Poloniex is unique in that it offers trading in a wide variety of cryptocurrencies for cheap costs. It also facilitates crypto trading for those looking to diversify their portfolios or increase their returns.
This trade is not available to U.S. citizens or permanent residents but is for those from other nations.
You can find out more by reading this Poloniex review.
Poloniex Review
If you’re looking for a cryptocurrency exchange, Poloniex can appear like your best bet.
This platform is a strong contender that offers low trading costs and access to a wide variety of cryptocurrencies (350+).
There are several exchanges where you may buy and sell the wide variety of supported currencies, margin trading products and cryptocurrency lending.
Poloniex, on the other hand, has an inconsistent reputation. In 2014, hackers breached the site and stole around 12% of the company’s assets. In 2020, it occurred once again, accounting for around 6% of the total trade.
Customer service is another area where it does poorly.
Poloniex is attractive if you feel confident in the platform’s security measures.
Poloniex Review: Top Perks
In this section of our poloniex review, we take a look at some of the top perks of this platform
A Wide Variety of Cryptocurrencies
Poloniex offers one of the largest selections of currencies offered by major exchanges, with over 200 options.
You may buy and sell Bitcoin (BTC), Ethereum (ETH), and a wide variety of other cryptocurrencies on this exchange, including those that haven’t yet achieved widespread popularity.
Lower transaction fees
When making a cryptocurrency investment, it’s crucial to weigh all of your options, and Poloniex’s trading costs are among the lowest in the industry. In no case will you spend more than 0.1550% for a purchase.
Since the TRON (TRX) project has joined with Poloniex, paying using TRX will result in a 30% savings on trading costs.
If you have at least $49 worth of TRON in your account or more than $50,000 in trading volume every 30 days, you may qualify for reduced trading costs.
Great Mobile App
Some cryptocurrency exchange applications are better than others.
Poloniex’s mobile app is highly regarded by users and has received several awards and accolades from Apple and Google Play.
The app provides easy access to your cryptocurrency from your mobile device and has many of the same features as the online platform.
Receive staked benefits
With Poloniex, you can stake your cryptocurrency to receive rewards while putting your money to work.
There is no mandatory holding time while staking any of the available coins.
At any moment, you may make a deposit or withdrawal of your cryptocurrency.
Cryptocurrency futures
Poloniex Futures, a product of this trading platform, allows for leverage of up to 100x.
Please be aware that the Poloniex service is not accessible to residents of some countries, as detailed in the user agreement and frequently asked questions.
An agreement to acquire or sell an item at a future date and price is known as a futures contract.
Unless you are an experienced investor, you should avoid futures contracts, especially when dealing with cryptocurrencies.
The NFT Market
Poloniex has joined the APENFT marketplace to provide NFTs to its customers.
The cryptocurrency APENFT is now listed on Poloniex and may be traded there.
If they have any APENFT NFTs, they may use them on Poloniex to get access to exclusive bonuses.
Due to the high level of speculation in this market, traders should proceed with care while dealing with NFTs.
The long-term viability of NFTs as an investment is uncertain. Poloniex provides an easy method to explore digital art, collectibles, and other NFTs.
The Poloniex Account Signup Process
Poloniex is a cryptocurrency exchange that runs both a centralized and decentralized platform. You will need to create an account to participate in the centralized exchange.
As was previously noted, U.S. citizens are not eligible to utilize Poloniex.
Poloniex’s registration procedure is standard for the industry and is thus easily comparable to those of competitors. Initially, you will need to register by providing an email address and a password.
If you want access to more of your account’s features and more significant restrictions, you’ll need to pass through Levels 1 and 2 of verification.
Trading is unrestricted at Level 1, as are deposits and withdrawals up to $10,000 daily. You may withdraw up to $500,000 daily at Level 2, trade on leverage, and obtain help more quickly if your account is locked out.
You’ll need to provide your name, address, date of birth, phone number, email address, and a photo of a government-issued photo ID to pass the Know Your Customer (KYC) verification process.
Customer Service
Email is the primary means of contact for Poloniex’s support team.
To initiate a ticket with customer service, users may complete a simple contact form.
A FAQ is available on the platform to address frequently asked questions.
Poloniex is primarily a self-service platform, meaning you are responsible for maintaining your account.
You may want to choose a different exchange with extra communication channels with agents if you’re not confident using theirs to find solutions to your problems.
Customer Satisfaction
Poloniex may have a bad reputation, but the industry has difficulty providing adequate customer service.
No matter which exchange you use, it is quite unlikely that you will be able to recover any monies lost due to account hacking or sending cryptocurrency to an incorrect address.
Account Management
Poloniex provides a web-based control panel and mobile applications for account management.
A user’s key account functions, such as the trading platform, futures trading, and loans, may all be accessed from the account dashboard.
Poloniex’s dashboard and applications should be easily navigable for anybody who has used an online stock brokerage or online banking.
Fees Overview
Poloniex has a tiered pricing structure for trading services, with higher-tiered clients paying lower rates. When you pay your trading expenses using TRON, the exchange will lower them by 30%. (TRX).
The whole Poloniex trading fee structure is as follows:
| Tier | 30-day trading volume | Maker/taker fee | TRX maker/taker fee |
|---|---|---|---|
| 1 | Under $50,000 (and less than $49 of TRX) | 0.1450%/0.1550% | 0.1015%/0.1085% |
| 2 | Under $50,000 (and $49 or more of TRX) | 0.1150%/0.1250% | 0.0805%/0.0875% |
| 3 | $50,000 to $1,000,000 | 0.1050%/0.1200% | 0.0735%/0.0840% |
| 4 | $1,000,000 to $10,000,000 | 0.0700%/0.1150% | 0.0490%/0.0805% |
| 5 | $10,000,000 to $50,000,000 | 0.0500%/0.1100% | 0.0350%/0.0770% |
| 6 | Over $50,000,000 | 0.0200%/0.1000% | 0.0140%/0.0700% |
| Poloniex Plus Silver | N/A (requires application) | 0.0000%/0.0600% | 0.0000%/0.0420% |
| Poloniex Plus Gold | N/A (requires application) | 0.0000%/0.0400% | 0.0000%/0.0280% |
