Poloniex is an international cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies. It also offers the ability to borrow certain cryptocurrencies, allowing users to use their assets in exchange for interest. Poloniex offers trading between cryptocurrencies. It currently supports more than 200 digital currencies and new ones are added regularly.
Poloniex was founded in 2014 by Tristan D’Agosta and was sold to online payment company Circle in 2018. The exchange was then separated into a separate asset owned by a group of investors, including the following: the famous Justin Sun (creator of TRON). In 2019, Poloniex headquarters moved from the United States to Bermuda to provide greater regulatory flexibility. Currently, this exchange is available in most countries around the world (with exceptions in the US, for example).
Poloniex focuses on cryptocurrency trading by offering a wide range of supported assets and very low fees. Designed with active traders in mind, Poloniex offers limit orders, margin trading, and futures. Cryptocurrencies supported by Poloniex
Poloniex provides access to more than 200 cryptocurrencies, giving users more options than most centralized exchanges. Popular cryptocurrencies that can be found on the platform include: Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ripple (XRP), Shiba Inu (SHIB), and Polkadot (DOT). New tokens are also added regularly so you can check everything that is currently available in this link. Trading options at Poloniex
Poloniex offers basic spot trading for users who want to trade between cryptocurrency pairs, and a margin trading option for those who want to take advantage of leverage. For spot trades, users can use Market, Limit and Stop-limit order types. For margin trading, users can borrow funds and trade a limited number of assets. Margin trading requires identity verification, but other trade types are available to all users. When trading futures, Poloniex offers permanent exchanges, which are a kind of derivatives contract. Transaction fees at Poloniex
Poloniex is charged according to the manufacturer-buyer model, with discounts for larger volume users. There are also discounts for those who pay transaction fees with TRX coin. Description: A “Buyer” is an orderer who fills in immediately, while a “Maker” places an order that is added to the order book and remains there until a suitable offer is found. Depending on whether the user is the buyer of the transaction or the party placing the order, various fees are charged as follows:Level30 daily volumeMaker/buyer commission
Maker/buyer commission (in TRX)1< $50,0000% / 0.1250%0.0805% / 0.0875%250K – $1 million0.1050% / 0.1200%0.0735% / 0.0840%31 million – $10 million0.0700% / 0.1150%0.0490% / 0.0805%410 million – $50 million0.0500% / 0.1100%0.0350% / 0.0770%550 million dollars +0.0200% / 0.1000%0.0140% / 0.0700%Opening an account at Poloniex
To create an account with Poloniex, you must provide your email address and password. You must also be 18 years of age or older and not be located in a prohibited country. Once your account is verified by email, you will be prompted to set up two-factor authentication (you can disable it if you wish).
Poloniex has two different levels of account verification that give different access to the functions on the exchange.
- Level one: This level of verification only requires you to enter your email address and password, and verify your account via email. Users can withdraw Cryptocurrency Equivalent up to $10 per day or up to $50 if they have 000FA enabled. Users at this level do not have access to margin trading.
- Level two: This level of verification requires users to prove their identity with a photo and proof of address (e.g., electricity bill). Users also need to verify their face by uploading a selfie photo. This increases the daily withdrawal limit for accounts with 500FA to $000 or $1. Level 000 users also have access to margin trading and faster customer service.
Security at the Poloniex exchange
Poloniex offers standard security for cryptocurrency exchanges, including two-factor authentication (2FA), email authentication, and authentication.
Despite this, Poloniex has suffered an attack in the past, in which the exchange lost 12% of the Bitcoin belonging to its users. Fortunately, its founder was able to pay for funds lost while withdrawing money and update security measures, including the ability to request approval via email or 2FA.
Details of the various security measures offered by Poloniex:
- Session history: Poloniex tracks devices that are logged into your account and allows you to end sessions or block devices you don’t recognize.
- Email with information about blocking the account: Poloniex will send a verification email when the device logs into your account from a new IP address, and you can immediately deactivate your account using the link in this email.
- 16-digit backup account password: Poloniex allows users to set an account recovery password in case they lose access to their login credentials or 2FA authentication.
- Two-factor authentication (2FA): Users can enable 2FA using Google Authenticator or a third-party app that generates a randomly expired six-digit code for account verification.
Opinions about Poloniex stock exchange
The Poloniex exchange is probably behind it (it was one of the best crypto exchange platforms in the past). Most likely, the departure of users from the exchange was initiated by a hacking attack, in which users lost part of their funds (which was eventually returned). Also, the exchange did not fit the era and did not try to compete with innovative products and a wide range of offers (including cryptocurrencies or payment methods). Moreover, the exchange works in only 5 languages, and Polish is not on the list. On the positive side, the exchange seems easy to use, has relatively low fees and commissions, and the cryptocurrency offering does not look bad (more than 200 assets). Opinions about Poloniex on TrustPilot
But the Poloniex exchange doesn’t record the best opinions on TrustPilot. Users rated it as 2.5/5 with 5 opinions. Among the negatives, among others, are problems with customer service or blocking of funds and accounts.