A Comprehensive Review of Poloniex Exchange 2023: What You Need to Know Before Investing

It is based in the US and is registered with FinCEN as a Money Service Business. As such, it is subject to a number of regulations, which makes it a secure and reliable place to trade.

In this comprehensive review of Poloniex Exchange, we will look at the features, fees, security measures, and more to help you decide if Poloniex Exchange is the right choice for your crypto investments.

We will also consider the pros and cons of the platform and provide a summary of the key points. By the end, you will have all the information you need to make an informed decision before investing in Poloniex Exchange.

Features of Poloniex Exchange

Before you decide to invest in Poloniex Exchange and use its services, it is important to understand the features that set it apart from other exchanges.

You need to know what you are getting into and whether it is the right platform for you. Poloniex has a lot of advantages that make it a popular choice among crypto investors, including the following:

• An extensive list of cryptocurrencies – Poloniex offers trading in a wide variety of cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Ripple, and more. There are more than 100 different coins listed on the exchange with new ones being added regularly. This is an advantage over some other platforms that offer fewer coins.
• High liquidity – The large number of users and funds on the exchange, as well as a large amount of trading activity, ensures that funds are often available when you need to withdraw.
• Extensive trading features – Poloniex offers a wide range of trading features, including advanced order types, margin trading, and stop-loss orders. The wide selection of tools helps make the trading process more efficient and easier for users.
• Earn staking rewards – Poloniex provides crypto staking, a technique to make use of your funds and gain rewards. There are numerous distinct digital currencies that can be staked, and there is no need to be locked in. You can deposit and take out your crypto whenever you want.
• Crypto futures – Poloniex Futures provides the opportunity to invest with a maximum of 100-fold leverage. It ought to be noted that this option is not available to residents of certain areas, which is specified in the Poloniex user agreement and the FAQs.
  
  A futures contract signifies a commitment to purchase or sell an asset at a fixed price at a later date. Trading with futures is an exceptionally dangerous venture, and even more so when it involves cryptocurrencies; thus, these options should not be contemplated without the expertise of a seasoned investor.

Poloniex Exchange Review – Pros and Cons

Pros of Poloniex Exchange

As we have seen, Poloniex Exchange has a lot of advantages that make it a great platform for crypto investors. These advantages make it worth considering when making a decision about which exchange to use.

Below, we look at some of the most important pros of Poloniex Exchange and why it is a good choice for crypto traders.

• Basic and active trading platforms available – It is possible to purchase items through a straightforward ordering system, a dynamic trading platform, or by linking to Poloniex’s non-centralized exchange utilizing a compatible wallet.
• Low fees at any trading volume – Poloniex offers one of the lowest trading fees compared to other cryptocurrency exchanges, beginning at 0.155%.
• More than 350 currencies supported: – You have the possibility to purchase and dispose of over 350 distinct currencies at the existing market value.
• Highly rated mobile app – When it comes to cryptocurrency exchange applications, the results can be mixed. Poloniex has a well-regarded mobile app, which is highly rated on both the App Store and Google Play. Its app has the majority of the same features as its web platform, making it a very handy way to manage your digital currency on your phone or tablet.

• It offers low fees, advanced features, and excellent customer service.

• The trading platform is easy to use and the interface is user-friendly.

• It also offers a variety of trading bots, including the popular 3Commas bot.

Cons of Poloniex Exchange

Every product has its pros and cons and choosing an investment is often a matter of weighing up the two sides. This is important because you want to choose an investment that suits your needs and meets your expectations.

When it comes to Poloniex Exchange, there are a few cons that you need to be aware of. These are things that the exchange does not do well, or that might make it less suitable for you.

• History of hacked accounts – Polniex faced two hacking incidents – one in 2014 and the other in 2020. In the first incident, cybercriminals swiped 12.3% of the exchange’s coins, while the second hack resulted in the theft of $4 million worth of Bitcoin (6% of the exchange’s assets).
• High trading volume – The high trading volume can be seen as a benefit since it means that there is plenty of liquidity, but it also means that the platform is very busy. This can lead to long waiting times for some activities such as withdrawal.
• No advanced order types – On the bustling trading platform, orders can only be processed with the market, limit, or stop-limit options.
• High fees – Poloniex has a tiered fee structure based on the trading volume and the type of account you have. This means that the fees depend on how much you trade on the platform. The fees are high relative to some other exchanges, but the exchange justifies them by claiming that they are necessary to prevent market manipulation and ensure that the market remains fair.
• Also on the downside, Poloniex does not offer fiat currency trading. This means that you will need to purchase crypto with a different exchange before using Poloniex.
• The exchange also does not offer a mobile app, so you will need to use a web browser to access the platform.

