Poloniex Review - Everything You Need to Know About The Poloniex Crypto Exchange
There are many things to consider whether you are new to cryptocurrency trading or searching for a new exchange to add to your list of trading platforms. You should choose the best choice from the available possibilities to entrust your money to.
But how can you choose one from so many? You must examine the exchange’s reputation, transaction costs, accessible payment options, security provided, verification procedures, geographical limitations, exchange rates, and the kinds of orders that may be placed.
I know we’ve all heard the terms “scam” and “Poloniex” in the same phrase many times, but let’s go beyond that in this Poloniex exchange review! Let’s see how Poloniex stacks up against all of the criteria I just mentioned so you can make an educated decision about utilising it to trade.
Poloniex was established in 2014 by Tristan D’Agosta in San Francisco, California, and has since grown to become one of the biggest cryptocurrency exchanges in the United States. The cryptocurrency exchange’s first emphasis was on the market in the United States.
It was purchased by Circle in 2018, and its services to US customers were discontinued in December 2019, after its separation from Circle. However, at that point, more than 70% of its clients were located outside of the United States.
In This Review
Poloniex offers a diverse selection of cryptocurrencies. The exchange lists over a hundred digital currencies, including Bitcoin, Ethereum, Ripple, Litecoin, NEO, TRON, and many more altcoins.
However, certain currencies may be subject to governmental limitations, making them inaccessible to you. This is determined by your verification address.
So, how much does it cost?
How To Make a Payment?
For a long time, Poloniex users have complained that the exchange did not allow trading using fiat money.
This meant that consumers had to purchase bitcoin on a separate exchange and then trade it on Poloniex.
The good news is that Poloniex now accepts credit and debit card payments.
To purchase or trade bitcoin, you may use your Visa or MasterCard.
However, in order to utilise these payment methods, you must be a verified user, as is the case with many other exchanges.
Signing Up With Poloniex
In this section of the Poloniex review, you will learn how simple it is to create a Poloniex account. This is how you do it:
- Create an account
- Verify your email -> Begin Trading
- On the website’s homepage, click sign up and fill out the Register form that displays.
- Make sure you choose a secure password and an email address that no one else can access. I would recommend that you maintain a separate email account for trading reasons. Because all contact with the bitcoin exchange will be through email, you must safeguard it as well as you would your Poloniex account. When you enter these information, you will get a Validation email (check your Spam folder if you don’t see it), which you should use to sign in to your account.
- After that, you’ll be asked to submit your information and identity verification, and you’ll be done!
- To enhance the security of your account, you may activate two-factor authentication. For this, you’ll need another app that produces a code each time you log in. Every time you access your account, you must enter this code together with your password.
Poloniex is a controlled exchange, there are certain security issues (which means that all transactions go through a server, the way our American dollars go through banks). Aside from that, it is safer than the majority of other bitcoin exchanges.
They were hacked in 2014, losing 12.3 percent of its customers’ bitcoin holdings, but you have to give them some leeway since they had just recently joined the market! Following the recovery from the breach, the bitcoin exchange implemented two-factor authentication.
When you make withdrawals, Poloniex continuously runs audit programmes to prevent actions that seem suspicious so that they may be investigated before they cause any problems. Another reason Poloniex is safe is that the majority of money are kept in air-gapped cold storage, which is done offline. Only enough money are kept online to allow for smooth trade. As a result, your money are less vulnerable to hackers.
Furthermore, Poloniex is unlikely to be a controlled exchange for long! They are working on decentralisation with the assistance of Tron, a project committed to constructing the infrastructure required for a fully decentralised internet. Poloniex announced an Initial Exchange Offering as part of this initiative to aid in the growth of blockchain businesses.
The Positives and Negatives
Poloniex is known in over 200 countries and offers over a hundred cryptocurrency pairings. Poloniex was rated 13th in terms of dollar volume earlier this year. The fees and commission rates are very cheap, and the more you use, the less you spend. It also supports margin trading, which enables you to earn a large profit with a little investment.
The controlled nature of the exchange makes it seem less appealing, but Poloniex has recently switched its emphasis to decentralised finance. It has also created an IEO platform to assist blockchain startups flourish.
Although the transaction speed is excellent, some users have claimed that the website takes a long time to load. Poloniex, on the other hand, has stated that it may be due to occasional outages or inadequate bandwidth and that they are trying to improve the seamless operation of their web sites.
Poor customer service has been a frequent criticism among Poloniex customers over the years. However, the transaction has resulted in numerous Customer Support changes. All of the Customer Support Ticketing Tools and Support Centers were moved to a single platform so that all of their customers’ problems could be seen in one location. The user interface has been enhanced, and new widgets for submitting questions have been added. Poloniex now promises to respond in less than a day.
The site only supports English, which may be difficult for individuals who do not speak the language while utilising the website or interacting with technical support teams. Furthermore, the withdrawal limit ($10,000) is not a large sum in bitcoin terms, and extra verification is required to exceed this limit.
In the past, there have been security issues as well as a lack of openness. It was previously hacked in its early days, but soon recovered. It is currently regarded as one of the most trustworthy exchanges. Poloniex has received a lot of acclaim for implementing two-factor authentication, which provides an additional layer of protection. The need for permission of each transaction makes it much more secure.