There is a lot of commotion in the investment market regarding all cryptocurrencies and their trading exchanges. In this race of Bitcoin or other crypto coins as well as the various crypto exchanges; there are a lot of florida sports betting players in both the categories from various regions and countries from all around the globe entering the Crypto ecosystem. In this fierce competition every cryptocurrency or Bitcoin exchange has to pave its way and fight its own survival battle. Let us have a look at the detailed Poloniex review.
Poloniex Exchange Summary
|Supported Fiat Currencies||USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP and few more|
|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||Online Support (email ticket)|
With the successful progress chart of growth and development, the cryptocurrency or for that matter online web–based digital trading platform’s market has attracted lot of attention from the investment individuals, small business and also from the companies who want to earn out of this market not only from investing but also from floating there digital or crypto product in the market. In the purview of such existing intense competition, still there is always some or the other florida sports betting entrant in the market. Let us do an elaborative crypto exchanges reviews of one such online trading platform called – Poloniex crypto exchange.
Poloniex Review: Introduction
In this Poloniex exchange review, we will dive deep into the features, services, and other vital aspects pertaining to the exchange. Poloniex is a cryptocurrency trading and exchange platform. Now, it is a part of or subsidiary of its parent company named M/s. Polo Digital Assets Limited. This parent company is established and originated in the Island country of the Republic of Seychelles. Thus, implicitly now even Poloniex Exchange’s main location i.e. headquarters are based in the Island country of Republic of Seychelles and the exchange is now regulated and governed by the Republic of Seychelles’ rules, regulations, and laws regarding Crypto or digital currency.
Unilaterally, Poloniex cryptocurrency exchange platform is lawfully and officially open as well as trade wise accessible to almost all countries around the globe except few. Which implies that Poloniex is forbidden for the residents and citizens of the few countries in lieu of trading and exchange such as Cuba, Iran, North Korea, Sudan, Syria, The United States. As of now the trading volume of Poloniex Exchange platform is approximately 4872 Bitcoins (BTC) per day trading volume.
Establishment and History of Poloniex: Poloniex trading exchange was originally headquartered in Delaware i.e. a United States based cryptocurrency trading exchanges and it was established in January 2014 by Tristan D’Agosta. This Poloniex trading exchange was and also is one of the biggest U.S. based cryptocurrency exchanges in the world. Soon after it was launched, the platform faced a cyberattack in 2014 itself which made it lose almost 12% of its Bitcoin pool i.e. approximately USD 50,000 worth.
Over and above this loss, the platform had also borne the consequences and returned the investors equal amount of lost Bitcoin share of investment. Later in 2016, it rose up again from this setback and increased its trading volume by being the first entrant in the market to list Ethereum (ETH) on its trading exchange. Then in the first quarter of the year 2018, Poloniex was acquired by a company named M/s. Circle (a payments company) for acquisition cost of almost 4,00,000 USDT.
After acquisition, Poloniex’s transformation began towards its progress and it was totally transmuted into America’s one of the first fully regulated crypto exchanges by Circle company. Consequently, Poloniex is one of the top and immensely popular US Crypto exchange specifically amongst the US investors, experienced traders as well as florida sports betting users also. It has daily trading volumes of more than approximately USD 100 million.
Further, after facing another setback and some challenges in the form of florida sports betting CLAM crash details in early 2019 due to the uncertainty in the U.S. cryptocurrency regulatory environment; Consequently, at end of the same year i.e. in November 2019, the parent company M/s. Circle swirled out the strategy and switched the Poloniex as an organization into a separate entity under the name of Polo Digital Assets Ltd and this florida sports bettingly formed company was again officially registered in an archipelagic island country of Republic of Seychelles, which is a remote island in the Pacific and is very much renowned for crypto favorable regulations as well as is also a florida sports betting for other unregulated cryptocurrency exchanges like BitMEX, Prime XBT, Binance, etc… This florida sports bettingly formed entity – Polo Digital Assets Limited is the parent company of Poloniex.