A Comprehensive Look at Poloniex Review 2023: What You Need to Know!

‍Are you looking for a comprehensive review of Poloniex Exchange in 2023? You’ve come to the right place! Poloniex is one of the leading crypto exchanges on the market, and it’s important to understand its features and offerings before making any decisions.

That’s why we’ve put together this comprehensive guide that takes an in-depth look at the Poloniex exchange, including its history, reviews, customer service, trading bots, and more. So let’s dive in!

History and Overview of Poloniex

Poloniex was founded by Tristan D’Agosta in 2014. The company quickly grew in popularity and became one of the leading crypto exchanges in the US. In 2018, it was acquired by Circle, a Goldman Sachs-backed crypto startup.

Poloniex is an advanced crypto exchange that is designed to meet the needs of experienced traders. It offers a wide range of features, including a margin trading platform, advanced order types, and lending services. It also offers a range of tools and research to help users make informed trading decisions.

What is Poloniex Crypto?

Poloniex is a US-based cryptocurrency exchange founded in 2014. It is one of the oldest and most trusted exchanges in the industry, offering a wide range of digital assets, including Bitcoin, Ethereum, Litecoin, Ripple, and Dogecoin.

Poloniex is known for its low fees and excellent customer service. It is also one of the few exchanges that offer margin trading and lending.

How Poloniex works

Poloniex is a platform that facilitates the swapping of different digital currencies, such as Bitcoin and Ethereum. It offers over 500 trading pairs, enabling a wide variety of trades.

Although Poloniex itself does not process cryptocurrency purchases or sales, it does partner with a payment processor, Simplex, enabling users to buy particular digital currencies using debit/credit cards.

This option, however, incurs high fees. In addition, users from certain countries can buy and sell crypto through a Simplex bank account, which is more cost-effective in terms of transaction fees.

As well as its spot trading, Poloniex provides futures. Users can trade perpetual swap contracts and access up to 100 times leverage on some of the major digital currencies.

Crypto futures involve substantial risks, but investors who are keen can take advantage of this possibility through Poloniex, which is one of the exchanges offering this facility.

Poloniex Review 2023 – What You Need To Know

Poloniex is one of the most popular and trusted crypto exchanges in the industry. It has a wide range of features, low fees, and excellent customer service. Here’s a closer look at what you need to know about Poloniex in 2023.

The Poloniex exchange offers a wide range of features, including margin trading, advanced order types, and lending services. It also offers a range of research tools and resources to help users make informed trading decisions. The exchange is known for its low fees and excellent customer service.

The Poloniex platform is easy to use and the interface is user-friendly. The exchange also offers a variety of trading bots, including the popular 3Commas bot. This bot allows users to automate their trading strategies and take advantage of market movements.

Fees on Poloniex Exchange

One of the most common questions about any investment service is about their fees. How much does it cost to use the platform and what are the associated costs? This is particularly crucial for crypto exchanges, which are often criticized for the high fees they charge.

A wide range of crypto exchanges exist, each with its own fee structure. Poloniex has a tiered fee structure based on the trading volume and the type of account you have. This means that the fees depend on how much you trade on the platform. There are three account types, and each has a different fee structure.

The table below outlines the various types of accounts and associated fees: Account type Trading volume (per month) All accounts $0.25 per 100 trades Margin trading $1.00 per 100 trades for borrowing funds to trade with Advanced order types $2.00 per order As you can see from the table, the fees vary significantly based on the type of account you have.

The fees are high relative to some other exchanges, but Poloniex justifies the fees by claiming that they are necessary to prevent market manipulation and ensure that the market remains fair. However, you can avoid some of these fees by trading with smaller amounts.

