Fees: 0.09% Transaction Fee.
Best For: Simple User Interface
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
Poloniex was founded in the US in 2014 and has quickly risen to become a very popular exchange of choice for many crypto traders looking to combine a strong range of assets, with great value. They are continuing to expand their asset range all the time, with more than 100 different pairs choices now available to trade. With a recently revamped look, the exchange is also looking more professional than ever with trading in futures and on leverage of up to 100:1 also now available to access.
- Extremely low trading fees
- Easy to use trading platform
- More than 100 coins to choose from
- Leverage and futures trading both available
- Limited fiat deposits available
- More loosely regulated than some other exchnages
There is nothing more important particularly in the world of crypto exchanges, than gaining and retaining the trust of traders. Without a centralized body or regulator to oversee the process, this can be a challenge.
It is a challenge though that Poloniex, after an admittedly difficult start, takes on and succeeds with. Soon after the exchange was launched back in 2014, they were the victims of a hack during which they lost dozens of Bitcoins. True to their now solid reputation though, they refunded most of these losses to traders, and have gone on to earn a trusted reputation in the industry.
Although there are limited KYC checks, and they are now based in the Seychelles where regulations are not as tight, they do put in place a number of technical measures to keep traders as secure as possible. This includes features like two-factor authentication, cold storage of funds, email confirmations processes, IP lockouts, and more features designed to robustly protect you as a trader.
The number of investment products made available at Poloniex continues to grow all the time. They were the first exchange to introduce Ethereum trading to the market, and they also account for a huge volume of the Tether (USDT) traded on the market. This is largely due to the excellent liquidity provided by Poloniex as one of the best known exchanges in the sector.
Currently through the exchange, you can trade in more than 100 coin pairs. This is a very broad selection that includes all of the major crypto coins that you would expect to see, alongside a wide variety of altcoins which continues to grow. Though the exchange still focuses largely on crypto to crypto trading, it is now possible to purchase come major coins such as Bitcoin, using your credit or debit card.
Beyond the standard offering, Poloniex now provides for trading in Bitcoin futures as do many of the major exchanges. Added to this, you can now trade on margin with more than 25 pairs at Poloniex. This can stretch leverage in some cases up to 1:100. It is also possible for you to earn through a new lending feature at the exchange which enables you to lend out your holdings of more than 15 different coins for profit.
Commission & Fees
When it comes to commissions and fees, the landscape in the crypto exchange sector is highly competitive. Poloniex though, more than hold their own when it comes to being equally competitive on fees. The fee you pay will depend which side of the trade you are on, either a maker, or taker. The difference though is not that wide, and the maximum fee you can ever pay on a trade will be 0.09%. This is the highest fee charged at Poloniex, yet it still manages to be one of the lowest in the sector.
The fees can fall further with the exchange depending on your trading volume within a 30-day period. The higher your trading volume, the lower your fees will be with some even falling into negative territory. There are also no fees for deposits with the exchange, and very competitive withdrawal fees again. This can be show for example with Bitcoin where the withdrawal fee is only 0.0005 BTC.
The Poloniex trading platform comes in the form of a webtrader, so no download of any software is required. It is also very user-friendly in the way in which it is designed and laid out. This makes the exchange very accessible for all levels of trader, and not dissimilar to how many of the other top crypto exchanges are designed in terms of functionality.
Everything with the Poloniex trading platform is powered by Trading View, and the platform itself is highly customizable in terms of the charting layouts and indicators that you can apply to your own needs. The order book in particular with the trading platform gives a very interactive feel to the trading at Poloniex as it moves to highlight the activity levels in a given market without need for any user interaction.
The exchange also makes mobile trading available through their mobile trading platform on both Android and iOS devices with excellent fluidity, and the majority of markets both available and easy to navigate. There are still some features like trading in futures, or on leverage, that are not accessible though mobile, but the platform is again well-designed in a very user-friendly manner.
Poloniex customer support is available through a number of channels as you would expect with a top crypto exchange. With that said, many users have noted that this is an area which could be improved in terms of response times.
They can be contacted through an online ticketing support system though the response time as noted may not be as fast as some other exchanges. Poloniex customer support can also be reached through Twitter and other social media channels where they are active. Finally, they have a unique feature built into the trading platform interface which allows for social interaction with the trading community. This is known as “trollbox”, and you may well find help in this area from some community members.
The exchange also provides for a very detailed FAQ section which can help you answer many trading related questions without having to reach out to the support team directly.
Poloniex is without doubt, one of the most popular crypto exchanges in the industry. This is impressive work given that they have only been around since 2014. The strong reputation of the exchange is backed by an environment which has become more secure through time and experience, and now provides not only a trusted trading environment, but one which is among the best value for money in the industry. As they continue to grow and expand on the services they offer, Poloniex is only strengthening their position further as one of the top exchanges around for all crypto traders.