Further, the establishment of this parent company was supported and funded by an unnamed group of Asian investors including TRON’s CEO Justin Sun. With this strategy take of Circle it freed itself from challenges as a US regulated company/regulated international exchange and totally took a different direction by avoiding AML/KYC checks to becoming a platform without verification as well as by becoming a fully unregulated exchange.
Thus conclusively, as different exchanges have different trading views, Poloniex also now has its own trading view for cryptocurrencies. Further, again in February 2020, Poloniex again faced a bug attack for which in April 2020 the web platform went under a total revamping of its interface on various different interfaces such as websites, mobiles etc. However, it responsibly and successfully managed to come out of this crisis and stood again in the market with its head upright by again gaining the faith of its users.
Poloniex Review: Features
Looking at Poloniex Exchange’s history and journey right from inception to till now, it is evident that it has been through a rough patch and faced windy blows but still has not withered till date; instead is every time it falls back, again it stands up with its fighting spirit and competes in the market. This seemingly implies that one of the big and evidently major features of Poloniex is its Fighting Spirit and Ability of Coming Back. Apart from this, there are also other features of this trading exchange such as:
Earn Without Trading
Poloniex platform is a legitimate as well as legal entity, but currently due to change in its management and in its registered place of establishment, it is now an unregulated and non-governed crypto exchange.
It has a clear, smooth and user friendly interface along with trading view charting application which makes it a trading exchange that is an excellent starting point for beginners and more experienced traders as well.
The registration and verification process are quite simple and easy on this platform i.e. it just takes a couple of minutes for users to sign up and start trading on this platform.
One of the Poloniex Exchange’s highlight features is that it charges its users with the lowest cryptocurrency trading fees for majority trading pairs as on date in the market.
Further, to add more in its kitty of features it also offers its traders with both leverage as well as futures trading options for trading pairs. Apart from this Poloniex also provides its users or traders with margin trading and lending facilities.
Poloniex has one of the smooth and simplified Website interfaces as well as Mobile application for either Android or iOS devices, that makes it very user friendly in the eyes of the users, especially those who are beginners. However, the Mobile App as of now only support basic features such as for spot trading, managing accounts, creating alerts, and managing your crypto finance; but as of now does not support these following features that are available on Poloniex website such as access to margin trading, buy and sell crypto currency with a Debit/Credit card, using of margin lending option and the Polo IEO platform as well.
Another feature of Poloniex is its customer service which is remarked as not that best in the industry, however, it provides its users and traders with round the clock and all days of the week i.e. 24 hours and 7 days a week customer support service fully in its own capacity. It is reachable through following mediums – Support ticket system via the help center; Its extensive FAQ knowledge hub; Troll box; and via Twitter and other social media networks.
Poloniex has its own decentralized exchange known as Poloni DEX. Poloni DEX was earlier called as “TRXMarket” which is a TRON-based exchange and Although it is a different trade platform from Poloniex, both the exchanges are working unitedly and diligently together since the acquisition as well as relocation of the company to the Island country of Republic of Seychelles. Also, the name of the Poloni DEX has derived from Poloniex, which indicates the same base name as well – Polo for users familiarity from a third party perspective.
Further, to highlight another feature of Poloniex is that, it also has its own Poloniex Launch Base formed in May 2020 which acts as the Initial Exchange Offering (IEO) launchpad for its users where they can find some of the latest IEO projects entering the crypto universe to participate into as well as invest in them from their early stage.
Poloniex facilitates very few and nominal fiat currency deposits options or modes of payment for all trading pairs via Credit Card, Debit Card, Crypto Transfer payment modes; And also, Poloniex Exchange platform does not favor or facilitates fiat currencies on their trading platform.
On Poloniex, users or traders can choose and select to invest from amongst the pool of more than 100 crypto or digital currencies and coins, with only email address of the traders or users to begin trading; thus, making the exchange a very easily accessible platform in terms of trading from user’s view point.
