Poloniex Introduction

In this Poloniex exchange article, we will review the exchange’s features, services, and other important details. Poloniex is a cryptocurrency exchange and trading platform. It is now a subsidiary of its parent firm, M/s. Polo Digital Assets Limited. This parent firm was founded and began in the Republic of Seychelles, an island republic in the Indian Ocean.

Thus, Poloniex Exchange’s central location, i.e., headquarters, is now implicitly headquartered in the Island country of the Republic of Seychelles. The exchange is managed and regulated by the Republic of Seychelles’ crypto or digital currency rules, regulations, and laws.

General Infor

Official Website	https://poloniex.com/
Headquarters	Wilmington
Found in	2014
Native Token	None
Listed Cryptocurrencies	400+
Supported Fiat Currencies	USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP…
Minimum Deposit	Depend on the currency you choose
Trading Fees	Fees are charged on a per-trade basis
Withdrawal Fees	Fixed fee per asset (Calculated on a real-time basis)
Customer Support	24 / 7 Support
VIP Service	Institutional traders

Except for a few nations, the Poloniex cryptocurrency trading platform is legally and officially open and trade-wise accessible to practically all countries. This suggests that Poloniex is prohibited for residents and citizens of select nations, such as Cuba, Iran, North Korea, Sudan, Syria, and the United States, instead of dealing and exchanging. The Poloniex Exchange platform has a daily trade volume of roughly 4872 Bitcoins (BTC).

History of Poloniex

Poloniex trading exchange was founded in January 2014 by Tristan D’Agosta and was initially headquartered in Delaware, i.e., a cryptocurrency trading exchange based in the United States. This Poloniex trading exchange was one of the world’s largest cryptocurrency exchanges in the United States. Soon after its introduction, the network was subjected to a hack in 2014, which caused it to lose over 12% of its Bitcoin pool, or approximately USD 50,000.

In addition to this loss, the platform bore the penalties and repaid the investors an equivalent amount of their lost Bitcoin share of investment. Later that year, it rebounded and expanded Its trading volume by being the first entrant to list Ethereum (ETH) on its trading platform. Then, in the first quarter of 2018, Poloniex was acquired for over $400,000 USDT by a firm called M/s. Circle (a payments company).

Poloniex’s metamorphosis began after its takeover, and it was transformed into America’s first fully regulated crypto exchange by Circle firm. As a result, Poloniex is one of the most popular and well-known US crypto exchanges, particularly among US investors, experienced traders, and new users. It has daily trade volumes in excess of USD 100 million.

Furthermore, an unknown group of Asian investors, including TRON CEO Justin Sun, sponsored and funded the formation of this parent firm. With this strategy, Circle removed itself from the constraints of being a US-regulated company/regulated international exchange and shifted its focus to become a platform without verification and a totally unregulated exchange by skipping AML/KYC checks.

As different exchanges have distinct trading perspectives, Poloniex has its own trading perspective for cryptocurrencies. Furthermore, in February 2020, Poloniex was subjected to another bug assault, for which the online platform underwent a comprehensive redesigning of its interface on multiple interfaces such as websites, mobiles, and so on in April 2020. However, it responsibly and successfully emerged from the crisis and re-entered the market with its head held high by regaining the trust of its people.

Poloniex Features

Looking back at Poloniex Exchange’s history and the voyage from its birth to the present, it is clear that it has been through a hard patch and faced windy blows but has not withered to date; instead, every time it falls back, it stands up with a fighting spirit and competes in the market. This appears to imply that one of Poloniex’s most important characteristics is its fighting spirit and ability to recover. Aside from that, this trading exchange has additional features such as:

Polo Earn

Polo Earn, launched by Poloniex, provides users with high-yield investment opportunities for their cryptocurrency and helps them increase their crypto holdings. Polo Earn distributes interest to your spot account every day at 9:00 a.m. (UTC). Your interest will not be reinvested if your chosen Earn product is sold out or if you have reached the individual investment cap for it.

Please note that the total quota and individual investment cap vary from one product to another. Please refer to the description of each investment product for the exact numbers. Additionally, if your interest is less than the minimum amount required for a subscription, it will not be reinvested.

While you will receive your funds in the spot account immediately after choosing Fast Redemption for a flexible-term investment product, your funds invested in fixed-term products cannot be redeemed before the pre-determined redemption date and will be reinvested into the flexible-term product of the same coin upon redemption.

Margin Trading

Furthermore, to round out its feature set, it provides its traders with both leverage and futures trading alternatives for trading pairs. Apart from that, Poloniex offers its users or traders margin trading and lending services.

Poloniex boasts one of the smoothest and most basic website interfaces, as well as a mobile app for either Android or iOS devices, which makes it incredibly user-friendly in the eyes of users, particularly newcomers. However, the Mobile App currently only supports basic features such as spot trading, managing accounts, creating alerts, and managing your crypto finance.

However, it does not currently support the following features that are available on the Poloniex website, such as access to margin trading, buying and selling cryptocurrency with a Debit/Credit card, using the margin lending option, and using the Polo IEO platform.

