OUR OPINION.

Poloniex is a cryptocurrency exchange that offers minimal trading costs and a supported coin list of over 350. Additionally, we appreciate the fact that Poloniex is a decentralized exchange that provides margin trading, lending, and other cryptocurrency goods.

With its low costs, diverse asset selection, and useful features, this exchange may be able to suit the needs of a large number of cryptocurrency traders. However, it is not available to users in the United States.

PROS CONS

• Pros.

Low costs regardless of trading volume
Platforms for both passive and aggressive trading are offered More than 250 currencies are supported.

• Cons.

There are no advanced order kinds.
Support is inadequate.
Hacking incidents throughout history.

KEY TAKEAWAYS

Poloniex charges minimal official Websites and supports a large number of coins.
Advanced capabilities, including as margin trading and crypto lending, are accessible.
Significant disadvantages include inadequate customer service and a previous security breach.

SPECIFICATIONS

Advantages are explained

Low costs regardless of trade volume: Poloniex's top fee tier begins at 0.155 percent, which is extremely low when compared to other cryptocurrency trading platforms.
There are two types of trading platforms available: basic and active. Using a simple purchase form, an active trading platform, or a compatible wallet, you can connect to Poloniex's decentralized exchange and trade on its behalf.
More than 350 different currencies are supported, including: At the present market rate, you can buy and sell over 350 different currencies.
The disadvantages are explained.

There are no advanced order types available: Market, limit, and stop-limit parameters are the only parameters that can be entered on the active trading interface for buy and sell orders.
Unsatisfactory support: Customers have expressed dissatisfaction with the company's customer service replies in the past and present.
Accounts that have been hacked in the past: Polniex was hacked twice, once in 2014 and again late in 2020. The first time, hackers stole 12.3 percent of the exchange's coins, and the second time, hackers stole around $4 million in Bitcoin (approximately 6 percent of the exchange's assets).
Introduction
Poloniex appears to be a cryptocurrency exchange that is suitable for virtually every investor. Low trading fees, as well as a selection of more than 350 cryptocurrencies, making this platform an appealing option. It also provides margin trading solutions, cryptocurrency financing, and a variety of trading platforms for buying and selling the numerous currencies that are supported by the company.

Poloniex, on the other hand, has a mixed reputation as well. In 2014, the site was hacked, resulting in the loss of around 12 percent of the company's holdings. 1

This occurred once more in 2020, accounting for around 6% of the total exchange volume.

2 It also earns terrible ratings for their customer service department.

If you are confident in Poloniex's ability to keep your account and funds safe, it is a fascinating platform that is well worth examining.

Overview of the Organization
In 2014, Poloniex, a cryptocurrency exchange and service provider based in Delaware, launched its operations. The exchange offers a large number of cryptocurrencies and charges trading costs that are extremely competitive in the industry. Whether your primary concerns are trading a wide number of digital currencies at affordable prices or finding a trading platform that meets your needs, Poloniex is the answer.

Poloniex allows users to purchase cryptocurrency using a bank account, a credit card, a debit card, or Apple Pay. It also has trading platforms that are ideal for both novice and experienced traders, and it works with decentralized financial products, such as a decentralized exchange, among other things.

However, despite the many beneficial tools and features offered by Poloniex, there are a few limitations on the security and regulatory fronts. Customer service has been rated poorly on this website. Even more troubling is the fact that it has been the victim of two hacks as well as regulatory action by the Securities and Exchange Commission (SEC) in the past. 3 In this case, you may want to consider other cryptocurrency exchanges that have better client reviews and more robust security in general. According to the Poloniex customer agreement, it is not available for use in the United States of America.

Poloniex is a cryptocurrency exchange where you may trade cryptocurrencies.
Poloniex has a large selection of cryptocurrencies and tokens, with over 350 to choose from. Bitcoin, Ethereum, Solana, Stellar, Dogecoin, Shiba Inu, and a variety of other notable currencies are available.

Users can also trade in volatile currencies such as Baby Dogecoin, Dogelon, and Dogs of Elon, which are all cryptocurrencies. In terms of currency, there is a nice mix of well-supported utility tokens and lesser-known cryptocurrencies. A special mention should be made of the exchange's link with the cryptocurrency Tron (TRX). If you own and use Tron, you may be eligible for a discount on your expenses.

Extensive Trading Experience
Poloniex offers a variety of trading platforms, each of which may be ideal for traders with varying levels of trading experience. Beginners should start with the basic buying and selling form, while more experienced traders can move on to the active trading exchange to gain more experience.

You can start with Poloniex's basic cryptocurrency exchange form if you are unfamiliar with cryptocurrencies or if you wish to finance a Poloniex account with fiat currency if you are unfamiliar with cryptocurrencies. It is simple to buy and sell cash using this form, which accepts payments from bank accounts, debit cards, and credit cards.

If you pay with a debit or credit card, you'll be charged a 3.5 percent processing fee ($10 minimum) to Simplex, the card processor on the transaction. It is possible that you will be required to pay an extra spread fee.