In spite of facing high – profile hacking attacks, Poloniex has recovered and has also strengthened and underpinned its security system of all servers, as well as redesigned the way commands are processed. Currently, the Poloniex management has installed the following florida sports betting security actions and measures such as –
- Protection against DoS attacks
- Cryptographic signatures-based DNS cache protection
- Strong security against web attacks like robot infiltration
- Storage facility of most of the Poloniex user funds in cold wallets
- Role accounts to protect users private information
- Registry lock to prevent unauthorized changes to the website
- Two-factor authentication
- Session log history
- Email confirmations step
- IP lockouts
Therefore, Poloniex even after having the history of being hacked twice i.e. one in the past during its initial inception phase and second in February 2020; has efficiently managed the recovery phase of the platform from both the bug attacks. This shows its eminent features of combating, responsibility, efficiency and competences, indirectly imposing faith in its ability as one of the best cryptocurrency exchange USA in the market in terms of security as of today.
Poloniex Review: Verification Process
The registration process of the Poloniex platform is easy, unified, and uncomplicated. Likewise, even the Verification process is also simplified in nature, but only follows a few extra steps or levels as compared to registration in lieu of the security of the users or traders. There are two Poloniex exchange account i.e. Level 1 & Level 2 based on the different verification process for the levels. Further, going more into its detail, following is the description of the steps in these levels in more details:
In Level 1 account verification process
For level 1 verification, Users or traders only need to register on the exchange using a valid email address and open a Poloniex Account. Therefore, automatically users or traders after signing up on the Poloniex platform with their wallet address by default clear the Level 1 of the Verification process and after clearance of this step it allows its users to trade for unlimited spot trading, deposits, daily withdrawal limit up to USD 20,000 per day trading, and all other Poloniex services. But it does not allow its users to access Poloniex margin trading and IEO Launch Base.
In Level 2 account verification process
For clearance of the Level 2 of the Verification process, users or traders after completion of Level 1 will have to submit the following information and documents of the Users or traders such as – Residential address in detail; Valid and working phone number; Date of birth; User’s ID documents like Driver’s license, Identity card (e.g. Pan card or Aadhar card in case of Indian Citizen or Trader) and Address Proof (e.g. Aadhar card or Passport in case of Indian Citizen or Trader). After submission and verification and confirmation of these details or user information, the users are allowed to access all Poloniex Exchange features, including up to USD 750,000 stop limit per day trading.
Apart from these two above-mentioned account and its verification process, Poloniex users are provided with Additional account options such as – Poloniex Plus Silver, Gold, or Market Maker accounts. These types of accounts are mainly beneficial for large-volume traders, professionals, and institutions and thus they can apply for opening the same with the exchange which has some additional verification steps in the process.
Fee Schedule of Poloniex Exchange Services: Fees for Trading, Deposits and Withdrawals
Poloniex Fees for Trading – In the current crypto assets industry, amongst all other crypto exchange’ trading fees, Poloniex is one that offers all order book services with low fees for placing spot and margin trades, as well as crypto currency withdrawals. As per review, Poloniex charges its users with maker fee of 0.09% and also same percentage taker fee of 0.09%.
The Poloniex trading fee chart is quite forthright and simple to understand. The fee schedule is levied on per trade basis i.e. it depends on whether the user is on the taker or maker side of the, as well as on their 30 – day trading volume. However, the VIP customer review that plunge into Poloniex Plus Silver, Gold, or market maker tiers they are charged 0% for maker trades and less than 0.04% for executed taker orders or trade, on account of them being premium level accounts with higher trade volumes.
The chart of Poloniex Fees: Maker & Taker Fee Structure:
Poloniex Withdrawal Fees
Poloniex account charges its users with Withdrawal fee of approx. 0.0005 BTC per BTC – Withdrawal, which is way below the average industry withdrawal fee of approx. 0.0008 BTC per BTC – withdrawal.
Poloniex Deposit Fees
In terms of Deposits, Poloniex Currency Exchange does not charge it users or traders with Deposit Fees i.e. No order book charges for customer deposits on the platform. Although, It has ‘No Deposit Fee’ feature, but at the same time it also does not have the facility for users to deposit Fiat money directly or for that matter even it does not have facility of Withdrawing or purchasing Fiat money on the platform, Instead users can use Fiat money pegged stable coins in their trades in place of Fiat money. The Deposit acceptance process is slightly different on Poloniex crypto exchange as compared to most other platforms. Here at Poloniex, acceptance fiat money deposits are on an entry – level exchange i.e. deposits are only accepted through bank transfers and credit cards as per the review.
