The web’s most detailed Poloniex review: Poloniex is that one cryptocurrency exchange we have heard about before, but what is it really about. This US crypto exchange doesn’t allow US traders to trade, however, it’s still a great platform. Keep reading to learn why it is as good as it is.
Pros
• Great platform for crypto futures
• Fiat onramp with several payment methods
• Option to join upcoming ICO listings
Cons
• Non-regulated
• Do not allow US citizens to trade
• No live chat
Why Poloniex
In this section of our Poloniex review we highlight 6 special features that deserves extra attention.
About Poloniex
Poloniex is a US-based cryptocurrency exchange that doesn’t allow US traders on the platform. However, most other regions are welcome to trade. The founder of the exchange is a man called Tristan D’Agosta and the main office is registered at this address Wilmington, DE, 1013 Centre Road, United States.
The exchange was founded back in 2014 which gives it the Tradingbrowser veteran trading platform. This is a good sign of credibility and trustworthiness. Poloniex is the host of over 100 altcoins, making it very popular among traders looking for new hidden gems in the cryptocurrency markets.
Why use Poloniex
Poloniex is a cryptocurrency exchange for all traders and is well-suited for both experienced traders and newcomers. The main feature of Poloniex is the crypto margin trading section and it’s had a good reputation for being very solid. Other areas that stick out on the exchange are the lending platform, the futures pit, and of course, the latest ICO’s that you can participate in.
Traders who are looking for a stable exchange with a long track record and good platform features will thrive on Poloniex. There is an on-ramp for fiat-to-currencies, making it easy for you to buy a cryptocurrency and then start trading. There is also a section for different campaigns on Poloniex. Here they announce different airdrops, giveaways, different bonuses, and trading campaigns.
Trading on Poloniex
The interface is built on Tradingview charts and technology which guarantees a rock-solid base for your day trading or investing approach. Poloniex offers 100x leverage on certain contracts but bear in mind the risks of this style of trading. Only experienced traders should use high crypto leverage in trading.
There is no real stop loss in terms of order selection, so if you want to protect your downside risk, you need to know how to assemble a stop order manually.
One great tool on the Poloniex platform is the daily gainers and losers tool. This will show you the biggest risers and the biggest losers of the day and it’s a great tool to track volatility. Whenever there are big swings in the market, day traders will typically do better.
Payment methods and limits
Poloniex supports these deposit methods:
- VISA
- Mastercard
- ApplePay
- Bank Transfer
The minimum deposit is $50, the minimum withdrawal is very very low and the maximum withdrawal is $500,000 per day.
Things we don’t like
Considering this is an exchange with a long track record, I would like to see functioning live chat and some more supported languages to reach a wider audience. They call themselves the legendary exchange, but for me, no live chat is not legendary.
Poloniex Trading Fees
Products
Trading Platforms
Order Types
Supported Devices
Special Features
About the special features on Poloniex
The main special features on Poloniex are definitely the crypto margin trading platform, the cryptocurrency futures pit, cryptocurrency lending, and the fiat on-ramp where you can buy cryptocurrency with a credit card, bank transfer, or with ApplePay. What makes this exchange special is that it’s been around since 2014 which is a very long time considering the blockchain technology hasn’t been around for more than 10 years.
You can also join in on the ICO listings where you can invest in new cryptocurrencies that come on the market through Poloniex. This is an excellent tool to find new projects and hidden cheap crypto coins. The 24-hour gainers and losers tool on the front page will give day traders a great head start on the day with direct indications of where the volatility can be found.
Cryptocurrency Lending
Crypto lending is something rather new and Poloniex is the host of a very good digital asset lending platform. The lending tool on Poloniex is a third-party crypto lending system where you actively lend to other investors on the platform. Keep in mind that significant gains, as well as losses, can occur and you should read up on how to do it before you start. However, if you are a good crypto lender you can make some serious passive income.
Cryptocurrency Staking
Crypto staking on Poloniex is very popular thanks to no lock-up periods for your funds, and the freedom to deposit, trade, and withdraw at any time you want. The returns are also very generous and the one big difference when staking cryptocurrencies on this platform is that there is no validator to send your funds to. Once you are staking you can pretty much move around your capital as you want and you will earn on your staking up to the moment you decide to change coins or withdraw the money.
JustSwap
JustSwap is a Tron-based decentralized trading protocol that instantly lets you transact with all TRC20 tokens on the system. JustSwap can be used to earn trading fees by being a liquidity provider to the system. All you need to do is to connect your TronLink wallet to JustSwap and then you are good to go.
Insurance Fund
This is a great security feature that Polniex is employing to ensure that customer funds are backup all the time. This balance can be seen live on the exchange it is mainly used to give back to traders in case of the worst-case scenario where customer funds are lost or stolen.
Our own experience with Poloniex
Poloniex Funding Methods
Accepted Currencies
Limits
| Max Withdrawal Limits | $500000 daily |
| Min Withdrawal Limits | No limit |
| Min Deposit Limits | $50 |
Poloniex Withdrawal Fee
| Method | Fee |
|---|---|
| USD | $0.1 |
Languages
Restricted Countries
Security
Is Poloniex Safe?
Poloniex is considered a safe exchange to use. Thanks to the Insurance Fund, traders can rest assured that they will have their funds recovered if the worst-case scenario were to happen. However, this is a non-regulated cryptocurrency exchange in the US and you should not keep large amounts of coins stored on the platform. Only store the amount you are going to trade.
Is Poloniex Regulated?
No, Poloniex is a non-regulated crypto exchange.
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Frequently asked questions
Read the most frequently asked questions about Poloniex. Find answers without searching the web.
No, Poloniex stopped accepting US traders a while back but is looking to open up again. When this happens we will update this review.
Yes, there is a good variety of special features that will keep any trader busy. Also, the trading interface is the latest standard with Tradingview charting packages. Fees are on the lower spectrum which is great for very active day traders or traders who move a lot of sizes.
Yes, the address is registered at Wilmington, DE, 1013 Centre Road, United States.
It is very simple. Mouse over the "Explore" button on the main menu and click "Buy Cryptocurrency". From here, fill in which fiat currency you want to use, which cryptocurrency you want to buy. Then, follow the instructions and continue.
You can only withdraw cryptocurrencies and it's done like this. Click the "Wallet" button in the main menu. Then click "Withdraw". From here, choose the digital asset you would like to withdraw and proceed with filling the receiving wallet address and the amount you wish to withdraw.