Poloniex Review 2024

Autor

Revisor

Last update: 12 months ago

Our veredict

Poloniex stands out as a veteran in the cryptocurrency exchange landscape, having established a robust platform that caters both to beginners and experienced traders. Its strengths lie in a well-designed user interface that simplifies navigation and trading, competitive low trading fees, and no stringent KYC requirements, which offers a degree of anonymity that many users appreciate. These elements make Poloniex an attractive option for users who value ease of use and relatively lower costs in trading various cryptocurrency pairs.

However, it’s important to note that Poloniex does have some limitations, particularly in its support for fiat trading and the absence of margin trading, which could be significant drawbacks for traders looking to leverage these features. Despite these issues, the overall functionality and user experience provided by Poloniex make it a viable choice, especially for those who are not looking for extremely complex trading options or high leverage.

Pros

Cons

Investing risks losing your money

4,2

Threenvest Score

Fees

≤0,25%

U.S Legal

With the confidence of Threenvest

Security methods: Poloniex employs robust security protocols including cold storage for funds, two-factor authentication, and encryption, ensuring a secure trading environment for its users.

Reputation and Reviews: Over the years, Poloniex has built a solid reputation within the crypto community. It is well-regarded for its user-friendly interface and relatively low trading fees, with numerous positive reviews from users worldwide.

Trading volume and liquidity: Poloniex is known for its high trading volume and liquidity, which means that users can execute large trades without significantly affecting the market price of a cryptocurrency. This is crucial for both high-volume traders and those looking to execute quick trades efficiently.

Customer service: Poloniex offers comprehensive customer support with a detailed FAQ section, a ticketing system, and a chatbot to help users resolve issues quickly and effectively. This ensures that users receive the assistance they need in a timely manner.

Transparency: Poloniex provides transparent trading practices and clear fee structures, making it easy for users to understand exactly what they are paying and why. This level of transparency builds trust among users and is a significant factor in choosing Poloniex as a trading platform.

Best Crypto Exchanges

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

About Poloniex

Introduction

Poloniex is a prominent name in the sphere of cryptocurrency exchanges, known for its comprehensive suite of services that cater to a global user base. Established with the intent to simplify the trading experience, it has become a preferred platform for both novices and experienced traders.

What is Poloniex?

Poloniex is a cryptocurrency exchange offering a wide array of trading options across numerous cryptocurrency pairs. It specializes in crypto-to-crypto transactions, attracting users with its user-friendly interface and a diverse selection of digital assets.

Background and History

Founded in 2014, Poloniex has been a pioneering platform in the crypto exchange industry. Over the years, it has evolved significantly, expanding its offerings and enhancing security measures to foster a safe trading environment. Its commitment to continuous improvement has solidified its reputation in the competitive crypto exchange market.

Founders

The exchange was founded by Tristan D’Agosta, whose vision was to create a more inclusive financial landscape. His background in music and passion for technology drove him to innovate in the crypto space, leading to the creation of Poloniex.

Interesting Facts

Poloniex was one of the first platforms to offer Ethereum trading.
It has a unique ‘Trollbox’ feature, which is a live chat for traders to discuss market conditions and strategies in real time.

Headlines

“Poloniex Expands Crypto Portfolio with New Altcoin Listings!”
“Enhancing User Security: Poloniex’s New Authentication Features Unveiled”
“Poloniex Leads with Innovation in Crypto-to-Crypto Exchange Services”

Why Choose Poloniex?

Wide Array of Trading Options: Poloniex offers an extensive selection of crypto-to-crypto trading pairs. This diversity allows users to explore and trade various digital assets beyond the typical offerings, which is particularly appealing for those looking to diversify their cryptocurrency portfolio or engage in less common trading pairs.

User-Friendly Platform: The exchange is designed with user experience in mind. Its interface is clean and intuitive, making it accessible even to those who are new to cryptocurrency trading. This ease of use can significantly enhance the trading experience by reducing the learning curve associated with trading platforms.

Competitive Fees and Strong Security: Poloniex offers some of the lowest trading fees in the industry, which can significantly affect the profitability of frequent trading. Coupled with stringent security measures, including cold storage of assets, two-factor authentication, and advanced monitoring systems, Poloniex ensures that users not only save on costs but also trade in a secure environment.

