

Link: https://poloniex.com/fee-schedule

Accepted Payment Methods

The exchange payment options or method is one of the things that traders should consider in choosing a crypto exchange. Hence, the more currencies that the exchange supports, the bigger the chance that the investor will choose the exchange.

However, due to the regulations set by different countries around the world, Poloniex is restricted in some countries. For example, Christmas Island, Afghanistan, Iran, Iraq, Jan Mayen, Lebanon and Syria to name a few. For a complete list of countries that are not supported by Poloniex, you can check the official website of the exchange.

On the other hand, the remaining countries that are not mentioned on the list can buy crypto assets by using Simplex. For this reason, users of the platform can easily buy crypto using their debit and credit cards.

Furthermore, Poloniex exchange also accepts and supports different crypto assets, such as BTC and ETH, to name some. As a result, these crypto-assets can also be used to buy different cryptos listed on the platform directly. Through this, users in the countries that restrict the payment methods of  Poloniex can still have a chance to fund their account.

Poloniex exchange Pros and Cons

Pros

  • Offers low fees
  • Supports wide range of crypto assets
  • Margin trading feature
  • Margin lending feature
  • Flexible account registration

Cons

  • Slow customer support
  • Previous hacking records
  • Restricted in some countries like Antarctica and in some places in the Middle East

Final Score

Finally, the final score of the Poloniex exchange. As a result, this final score is based on the analysis and personal view of Coin Quora. Meanwhile, this rating does not serve as financial advice. In other words, traders and investors must do their own research before investing money in crypto exchanges.

  • Services offered: 3/5
  • Customer support: 2/5
  • Fees: 4/5
  • Supported fiat: 3/5

Review Score: 3/5

FAQ

Is Poloniex a good exchange?

The Poloniex exchange offers one of the easiest ways to register or create a crypto exchange account. In short, the exchange does not force its users to perform KYC in creating an account.

Is Poloniex Safe?

Poloniex exchange practices security protocols such as cryptographic signatures-based DNS cache protection and two-factor authentication.

How long is Poloniex verification?

The verification in the Poloniex exchange remains under the discretion of the Poloniex security team. For this reason, it is only them who can decide what time they will verify all the user’s accounts.

What are the fees on Poloniex?

There are different kinds of fees in the Poloniex exchange, for accurate details visit their official website.

Can I trust Poloniex?

The Poloniex exchange is one of the exchanges that are supported by the big names in the crypto space such as Justin Sun, the CEO of TRON. But, of course, it is still recommended to practice due diligence and in depth research.

Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as helpful material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any crypto assets.

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A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.