Due to the significant development of the cryptocurrency market and the blockchain industry, there are more and more crypto exchanges in the market. Today, we will review one of the oldest crypto trading platforms in the USA – the Poloniex exchange.
In this Poloniex exchange review, we’ll dive into an in-depth about Poloniex. Exploring this trading platform’s features, fee structures, supported cryptocurrencies, KYC verification, security, and everything in between. Let’s begin our Poloniex exchange review.
Key Takeaways
- Poloniexis is a reputable cryptocurrency exchange founded in 2014 with nearly 400 supported coins.
- This platform offers margin trading, lending, staking, and copy trading, catering to diverse trading needs.
- Poloniex offers a convenient mobile app with positive user ratings.
- Users can fund their accounts through fiat deposits using Simplex, making it easier to start trading Bitcoin and other cryptocurrencies.
- Poloniex’s fee structure is tiered, offering unique fee tiers for Poloniex Plus Silver and Gold members.
Poloniex Exchange Review: What is It?
Poloniex is a well-established centralized cryptocurrency exchange serving the crypto community since 2014. In 2018, Poloniex underwent a significant transformation when it was acquired by Circle, a prominent fintech company involved in the blockchain space.
Circle’s involvement added an extra layer of legitimacy to this crypto exchange. As a result, Poloniex has garnered a strong reputation for reliability. It has also grown its services with high liquidity from its extensive selection of approximately 400 supported cryptocurrencies.
Poloniex Pros
- A wide range of cryptocurrencies is supported.
- High liquidity
- Low trading fees compared to other cryptocurrency exchanges
- Advanced trading features
- Strong security features
Poloniex Cons
- Complex user interface
- Limited support for fiat currencies
- History of security breaches
Supported Cryptocurrencies: Can You Buy Bitcoin on Poloniex?
This exchange supports over 300 cryptocurrencies in various sectors, such as DeFi protocols, Gaming, NFTs, and Lending,… The top popular supported coins on Poloniex include:
- Bitcoin (BTC)
- Cardano (ADA)
- Ethereum Classic (ETC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Chainlink (LINK)
- Binance Coin (BNB)
- Avalanche (AVAX)
You can also visit the Poloniex-supported tokens list here to see the completed list of supported coins on this exchange.
How to Create an Account on Poloniex?
To create an account on Poloniex, follow these steps.
Step 1: Go to the official Poloniex website and click the Sign-Up button to register.
Step 2: Enter your email address in the designated field and create a secure password for your Poloniex exchange account.
Step 3: Carefully read and review the Poloniex Terms of Service and Privacy Policy. After reviewing, tick the box to agree with the terms and policies.
Step 4: Click on the Create Account button to finalize your registration.
Step 5: Poloniex will send a confirmation email to the address you provided during registration. Open the email and look for a verification code. Submit this code to verify your account.
Step 6: Once your account is verified, you can log in to your Poloniex exchange account using your registered email address and the password you created.
Poloniex Verification (KYC) Process
When participating in the Know Your Customer (KYC) verification, it’s essential to provide clear and accurate information and documents to ensure a smooth and efficient process. To start the Poloniex verification process, follow the steps below:
- Log in to your Poloniex account.
- Click on the Profile icon.
- Under the dropdown menu, click on the Profile button.
- On the tab that opens, scroll to limits and features, then click the Enable button under level 2
- Enter your personal information and upload documents. These include Your full name.
- Date of birth, Country of residence, Government-issued photo ID (such as a driver’s license or passport), Selfie holding your government-issued photo ID
- Click on the Submit button to conclude the process.
What is the difference between Poloniex verification levels?
Poloniex offers different verification levels (Level 1 and Level 2), each with its own features and capabilities.
At Level 1, users can access unlimited spot trading and deposits while benefiting from a daily standard withdrawal limit of $10,000.
In contrast, Level 2 verification unlocks even more powerful tools. Users can set custom withdrawal limits, allowing higher daily withdrawals of up to $1,000,000. Traders also need Level 2 verification to participate in margin and futures trading. Additionally, manual fund transfers are exclusively available at Level 2, enabling more control over one’s account and assets.
Below is a comparison of Level 1 and Level 2 verification features.
| Feature | Level 1 | Level 2 |
| Spot Trading | Unlimited | Unlimited |
| Deposits | Unlimited | Unlimited |
| Standard Withdrawal Limit | $10,000 per day | $500,000 per day |
| Withdrawal Limit with 2FA | $50,000 per day | $1,000,000 per day |
| Custom Withdrawal Limits | ✖ | ✔ |
| Margin Trading | ✖ | ✔ |
| Identity Verification | ✖ | ✔ |
| Futures | 100x leverage | 100x leverage |
| Manual Fund Transfers | Limited | ✔ |
Poloniex Fees Structure
Poloniex trading fees have a complex structure that depends heavily on a trader’s 30-day trading volume and other factors. Here’s a breakdown of the platform’s fee tiers and associated fees.