Spot Trading Fees

Tier	30 Day Trading Volume	TRX Balance	Maker / Taker Fee	TRX Maker / Taker Fee
1	< $50K	< $49	0.1450%/0.1550%	0.1015%/0.1085%
2	< $50K	> $49	0.1150%/0.1250%	0.0805%/0.0875%
3	$50K – $1M	N/A	0.1050%/0.1200%	0.0735%/0.0840%
4	$1M – $10M	N/A	0.0700%/0.1150%	0.0490%/0.0805%
5	$10M – $50M	N/A	0.0500%/0.1100%	0.0350%/0.0770%
6	$50M+	N/A	0.0200%/0.1000%	0.0140%/0.0700%
Poloniex Plus Silver	Silver	Apply Here	0.0000%/0.0600%	0.0000%/0.0420%
Poloniex Plus Gold	Gold	Apply Here	0.0000%/0.0400%	0.0000%/0.0280%

• Borrow Interest & Cross Margin Limit

USDT-M Perpetual Futures Fees

level	30d Trade Volume (USDT)	Maker/Taker
Regular User	< $100K	0.01%/0.04%
VIP1	>= $100K	0.01%/0.038%
VIP2	>= $2M	0.008%/0.035%
VIP3	>= $5M	0.006%/0.032%
VIP4	>= $10M	0.004%/0.03%
VIP5	>= $20M	0%/0.028%
VIP6	>= $50M	-0.015%/0.026%
VIP7	>= $100M	-0.015%/0.024%
VIP8	>= $500M	-0.015%/0.022%
VIP9	>= $1000M	-0.015%/0.02%

source: poloniex.com

Read: 100 Best Centralized Exchanges of 2023 – What Are Centralized Exchanges (CEXs)?

Security Measures on Poloniex Exchange

One of the most important factors in choosing a crypto exchange is the security measures it uses to protect its users. Trading on an exchange that is not secure is a huge risk and can be dangerous for users.

Some exchanges are better than others in terms of security, while others are more vulnerable. Poloniex has comprehensive security measures in place to ensure that users’ funds remain secure and the platform remains safe to use. The most important factor is that Poloniex is a regulated exchange.

This means that it is subject to regulation, which includes a requirement to have appropriate security measures in place. Poloniex holds funds in cold storage, which means that they are held offline and not connected to the internet.

This is a significant advantage as it makes it harder for hackers to steal funds from the exchange. Poloniex is also compliant with a number of security standards, such as ISO 27001, SOC 2, and the Federal Risk and Authorization Management Program (FedRAMP).

Opening a Poloniex Account

To use Poloniex, a centralized exchange, customers who are not in the United States are required to create an account by providing their email address and a password.

A two-step verification process must be completed to access all features and higher limits. Level 1 allows users to make unlimited trades, deposits, and withdrawals of up to $10,000.

Level 2 offers margin trading, daily withdrawals of up to $500,000, and quicker customer service in case of any lockout issues.

When going through the process of Know Your Customer (KYC) verification, it is necessary to provide information such as contact details, a photograph of your government-issued ID, and a self-portrait.

Cryptocurrency selection

Poloniex has a huge selection of more than 300 digital currencies. It doesn’t have any remarkable absences in its list, since it has all the major cryptocurrencies and several altcoins.

You can only purchase a small fraction of these cryptocurrencies using money. Most of what Poloniex has are trading pairs, which means you exchange one cryptocurrency for another.

That implies you need to purchase another cryptocurrency first, with USDT being one of the most favored options, to access most of Poloniex’s selection. After that, you can exchange for anything Poloniex offers.

Although normally a wide selection is a positive thing, there is a problem with Poloniex. The exchange has a notoriety for listing almost anything, including blatant pump-and-dump crypto schemes.

For example, it offers Squid Game (SQUID), a crypto that was revealed to be an exit scam. Because of Poloniex’s lack of examination, it’s even more significant to do your own research on any crypto you are considering.

Poloniex US Customers – What Services Are Available

Poloniex is available to US customers, but the services offered are limited. US customers cannot trade fiat currencies, use the margin trading platform, or use lending services. They can, however, use the trading platform to buy, sell, and trade a wide range of digital assets.

Poloniex also offers a variety of features and tools to help US customers make informed trading decisions. These include research tools, market analysis, and trading bots, such as the popular 3Commas bot.

Poloniex Customer Service – How Does It Measure Up?

Poloniex offers excellent customer service. The customer service team is knowledgeable and responsive, and they are available 24/7 to answer questions and provide support. The Poloniex team also offers educational resources and market analysis to help users make informed decisions.

