poloniex crypto exchange

Poloniex crypto exchange review and features

  • 12 March 2022
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Poloniex crypto exchange is an international exchange that allows traders and users to buy, sell and trade supported cryptocurrencies. It also offers to lend certain cryptos, allowing users to stake their cryptos on the platform and earn interest in them. Poloniex offers crypto-to-crypto trading with over 204 supported cryptos (and more are added regularly).

We reviewed Poloniex’s platform, fees, user experience, customer service, available cryptos, and more to determine if it’s a good option for crypto investors and traders.

Company overview

Poloniex crypto exchange was founded by Tristan D’Agosta in 2014 and sold to online payments company Circle in 2018. It was then spun off into its entity owned by investors, including TRON.network’s Justin Sun. In 2019, Poloniex’s headquarters moved from the United States to Bermuda for regulatory flexibility. Today, this exchange is available in most countries around the world but does not support some countries, including the US.

Poloniex focuses on crypto-to-crypto trading with many supported cryptocurrencies and meager fees. Designed specifically for active traders, Poloniex offers limit orders, margin and futures trading, and live order books.

Cryptocurrencies traded on Poloniex crypto exchange

Poloniex provides access to over 200 cryptocurrencies, giving traders and users more choice than most centralized exchanges. Some popular cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Shiba Inu (SHIB), Tron (TRX), and Polkadot (DOT). New cryptocurrencies are added regularly and you can check Poloniex’s full list of supported assets.

Poloniex crypto exchange is heavily affiliated with TRON.network and offers its native token TRX as a trading pair for the most popular cryptos on the Poloniex platform. Some notable cryptocurrencies like Solana (SOL) and Fetch.ai (FET) are not supported.

Trading experience

Poloniex crypto exchange offers a basic spot trading experience for users looking to trade crypto pairs and a margin trading option for those looking to use leverage. For spot trading, users can select a trading pair, create and submit a market or limit order. For margin trading, users can choose from a much smaller selection of crypto and borrow money to buy more. To trade futures, Poloniex offers perpetual swaps, which are a type of derivative contract.

Margin trading needs identity verification, but the other types of trading are available to all users and traders.

Poloniex Fees

Poloniex offers some of the lowest fees for cryptocurrency trading, but users pay a hefty fee (through a third party) to buy crypto directly with fiat currency. The Poloniex crypto exchange is not a fiat driveway and does not process fiat purchases directly. Instead, it outsources the buying of crypto with fiat currency to a third party called Simplex.

Payment Method Poloniex Fee 
Bank Account N/A
USD Wallet 0.00% to 0.1550% (maker-taker)
Debit/Credit card 3.5% or $10 minimum (through Simplex)
ACH Transfer N/A
Wire Transfer N/A
Crypto Conversion 0.00% to 0.1550% (maker-taker)
Purchases 3.5% or $10 minimum (through Simplex)
Trades 0.00% to 0.1550% (maker-taker)

Here is Poloniex’s fee schedule about simplex fees:

“Simplex charges a fee of $ 3.5 or $ 10.00 (whichever is greater) for processing card transactions. The price of BTC is quoted by one of Simplex’s third-party liquidity providers and may include a spread. “International transactions” or “cash advances” may incur “Fees from your bank or card issuer.”

Poloniex crypto exchange Trading Fees

Poloniex crypto exchange charges based on a maker-taker fee model, with discounts for higher-volume traders. There are also discounts for those who pay transaction fees with the TRX coin. A “taker” is someone who places an order that is filled immediately, while a “maker” places an order that is added to the order book until a match is available. Depending on whether you are the manufacturer or buyer of the transaction, different fees are charged.

