Poloniex review – US-based digital asset exchange that offers maximum security and advanced trading features

Poloniex is a pure crypto to crypto exchange based in the United States. This exchange offers maximum security and advanced trading features. Poloniex supports more than 65 cryptocurrencies currently and has strong security with two-factor authentication. Poloniex uses absolutely transparent and fair practices to protect all data and secure methods for funds depositing/withdrawing.

Some benefits for traders include:

  • Clients funds are only used to facilitate trading through their account
  • Poloniex allows up to 2.5x leverage and pricing is just using its exchange, not any external ones
  • Best security practices (To protect users Poloniex requires two-factor authentication for all withdrawals and API usage)
  • The vast majority of customer deposits are stored offline in air-gapped cold storage
  • Poloniex auditing programs monitor exchange activity 24/7/365 and block any suspicious activity before it becomes a problem

Platform

Poloniex makes trading very simple, all you need to do is select a trading pair and place an order to Buy or Sell coins based on the selected pair. Poloniex offers a web-based platform, the charting package is average with several technical indicators available. The trading platform uses a standard maker-taker model which encourages market liquidity by rewarding the makers with a lower fee. Poloniex offers margin trading and allows up to 2.5x leverage. The exchange doesn’t support FIAT currencies. Deposits are possible only in digital currencies.

Regulation

Poloniex is a regulated entity and must comply with applicable law. Poloniex is registered with the Financial Crimes Enforcement Network (“FinCEN”) as a Money Services Business (“MSB”), registration number 31000091844018.

Supported Digital Currencies

Poloniex supports more than 65 cryptocurrencies, the most usually are: Monero (XMR), Ripple (XRP), Zcash (ZEC), Bitcoin Cash (BCH), Bitcoin (BTC), Dash, Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), OmiseGO (OMG), Augur (REP)..

Deposit and Withdraw

Poloniex doesn’t support FIAT currencies, deposits are possible only in digital currencies. Some currencies have additional memos, fields, payload and minimum deposit requirements and clients should pay attention to these rules and exceptions before making deposits. Clients can deposit and withdraw coins from their account via the desktop or the mobile site. This exchange has fair practices to protect all data and secure methods for funds depositing/withdrawing.

Support

Their contact form is only available on their desktop site at this time. In my opinion, the customer support should be better and certainly needs some improvements. Support requests sent to email address may be ignored and there is no live chat available at this moment. Support is very slow to respond and some users have complained about this. Speaking of support, Poloniex conducts a thorough AML and KYC procedure for all users, even if they do not deposit or withdraw fiat currencies. This means users will need to upload documents to verify their identity, a process that can take days, if not weeks, for some users. To contact support, go to Poloniex Support and open a ticket.

Overview

  • Poloniex is a crypto only exchange and not accepts deposits in fiat currencies such as US Dollars, Euro, and Yen
  • Clients can deposit and withdraw coins from their account via the desktop or the mobile site
  • A trading account can only be managed in cryptos. FIAT currencies such as USD or EUR are not accepted
  • Poloniex does not offer demo trading with cryptos
  • Best security practices
  • Clients funds are only used to facilitate trading through their account
  • Poloniex offers margin trading, allows up to 2.5x leverage and pricing is just using its exchange, not any external ones
  • Some users have complained about horrible customer support from Poloniex staffers
  • Every 24 hours, Poloniex will calculate the last 30 days of trading volume on your account (spot and margin combine) and dynamically adjust your fees according to the following schedule:

Summary

Poloniex is a crypto only exchange founded in 2014 and is based in Wilmington, Delaware. This exchange doesn’t support FIAT currencies, deposits are possible only in digital currencies. The Poloniex platform is very simple, all you need to do is select a trading pair and place an order to Buy or Sell coins based on the selected pair. The customer support is only available on their desktop site at this time (the contact form). Some users have complained about horrible customer support from Poloniex staffers. Support requests sent to email address may be ignored and there is no live chat available at this moment. In my opinion, the customer support should be better and certainly needs some improvements. The vast majority of customer deposits are stored offline in air-gapped cold storage and to protect users Poloniex requires two-factor authentication for all withdrawals and API usage.

Poloniex supports more than 65 cryptocurrencies currently
All clients, regardless of their country of residence, may trade on Poloniex
Poloniex headquarters - Wilmington, DE 19801, United States
Poloniex is a regulated entity and must comply with applicable law. Poloniex is registered with the Financial Crimes Enforcement Network (“FinCEN”) as a Money Services Business (“MSB”), registration number 31000091844018.
Poloniex has strong security with two-factor authentication. Poloniex uses absolutely transparent and fair practices to protect all data and secure methods for funds depositing/withdrawing.

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