Overall, Poloniex has an excellent customer service team and offers a wide range of resources and tools to help users get the most out of their trading experience.

Customer Satisfaction – Poloniex Exchange Review 2023

Despite receiving negative feedback from people, it’s important to remember that customer service is an issue that affects the entire cryptocurrency industry.

If your account is hacked or you mistakenly transfer digital currency to an incorrect address, the chances of you getting your money back are slim, no matter which exchange you use.

Account Management – Poloniex Exchange Review

Those with a Poloniex account can access a variety of features through its online dashboard and mobile applications. Through the dashboard, users can control account settings and access the main elements of the account, such as the trading platform, futures trading, and lending.

People who have used an online stock brokerage or online banking system should be familiar with navigating Poloniex’s dashboard and apps.

Poloniex Trading Bot Review – Is It Worth It?

Poloniex offers a variety of trading bots, including the popular 3Commas bot. This bot allows users to automate their trading strategies and take advantage of market movements. The bot is easy to use and can be set up in minutes.

The 3Commas bot is an excellent tool for experienced traders looking to automate their trading strategies. However, it is important to remember that it is not a substitute for trading knowledge and experience. You should always do your own research and make sure that you understand the risks before using any trading bot.

Shorting On Poloniex – Is It Possible & How Does It Work?

Yes, shorting is possible on Poloniex. Shorting is a trading strategy in which a trader bets that the price of an asset will go down. To do this, the trader borrows an asset from the exchange and sells it at the current price. If the price of the asset goes down, the trader can buy it back at a lower price and pocket the difference.

Shorting on Poloniex is a risky strategy and should be used only by experienced traders. It is important to understand the risks involved and to never invest more than you can afford to lose.

Poloniex App Review – Features & Benefits

Poloniex does not currently offer a mobile app. While this is a downside, the exchange does offer a web-based platform that is easy to use and user-friendly. The platform is optimized for both desktop and mobile devices, so you can access it from any device.

The web-based platform offers a wide range of features, including margin trading, advanced order types, and trading bots. It also offers a variety of research tools and market analysis to help users make informed trading decisions.

Poloniex Trading Software – Does It Offer Anything Different?

Poloniex does not offer any unique trading software. However, the trading platform is easy to use and user-friendly. It also offers a variety of features and tools to help users make informed decisions.

The platform also offers a range of automated trading bots, including the popular 3Commas bot. This bot allows users to automate their trading strategies and take advantage of market movements.

IOTA On Poloniex – Is It Available & What Are The Benefits?

Yes, IOTA is available on Poloniex. IOTA is a distributed ledger technology that enables fast and secure machine-to-machine transactions. It is a popular digital asset with a wide range of benefits, including low fees, scalability, and security.

Trading IOTA on Poloniex is a great way to take advantage of the asset’s benefits. The exchange offers low fees, advanced order types, and a variety of research tools and market analysis to help users make informed decisions.

How Poloniex Compares to Other Cryptocurrency Companies

Poloniex is known for having much lower fees in comparison to other cryptocurrency exchanges, and it provides access to a vast selection of digital coins. Nevertheless, other trading platforms have been around much longer and have a more reliable reputation.

Poloniex vs Binance – Which is the Best Exchange?

Poloniex and Binance are two of the most popular crypto exchanges in the industry. Both exchanges offer a wide range of features, low fees, and excellent customer service.

However, there are some key differences between the two exchanges. Poloniex offers margin trading, advanced order types, and a variety of trading bots, while Binance does not. On the other hand, Binance offers a mobile app and more cryptocurrencies, while Poloniex does not.

Ultimately, the best exchange for you depends on your needs and preferences. If you are looking for an advanced trading platform with a wide range of features, Poloniex is a great option. If you are looking for a mobile app and more digital assets, Binance is the better choice.

• Read our full Binance review.
• Read our full Binance.us review.

Poloniex vs. Coinbase

The charges from Poloniex are a mere 0.145-0.155%, while Coinbase’s fees vary from 0.00-0.60% depending on the volume of the trade. Poloniex has additional services like lending, margin, and futures trading, although Coinbase only provides spot trading.

Coinbase is considered to be more secure and compliant with regulations than Poloniex, and Coinbase is only available to United States customers, unlike Poloniex.

There is no single cryptocurrency exchange that is the most suitable for everyone. Therefore, it is essential to take the time to figure out what characteristics are the most important to you. Furthermore, it is beneficial to look around for the lowest charges and the strongest account security features.

