Poloniex 2024 Review: Master the Art of Profitable Crypto Trading
TLDR
This review provides an in-depth analysis of Poloniex, a prominent cryptocurrency exchange platform. It examines its features, trading options, and user experience to help you make informed decisions in your crypto trading journey.
Poloniex is an exchange that allows for the trading of assets. The exchange is supported in several countries across the globe and supports over 400 crypto coins. The exchange also supports fiats for easy deposits.
The Poloniex fees (deposits, withdrawals, and borrow interests) are lower than many other cryptocurrency exchanges. In addition, the exchange has a high-rate limit and a very user-friendly interface.
On the other hand, Poloniex has a history of getting hacked, which remains a concern for most of its users. Furthermore, the service is not supported in the United States due to regulation issues and has a reputation for having a poor customer support team.
Introduction
Poloniex is a cryptocurrency exchange allowing users to trade several crypto assets. It also allows users to earn rewards and offers high-rate limits and liquidity.
The exchange platform was founded in 2014 by Tristan D’Agosta and was one of the top cryptocurrency exchanges in the world at its peak. In 2018, Poloniex was acquired by Circle, and the exchange platform was spun into Polo Digital Assets, Ltd.
After this change, Poloniex stopped supporting users in the United States. Over the years, Poloniex has suffered from hacks and legal issues, which caused it to lose a significant amount of its assets and its license to operate in some countries.
Nonetheless, it remains a top choice for many crypto traders due to its low trading fees, crypto staking, mobile app, and a large selection of assets and products.
Who Should Use Poloniex?
Cryptocurrency traders looking to trade assets while paying low trading fees should use Poloniex. In addition, the Poloniex platform offers a high-rate limit and low latency API, allowing it to handle large volumes of transactions quickly.
Additionally, Poloniex offers its users margin trading options and the opportunity to lend funds out to earn interest on their assets.
For New Users
New Poloniex users can enjoy the platform’s simple buying form allowing them to purchase crypto assets using fiat currencies by credit cards. In addition, the service has a large selection of cryptocurrency assets that you can swap cheaply and cheaply.
Furthermore, Poloniex has a simple-to-use mobile app on Android and iOS, allowing users to trade on the go. However, new users need to be aware of the regulatory issues that the exchange has faced.
Geographical Availability
While Poloniex is available in almost every country, it lacks support from some countries, including the United States, Cuba, Iran, Sudan, Syria, and North Korea.
In addition, as a result of some regulatory issues, Poloniex was moved to Bermuda in 2019 and ceased all activities in Ontario in 2021.
Cryptocurrency Supported
Poloniex supports over 400 digital assets and tokens, including the most popular ones:
- Ethereum (ETH)
- Tron (TRX)
- Tether (USDT)
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
- Solana (SOL)
It also allows for trading fiat currencies such as:
- AUD
- CAD
- GBP
- CHF
- EUR
- CZK
- DKK
- ILS
- HUF
Poloniex Review: Fees and Prices
One of the features most users look out for in an exchange is the fee. In this section, we will talk about Poloniex fees and prices.
Deposit and Withdrawal Fees
Although Poloniex does not charge a network fee for depositing into a Poloniex account. The network fee charged on withdrawals varies depending on the type of cryptocurrency, the trading volume, and network congestion.
Borrow Interest Rate
Poloniex allows its users to borrow assets. However, users will be required to pay interest to the lenders. The interest rate charged is determined by the situation of the financial markets and the kind of cryptocurrency borrowed.
In addition, users can utilize the auto-borrow function to borrow and repay funds automatically when trading on Poloniex.
Spot Trading Fees
Spot trading fees on the Poloniex platform are paid when trading cryptocurrencies on the spot market. Poloniex charges these fees based on the maker-taker fee model, where the maker fee is the fee charged for creating an order from the order book.
The taker fee, on the other hand, is charged for taking an order from the order book. The maker-taker fee depends on the user’s trading volume in the last 30 days and Tron (TRX) balance. Users with higher trading volumes and balances generally get lower spot trading fees.
The fees, however, range from 0.02 to 0.145% for making orders and 0.1 to 0.155% for taking orders.
Futures Trading Fees
Futures trading fees are charged on futures contracts on the Poloniex exchange platform. These allow users to speculate on the price of an asset in the future without having to buy it.
Futures fees are charged at 0.01%-0.075% on the Poloniex exchange; unlike spot trading fees, this rate is the standard for all traders regardless of their trading volume. However, some traders may qualify for discounts depending on their TRX balance.
Trusted Partners
5
Fees
0.1 – 0.5%
Tradable Coins
600+
Payment Options
+ 3
4.7
Fees
0.01 – 0.10 %
Tradable Coins
100+
Payment Options
4.3
Fees
0.04% – 0.10%
Tradable Coins
145 +
Payment Options
Poloniex Review: Payment Methods, Withdrawals, and Limits
In this section, we will review the deposit methods, withdrawal options, and limits available to users on Poloniex.