Where it falls short

Limited Fiat Support: One of Poloniex’s most significant limitations is its restricted support for fiat currencies, which can be a barrier for new users who wish to enter the cryptocurrency market using traditional money. This limitation can make the platform less accessible to a broader audience who may not already possess cryptocurrencies to trade. Improvement: Poloniex could enhance its accessibility by integrating more fiat currency gateways, allowing users to buy cryptocurrencies directly with their traditional bank accounts or credit cards.

Absence of Margin Trading: Another drawback is the lack of margin trading features, which limits traders who are looking to leverage their positions to maximize potential gains. Margin trading is a critical feature for experienced traders and can significantly enhance trading dynamics by providing the necessary tools to execute more complex strategies. Improvement: Introducing margin trading with appropriate risk management tools could attract a more professional segment of traders and potentially increase the trading volume on the platform.

Features	Explanation
Minimum Trade	Poloniex allows for relatively small minimum trade amounts, which is ideal for new traders looking to experiment with minimal investment.
Trading and Transaction Fees	Known for competitive, low trading fees, Poloniex is an excellent choice for cost-effective trading.
Number of Cryptocurrencies	Offers a broad range of cryptocurrencies, although not as extensive as some larger exchanges.
Crypto-to-Crypto Trading Pairs	Provides a wide variety of trading pairs, allowing for versatile trading strategies but could expand to include more rare or emerging tokens.
Website Transparency	While Poloniex provides essential information, there could be more detailed disclosures about security practices and fund storage.
Credit/Debit Card	Poloniex does not offer an exchange card for in-store purchases.
Storage Offering	Offers secure storage options, but lacks some advanced features like insured custodial services.
Staking and Rewards	Offers some staking options, but the rewards and variety are not as competitive as other leading exchanges.
Mobile App and Desktop	Both the mobile app and desktop platform are user-friendly and reliable, though some users may find them less feature-rich compared to those of top competitors.
Customer Service	Customer service is available, but response times and the quality of support have room for improvement.
Deposit and Withdraw	Deposits and withdrawals are handled efficiently, though primarily limited to cryptocurrencies which might limit accessibility for some users.

Investing risks losing your money

Xavier Tarrasó

EIP and Cryptocurrency Investor

As a seasoned expert on our website and an enthusiastic follower of cryptocurrency trends, I’ve consistently found Poloniex to be a solid choice for those venturing into the world of crypto trading. Its user-friendly interface and competitive trading fees make it especially appealing to newcomers and experienced traders alike. Whether you’re looking to dip your toes into crypto or expand your trading portfolio, Poloniex offers a reliable and efficient platform to meet your needs. I highly recommend giving it a try for a straightforward and cost-effective trading experience.

Fees

Poloniex maintains a straightforward and competitive fee structure that benefits a wide range of traders. The exchange primarily operates on a maker-taker fee model, with fees varying depending on the user’s 30-day trading volume. Generally, maker fees start at 0.145% and can go as low as 0.00%, while taker fees start at 0.155% and decrease to 0.10% for high-volume traders. This tiered approach incentivizes frequent trading and offers cost-effective options for active users. Additionally, there are no fees for cryptocurrency deposits, although withdrawal fees vary by cryptocurrency and are adjusted based on network conditions to ensure transactions are processed swiftly.

Pros

Volume-based Discounts: Lower fees for high-volume traders encourage frequent trading and liquidity.
No Deposit Fees: Free cryptocurrency deposits make it economical for users to transfer funds into the platform.
Competitive Taker Fees: Starting at 0.155% and reducing with volume, these fees are attractive compared to many other exchanges.

Cons

Trading Commissions

Poloniex operates on a maker-taker fee schedule, which is designed to incentivize market liquidity. The maker fees start as low as 0.00% for users with a 30-day trading volume above $50,000,000, scaling up to 0.145% for lower volumes. Taker fees begin at 0.10% for the highest trading tier and rise to 0.155% for the lowest. This structure is particularly advantageous for high-volume traders, offering them significantly lower costs as their trading activity increases.

Hidden Commissions

One of Poloniex’s strong points is its transparency in fee structure. There are no hidden fees per se; all potential charges are outlined clearly on their fee schedule webpage. However, traders should be aware of withdrawal fees, which vary depending on the cryptocurrency. These are not hidden but can be overlooked by new users unfamiliar with standard practices in crypto exchanges.

