What is Poloniex
Founded in 2014, Poloniex is one of the world leading cryptocurrency exchanges. This Bitcoin exchange offers secure business environment with more than 100 cryptocurrencies, advanced trading tools and data analysis for experienced traders in order they can smooothly buy and sell cryptocurrencies. As one of the most popular platforms with the highest volume of the amounts transferred, Poloniex can guarantee users that they can always find takers for their offers. Read on this Poloniex review to find out what is Poloniex and how safe is Poloniex.
- Deposits and Withdrawals
- Buy and sell cryptocurrencies – BTC, ETH, altcoins
- Poloniex registration
- FAQ answered by cryptoElvis
- Pros and Cons
- Poloniex review – Summary
Deposits and Withdrawals
No deposits or withdrawals are charged by Poloniex. Also there is no minimum deposit/withdrawal here. Maximum withdrawal is $25,000 USD daily in BTC equivalent and in case of level 2 verification (with Photo ID). Maximum withdrawal for level 1 verification is $2,000 USD daily in Bitcoin equivalent.
Buy and sell cryptocurrencies – Bitcoin, Ethereum, altcoins
The Poloniex Exchange offers three basic functions: Cryptocurrency trading through Exchange, Margin trading, or Lending. Every trade via Poloniex exchange takes place between two parties (maker and taker). Using the Limit order (maker), you create an offer to buy or sell a cryptocurrency with the quantity and exchange rate you want. This order will be placed in the order book and waiting for someone to accept it. The second option is the Market (taker) order, where you only choose the amount of cryptocurreny you want to buy or sell. After that, the order is matched with the most favorable counterparty from the order book. The minimum transaction size is 0.0001 BTC (approximately $ 1).
The best way to find out, what is Poloniex and how to buy and sell cryptocurrencies there, is to create the real account with them. First, you need to register your email address. Click on Create an account button in the top right corner.
Enter your email address and password, and then agree with conditions. After that you should click on Register and you will receive a verification email with the confirmation link.
Once you confirm the verification email, you should sign in to the Poloniex platform.
To verify your profile, you need to have your ID in order you can present it in the verification process.
Poloniex charges fees in a different amounts, depending on how big is the transfer and whether you are selling or buying. The more you buy and sell cryptocurrencies, the higher your trading volume is. Every 24 hours, the system automatically calculates what volume you have traded in the last 30 days. The higher your monthly business volume is, the lower your fees will be charged by Poloniex. The basic fee is 0.15% for Maker orders and 0.25% for Taker orders. You will get more convenient fees when your monthly trading volume exceeds 600 BTC. For Minimum Fees (Maker 0%, Taker 0.05%), you need to trade at least 120 thousand BTC per month.
When borrowing money, borrowers pay interest to the lender. The creditors then pay the exchange a fixed fee of 15% of the interest earned.
|Name||Poloniex (cryptocurrency exchange)|
|Operator||Poloniex Inc. (USA)|
|Year of Establishment||2014|
|Fiat currencies||No (only cryptos)|
|Cryptocurrencies||about 70 [Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), STR (Stellar), Monero (XMR), DASH…]|
|Deposits/Withdrawals||Virtual wallets (cryptos)|
|Trading limits||Yes ($ 25,000 per day)|
|Required personal documents||Yes|
|Trading orders||Limit, Maker/Taker|
|Min. transaction||0.0001 BTC / 1 USDT|
|Fees||Transaction Fees (0.15% / 0.25%)|
|Security (How safe is Poloniex)||2FA|
How safe is Poloniex?
All the private keys are controlled by the Exchange. That is not unusual among the other exchanges. In 2014 hackers stole about 12% of customers´ Bitcoin deposits. After several months Poloniex claimed the damaged customers had been reimbursed.
Nowadays, Poloniex Exchange offers 2FA (2-factor authentication) and browser recognition tool for their clients. CryptoEvis team hasn´t experienced any serious problems regarding safety of Poloniex.
Can I store my Bitcoins at Poloniex Exchange?
Yes, you can. However, as with all other cryptocurrency exchanges, you should withdraw your coins to a wallet you control as soon as possible.
Can I open an account at Poloniex in my residence country?
Problably yes! Poloniex offer their services across the world.
What about Poloniex support?
Generally, their support seems very poor. Their FAQ page does not contain much information and in order to contact them you should creat another account and password. Only after you do so will you be able to submit a ticket. After that you can sometimes wait many days to get an answer to your ticket.
One of the unique tools available on Poloniex is the chat box, providing constant full user support and any kind of information. Any user can write literally anything, however moderators will remove inappropriate content immediately. Sometimes it can be hard to distinguish other users’ good piece of advice from a bad one, but the Chatbox will ensure your interaction with other participants.
What about verification proces?
User have to provide picture of the ID or passport, due to professional regulations rules.
How Fast can I buy Cryptocurrencies via Poloniex?
Poloniex allows deposits and withdrawals in cryptocurrencies only. For the beginers, we suggest to by some Bitcoin or Litecoin in some other Exchange like Coinbase and then to send the coins to Poloniex Exchange.
Poloniex review – Pros and Cons
Advantages: Fast account creation, wide range of functions, loans in Bitcoin, high volume of amounts transferred, user-friendly interface, low transfer fees.
Disadvantages: slow user support, no support of state currencies
Poloniex review – Summary
If you are thinking of creating and account at Poloniex to buy and sell cryptocurrencies here, consider what is Poloniex and how safe is Poloniex. Their client base is among the most numerous ones. Perhaps that is why you will find a large number of complaints on the Internet, mainly due to the slow platform and long-lasting payments. Many clients in Internet discussions also criticize client support, which can only be contacted through the contact form. That brings the question how safe is Poloniex.
In many cases, they do not respond at all. On the contrary, there is an advantage in the large number of supported cryptocurrencies and the high liquidity of the market.
Regarding security, Poloniex meets current standards (eg 2FA, SSL). Money deposited on cryptocurrency exchanges is never completely safe. The first risk is that you don´t own a private key to virtual wallet, so money withdrawal depends on the Exchange. For higher security, you should use 2-factor authentication (2FA), which you can activate immediately after signing in to your account. Poloniex also supports the API interface.
At the beginning of March 2014, 12.3% of all bitcoins held (97 BTCs in total) were stolen from the Poloniex Exchange. The management of Poloniex did not want to lose the trust of the clients, and therefore Poloniex paid for all the damages of their clients. However, it is far from being the only case of the theft at Poloniex. There are many complaints from dissatisfied users who have reportedly lost all of their savings on the Internet. However, this information can not be verified and it can not be ruled out that this was a mistake of clients who have not sufficiently secured their accounts.
We hope that our Poloniex review helped you to learn what is Poloniex.