Poloniex is one of those textbook trading exchanges which leave nothing beyond board. It’s govt. recognized, regulated and hence isn’t as liberal as some of us would like it to be. Let’s explore it further throughout this Poloniex review.
And your timing couldn’t be better, if you find this Poloniex review before December 31st 2019, you’re in for the biggest possible discount on any exchange (free trades).
But beware, if it’s “anonymity” you’re looking for in an exchange you ought not waste time on this piece, and rather glance at any of our other Best Cryptocurrency Exchanges reviews.
As an individual seeking a new Cryptocurrency trading platform, you probably are seeking answers to the following questions:
- Does Poloniex Need Identity Verifications?
- What are the Deposit Modes on Poloniex?
- What are the Limits and Fee on Poloniex?
- Is Poloniex Trustworthy and Secure?
- Which are the Poloniex Supported Countries?
- Is Poloniex available on Mobile Devices?
- Which Coins are Available on Poloniex?
- How to Contact Poloniex Support?
- Does Poloniex Support Margin Trading and Lending?
If any of the above questions resonate with the doubts you have in your mind, this Poloniex review wouldn’t be a waste of your time.
Poloniex Exchange At a Glance
Here’s the entire exchange at a glance, all the primary features mentioned right here. Once you slide through these we will answer the above questions in detail.
- Primary URL: https://poloniex.com/
- KYC: Mandatory
- Payment /Deposit Methods: Crypto + Cards + Bank Transfers
- Fee: 0.0%-0.25%
- Security: Session History / 2-FA .
- Margin Trading: Yes.
- Lending: Yes.
- Mobile Support: Yes.
Does Poloniex Need Identity Verifications?
Yes, it does. It’s one of the primary downers personally for me because anonymity is of top priority for me. No practical usage of the exchange is possible without identity verifications.
Infact, the registration requires users to specify their Address, Mobile number, and then proceed onto an even stricter Identity verification step.
The verification requires a user to upload three document types, Passport, Identity Card and Driver’s License.
Note that the platform doesn’t accept Birth ID, Company IDs, Driving licenses, Student IDs, not even Visas. The only exceptions being VISAs from U.S and China (both Work and Education) are accepted.
The registration is only complete after this verification is complete, prior to that even though different section on the Exchange are accessible, they can’t be used. No trades, deposits are possible without verification either.
What are the Deposit Modes on Poloniex?
Poloniex supports and allows both Crypto as well as Fiat deposits. However, on the “Deposit” page, you’d only find Cryptocurrency options enlisted.
In order to deposit Fiats using cards, a user has to click on the “Buy with Crypto” option from “Balances > Buy with Card” on the top-bar.
The purchase is completed in USD/EUR (you get to choose), and is obviously possible even if your card is issued in some other currency and country. The amount is auto-converted to USD/EUR upon purchase.
Note that Simplex is used to process this transaction. And Simplex has its own set of verification requirements when used to purchase Fiats for trading exchanges. Apart from Simplex, a user can also use Bank Wires for Deposits as well as Withdrawals.
What are the Limits and Fee on Poloniex?
There’s no standard Minimum deposit/withdrawal requirement, rather it primarily depends upon the Cryptocurrency being deposited.
Although on a positive note, for most Cryptocurrencies, if you deposit lower than the minimum requirement, consecutive deposits to the same addresses are accepted till the required minimum is reached.
The required number of minimum confirmations too differs based on the exact Cryptocurrency, but it’s 1 for BTC, 12 for ETH, 8 for XMR, 50 for DASH, 72 for BTCH and so on.
The minimum deposit accepted via Simplex is of USD $50.00, the maximum being USD $20,000/day and USD $50,000/month.
The fee for Fiat deposits via Simplex is 3.5% of the transaction (or USD $10.00) whichever’s higher. As for Crypto deposits it’s Cryptocurrency-specific.
Deposits as well as Withdrawals done via Bank Wires are free, however to-be-returned deposits cost USD $50.00 for refunds.
The trading fee which is the most common and frequent fee levied on trading exchanges (has to be paid on every single trade) is based on the traditional maker-taker model. It also is based on a user’s 30-day trading average.
For absolute starters, with trading volume lower than USD $25K, the fee is 0.15% for makers and 0.25% for takers.
For Tier-2 traders, with a trade volume of $25K+ to USD $1Million, it’s 0.08% for makers and 0.20% for takers.