Fee Comparison and Context

When compared to other major platforms, Poloniex’s fees are competitively low, particularly for high-volume traders. For instance, major exchanges like Binance and Coinbase Pro also use a volume-based fee structure but tend to have higher starting points for taker fees. Poloniex’s approach of lowering fees for both makers and takers at high volume levels not only enhances liquidity but also makes it a preferred choice for users engaging in significant trading activities.

Strategic Advantages

The strategic advantage of Poloniex’s fee structure lies in its ability to cater to a diverse user base — from novices just starting with small trades to high-stake traders managing large portfolios. The incremental decrease in fees tied to increased trading volumes acts as a compelling incentive for traders to increase their trading activity on Poloniex, thereby fostering a more liquid and active market.

Conclusion

In conclusion, Poloniex’s commission structure is designed with an acute understanding of market dynamics and trader needs. It balances competitive pricing to attract and retain a diverse range of traders with the practical necessities of running a secure and robust exchange. This thoughtful approach to commissions not only supports traders in maximizing their returns but also positions Poloniex as a formidable player in the global cryptocurrency exchange market.

Product selection

Poloniex offers a range of services and products that cater to the diverse needs of cryptocurrency traders and investors. At its core, Poloniex is a crypto-to-crypto exchange that provides a platform for trading various digital assets. This includes a wide selection of cryptocurrencies, from popular coins like Bitcoin and Ethereum to smaller altcoins, giving users plenty of trading options. In addition to basic trading, Poloniex supports advanced trading features such as spot trading and provides detailed market analytics tools to help users make informed decisions. These tools include real-time charts and data analysis features that are crucial for tracking asset performance and market trends. Poloniex also emphasizes security with its storage solutions, offering both cold storage options to secure user funds against potential cyber threats and a hosted wallet service for easier access to funds for trading. This blend of security and accessibility makes it a reliable choice for both seasoned traders and those new to the cryptocurrency market.

Pros

Wide Range of Cryptocurrencies: Poloniex offers an extensive array of trading pairs, including numerous altcoins, which provides traders with diverse trading options and opportunities to explore lesser-known markets.
Advanced Trading Tools: The platform includes advanced charting tools, real-time data, and technical analysis features that cater to experienced traders looking for in-depth market analysis.
Security Measures: Poloniex employs robust security protocols, including cold storage for the majority of assets, two-factor authentication, and encryption, ensuring high levels of security for user funds.

Cons

Limited Fiat Support: Poloniex primarily focuses on crypto-to-crypto transactions, with very limited options for fiat deposits or withdrawals. This can be a significant barrier for new users without existing crypto assets.
Complex Interface for Beginners: While the advanced tools are a boon for experienced traders, the platform's interface and comprehensive features might be overwhelming for beginners, making it less accessible to newcomers to the cryptocurrency space.

Read more about product selection in Poloniex

Poloniex offers a comprehensive suite of cryptocurrency services and products, catering to a wide range of needs within the crypto trading community. Here’s a detailed exploration of the offerings available on Poloniex, explained for those who are not experts in the field.

Services and Products on Poloniex

Spot Trading: Poloniex provides a robust platform for trading a variety of cryptocurrencies directly against each other. This is the basic form of trading on the exchange where you buy and sell cryptocurrencies at market prices.
Futures Trading: For those looking to speculate on future prices of cryptocurrencies, Poloniex offers futures contracts. This allows traders to leverage their positions and potentially increase their returns, albeit with increased risk.
Staking: Users can stake certain cryptocurrencies in their Poloniex wallets and earn staking rewards. This is akin to earning interest in a savings account, where the rewards are derived from the operations of the blockchain network the tokens are associated with.
Lending: Poloniex provides a peer-to-peer lending platform where users can lend their cryptocurrencies to other traders who want to trade with leverage. Lenders earn interest, providing another way to generate income from their holdings.
Margin Trading: This service allows traders to borrow money to trade cryptocurrencies. Margin trading can amplify gains but also potential losses, making it suitable for more experienced traders.
Cryptocurrency Wallets: Poloniex offers digital wallets where users can store various cryptocurrencies securely. These wallets are integrated into the platform, making deposits and withdrawals convenient for trading activities.
API Access: For developers and algorithmic traders, Poloniex provides API access that allows for automated trading and access to market data, enabling the development of custom trading strategies and tools.
Trading Competitions and Promotions: Occasionally, Poloniex hosts trading competitions where traders can compete for prizes based on their trading performance. This adds an element of gamification and the potential for additional rewards.
Mobile App: Poloniex offers a mobile application available on iOS and Android, making trading accessible on the go. The app includes key features of the desktop platform, ensuring a seamless trading experience.
Educational Resources: To support users in understanding the market and trading effectively, Poloniex provides various educational materials, including articles, tutorials, and a knowledge base.
Customer Support: The exchange offers support through various channels including email and a live chat feature, aiming to resolve user issues promptly and effectively.

