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BROKER REVIEW

POLONIEX CRYPTO EXCHANGE

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November 19, 2021 | 

Jesus Guzman |  0 Comments | 

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POLONIEX – CRYPTO ASSET EXCHANGE GENERAL OVERVIEW

Our Pick

Mimimum Deposit

$50

Crypto

currency
currency
currency
currency
currency

Regulation

country

Our Score

9.5

Our Pick

Poliniex General Overview

Poloniex is a crypto exchange that is popular among retail traders. The platform was established in 2014 and has to deal with the significant increase in crypto exchange sites over the next few years.

It was purchased by Circle in 2018 for $400 million, and this would help it increase its user base significantly. Since the purchase was made, Circle has integrated its payment service and institutional trading features to Poloniex. In this Poloniex review, we will cover the key details of the platform.

Poloniex Crypto List: Which Currencies Can I Trade on the Site?

At Poloniex, individuals can purchase cryptocurrencies with various fiat currencies. Here are some of the fiat currencies you can use on the site:

  • USD
  • EUR
  • AED
  • AUD
  • AZN
  • BRL
  • CAD
  • CHF
  • DKK
  • DOP
  • GBP
  • JPY
  • INR
  • NOK

You can exchange these currencies for the following cryptocurrencies:

  • BTC
  • ETH
  • USDT
  • TRX
  • XRP
  • STR
  • LTC
  • DASH
  • PAX
  • BCH
  • BCHSV
  • DAI
  • EOS
  • ATOM
  • BNB
  • BUSD
  • AVA
  • QTUM

On this crypto exchange, you will have to stick to a minimum limit of $50 and a maximum of $20,000.

Poloniex Fees and Poloniex API

When trading cryptocurrencies, you should evaluate the fees as that will directly impact your profits. At Poloniex, traders have to pay a transaction fee of 3.5% or $10, whenever they buy cryptocurrencies with fiat currencies.

The trading fees will be adjusted depending on your trading volume over the past 30 days. Individuals who have trading volumes of under $50,000 in a 30-day period will pay the highest fees. The maker charges at this level are 0.1450%, while the taker fees are 0.1550%. Here is a guide to the fees at other tiers:

  • Individuals who have trading volumes of between $50,000 and $1 million will have to pay maker fees of 0.050% and taker fees of 0.1200%.
  • Individuals with trading volumes of between $1 million and $10 million have to pay maker fees of 0.0700% and taker fees of 0.1150%.
  • Individuals with trading volumes of between $10 million and $50 million have to pay maker fees of 0.0500% and taker fees of 0.1100%.
  • Individuals who have a 30-day trading volume of more than $50 million will enjoy the lowest fees. They have to pay maker fees of 0.0200% and taker fees of 0.1000%.

To minimize your charges, you can sign up for Poloniex Plus Silver and Poloniex Plus Gold. Also, at the lowest tier (less than $50,000 trading volume), individuals who hold at least $49 worth of TRX will get better Poloniex prices.

If you are an experienced and high-volume trader, you can consider using Poloniex API to access better functions. With the API, you will be able to use commands and implement code.

You can use this feature to connect to third-party applications such as trading apps, asset tracking apps, lending apps, and trade analysis apps. You can also create trading bots with the API.

How Can I Access the Poloniex Support Team?

Before you start using Poloniex to trade cryptocurrencies, you should consider going through the help page of the website. This section can be accessed by clicking the headphones link at the top of the website.

If you still need help using the platform, you should contact the support team using live chat. This will give you quick solutions to your problems.

Poloniex also allows users to fill in the form on the contacts page, and the responses will be sent to your email. You should note that Poloniex does not offer customer support for their API, but they have a guide on how to use it.

How to Buy and Sell Crypto on Poloniex

Once you create an account at Poloniex, you will be able to trade cryptocurrencies and can also work as a margin lender. The base currencies of the exchange are BTC, ETH, Monero, USDC, and Tether.

Before you can fully use the services of Poloniex exchange, you should verify your identity, and this can be done by uploading a picture of your ID card or passport. You will also have to take a picture of your face.

After sending the verification documents, you can follow these steps to buy and withdraw cryptocurrencies:

  • Fund your account with fiat currencies. Lots of fiat currencies are supported on the site, and you can conveniently make the transactions using credit cards.
  • After that, you should choose the cryptocurrency you intend to purchase.
  • On the order book, you can indicate the amount you are willing to pay for the cryptocurrency.
  • You can then enter the amount of crypto you want to buy, and then you can complete the transaction.
  • If you want to withdraw your funds, you should go to the cryptocurrency you intend to withdraw and fill in the amount you want to add to your wallet.
  • You can then add the wallet address and complete the withdrawal.

How Secure is Poloniex?

Poloniex is not a regulated crypto exchange, and this is one reason why the Poloniex Reddit comments are quite negative. Since the site was hacked a few years ago, it has had to increase its security features.

Today, the platform uses the following systems to ensure that customer funds are held safely:

  • It uses two-factor authentication to protect customer accounts.
  • It features DDoS protection.
  • It supports cryptographic signatures to protect the DNS cache.
  • It uses strong web security to prevent robot infiltration and other forms of web attacks.
  • Individuals can sign into their accounts with facial recognition technology.
  • It uses cold storage, so the wallets are not linked to the internet.

With these measures, Poloniex now ranks as one of the most secure crypto exchanges.

Pros of Poloniex

  • It charges very low fees.
  • It ranks highly in terms of security.
  • It features lots of cryptocurrencies.
  • Users can conveniently deposit money using credit cards.

Cons of Poloniex

  • It is not regulated.

Should I Buy and Sell Cryptocurrencies at Poloniex?

Poloniex is a major crypto exchange, and it was among the first ones to be created. However, its name was tarnished by the 2014 hack. Since then, the platform has increased its security features significantly, and this has prevented any further attacks.

As noted in this Poloniex review, the website supports lots of cryptocurrencies and fiat currencies. If you want to trade crypto, then this can be a great platform for you.

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