Deposits
Using the on-chain network, a Poloniex user can deposit about 50 cryptocurrencies into a Poloniex exchange account. Also, the cryptocurrency exchange allows for the free transfer of funds between Poloniex accounts.
It is important to understand the minimum deposits amounts for crypto transfers, network exchange fees, and confirmation period for each type of digital asset.
Users can also buy crypto with fiat currency using a Simplex bank account, debit or credit card, Apple Pay, or bank transfer. Simplex is a third-party payment service that allows Poloniex users to buy cryptocurrencies with GBP, EUR, USD, and others.
However, limits, fees, and verification requirements apply for each payment option above.
Withdrawals
Users of Poloniex cannot withdraw funds in fiat currency directly from the trading platform. The only way to withdraw funds from Poloniex is to withdraw them into an external wallet.
It is important to ensure the wallet supports the cryptocurrency to be transferred. Transferring unsupported assets to a wallet address can cause the user to lose the funds completely.
Limits
The user’s level of verification determines limits on Poloniex. With a KYC (Know Your Customer) verification, users can withdraw up to $10,000 daily. This does not require two-factor authentication (2FA).
On the other hand, users can withdraw $50,000 daily with a 2FA verification, although this does not require a KYC authentication. With 2FA and KYC verifications, users can withdraw up to $500,000 with both 2FA and KYC verifications.
Poloniex Review: What Makes it a Good Choice?
Here are some of the top reasons why Poloniex is a good choice of exchange:
Low Trading Fees
Poloniex Exchange has one of the lowest trading fees compared to other cryptocurrency exchanges. In addition, users can get a 30% discount on trading fees if they make deposits in TRON.
Furthermore, if users have more than $50,000 in trading volume at least 30 days before the trade is made, they will qualify for even lower trading fees. Applying for Poloniex Plus, Silver, or Gold, will also guarantee some discounts on trading fees.
High-Rate Limit
Poloniex allows users to make a lot of requests to its API without getting slowed down or blocked. Poloniex’s REST API has a rate limit of about 6 requests per second for each IP address.
In addition, Poloniex’s WebSocket API has a rate limit of 10 messages per second for each IP address. While Poloniex’s Futures API has a rate limit of 100 requests per second for each IP address.
Cryptocurrencies Supported
The exchange supports a wide range of assets; it supports over 400 cryptocurrencies, including the most popular assets on the crypto market.
In addition, the decentralized exchange also supports fiat currencies, including these:
- CAD
- EUR
- AUD
- DKK
- ILS
- GBP
- CHF
Furthermore, Poloniex allows the purchase of assets such as:
- ATOM
- BCH
- BTC
- DASH
- BN
and others when users pay with credit or debit cards.
User-Friendly Interface
Poloniex crypto exchange has a user-friendly interface allowing its users to trade easily. Its website offers a simple buying form and an active trading platform that allows users to monitor the markets.
In addition, the Poloniex website has a decentralized exchange with a compatible wallet. The cryptocurrency exchange also has a mobile app available on iOS and Android devices, allowing users to trade on the go.
Poloniex Review: Biggest Drawbacks
Poloniex has a few drawbacks, including the following:
Lack of Availability in the United States
Poloniex is not available to users in the United States. After some issues with regulations in 2019, the cryptocurrency exchange ceased all trading in the United States.
As a result, Poloniex closed all margin trades and lending products for residents of the United States and has stopped supporting USD deposits and withdrawals to residents of the region.
Poor Customer Support
Poloniex’s poor customer support continues to be a source of discouragement for many novice and experienced traders.
The service has received several reviews for customer support from its current and past users, with many reporting slow and mediocre responses.
History of Hacked Accounts
The cryptocurrency exchange has a history of getting hacked, which remains one of the major risks of using Poloniex.
In 2014, the Poloniex exchange suffered a hack that caused the crypto exchange to lose about 12% of its assets. After six years, the exchange was attacked again by hackers losing around $4 million in Bitcoin, derailing crypto trading on its platform and causing its users to lose their funds.
How To Set Up a Poloniex Account?
Follow our simple step-by-step guide on how to set up a Poloniex account.
More details
Poloniex is a crypto trading platform that offers spot, margin, and futures trading. It also allows users to lend out and borrow crypto assets. Users can trade over 400 cryptocurrencies and 50 fiats, and NFTs at low fees and discounts. In addition, the service offers futures trading and a referral program to increase earnings on the platform. The platform is user-friendly and easy to understand. However, new users must be aware of the hacking risks associated with the exchange.
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Low trading fees.
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High-rate limits.
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Wide range of supported cryptocurrencies.
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User-friendly interface.
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History of hacked accounts.
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Poor customer support.
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Lack of support in the United States.