Conclusion

Poloniex’s offerings make it a versatile platform suitable for a wide array of cryptocurrency activities, from basic buying and selling to more advanced trading strategies. The inclusion of staking, lending, and futures trading allows users to diversify how they engage with their assets, potentially increasing their returns while contributing to the cryptocurrency ecosystem. This extensive text aims to clarify the complex world of crypto trading and make these concepts accessible to non-experts.

Account opening

To begin trading on Poloniex, potential users must first register for an account. This involves providing an email address and creating a password. After registration, you’ll need to verify the email address by clicking a link sent to the provided email. Once your email is verified, you can immediately begin trading cryptocurrencies. For those looking to utilize higher withdrawal limits, further identity verification may be necessary, which involves submitting additional documentation to comply with regulatory requirements. This process enhances security and compliance while ensuring a smooth trading experience.

Pros

Quick and Easy Setup: Poloniex allows users to set up an account rapidly with just an email address, making it very accessible for new users who wish to start trading without delay.
No Mandatory KYC for Basic Accounts: Users can trade without undergoing a KYC verification for small volume trading, which simplifies the process and enhances privacy.
Immediate Trading: Once the account is set up and the email is verified, users can start trading immediately, which is convenient for those who want to take advantage of market conditions quickly.

Cons

Limited Functionality without KYC: For higher trading volumes or withdrawals, completing KYC is necessary, which can be a barrier for users who value anonymity or are reluctant to share personal information.
Potential Delays in Verification: During periods of high demand, the KYC verification process can experience delays, which may frustrate users eager to start trading larger amounts.

Read more about account opening in Poloniex

When looking to engage with Poloniex, users go through a systematic process from signing up to making their first cryptocurrency purchase. Here’s a detailed breakdown of each step:

How to Sign Up on Poloniex

Visit the Website: Start by navigating to the Poloniex website.
Create an Account: Click on the ‘Sign Up’ button. Enter your email address and choose a strong password. Agree to the terms and submit.
Email Verification: Check your email for a verification link from Poloniex and click on it to confirm your email address.

Opening An Account

Enable 2-Factor Authentication (2FA): For added security, set up 2FA using an app like Google Authenticator.
Complete KYC (Know Your Customer): For higher withdrawal limits, complete the KYC process by providing additional personal information and uploading identification documents such as a passport or driver’s license.

How to Buy Your First Cryptocurrency

Deposit Funds: Log into your account, go to the ‘Deposits’ section under your wallet, and select the type of currency you want to deposit. Follow the instructions to transfer funds from your bank account or another wallet to Poloniex.
Buy Cryptocurrency: Once your deposit has been credited, navigate to the trading page. Select the trading pair with the currency you deposited (e.g., BTC/USD if you deposited Bitcoin). Enter the amount of cryptocurrency you want to buy and execute the trade.

Account Types

Explore Account Types: Poloniex may offer different account types based on trading volume or KYC level. Higher-tier accounts might have benefits like lower fees, higher withdrawal limits, and access to exclusive features.

How to Use Poloniex?

Trading: Familiarize yourself with the trading interface. Practice placing buy and sell orders, understand market and limit orders, and how to set stop losses.
Staking and Lending: Explore additional features like staking or lending your crypto to earn interest, if available.

Registration and KYC

Ongoing Compliance: Maintain your account by keeping KYC details up to date and managing your security settings to protect your investments.

Remember:

Finally, always ensure you understand the process of depositing and withdrawing money, which will be covered in more detail in subsequent sections. This comprehensive guide is designed to help even non-experts through the early stages of engaging with Poloniex, ensuring a smooth and secure entry into the world of cryptocurrency trading.