Read our full Coinbase review.

Alternatives to consider – Poloniex Review 2023

• If you’re looking for a U.S. crypto exchange: Gemini abides by all governmental regulations and has attained authorizations in all 50 states. Additionally, it is one of the top-tier exchanges regardless of your familiarity with the trading process, offering both novice-friendly and sophisticated trading platforms.
• If you want a wide variety of advanced options: Binance is a crypto exchange that offers a wealth of features. It serves as a platform for cryptocurrency trading, margin trading, futures, leveraged tokens, and yield farming; where users can get rewarded in digital assets.

Is your cryptocurrency safe with Poloniex?

Poloniex does not possess an outstanding security record and its affiliation with the controversial head of TRON, Justin Sun, is a warning sign.

There have been numerous problems with Poloniex over the years. Here is a brief synopsis of the most prominent:

In March 2014, hackers acquired 97 BTC from Poloniex, which was 12.3% of the exchange’s supply. As a result, it briefly decreased customer funds by 12.3% and increased trade fees to raise money. By July of that same year, it had reimbursed customers in full.

In December 2019, a compilation of purported account emails and passwords at Poloniex was posted on Twitter. According to a Poloniex representative, only 5.5% of the emails in the list were linked to accounts. Those users were required to reset their passwords.

In August 2021, Poloniex agreed to pay the SEC over $10 million in relation to charges for running an unregistered online digital asset exchange.

Justin Sun, the founder of the organization TRON, is a part of a consortium that acquired Poloniex. A report from 2022 claims that Sun has a huge influence over the cryptocurrency exchange and at one point directed personnel to falsify the KYC (know your customer) verification procedure to increase user registration.

Moreover, the same report asserts that Sun directed Poloniex engineers to search for Bitcoin that customers had mistakenly sent to the wrong wallet in the past.

In total, 230 BTC were taken from these outdated crypto wallets and sent to the Poloniex shared wallet. It’s impossible to trace where the funds went from there on account of the great deal of capital that passes through the communal wallet.

It is tough to completely evaluate Poloniex’s security since the exchange does not reveal the protective measures it has in effect. There is no specific security page on its website, and it does not disclose the amount of crypto it keeps in cold storage or whether it has any insurance either.

However, we do know a few secure protections that Poloniex has:

Two-factor authentication (2FA), email notifications for account logins from new IP addresses with the possibility to lock the account if the login was not authorized, and a bug bounty program.

These issues make it difficult to trust Poloniex. If you do opt to use it, you may want to store your cryptocurrency yourself to ensure its safety.

Poloniex is right for you if:

1. You desire the ability to trade a variety of digital currencies.
2. You would like to partake in cryptocurrency futures trading.
3. You are not a permanent resident of the United States.

Summary of Key Points – Poloniex Review 2023

Poloniex is one of the most popular and well-known exchanges in the crypto space. It has been around since 2014 and was one of the earliest platforms to offer cryptocurrency trading.

It is based in the US and is registered with FinCEN as a Money Service Business. As such, it is subject to a number of regulations, which makes it a secure and reliable place to trade.

In this comprehensive review of Poloniex Exchange, we will look at the features, fees, security measures, and more to help you decide if Poloniex Exchange is the right choice for your crypto investments.

We will also consider the pros and cons of the platform and provide a summary of the key points. By the end, you will have all the information you need to make an informed decision before investing in Poloniex Exchange.

Conclusion

In conclusion, Poloniex is one of the most popular and leading crypto exchanges on the market. It has been around since 2014 and was one of the earliest platforms to offer cryptocurrency trading.

It offers low fees, advanced features, and excellent customer service. It also offers a wide range of trading bots, research tools, and market analysis to help users make informed trading decisions.

If you are looking for an advanced trading platform with a wide range of features, Poloniex is an excellent choice. However, it is important to remember that it does not offer fiat currency trading or a mobile app. So make sure to weigh the pros and cons before making any decisions.

We will also consider the pros and cons of the platform and provide a summary of the key points. By the end, you will have all the information you need to make an informed decision before investing in Poloniex Exchange.

We hope that this comprehensive look at Poloniex review 2023 has been helpful. If you have any questions or need more information, don’t hesitate to reach out to the Poloniex customer service team.

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