Tier-3 traders with volume between 1 Million USD- 2.5 Million USD only pay a 0.05% maker fee and a 0.15% taker fee. USD $2.5Milion – 20 Million USD traders pay only 0.2% fee (makers) and 0.13% (traders).
And finally, trades are free for makers with 20 Million+ trade volume and is charged at a 0.1% for the takers.
Is Poloniex Trustworthy and Secure?
That it definitely is. For starters, it’s registered in Boston, USA under Poloniex LLC. And also holds licenses from multiple U.S states for financial transactions and holding third-party funds.
Also note that Poloniex is owned by Circle, a group which raised USD $110 Million in its Series E funding. The company also raised USD $246 Million which all go on to prove its professionalism, legitimacy and the fact that it’s investor-backed.
Apart from all these legal and financial securities, the platform is also conscious and serious about the security of its user-accounts.
For starters, it offers 2-Factor authentication which can be enabled via Google Authenticator. There is the 16-digit recovery seed as well in case 2-FA access is lost.
Although from my personal experience, I’d say the platform almost has 2-FA by default. That’s so because almost everytime I login, the exchange asks me to verify my ownership via E-mail. Even under perfectly normal conditions (no change in IP address).
Additionally, the Session-History for an account can be accessed from “Settings> Session and Login History”.
It shows the Date & Time of Login, IP Address, whether 2-FA was used to Login or not, the location of the login (based on the IP address), as well as any major action performed during the session as well.
This can be checked periodically to ensure that no breach has occurred, and in case of Anomalies the account security can be upgraded.
Additionally, the platform has an average real-time traffic of 2,000+ in general. The 24-hour BTC volume on the platform for today is 327 BTC , 9108729 USDT, 312 ETH and 2935713 USDC.
While the numbers above are extremely volatile and change by the second, they do prove that the platform is trusted and used for trades in the neighbourhood of nearly 105 Million USD+/day.
Which are the Poloniex Supported Countries?
Being a regulated exchange, Poloniex can’t operate across the globe at will. There are a number of countries Poloniex isn’t available in, which include:
Even though it’s available in the U.S, the people residing in New York aren’t allowed to trade on the platform.
Is Poloniex Available on Mobile Devices?
I do wish to learn of an exchange’s mobile-compatibility simply because those are faster, and just a better option for me to trade throughout the day than a computer.
Fortunately, Poloniex is available across both iOS and Android devices. In case you can’t access the Play Store for whatever reasons, they’ve also included a direct APK download link at their footer.
If you do not wish to download an additional application on your devices, the website does feature a “Mobile version” of the site which can be used on Mobile Devices.
In a nutshell yes Poloniex is totally available on Mobile Devices.
Which Coins are Available on Poloniex?
Exactly 51 coins are available on Poloniex as of today. This naturally means that it’s not as Currency-rich as we’ve seen with other platforms such as with our OkEx Review, or IDAX Review. Rather is more in line with the Kraken Review we did.
Although note that some of these coins are not available in the U.S, specifically ARDR, BCN, DCR, GAS, LSK, NXT, OMNI and REP.
How to Contact Poloniex Support?
Not one of the finer moments in this Poloniex review, the company doesn’t provide any live-chat support. And hence all replies are comparatively much slower than most other exchanges which feature a live-chat.
The only way to contact support is via Support tickets. Non-registered users can use a floating contact-box to get in touch and replies are received via E-mail.
Does Poloniex Support Margin Trading and Lending?
Yes, the exchange does offer both Margin Trades, as well the lending funds to margin traders.
The process isn’t any harder or different compared to most other exchanges offering Margin trades. Here’s what a normal margin account looks like:
As for lending, any coin that you own can be lent to the margin traders. The interest rate is compounded daily, but Poloniex charges a 15% fee on the interest rates.
Let’s wrap this Poloniex Review up folks. So it’s feature-rich, secure and financially-strong as a company. The only two downers I personally felt to exist with the company were its no-anonymity policy, and lesser number of supported coins.
But all in all, it sure is professional, lets users fund their accounts with fiats and has low minimum requirements. The security too is commendable, and for more advanced, risk-taking traders Margin Trades and Lending top if off.
So I personally would end this Poloniex Review saying it’s without doubt one of the best and more trustworthy exchanges out there. Let us know what you think on the same.