Security

Poloniex is committed to offering a secure trading environment through a combination of advanced security measures and continuous system updates. The exchange implements state-of-the-art security protocols including two-factor authentication (2FA) for all user accounts, which adds an additional layer of security by requiring a second form of verification. Furthermore, the majority of customer assets are held in cold storage, significantly minimizing the risk of unauthorized access and cyber threats. Poloniex also employs SSL encryption to safeguard data transmissions and ensure that user information is protected from interception. The platform continuously monitors and audits its systems to detect and respond to potential security threats promptly. This comprehensive approach to security underscores Poloniex’s dedication to maintaining user trust and integrity within the cryptocurrency trading space.

Pros

Extensive Use of Cold Storage: Poloniex stores the majority of users' assets in cold storage, significantly reducing the risk of hacks and unauthorized access to funds. This method is one of the best practices in the industry for safeguarding user assets.
Two-Factor Authentication (2FA): Poloniex requires two-factor authentication for all transactions, adding an extra layer of security that helps prevent unauthorized account access.
SSL Encryption: The use of SSL (Secure Sockets Layer) encryption ensures that all data transmitted between the user's web browser and Poloniex is secure, protecting sensitive information from interception by third parties.

Cons

Complexity for New Users: While essential for security, the implementation of multiple security measures such as 2FA can be daunting for new users who are not familiar with these processes, potentially leading to user errors and exposure to risks.
Lack of Insurance: Unlike some other major exchanges, Poloniex does not publicly advertise any insurance policy for user funds stored on their platform. This might raise concerns among users about compensation in the event of a security breach.

Is Poloniex Legit?

Poloniex is a long-standing cryptocurrency exchange established in 2014, known for its broad selection of crypto assets and trading features. While it operates globally, it’s important to understand its regulatory stance to evaluate its legitimacy fully:

Regulation & Licensing: Poloniex has undergone various changes in ownership and regulatory compliance. Originally based in the United States, it later spun off to an international entity after being acquired by Circle and subsequently by a group of Asian investors. This transition was partly to evade the stringent regulations of the U.S. Currently, Poloniex operates without a clear regulatory license from major financial watchdogs, which can be a concern for those prioritizing strictly regulated environments.

Is Poloniex Safe?

Poloniex employs several robust security measures to protect user accounts and funds:

Cold Storage: The vast majority of the assets on Poloniex are held in cold storage, significantly reducing the risk of theft by hacking.
Two-Factor Authentication (2FA): Poloniex requires users to enable 2FA, providing an additional layer of security against unauthorized access.
SSL Encryption: The platform uses SSL encryption to secure users’ data and prevent interception by malicious actors.

Security Measures

Poloniex’s platform architecture incorporates multiple layers of security to ensure operational integrity and the safety of user funds:

System Security: The exchange utilizes advanced security technologies such as encrypted databases, DDoS protection, and regular third-party security audits.
User Security Practices: Poloniex encourages strong security practices among its users, including the use of unique and complex passwords, recognizing phishing threats, and securing personal devices.

Historical Security Concerns

Poloniex has faced security incidents in the past, most notably in 2014 when it suffered a hack resulting in a significant loss of Bitcoin. Since then, the platform has overhauled its security measures and has managed to keep a relatively clean slate, barring minor incidents.

Trust and Security Conclusions

While Poloniex offers robust security features and practices, the lack of formal regulation and past security incidents may concern some users. Prospective and current users should weigh these factors against the platform’s operational history and their comfort with less regulated exchanges. This comprehensive overview should provide users and investors with a clearer understanding of Poloniex’s security posture, helping them make informed decisions about engaging with the platform for their cryptocurrency trading needs.

Customer service

Poloniex provides an impressive range of customer service options to support its diverse user base. The platform offers support through multiple channels, including email, a comprehensive FAQ section, and a live chat feature, ensuring that users can receive help promptly when needed. Despite these provisions, some users report varied response times, which could be improved for consistency. Additionally, while Poloniex provides basic support effectively, it could benefit from offering more in-depth, personalized customer assistance to address complex or specific user concerns more efficiently.

Pros

Multiple Support Channels: Poloniex offers a variety of support options, including live chat, email, and a detailed FAQ section, allowing users to choose the method that best suits their needs.
24/7 Availability: The platform's customer support is available around the clock, which is crucial for a global user base operating in different time zones and trading at all hours.
Responsive Live Chat: The live chat feature generally provides quick responses, helping users resolve urgent issues in real-time.

