Poloniex
- Overview
- Security
- User Experience
Volume 24H: BTC 42,027/24h
Poloniex is one of the largest digital asset exchange platforms. Based in the United States, Poloniex directs its services mostly to professional traders. The platform supports only crypto-to-crypto trading pairs and advanced features like margin trading. Poloniex moves tens of millions of dollars daily on their exchange platform with an average of 25,000 users trading online daily.
This platform is best suited to daily traders and experienced users who know basic stock-exchange trading principles. The platform's trading view is complex, with a lot of cryptocurrency trading pairs to choose from. Carrying out a transaction requires liquidity in your digital wallets, which can only be topped up with cryptocurrencies.
Crypto Currencies Support
- BCH
- BTC
- DASH
- DOGE
- ETC
- ETH
- LSK
- LTC
- STRAT
- USDT
- XMR
- ZEC
Traditional Currency Support
Language Support
- English
Country Support
- Australia
- Canada
- European Union
- Hong Kong
- Japan
- Most Africa
- Most of Asia
- Most of Eastern European Union
- Most of Latin America
- Most of the Middle East
- New Zealand
- Norway
- Russian Federation
- Singapore
- Switzerland
- Turkey
- United Kingdom of Great Britain and Northern Ireland
- US partial
Platforms Systems
- — Allows High Frequencey Trading Bot
- — Api
- — Web Interface
Stock Market Options
Poloniex declares that it holds users' funds in offline, air-gap cold storage, keeping small amounts of funds in hot storage for active trading. The platform offers 2FA and is regulated by the United States Financial Crimes Enforcement Network (FinCen). Poloniex stopped the service for users in Washington state in April 2017, due to financial regulations by the US Government.
Summary:
| 2 Factor Authentication | Yes |
| Funds Insured | Funds Are Not Insured |
| Private Keys Stored On | Exchange Platform |
| Storage Type | They Claim To Hold User Funds In Cold Storage But Are Not Specific About It |
Poloniex Inc. is registered with the Financial Crimes Enforcement Network (FinCEN) as a money service business (MSB) in Delaware, USA. Although it is one of the most popular exchanges in the US, besides Kraken, there is little to no information about Poloniex's CEO and Founder, Tristan D'Agosta, nor about his whereabouts or previous experience.
Summary:
Poloniex was compromised back in 2014 using a relatively simple attack vector of"simultaneous withdrawals", but customers were paid back in full, (and the loss was only about $50,000). Since Poloniex is the most widely-used cryptocurrency exchange in the world, any hack causing massive funds losses would be catastrophic for the cryptocurrency market worldwide.
| Ease of use | Complex |
| Transaction Fees | Between 0.05-0.25% Depending On Volume |
| Deposit/Withdrawal Fee | It's Free (fees May Be Hidden) |
| Deposit/Withdrawal Fee For Bank Transfer | N/A |
| Deposit/Withdrawal Fee For Credit Card | N/A |
| Deposit/Withdrawal Fee Charged For 3rd party Payments | N/A |
| Anonymous Trading | No |
Deposit/Withdrawal Options:
Send/Receive Crypto, Deposit/Withdrawal Crypto Only
Functionality:
Poloniex users have the option of placing stop-limit orders, which are helpful for protecting profits or minimizing losses. Also, the platform offers margin trading. When users place a margin order, all of the money they used are borrowed from other users offering their funds as peer-to-peer loans. Poloniex offers only crypto-to-crypto trades, with a generous 100+ trade pairs available.
Most common customer complaint:
— Some users complain about poor customer support or suspended accounts.