Poloniex - Global cryptocurrency exchange

Based in San Francisco, Poloniex has quickly emerged as one of the world's leading cryptocurrency exchanges. This platform gives users a lot of options to trade.

Name	Poloniex Digital Asset Exchange
Fiat money	Is not
Cryptocurrencies	BTC, ETH, XRP, DOGE, XLM, ETC, STRAT, LTC, SC, DGB, BCH, LSK, XMR, LOOM, BAT & more than 50 other cryptocurrencies
Deposit method	Cryptocurrencies
Transaction fee	Maker: 0-0.15%Taker: 0.05-0.25%
Deposit fee	Is not
Withdrawal fee	Fees vary

Advantages

• One of the best options for trading cryptocurrencies
• Margin trading
• Good liquidity
• Support stop loss limit orders

Defect

• Negative reviews from the cryptocurrency community on withdrawals and customer support
• Customer service is missing
• The site is quite old and slow

What is poloniex?

Poloniex is one of the leading cryptocurrency exchanges in the US. The platform provides traders with powerful features to analyze the market and execute trades with hundreds of currency pairs. This is also one of the exchanges with a long history of development, Poloniex was launched in 2014.

From a financial security perspective, Poloniex does not work on fractional reserves. This means that all funds you exchange are only used to facilitate trading on your account.

Countries available

Poloniex is a U.S.-based cryptocurrency trading platform, but anyone can use it to make transactions as long as their country has no laws banning cryptocurrency trading. Because Poloniex only uses cryptocurrency to trade (does not support any fiat money so it does not need to meet financial and banking regulations.

Which payment method is accepted?

Poloniex does not accept fiat money, meaning that deposits to make transactions are only possible via cryptocurrency.

Charging mechanism

Poloniex has created a tiered fee structure. Here is the full breakdown:

Maker	Taker	Trading volume (average after 30 days)
0.15%	0.25%	<600 BTC
0.14%	0.24%	≥ 600 BTC
0.12%	0.22%	≥ 1,200 BTC
0.10%	0.20%	400 2,400 BTC
0.08%	0.16%	≥ 6,000 BTC
0.05%	0.14%	≥ 12,000 BTC
0.02%	0.12%	≥ 18,000 BTC
0.00%	0.10%	≥ 24,000 BTC
0.00%	0.08%	≥ 60,000 BTC
0.00%	0.05%	≥ 120,000 BTC

Each transaction takes place between two parties - maker and taker. Maker is the one whose order exists on the order book before trading. Taker is the one who orders to "take" Maker's orders. Withdrawal and deposit fees are based on the minimum transaction fee of the blockchain.

Deposit processing time

Deposit and withdrawal process can take from 30 minutes to 1 hour to complete the transaction. You can review your withdrawal information by selecting Balances> History in the main menu. Your withdrawal orders information will be displayed in the same place.

Limit

Withdrawals on Poloniex will be limited based on your account verification level. Your initial daily withdrawal limit may only be US $ 2,000. Upon verification, your daily limit will increase to US $ 25,000.

However, you must add other information such as your photo ID, address, and even your own photo ID. (ID can be ID card, ID card, driver's license, passport, ...).

In addition, you can also exceed the limit of US $ 25,000 withdrawals. But the details are not published online, you need to contact customer support directly for more information.

Is Poloniex safe?

Poloniex has previously had a security problem wiping out more than 12% of the exchange's Bitcoin. Since being hacked in 2014, Poloniex has gradually improved and regained its reputation afterwards.

Poloniex also runs auditing programs 24 hours a day, 7 days a week, 365 days a year. It is their job to report and block any suspicious activity.

Like other exchanges, Poloniex allows users to authenticate with two layers, which can improve the security of your account. In addition, the deposits of users on Poloniex are mostly stored on private cold wallets to minimize the unfortunate risks that may occur.

Customer support

Although Poloniex is thought to be quite good customer support, there are still negative feedback about the support team such as long response time and cash withdrawal issues, etc. But to me, the person who used Poloniex 2 years, then still feel normal.