Cons

Inconsistent Response Times: While live chat is responsive, email support can sometimes suffer from slower response times, which can be frustrating for users needing timely assistance.
Limited Depth in Responses: Some users have reported that the support, while accessible, sometimes lacks depth in the responses provided to more complex queries or technical issues, which can leave users needing to seek further help for the same problem.

Read more about customer service in Poloniex

For the customer service section of Poloniex, we will explore multiple aspects, ensuring that users have a comprehensive understanding of what to expect when they require support. This guide will help users navigate through the process of contacting customer support, understanding the response times, and evaluating the overall effectiveness of the service provided.

Customer Support

Channels of Communication:
- Email: Poloniex offers support via email, which is suitable for detailed inquiries and issues that require a thorough explanation.
- Live Chat: For immediate assistance, the live chat feature on the website provides real-time support to address urgent issues.
- Social Media: Poloniex is active on various social media platforms where users can also seek help and stay updated on any service changes or updates.
Response Times:
- Email: Response times can vary; typically, users can expect a reply within 24 to 48 hours.
- Live Chat: Responses are usually immediate, making it the fastest way to get help.
Quality of Support:
- Poloniex’s customer support team is knowledgeable and capable of resolving a range of issues from account queries to technical problems. However, the depth of responses can sometimes be lacking for more complex issues, which may require multiple interactions to resolve fully.

What Users Need to Know

Preparing for Contact: When reaching out for support, it’s helpful to have all relevant information ready, such as transaction IDs, screenshots, and detailed descriptions of the issue.
Follow-Up: In cases where the initial response does not fully resolve the issue, don’t hesitate to ask for further clarification or escalate the matter if necessary.

Reputation and Customer Feedback

General Sentiment: The overall user feedback on Poloniex’s customer service is mixed. Many appreciate the availability of multiple support channels and the quick live chat responses, while others have noted delays or insufficient details in email communications.
Improvement Over Time: Poloniex has shown improvements in its customer support over the years, aiming to provide more timely and effective solutions to its users.

By understanding these facets of Poloniex’s customer service, users can more effectively navigate the support process and mitigate potential frustrations. This comprehensive approach ensures that traders can maintain focus on their trading activities with the reassurance that help is available when needed.

Is poloniex Right for You?

Trading Style and Preferences: Poloniex is particularly well-suited for traders who are primarily interested in crypto-to-crypto transactions. It offers a wide array of trading pairs and advanced trading tools, making it ideal for those who wish to explore beyond the most common cryptocurrencies. If your trading strategy involves using technical analysis or if you require a platform that supports high-frequency trading through API access, Poloniex could be a great fit. However, if you’re looking to frequently exchange between fiat and crypto or are a newcomer needing a very intuitive platform, you might find the interface and options overwhelming.
Volume and Liquidity Needs: If you are a trader who needs high liquidity to execute large trades quickly and at predictable prices, Poloniex’s high trading volume provides this advantage. This is crucial for day traders and those who operate on thin margins. The platform’s liquidity ensures that slippage — the difference between the expected price of a trade and the price at which the trade is executed — is minimized.
Regulatory Comfort Level: Poloniex operates without a clear regulatory license from major financial watchdogs, which may be a concern for those prioritizing trading on platforms that are fully regulated. If you are a trader who places a high emphasis on the security and regulatory compliance of your trading platform, you might want to consider this aspect carefully. While Poloniex takes security seriously, its regulatory status could be a significant factor depending on your risk tolerance and the jurisdictions you are comfortable operating within.

These points should help guide your decision on whether Poloniex aligns with your trading needs and personal preferences in the dynamic world of cryptocurrency trading.