Customer Service

Although its customer service is not the greatest in the market, it does provide its customers and traders with round-the-clock and all-week customer care service, i.e., 24 hours and 7 days a week. It can be reached via the following channels: the help center’s support ticket system; its large FAQ information base; the Troll box; and Twitter and other social media networks.

On Poloniex, users or traders can choose and invest from a pool of more than 100 crypto or digital currencies and coins, with only their email address required to begin trading; hence, the exchange is a very easily accessible platform for trading from the user’s perspective. Despite high-profile hacking assaults, Poloniex has recovered and strengthened, and bolstered its server security architecture, as well as altered the way commands are processed.

Poloniex Review: Fee Schedule

Poloniex Trading Fees – In the present crypto assets business, Poloniex is one of the crypto exchanges that offer all order book services with cheap fees for placing spot and margin trades, as well as cryptocurrency withdrawals. According to the evaluation, Poloniex charges a maker fee of 0.09% and a taker fee of the same percentage.

The Poloniex trading charge chart is straightforward and easy to read. The fee schedule is levied on a per-trade basis, which means that it is determined by whether the user is on the taker or maker side of the deal, as well as their 30-day trading volume. However, because they are premium-level accounts with higher trade volumes, VIP customers who enter the Poloniex Plus Silver, Gold, or market maker tiers are paid 0% for maker transactions and less than 0.04% for executed taker orders or trades.

Withdrawal Fees

Poloniex account charges its users a withdrawal cost of approximately 0.0005 BTC for each BTC – Withdrawal, which is significantly less than the industry average withdrawal fee of roughly 0.0008 BTC per BTC – Withdrawal.

Deposit Fees

Poloniex Currency Exchange does not charge deposit fees to its users or traders, which means there are no order book charges for customer deposits on the site. Although it features a ‘No Deposit Fee’ option, it also does not allow users to deposit Fiat money directly, nor does it let users withdraw or purchase Fiat money on the platform. Instead, users can utilize Fiat money pegged stable currencies in their trades in place of Fiat money.

The deposit acceptance process on the Poloniex crypto exchange differs somewhat from that of most other platforms. According to the evaluation, Poloniex accepts fiat money deposits on an entry-level exchange, which means deposits are only accepted via bank transfers and credit cards.

Pros & Cons

The exchange offers specific appealing characteristics that are advantageous to users or traders. Apart from that, it has a few pros on one side of the review and downsides on the other. Furthermore, as indicated in the study, consider the benefits and drawbacks:

Pros	Cons
Poloniex offers extremely low trading fees as compared to other majority exchanges.	On Poloniex Exchange, few / limited fiat deposit options are available for users/traders.
Poloniex is a User-friendly trading platform (English version along with other languages).	As compared to the review of some other exchanges, as of now, Poloniex Exchange is a more freely and liberally regulated/governed trading exchange.
Poloniex account and order book holds a smooth and simplified user interface with a trading view charting application for ease of use.	The order book does not support fiat currencies in their trading process.
Poloniex provides its users or traders with a pool of majority cryptocurrencies to choose from.	Poloniex customer service support might be, at times, a little delayed and laid back, as observed and analyzed through customer feedback overall.
It has a distinctive feature that its users or traders can leverage, as well as futures trading options of investment using Poloniex.	Poloniex Exchange has a history of being hacked twice, i.e., one in the past during its initial inception phase and the second in February 2020; however, the recovery process of the platform was efficiently managed from both bug attacks.
Poloniex facility is not only available on the web interface but also on Mobile applications as well.	After the change in management and authority of the Poloniex Exchange’s head group company, it is now an unregulated crypto trading exchange.
Poloniex has its own decentralized exchange – Poloni DEX and also its own Poloniex Launch Base as IEO Launchpads.
As per the review, Poloniex is a very easily accessible platform, where only the email address of the traders or users is required to trade.
Poloniex provides its users and traders with round-the-clock and all days of the week, i.e., 24 hrs. and 7 days customer support service.

Conclusion

After thoroughly reviewing Poloniex Reviews, it can be concluded that it is neither a fraud, fake, nor unlawful platform. Despite the fact that, according to our Poloniex Exchange review, it has shifted its country of origin and inception from the United States to the Island country of the Republic of Seychelles for competitive and strategic reasons, it is still a legal and permissible Web-based online cryptocurrency trading and exchange platform with a class action lawsuit. Apart from the online interface, it is also available on other interfaces, such as mobile applications.

Poloniex trading platform currently provides its traders with the lowest cryptocurrency trading costs on the market, as well as superior Poloniex customer care and features such as margin trading and margin borrowing.

It also has its own launchpad for Initial Exchange Offerings (IEOs) and mobile application interface. Furthermore, because of its decentralized exchange, it allows dealers to trade without being required to undergo a KYC check. However, its customer service is not the finest.

However, according to our reviews, the features of this platform are intermittently positive and impacting aspects in today’s crypto sector. As a result of carefully conducting Poloniex studies, it may be considered one of the recommendations for cryptocurrency exchanges in the digital asset business.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

   

Source