Spot Trading Fees
Poloniex has a tiered fee structure for spot trading. This exchange offers low trading fees based on a trader’s 30-day trade volume in USD and TRX (Tron) balance in USD. The table below summarizes these fees.
| Fee Tier | 30 Day Trade Volume (USD) | Maker Fee | Taker Fee | Maker Fee with TRX | Taker Fee with TRX |
| 1 | < $50,000 | 0.1450% | 0.1550% | 0.1015% | 0.1085% |
| 2 | < $50,000 | 0.1150% | 0.1250% | 0.0805% | 0.0875% |
| 3 | $50,000 – $1,000,000 | 0.1050% | 0.1200% | 0.0735% | 0.0840% |
| 4 | $1,000,000 – $10,000,000 | 0.0700% | 0.1150% | 0.0490% | 0.0805% |
| 5 | $10,000,000 – $50,000,000 | 0.0500% | 0.1100% | 0.0350% | 0.0770% |
| 6 | $50,000,000+ | 0.0200% | 0.1000% | 0.0140% | 0.0700% |
| Poloniex Plus Silver | – | 0.0000% | 0.0600% | 0.0000% | 0.0420% |
| Poloniex Plus Gold | – | 0.0000% | 0.0400% | 0.0000% | 0.0280% |
Margin Trading Fees
Poloniex also uses a maker-taker fee structure for margin trading. Here’s an overview of Poloniex’s margin trading fee structure, which varies based on a trader’s 30-day trading volume.
| Trading Volume (30-Day) | Maker Fee | Taker Fee |
| $0 – $100,000 | 0% | 0.155% |
| $100,000 – $250,000 | 0.05% | 0.145% |
| $250,000 – $500,000 | 0.10% | 0.135% |
| $500,000 – $1,000,000 | 0.15% | 0.125% |
| $1,000,000 – $2,500,000 | 0.20% | 0.115% |
| Over $2,500,000 | 0.25% | 0.105% |
In addition to trading fees, Poloniex charges 1% margin interest fees on margin loans. However, the interest rate may vary depending on the cryptocurrency you are borrowing.
Lending Fee
Poloniex offers a crypto lending feature that allows users to lend their cryptocurrencies to others in exchange for earning interest. Here are the main points regarding Poloniex lending fees:
- Lender-Set Interest Rates: Lenders on Poloniex can set their interest rates for lending their cryptocurrencies. The interest rates can vary based on the cryptocurrency being lent and the duration of the loan, but they typically range from 1% to 5% per year.
- One-Time Origination Fee: In addition to the interest rate, lenders may charge a one-time origination fee. This fee is typically between 0.1% to 0.5% of the loan amount. It’s important to note that this fee is charged upfront when the loan is initiated.
- Poloniex’s 15% Fee Share: Poloniex takes a 15% share of all crypto lending fees. Therefore, if you earn interest from lending your cryptocurrencies, Poloniex retains 15% of those earnings as cryptocurrency exchange commission.
Related Article: DeFi Rates for Lending and Staking: 7 Safest Platforms 2024
Deposit and Withdrawal Fees
Poloniex Exchange does not charge deposit fees. However, when it comes to withdrawing cryptocurrencies from your Poloniex exchange account, there are associated fees.
The withdrawal fees vary based on the specific cryptocurrency you want to withdraw. Here’s a table summarizing the withdrawal fees for some popular cryptocurrencies on Poloniex.
| Cryptocurrency | Withdrawal Fee |
| Bitcoin (BTC) | 0.0005 BTC |
| Ethereum (ETH) | 0.01 ETH |
| Litecoin (LTC) | 0.01 LTC |
| Bitcoin Cash (BCH) | 0.001 BCH |
| Ripple (XRP) | 0.25 XRP |
| Dogecoin (DOGE) | 5 DOGE |
Deposit Money in the Poloniex Exchange
Poloniex Exchange allows users to fund their accounts using fiat through Simplex and MERCURYO. In this review, we will guide you in funding your account by using Simplex. Here’s a step-by-step guide for this
- On the Poloniex website, navigate to the top menu and select Buy Crypto.
- Select your preferred currency for the purchase.
- Choose the cryptocurrency you want to purchase from the list of available options. Then, specify the amount you want to buy.
- Click the relevant button or option to initiate the purchase process.
- You will be redirected to the Simplex bank account interface, where you’ll be prompted to input your card details to transfer funds.
Withdrawing Money from Poloniex Exchange
Withdrawing funds from your Poloniex account is a straightforward process. Follow these steps to initiate a withdrawal:
- Log in to your Poloniex account using your username and password.
- Navigate to the Wallet section, locate, and select the cryptocurrency asset you wish to withdraw from your Poloniex account. Click on the asset to proceed with the withdrawal.
- Enter withdrawal details, including the amount, the network you want to use, the destination address, and your password, to confirm the withdrawal.
- After providing all the necessary information, click on the Continue button.
- Review the withdrawal details one last time to ensure they are accurate. If everything looks correct, proceed with the confirmation.
Poloniex Review: Key Features
Poloniex offers a range of features designed to cater to novice and experienced crypto traders. Here are some of the notable features that set Poloniex apart.