Poloniex compared to other crypto exchanges

Threenvest score

4,2

Fees

≤0,25%

US Legal

Security

High 4,9/5

Investing risks losing your money

Threenvest score

4,9

Fees

0,40%/0,60%

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

Coinbase

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

Available cryptocurrencies and countries available

Poloniex offers a broad selection of cryptocurrencies, enabling traders to engage in transactions across a diverse array of digital assets. Some of the main cryptocurrencies available on Poloniex include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), along with various altcoins and tokens that provide traders with numerous trading opportunities.
However, it’s important to note that while Poloniex supports a wide range of cryptocurrencies, it does not currently offer some popular tokens such as Cardano (ADA) and Binance Coin (BNB). Traders looking to deal specifically in these cryptocurrencies would need to consider other platforms where these are available.
Regarding geographic availability, Poloniex serves a global market, allowing traders from countries like Australia, Canada, the United Kingdom, South Africa, Singapore, and many others to open accounts and trade. However, there are significant exclusions; notably, Poloniex does not provide services to residents of the United States, Japan, and several other countries due to regulatory restrictions. This limitation is critical for traders residing in or holding citizenship from these countries, as they would need to seek alternative exchanges compliant with their local laws and regulations.

This overview of the available cryptocurrencies and the countries served should help prospective users determine if Poloniex meets their trading needs based on their location and the specific digital assets they are interested in trading.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Polkadot (DOT)
Solana (SOL)
Chainlink (LINK)
Stellar (XLM)
TRON (TRX)
Monero (XMR)

Main countries where you can open an account

Australia
Canada
United Kingdom
South Africa
Singapore
Thailand
Hong Kong
India
Germany
Norway
France
Sweden
Denmark
Luxembourg
Italy
Saudi Arabia
United Arab Emirates
Kuwait
Qatar

FAQs

What cryptocurrencies can I trade on Poloniex?

Poloniex offers a diverse range of cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), as well as a variety of altcoins and lesser-known tokens, totaling around 200 different cryptocurrencies.

Can I use fiat currency to purchase cryptocurrencies on Poloniex?

Poloniex primarily focuses on crypto-to-crypto trading and does not support direct fiat currency deposits or purchases on the platform. Users need to deposit cryptocurrencies to trade.

How do I deposit cryptocurrencies into my Poloniex account?

To deposit cryptocurrencies, log into your Poloniex account, navigate to the ‘Deposits’ section under your wallet, select the cryptocurrency you wish to deposit, and follow the instructions to send funds from your external wallet to the generated deposit address.

Is Poloniex available in my country?

Poloniex services are available in numerous countries, including the UK, Canada, Australia, and many others. However, it does not operate in the USA, Japan, or other countries listed under sanctions or where cryptocurrency trading is restricted.

What security measures does Poloniex implement?

Poloniex employs several security measures such as cold storage for the majority of assets, two-factor authentication (2FA) for all accounts, and SSL encryption to secure online transactions and protect user data.

How can I withdraw funds from Poloniex?

To withdraw, access the ‘Withdraw’ section in your wallet, choose the cryptocurrency and amount, and provide the recipient’s wallet address. Ensure that all details are correct as transactions cannot be reversed once executed.

Are there any fees associated with trading on Poloniex?

Poloniex charges trading fees based on a maker-taker model, which varies depending on your 30-day trading volume. Fees are competitively low, with additional charges for withdrawals that vary by the type of cryptocurrency.

Final opinion on Poloniex

At Threenvest, we understand the complexities involved in selecting the right cryptocurrency exchange, which is why we’ve taken a comprehensive look at Poloniex. As a platform, Poloniex stands out for its wide range of cryptocurrency options, catering to traders interested in exploring beyond mainstream coins. Its advanced trading tools, competitive fee structure, and robust security measures make it a solid choice for traders looking to leverage technical analysis and enjoy low-cost trading. However, its focus on crypto-to-crypto transactions might limit accessibility for newcomers without existing crypto holdings, as direct fiat transactions are not supported.

Compared to other exchanges, Poloniex’s lack of regulatory clarity might be a concern for those who prioritize trading on platforms with stringent regulatory oversight. Despite this, Poloniex compensates with a highly responsive customer support system and a user-friendly interface that appeals to both novice and seasoned traders. In conclusion, while Poloniex exhibits some limitations in terms of fiat integration and regulatory transparency, its strengths in security, trading diversity, and user experience position it as a compelling choice within the competitive landscape of cryptocurrency exchanges. At Threenvest, we recognize Poloniex as a viable platform that aligns well with traders who value a broad array of trading options and robust platform security.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Do not invest unless you are fully prepared to lose the entire amount of your investment. This is a high-risk activity, and you should not rely on any guarantees of protection if something goes wrong.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.

Investing risks losing your money