What is poloniex.com? How reliable is it? Is it one you should rely on for what it offers, or should you keep off from it completely? These are some of the questions that you may have already asked yourself about Poloniex if you’re reading this review. Read on to discover what this platform really is about.
- What is poloniex.com?
- Which cryptocurrencies are supported by Poloniex?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is Poloniex Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Poloniex
Official website URL: https://poloniex.com/
Overall Rating: (1.6 / 5)
Recommended: Not Recommended
See my number one recommended alternative to Poloniex
What is poloniex.com?
Poloniex is a cryptocurrency exchange that was established back in 2014, by Tristan D’Agosta. The company that owns this platform is based in San Francisco, California, from where it mainly serves U.S.-based customers. The platform can be used, not only by U.S.-based crypto traders but also by traders in different parts of the world, provided they meet the set requirements.
Like most platforms in the crypto exchange industry, Poloniex has a web-based trading platform that is meant to be user-friendly. The platform has charts that come with features that enable the traders to go about their trading activities with much-desired ease. With the features on the platform, one can trade about 200+ cryptocurrency pairs.
The supported types of orders on this platform include:
- Buy order
- Sell order
- Stop limit order.
These orders can be executed as one is trading BTC, ETH, USDT, and Monero. This platform has been known to have very high Tether trading volumes, hence is one that’s worth checking out it USDT is a currency you’re interested in. Margin trading is supported on this platform, with the leverage going to as high as 2.5x for specific crypto pairs.
Which cryptocurrencies are supported by Poloniex?
You can trade more than 60 cryptocurrencies on Poloniex, including:
These coins are paired for trading (more than 200 pairs), and all that traders have to do is select their preferred crypto pairs.
Besides the regular trading, investors have the chance to invest in some of the trending and hottest cryptocurrency projects through Poloniex’s decentralized counterpart known as Poloni DEX.
Countries this platform is available in
From the look of things, this platform is available for use on a global scope. It all depends on your preference as a trader, that is whether you prefer a platform whose services are limited to a specific geographic location, or you can rely on the ones that serve customers on a global scope.
When it comes to the charging of trading fees, Poloniex utilizes the maker/taker model to ensure that there’s sufficient liquidity. Liquidity happens to be quite crucial for this platform, especially because it has to support about 80+ alt coins. For the maker and taker fees, here is what you can expect from Poloniex:
- < 600 BTC – 0.15%
- 600 to 1200 BTC – 0.14%
- 1200 to 2400 BTC – 0.12%
- 2400 to 6000 BTC – 0.10%
- 6000 to 12,000 BTC – 0.08%
- 12,000 to 18,000 BTC – 0.05%
- 18,000 to 24,000 BTC – 0.00%
- 24,000 to 60,000 BTC – 0.00%
- 60,000 to 120,000 BTC – 0.00%
- > 120,000 BTC- 0.00%
- < 600 BTC – 0.25%
- 600 to 1200 BTC – 0.24%
- 1200 to 2400 BTC – 0.22%
- 2400 to 6000 BTC – 0.20%
- 6000 to 12,000 BTC – 0.16%
- 12,000 to 18,000 BTC – 0.14%
- 18,000 to 24,000 BTC – 0.12%
- 24,000 to 60,000 BTC – 0.10%
- 60,000 to 120,000 BTC – 0.08%
- > 120,000 BTC- 0.05%
Since this platform also supports the lending of crypto, lenders get to earn a 15% interest for any type of loan. There are no fees that are incurred for the deposits and withdrawals.
The deposit and withdrawal options
As of now, this platform does not support any fiat currency. Customers are only allowed to make deposits using cryptocurrencies from pre-existing wallets. The most commonly used cryptocurrencies on this exchange include Bitcoin, Dash, Ethereum, Litecoin, Monero, and Zcash. You can, as such, transfer the above cryptos (and other altcoins) to and fro your Poloniex wallet, at will. With some exchanges, you can make your deposits and withdrawals using options such as wire transfers and credit cards. As such, you can look at what the alternatives in this industry have to offer before settling on Poloniex as your go-to option.
Is Poloniex Legit or is it a Scam?
Poloniex is in my opinion a legit trading platform that has already managed to gain the attention of a significant number of traders. The fact that it is a crypto-only platform has made it one that crypto enthusiasts can turn to, though different customers have had different experiences with the platform. Generally, however, Poloniex seems to not be satisfying most of its customers.
On Trustpilot, for instance, this platform has a rating of (1.6/5) stars, which is such a low rating compared to some of the best-performing platforms in the industry. About 79% of the customers on this platform perceive its services as being bad. Most of these users seem to be upset with the fact that the cryptocurrency transfer transactions were not successful. Most customers seem to not know their fate in terms of ever getting their funds again. I think Poloniex needs to address such matters before I recommend it as one that every crypto trader can try out. I’d otherwise recommend that you take a look at the alternative below, to see what features you can get with a reliable crypto exchange.
My #1 Recommended alternative to Poloniex
Pros and Cons
- Sufficient liquidity
- Margin trading is supported
- It is a user-friendly platform
- A wide selection of altcoins offered
- Doesn’t support fiat currencies
- Poor customer reviews and ratings
Do you own or represent Poloniex?
If you are a representative or associate of Poloniex have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to firstname.lastname@example.org.
Final Words and Verdict
Overall Rating: (1.6 / 5)
Poloniex is one platform that seems to have the potential to deliver what crypto traders would be looking for, but upon digging into customer reviews and ratings, you’ll discover that it’s not doing an impressive job. Some platforms have higher ratings and give the customer more options for the withdrawal and deposit of funds. As much as the objectives of the owners of this platform are noble, I don’t think I’d be very quick to recommend it, owing to the nature of the customer reviews. If you trust that Poloniex will deliver what you’re looking for, then well and good, but I’d recommend that you take a look at the alternatives below to see if you could be missing out on greater services and features.
Full Review of my #1 Recommended alternative to Poloniex
Recommended Crypto IRA Companies For The Long Term Investors
That will be all for this review on what poloniex.com is about. I hope you found it helpful, and that you are now well-placed to make a more informed decision about whether to use it or not. If you’ve already used it and would like to share your experience, please do so in the comments section. Do not forget to also ask any questions that you may still have about it.
I wish you well,
Eric, investor, and team member on Gold Retired!