Open-Source Trading Interface
Poloniex offers an open-source trading interface with HTTP and WebSocket APIs. These APIs grant read access to public market data and your account. Private write access is possible through the private HTTP API. Additionally, the WebSocket API provides push notifications for both public market data and your private account, offering valuable insights for informed trading decisions.
Poloniex Mobile App
Poloniex Exchange offers a versatile mobile app for iOS and Android users. With the Poloniex app, you can enjoy an unlimited trading experience and manage your cryptocurrency investments conveniently and flexibly at all times.
The Poloniex app has garnered positive user reviews, reflecting its popularity and user satisfaction. It boasts an average rating of 4.3 out of 5 stars on the App Store for iOS users and 4.2 out of 5 stars on the Google Play Store for Android users.
Copy Trading
Poloniex copy trading is a feature that allows traders to copy the trades of other traders automatically. This can be a valuable tool for beginner traders who need more experience or time to develop their trading strategies.
Once you have started copying a lead trader, Poloniex will automatically place trades on your behalf based on the lead trader’s trades. You can stop copying a lead trader at any time.
World-Leading NFT Marketplace
With over 10,000,000 non-fungible tokens (NFTs), Poloniex is a significant player in the NFT marketplace. On this digital asset exchange, users can not only explore and trade NFTs but also create their unique crypto assets.
Staking
Staking is when users lock up their cryptocurrencies in a blockchain network to help secure the network and validate transactions. In return, users are rewarded with new tokens or coins.
To stake on Poloniex, users need to deposit the eligible cryptocurrency into their Poloniex Earn account. Once the cryptocurrency has been deposited, it will automatically start staking. Rewards are typically distributed daily or weekly.
Poloniex currently offers staking for a variety of cryptocurrencies, including:
The staking rewards vary depending on the cryptocurrency being staked. For example, users can earn up to 17.01% APY for staking ATOM on Poloniex earn.
Margin Trading and Lending
Poloniex offers margin trading and crypto lending. Margin trading allows users to borrow funds from the exchange to trade cryptocurrencies. On the other hand, lending enables users to lend their cryptocurrencies to other users who are margin trading. In return, lenders earn interest on their cryptocurrencies.
The interest rates on margin loans on Poloniex vary depending on the cryptocurrency being borrowed and the loan term. However, they are typically around 1-5% per year. Typically, users can borrow up to 2-10 times the money deposited in their margin trading account. This amount depends on the crypto being margin traded.
Security
Poloniex is one of the most secure cryptocurrency exchanges, with a good track record for asset protection. This trading platform has employed the latest security protocols and is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB).
However, Poloniex is not licensed or regulated by the Securities and Exchange Commission (SEC) or the Financial Services Authority (FSA). This trading platform applies many security methods to ensure the safety of clients’ funds. These methods include:
- Two-factor authentication (2FA): 2FA adds an extra layer of security to your account by requiring you to enter a code from your phone and your password when logging in.
- Cold storage: The vast majority of Poloniex’s assets are stored in cold storage, which means they are kept offline and safe from cyber-attacks.
- Multi-signature wallets: All Poloniex wallets require multiple signatures for deposit and withdrawal authorization, which helps to prevent fraud and hacked accounts.
Poloniex Customer Support
The Poloniex customer support team is available 24/7 via live chat and email at support@poloniex.com. You can also submit a support ticket through the Poloniex website email ticket system.
Positive reviews praise Poloniex’s customer support for being responsive and helpful. In contrast, negative reviews complain about long wait times and unresolved issues.
Conclusion: Is Poloniex safe?
Poloniex has established itself as one of the most versatile and secure cryptocurrency exchanges that cater to many users, from beginners to experienced cryptocurrency traders. With extensive coin support, diverse features, and a robust security structure, it continues to be one of the most prominent trading platforms in the crypto trading space.
Also, the fact that this digital asset exchange gives its users the ability to engage in margin trading, lending, staking, and even copy trading adds depth to its trading experience. Ultimately, these factors, coupled with Poloniex’s strong industry presence, make it a trading platform worth considering for those looking to engage in the cryptocurrency world.
FAQs
What country is Poloniex from?
Poloniex is from the United States. It was founded in 2014 and is one of the oldest and most established crypto exchanges in the industry. However, Poloniex’s services are unavailable to US-based traders.
Is Poloniex a big exchange?
Poloniex is a big cryptocurrency exchange with a daily trading volume of over $1 billion. It has also been around for almost ten years, making it one of the oldest crypto exchanges in the crypto space.
How to transfer USD to Poloniex?
To transfer USD to Poloniex, you can use bank transfer, wire transfer, or credit/debit card. A Simplex bank account is one of the best options to transfer USD to Poloniex.
Here is the step-by-step guide:
- Navigate to the top menu and select Buy Crypto.
- Select your preferred currency, then enter the amount you want to buy
- Click the relevant button or option to initiate the purchase process.
- You will be redirected to the Simplex bank account interface, where you’ll be prompted to input your card details to transfer funds.
Why does Poloniex want my SSN?
Poloniex wants your SSN because of their KYC and AML regulations requirements. This is standard practice for most cryptocurrency exchanges. Providing your SSN also helps prevent fraud, such as account takeover and identity theft.