Step 1: Visit the Poloniex website
Visit the Poloniex website and click the [Sign Up] button on the top right corner of the page.
Step 2: Enter a valid e-mail and password to create an account
Next, Enter a valid e-mail address and password. You should also enter a referral code if you have one. This will give you a 10% discount on your trading fee. Click [Create Account].
Step 3: Verify your Email Address
A verification mail will be sent to your e-mail address to ensure its validity.
Enter the code sent to your e-mail address and click [Activate Account]. After activating your account, you can immediately start trading on the platform.
Poloniex Review: Top Perks & Features
Take a look at some of the top perks and features that Poloniex offers:
Basic and Active Trading Features
Poloniex also has a basic and active trading feature that allows users to buy and sell crypto seamlessly on its platform. Its basic trading feature allows crypto trading to be done using a simple form.
This simple form allows users to easily enter the amount and price of the order they want to purchase.
Furthermore, Poloniex’s active trading feature allows cryptocurrency trading using a more advanced interface that allows traders to see the order book, price chart, and trading history.
The active trading future also supports market limits and stop-limit orders, allowing users to execute trades at different conditions. However, it does not support other advanced orders, such as fill or kill and trailing stop orders.
Futures Trading Feature
The cryptocurrency exchange also offers its users futures trading options that allow the trading of perpetual contracts with over 100x leverage. The futures trading can be done directly from your Poloniex account.
The crypto futures on Poloniex supports about 10 digital currencies, including Bitcoin, Ethereum, TRON, and Ripples. In addition, Poloniex’s crypto futures charges low transaction fees at about 0.01-0.075%.
This trading feature is banned by certain countries, including Burma, Afghanistan, Crimea, Cuba, North Korea, the United States, and its territories.
Cross Margin Trading Feature
The Poloniex margin trading feature was introduced in December 2022. This feature allows users to leverage the assets in their spot account as a margin to borrow funds automatically as they trade.
You can also borrow funds from other users on the platform through the peer-to-peer loans feature. You can use the margin account as collateral for the loan. Margin trading can be done with any of the currencies supported on Poloniex.
The benefit of this feature is that it helps users offset losses, allowing for efficient fund utilization and reducing chances of getting liquidated.
NFT Trading Feature
The NFT trading feature on Poloniex allows more experienced traders to create, trade, and discover non-fungible tokens on the platform. It has one of the top NFT marketplaces allowing users to access over 10 million NFTs from several categories.
Poloniex allows for trading NFT/USDT and NFT/TRX trading pairs. It also allows them to participate in decentralized finance (DeFi) mining with NFT assets, letting them earn rewards.
Improvements
Poloniex still has some areas that can be improved to make it more attractive to traders. Some of the areas that need improvements include:
Wallet Upgrades
Poloniex’s wallet upgrades are focused on improving its user interface. The new upgrade provides a simpler display of withdrawal information.
In addition, this improvement increases the speed of operations on the platform, allowing for a faster process for trading cryptocurrencies.
The wallet upgrades also allow for a more stable Bitcoin exchange. It also ensures a more secure channel for trading Bitcoin on the service.
Network Upgrades
The crypto exchange has seen several network upgrades, including its NEO & GAS N3 Network migration, the Terra Classic, and the Symbol network upgrade.
The upgrades and maintenance have improved the performance, security, support, rewards, and economic model.
Poloniex Review: Our Verdict
This crypto trading platform allows users to buy, sell, and lend cryptocurrencies at very low fees. It supports over 400 cryptocurrencies and 50 fiat currencies for deposits. It also supports the trading of NFTs.
Furthermore, Poloniex offers futures, spot, and margin trading. In addition, the exchange offers a basic and active trading feature, low trading fees, a high-rate limit, and a low borrow-interest rate.
On the other hand, Poloniex has suffered from several hacks in the last few years, causing it to lose most of its assets and its users to lose their investments. Also, the exchange provides poor customer support.
Poloniex offers several different order types for buying or selling crypto, including market, limit, stop-limit, and stop-market orders. A market order, for instance, allows users to buy or sell an asset at the best available rate on the market.
To participate in the referral program, you must have an account that has undergone an identity verification process and achieved a level 1 and 2 verification level (Two-factor authentication and Know Your Customer verifications must be completed to achieve these).
On Poloniex, you can send funds into your account in two ways: Deposit crypto on the chain or buy crypto with fiat using a credit or debit card or bank transfers from a Simplex bank account.
Sam Farao
Poloniex [CurrentYear] Review: Master the Art of Profitable Crypto Trading TLDR This review provides an in-depth analysis of Poloniex, a prominent cryptocurrency exchange platform. It examines its features, trading options, and user experience to help you make informed decisions in your crypto trading journey. Poloniex is an exchange that allows for the trading of assets. The exchange is supported in several countries across the globe and supports over 400 crypto coins. The exchange also supports fiats for easy deposits. The...