Trading Platform with a High Level of Activity

Poloniex's active trading platform contains a chart with a variety of different indicators on the right side. In addition, you can check recent trades, a summary of the existing order book, your open orders, and a rapid trading form on the website.

Experienced traders who have past experience in bitcoin trading, stock trading, or other active markets will almost certainly favor the active trading platform over the passive trading platform.

Apps for mobile devices

Poloniex offers mobile applications for both iOS and Android devices. The Apple version is available in the App Store, and the Android version is either listed in Google Play or made available as a direct download from the manufacturer's website. The apps let you to manage your account, monitor your cryptocurrency holdings, and trade the currencies that are available.

Once your account has been financed with cryptocurrency, Poloniex's low fees are a significant advantage over its competitors. Maker trades are subject to a fee of 0.0145 percent and taker trades are subject to a fee of 0.155 percent if you trade less than $50,000 in a 30-day period. If you pay with Tron, you can also take advantage of charge reductions. If you have a sufficient amount of Tron in your account ($49 or more), you will be eligible for a lower fee tier.

As on the first day of January in 2022, Poloniex charges trading fees.
Other costs to consider are as follows:

Security

Poloniex is not known for its security. While everything looks to be in compliance with industry norms, the company has a history of security and regulatory issues.

In 2014, the exchange was breached, with hackers stealing around $4 million in assets. The exchange responded by deducting 12.3 percent from consumer account balances. This is a significant issue and may be sufficient reason to avoid Poloniex. Additionally, it was hacked once more in 2020. While the platform has survived the incidents, you should exercise caution when keeping large sums on this exchange.

Poloniex has also come under fire from US securities regulators. In August 2021, the SEC charged Poloniex with operating an unlicensed digital asset exchange, and Poloniex agreed to pay the SEC over $10 million as a settlement. While Poloniex's issues may have been resolved, this is yet another red sign. 3

Establishing a Poloniex Trading Account

Poloniex maintains both a centralized and decentralized exchange. You'll need an account to use the centralized exchange that we're evaluating here. Poloniex, as previously stated, is exclusively available to users outside the United States.

Poloniex's enrollment process is comparable to those of other cryptocurrency exchanges. To get started, you'll need to create an account using your email address and a password.

To gain access to all account features and increased restrictions, you must successfully complete the Level 1 and Level 2 verification processes. Level 1 allows unrestricted trading, unlimited deposits, and daily withdrawals of up to $10,000. Level 2 entitles you to daily withdrawals of up to $500,000, margin trading, and speedier customer response if you become locked out of your account.

KYC verification procedures include the addition of your contact information, a photograph of your government-issued photo ID, and a selfie.

Customer Support
Poloniex provides customer service largely via email. Users can open a customer support ticket by submitting a simple contact form. Additionally, the exchange includes a support section that addresses frequently requested questions.

Poloniex is mostly a self-service platform where you manage your own account. If you're not comfortable searching for answers in help sections, you may choose an exchange with more customer service choices.

Satisfaction of Customers

While reviews give Poloniex low grades, it's important mentioning that bad customer assistance is an industry-wide issue. If your account is hacked or you unintentionally send cryptocurrency to the wrong address, regardless of the exchange, you are unlikely to retrieve your assets.

Management of Accounts

Poloniex consumers can manage their accounts online or via the company's mobile apps. The account dashboard allows you to manage your account's settings and major functions, such as the trading platform, futures trading, and lending.

Anyone who has used an online stock brokerage or online banking platform before should have no difficulty accessing Poloniex's dashboard and apps.

Poloniex's Position in the Cryptocurrency Market

Poloniex, in comparison to other cryptocurrency exchanges, has minimal costs and a big selection of cryptocurrencies. You may, however, choose an exchange with a more established reputation and history.

Coinbase vs. Poloniex

Poloniex charges only 0.145 percent on the lowest tier and 0.155 percent on the top tier. Coinbase's costs range from 0.00% to 0.60%, depending on the amount of transactions.

Poloniex enables loan, margin, and futures trading, whereas Coinbase focuses exclusively on spot trading at current market prices.

Coinbase has a stronger reputation for security and compliance with regulatory requirements.

Coinbase is accessible to US residents, whereas Poloniex is not.

Finally, there is no one-size-fits-all bitcoin exchange. That is why it is critical to invest time in learning about the qualities that are most critical to you. Additionally, try looking around for the finest account security features and lowest rates.

FINAL VERDICT⚖

Methodology

Investopedia is devoted to assisting those who are interested in bitcoin investing in making informed and safe decisions about their investments. In order to provide our readers with objective assessments of the best cryptocurrency exchanges for investors of all levels, we have made a commitment to do so.

Security, costs, the amount of cryptocurrencies accessible, and other factors were taken into consideration when evaluating exchanges. We also assessed whether the exchange is governed by a centralized authority or is completely decentralized. Detailed information about our bitcoin exchange mechanism, including the evaluation process and weighted data points, is accessible for inspection.

Source: https://www.mlmlegit.com/2022/04/poloniex-review-scam-or-legit.html