Poloniex Exchange Review: Things to Know Before Using This Exchange

Introduction

Are you in a hurry to start your crypto journey? Hold on, and do your research before you invest. Today we will review – Poloniex – a digital asset trading exchange registered in Seychelles. In this review, we will be discussing in detail Poloniex features, Pros, Cons, and Overall rating

Overview

What is Poloniex?

Poloniex is a cryptocurrency exchange founded in 2014 by Tristan D’Agosta. Within months it gained the trust of millions of followers. It is a secured exchange with industry-standard security features. However, soon after the launch, it was hacked and it lost around 12% of its bitcoins at that time. 

It offers spot, margin, and future trading with a nominal fee. The maker fee is 0.145% and the taker fee is 0.155%. The users who own TRX are given an additional discount of 30% on trading fees. 

 With the referral program, you can earn up to 60% in commission. With its 350+ cryptocurrencies, it is ideal for both beginner and professional traders. Poloniex also offers futures trading where investors can buy perpetual swap tokens and gain significantly by 100x leverage. It should be done by seasoned traders as future trading involves significant risk. 

In 2018, Poloniex was acquired by a company called Circle, but it was sold in 2019 to a group of unidentified investors. The company is currently owned by Polo Digital Assets Ltd, backed by an Asian investment agency. In 2019, the exchange acquired TRX Market and changed its name to Poloni DEX – a decentralized exchange. The acquisition of TRXMarket was to expand its decentralized services as TRON is bound to become an integral part of decentralized trading platforms.

Features

• Trading options – Spot, Margin, and Futures trading is available on Poloniex
• Trading fees – The maker fee is 0.145% and the taker fee is 0.155% for a new user. The trading fees decrease as the trading volume increases and also depend on the amount of TRX you hold in your account. In addition to that, you will be charged 3.5% as a processing fee if you use the Simplex payment system.
• Launch Base – An exclusive page where new tokens are launched and you can buy them for a lesser price. 
• Referral – You can earn up to 60% commission depending on the number of referees you bring into the system. For a new user, you can earn up to 20% as commission if you bring less than 5 referees. As the number of referees increases, the commission earned also increases.
• Reward Center – Poloniex launches new coupons, trial funds, and reward programs every two weeks. You can redeem it by doing simple tasks. 
• NFT Marketplace – A place where you can buy, and sell NFT and other digital gaming assets 

Cryptocurrencies Available on Poloniex

The exchange offers more than 350 cryptocurrencies. It also provides NFT. Some of the popular cryptocurrencies are 

• Bitcoin
• Ethereum
• Litecoin
• Luna
• Bitcoin Cash
• Tether
• Cosmos
• BNB
• Shiba Inu
• Dogecoin

How to Create an Account on Poloniex?

Let us learn how to create an account on Poloniex

1. Log on to Poloniex.com and enter your email address
2. Enter an alphanumeric password
3. Enter the OTP sent to your email ID
4. You are now level 1 verified. However, to increase the withdrawal limit and enhance security we need to complete level 2 verification
5. Click on Level 2 verification. Select your Country. Enter details like name, date of birth, and address. Enter your mobile number. Click [Continue]
6. Upload a Government issued Photo ID like Passport, driving license, or identity card. You can capture the front and backside of the ID card using a web camera
7. Capture your selfie using a web camera
8. The verification can take up to a few minutes. 
9. Also, install Google authenticator on your mobile app and enable 2FA to secure your account. 

How to Buy Cryptocurrencies on Poloniex?

Let us learn how to buy crypto on Poloniex

1. Log on to Poloniex.com 
2. Click on [Buy Crypto]
3. Select the Fiat currency and cryptocurrency, and enter the amount of crypto you want to buy
4. Click [Buy Now]
5. Choose the payment option – (Simplex Banking or Debit/ credit card)
6. Click [Continue]. Enter the card details and click [Next]
7. Enter the OTP and transactions will be instantly done. You will get a confirmation notification in your account

How to Sell Cryptocurrencies on Poloniex?

Let us learn how to sell cryptos on Poloniex

1. Log in to your Poloniex account
2. Click [Buy Cryptos]
3. Click [Sell with Fiat]
4. Enter the denominations for Fiat and cryptocurrency
5. You will be then directed to Simplex.com to complete the purchase
6. You will be required to verify your identity here. Make sure that you have a valid ID form ready
7. Once the transaction is completed you will be notified

How to Deposit Cryptocurrencies on Poloniex?

Let us learn how to deposit cryptocurrencies on Poloniex

1. Log in to your Poloniex account
2. Click on [Wallet]
3. Click Deposit
4. Select the cryptocurrency you wish to deposit and also the correct network
5. Copy the address generated by Poloniex
6. Paste the address in the withdrawal section of your old exchange
7. Review the details and submit them
8. Your funds will be deposited shortly

How to Withdraw Cryptocurrencies on Poloniex?

Let us learn how to withdraw cryptocurrencies on Poloniex

1. Log in to your Poloniex exchange
2. Click [Wallets]
3. Click Withdraw
4. Paste the withdrawal address
5. Select the withdrawal network
6. Review the details and then submit it
7. Your cryptos will be withdrawn soon

Exchange Fees and Supported Payments

There are no deposit fees for depositing cryptos and a withdrawal fee is given for each cryptocurrency to cover the network fees. The withdrawal fee varies for different cryptocurrencies. 

The trading fee is calculated on the basis of trading volume and the amount of TRX you hold in your account. For a new user, the maker fee is 0.145% & Taker fee is 0.1550%. If you pay in TRX then there is an additional discount of 30%. There are no maker fees for Poloniex Plus Silver & Gold members.

Additionally Simplex charges a 3.5% or $10 fee, whichever is greater, as a processing fee while buying cryptos. On top of that Poloniex charges 0.75% for Simplex transactions

The maker fee is 0.01% and the taker fee is 0.075% for futures trading. 

Referrals

Poloniex offers a unique referral program where you can earn a commission based on the number of referees you bring into the system. For a novice, the commission rate is 20%. The more referees, the more the commission. The Sun captain – (referer with more than 50 referees) will get up to 50% commission and 10% extra commission for sub-referrals. All you need to do is to invite friends using your referral code and start earning on successful registration.

Customer Care

Poloniex has a dedicated customer support section where you can browse different categories of queries. It has also a live 24/7 chat support section that can assist you with emergency queries. There is no phone support. 

Mobile App

Mobile App allows you to trade and track your portfolio at your fingertips. KYC verification can be easily done using the mobile app. It is available on both IOS & Google Play Store and has more than 4-star ratings. 

Recent updates 

• 09 Mar 2023 – Margin Trading competition: $20,000 to be won
• 20 Mar 2023 – Arbitrum to be listed on exchange on 23 Mar 2023
• 30 Nov 2022 – Poloniex & Huobi to have a strategic partnership to work on ecosystem expansion, project cooperation, liquidity support, and global compliance

Conclusion

Poloniex is a cryptocurrency exchange that offers more than 350 cryptocurrencies at lesser trading fees. Trading fees are discounted when you become a high-volume trader. Even though it has industry-standard security features, it has been hacked in the past and was under the strict review of U.S. financial regulatory bodies. 

Understand that there is no single cryptocurrency exchange which is all good. You need to understand your trading need and requirements, do your own research, and select an exchange that suits you in terms of security, trading fees, and other features. 

FAQs