Poloniex Cryptocurrency Exchange Review
The US-based exchange Poloniex is for experienced traders. It was founded back in 2014, and several different forms of cryptocurrencies are now traded on the platform. There is no ability to trade fiat currency as of yet. The fees for trading are low, and the interface has plenty of options available. Security is a feature that may not be quite as strong as some of the other exchanges. In 2014 there was a hack that took place, and there have been no new explanations brought forward on how they are reinforcing their system for protection from criminals. Customer support can be unresponsive as well at times, but that seems to be pretty standard for this industry.
- Several trading options
- Plenty of cryptocurrency options
- Small fees
- No fiat currency
- Security is questionable
- Slow customer support during peak times
Poloniex has low costs, but they aren’t the lowest in the trading industry. It depends on whether it’s the “Maker” or the “Taker” making the trade, and the 30-day trade volume for that specific individual. The Taker fees are going to be a bit higher than some other exchanges, but they are lower than some as well.
There are no fees for making deposits of cryptocurrency. There are charges for withdrawals, but they are dependent upon the cryptocurrency that is being traded for that specific deal.
History of the Poloniex Exchange
Tristan D’Agosta launched Poloniex in 2014 with a background in music. He had previously established the Polonius Sheet Music Company in 2010. This interface is for seasoned traders that are looking for a wide range of trading types, crypto lending, and margin trading.
Safety and Security of Poloniex
There have been a few individual issues with isolated account hacks as well as some customers complaining of withdrawal issues since the high-profile hack that occurred in March of 2014. The company has offered full refunds to the customers that lost the 97 bitcoins which were paid from the owner’s profits. In 2018 the company Circle acquired it through payments and has plans to turn it into the first regulated exchange for crypto in America.
There is a two-factor authentication in place for all customers, and since the hack, they have implemented auditing that is done automatically across the entire exchange. You won’t find a page on their site that explains wallets, PGP/GPG, SSL/TLS or cryptography. That means there is nothing saying that the platform is as safe and secure as it should be.
Exchange Ease of Use
There are power and flexibility behind the use of the Poloniex website. Those with a good handle on cryptocurrency will be able to explore a wide range of boxes, windows, and screens to make their trades. Market trades, stop-limit orders, and the option to make margin trades and to lend are all offered and can be completed easily through exchange or margin lending accounts. There is no mobile application available for Poloniex trading at this time.
Depositing and Withdrawing from Your Poloniex Account
Deposits and withdrawals can only be done through crypto wallets as there are only trades allowed with cryptocurrency and no fiat currency.