Poloniex is a US-based cryptocurrency exchange that promises to offer maximum security and advanced trading features. Here’s our Poloniex review.
What is Poloniex?
Poloniex is a cryptocurrency exchange that provides over 140 Bitcoin (BTC) and Monero (XMR) markets available for trading. The company is based in the United States and was founded in January 2014.
Like other cryptocurrency exchanges, Poloniex promises to offer a secure, stable trading environment. Key unique features include advanced charts and data analysis tools for customers.
Poloniex is also known for its strong liquidity. It has the largest exchange volumes in many online markets. The company offers exchange services in addition to margin trading and lending
Poloniex offers all of the following services:
-Over 140 Bitcoin (BTC) and Monero (XMR) markets
-Exchange, margin trading, and margin lending services
-11 BTC margin trading markets
-Borrowing money for leverage margin trading (these funds actually come from other members on the platform through a process called margin lending, and yields about 10 to 20% annually for lenders)
Poloniex comes with all of the following features:
- Deposit and Withdraw: Only cryptocurrencies
- Country: United States
- Currencies: Over 100 cryptocurrencies
- UI: Easy, simple-to-navigate interface
- Pros: Good liquidity, easy-to-use UI, diverse features
- Cons: Anonymity of owners, no license in US
Poloniex also advertises all of the additional features listed below.
-Stop-limit orders to reduce trading risk
-SMA and two EMA lines ready for your customization
-5-minute, 15-minute, 30-minute, 2-hour, and 4-hour candlesticks
-Fully zoomable charts that cover complete market history
-Majority of customer funds kept in cold storage
-Entire exchange continually audited and inspected for unusual activity
-Two factor authentication available to all accounts for your protection
Community and Customer Support
-All support tickets “resolved promptly and with care”, according to Poloniex
-An active, vibrant chatbox community for idea-sharing and updates (you can view this chatbox right on the main market page of the site)
-Chatbox moderators available to address your immediate questions and concerns
Poloniex moved to a volume-tiered, maker-taker fee schedule starting in March 2016. That means the more you trade, the less you’ll pay in fees. Your fee structure is calculated every 24 hours based on your last 30 days of trading.
If you’ve traded fewer than 600 BTC over the last 30 days, for example, then you’ll pay either 0.15% (maker) or 0.25% (taker) fees. As you move up to trading equal to or greater than 6,000 BTC, you’ll pay 0.08% (maker) and 0.16% (taker) fees. By the time you’re trading more than 24,000 BTC (the highest tier), you’re paying 0.00% (maker) and 0.10% (taker) fees.
There are 10 fee tiers in total. You can view the complete fee structure here.
Should You Use Poloniex?
Poloniex is best known for its liquidity. It’s generally thought of as the most liquid cryptocurrency exchange on the internet today. That means the company has the largest exchange volumes in most markets.
That being said, Poloniex is only a cryptocurrency exchange: it does not support fiat deposits or withdrawals. Only exchanges.
Poloniex is also a secure trading platform, although they don’t quite have a perfect record. In March 2014, the exchange was hacked, leading to the theft of 97 Bitcoins. Poloniex actually paid back each one of these Bitcoins before withdrawing any profit themselves. Since then, their security record has been unblemished.
Overall, Poloniex is one of the more popular cryptocurrency exchanges available online today and offers a strong, stable option for your diverse cryptocurrency needs, and offers particularly competitive pricing for high-volume traders.