Poloniex Exchange Review

Poloniex, founded in January 2014, is a crypto-asset exchange / cryptocurrency exchange that serves the cryptosphere via a 120+ active markets. They also offer trading access to more than one cryptocurrency pair. A Poloniex exchange review reveals that the main cryptocurrencies offered at this digital asset exchange are Bitcoin (BTC), Ethereum (ETH), Monero (XMR) and also stablecoins such as USD Coin (USDC) and Tether (USDT).

A Poloniex exchange review also reveals that this US-based crypto exchange was hacked in March 2014. The hack resulted in the loss of 12.3% of all the Bitcoin held at Poloniex at the time. Poloniex Founder and CEO, Tristan D’Agosta, handled the situation well – something that generated praise from the crypto community at the time. Poloniex has since then faced many challenges, including those regulatory in nature. In addition, Poloniex was acquired by Circle in 2018, the company behind Circle, a multi-currency app that allows for instant money transfers.

Poloniex offers spot trading, margin trading and also provides a lending platform where loan offers and demands for loans can be listed. A Poloniex exchange review also shows that a Poloniex crypto exchange app is available for download at the App Store, Google Play and Android APK. Furthermore, identification is required to be able to make deposits and withdrawals at this this cryptocurrency exchange. Poloniex also offers advanced trading features and make use of cold storage that is offline and air-gapped in order to store the bulk of customer deposits. This is to limit risk and exposure in case of a hack.

The exchange is one of the pioneers in the industry in the US, which is saying a lot as the US is known to be a hub for cryptocurrency investors and exchanges. It is known for offering a wide range of cryptocurrencies that are available to trade. It also provides service across the globe, and there aren’t any countries that Poloniex’s services are not available to, as far as we know of.

The exchange does not allow fiat-crypto trading and acts as a purely crypto-to-crypto platform. This could deter new cryptocurrency investors from trading on the platform, as it would be quite impractical for them to start trading on a purely crypto-to-crypto exchange. The platform charges relatively average fees. It works on a tiered structure, where trading fees go down as the user’s trading volume goes up. The starting fees are 0.15% for makers and 0.25% for takers. It can go as low as 0% for makers and 0.05% for takers, which is an impressive number. The global industry average for trading fees is 0.25%, hence this puts Poloniex in the middle, depending on the user that is being charged.

As an additional safety measure following the hacking incident in 2014, Poloniex has adopted a 24/7 monitoring system, where any and all suspicious activity is reported daily, alongside the use of two-factor authentication (2FA) system.

One of the biggest complaints that Poloniex receives is on its website and customer support. Many user comments online have complained about the slow speed of the exchange’s website, with some saying that its lack of speed had caused them to suspect fraudulent activity from time to time. Though the latter part is not correct, the fact that users have suffered from such incidents when trying to withdraw funds from their account is an important factor to consider when trading on the platform. Their customer support has also been reported to be very slow and unresponsive at the time. Most negative comments by users on online platforms have not been attended to by the Poloniex customer support, which shows a lack of interest and capability.