Poloniex Review: Pros & Cons
As per our reviews and recommendations, the exchange has some attractive features, which are beneficial from users or trader’s perspective; Apart from this on one side of review, it has few advantages while on other side, it has few disadvantages too. Further, as discussed in the review, let’s look into the advantages and disadvantages:
|Poloniex offers extremely low trading fees as compared to other majority exchanges.||On Poloniex Exchange only very few / limited fiat deposits 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 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 little delayed and laid back as observed and analyzed through customer’s 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 second in February 2020; however, the recovery process of the platform was efficiently managed from both the bug attacks.|
|Poloniex facility is not only available on web interface but also on Mobile application 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.|
|As per the user review, 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.|
Poloniex Review: Conclusion
After doing Poloniex Reviews from all aspects in detail, it can be said that it is not a swindle, forgery, or an illegal platform. Even though as per our Poloniex Exchange review, it has changed its country of origin and inception from United States to Island country of Republic of Seychelles for some competitive and strategic reasons, it is still a lawful and permissible Web based online cryptocurrency trading and exchange platform with class action lawsuit. It also is available on other interfaces such as Mobile application apart from website interface.
Being regulated and governed by the Island country of Republic of Seychelles pertaining to Crypto trading, the platform review is now liberal in nature from users or trader’s perspective in regard to policies pertaining to AML or KYC rules and control as well. Based on Poloniex exchange review, it can be said that the platform of Poloniex, on one side, has some distinct and beneficial features from traders or investors point of view, while on the other side it also has few apparent flaws or disadvantages as well, which the traders or investors should take into consideration while trading on this platform after reading this review.
However, it is one of the top, renowned, legal, and responsible United States cryptocurrency exchange and trading platforms. Poloniex Exchange is in the list of top 20 Crypto Trading Exchanges from all round the globe. The Poloniex trading platform as on date offers the lowest cryptocurrency trading fees on the market to its traders along with exceptional Poloniex customer support and facilities such as margin trading, margin borrowing.
Further, as per our review, it has its own Initial Exchange Offering (IEO) launchpad and Mobile application interface as well. Also, thanks to its decentralized exchange, it allows traders to trade without obliged and compelled trader’s KYC assessment. However, its customer service is not the best; but as per our reviews, the features of this platform are sporadically positive and influencing factors in today’s crypto industry. Thus, after carefully doing the reviews of Poloniex, it can be considered as one of the recommendations for cryptocurrency exchanges in the digital asset industry. You can follow us to know more about cryptocurrency exchange, small business of crypto industry and cryptocurrencies.
Is Poloniex safe?
The platform faced a cyberattack in 2014. The platform since then has installed the florida sports betting security actions and measures, which makes it a legitimate as well as a legal entity. Apart from that, based on the Ploniex review mentioned, it’s fair to say that Poloniex is safe.
Can US citizens use Poloniex?
In November 2019, M/s. Circle swirled out and switched the Poloniex as an organization into a separate entity under the name of Polo Digital Assets Ltd. Poloniex made an announcement that it will be shutting down US operations and no longer providing services to the US users.
How do I withdraw from Poloniex?
For app users, they can follow these steps: Tap on the wallet mark at the bottom left corner of your screen, and then withdraw. Select the currency you wish to withdraw. Enter the destination address, additional payment ID, and the amount you wish to send. Enter your password to confirm. For web users, they can follow these steps: Click on the Poloniex wallet section at the top right of your screen. Click on withdraw section and then click the asset you wish to withdraw. Enter the destination address, additional payment ID, and the amount you wish to send. Click continue, and review your withdrawal before confirming via the withdraw button.
Does Poloniex require KYC?
Being regulated and governed by the Island country of Republic of Seychelles pertaining to Crypto trading, the platform review is now liberal in nature from the user’s or trader’s perspective in regard to policies pertaining to AML or KYC rules and control as well.