Here is a breakdown of the Poloniex trading fee structure:

Tier 30 Day Trading Volume  TRX Balance  Maker / Taker Fee  TRX Maker / Taker Fee 
1 < $50K < $49 0.1450% / 0.1550% 0.1015% / 0.1085%
2 < $50K > $49 0.1150% / 0.1250% 0.0805% / 0.0875%
3 $50K – $1M N/A 0.1050% / 0.1200% 0.0735% / 0.0840%
4 $1m – $10m N/A 0.0700% / 0.1150% 0.0490% / 0.0805%
5 $10m – $50m N/A 0.0500% / 0.1100% 0.0350% / 0.0770%
6 $50m+ N/A 0.0200% / 0.1000% 0.0140% / 0.0700%
Poloniex Plus Silver SILVER N/A 0.0000% / 0.0600% 0.0000% / 0.0420%
Poloniex Plus Gold GOLD N/A 0.0000% / 0.0400% 0.0000% / 0.0280%

Customers who apply for Silver or Gold Poloniex Plus status also receive an additional discount. Qualifications for the Poloniex Plus accounts are not publicly listed and user applications are reviewed individually.

There are separate trading fee plans for margin trading, options trading, and perpetual contracts.

Poloniex Security

Poloniex crypto exchange offers standard security features for crypto exchanges, including two-factor authentication (2FA), email authentication, and identity verification.

However, Poloniex has been compromised in the past, and the exchange once lost 12% of its users’ bitcoin holdings. Its founder was able to repay the lost funds and upgraded security measures for fund withdrawals, including the ability to email require or 2FA verification.

Here are the details of some of the security features offered by Poloniex crypto exchange:

  • Session History: Poloniex tracks devices that have logged into your account and allow you to end sessions or block devices you don’t recognize.
  • Account Freeze Email: When a device logs into your account from a new IP address, Poloniex will send a confirmation email to your account and you can immediately unfreeze your account via a link in that email freeze.
  • 16-digit backup account password: Poloniex crypto exchange allows users to set up an account recovery password in case they lose access to their credentials or 2FA authentication.
  • Two-Factor Authentication (2FA): Users can enable 2FA with Google Authenticator or another third-party app that randomly generates an expiring six-digit account verification code.

Opening a Poloniex account

To sign up for a Poloniex account, you must provide an email address and password. You must also be 18 years old and not located in a prohibited country. So Once your account is verified via email, you’ll be prompted to set up two-factor authentication (although you can opt-out if you wish).

Poloniex crypto exchange has two different account verification tiers that provide different access to features on the exchange.

Level One: This level of verification simply requires providing an email address and password and verifying the account via email. Users can withdraw up to $10,000 daily or up to $50,000 if they have 2FA enabled. Users at this level also do not have access to margin trading.

Level Two: This verification requires users to verify their identity with a photo ID and proof of address (with something like a utility bill). Users and traders are also required to perform facial verification by submitting a selfie. This improves the daily withdrawal limit to $500,000 or up to $1,000,000 for 2FA-enabled accounts. Level Two users also get access to margin trading and expedited customer service.

Poloniex Customer service

Poloniex crypto exchange primarily offers customer service via email only, and there is no direct support email address. Instead, users must submit a contact form in the Poloniex support center to get in touch. Poloniex users can also contact the company via Twitter with basic questions.

The Poloniex crypto exchange offers a library of help articles in the Support Center and educational articles and tutorials on its weblog.

Poloniex Customer satisfaction

Poloniex is receiving a worrying number of complaints, with many users detailing the loss of account access and the inability to withdraw funds from their accounts. Some users report that losing access to a two-factor authentication (2FA) password for the account means losing access for months, or in some cases years, before support can help. This is a concern for anyone who intends to invest or trade with the Poloniex crypto exchange.

Poloniex account management

Poloniex crypto exchange allows its users to buy, sell, and trade crypto through its web platform. Users and traders can log in to their dashboard, deposit cryptocurrency funds and start margin or spot trading. Also, the Poloniex crypto exchange has a “lending” option where users can lend certain cryptocurrencies to the exchange to earn interest.

In addition to its desktop platform, Poloniex offers a mobile app – available for Android and iOS – for access to live trading and account management. Also, users can log into the mobile app and access all the trading tools available on the regular website including market and limit orders, margin trading, and futures trading.

How to use Poloniex: Deposit funds

After creating your account, it’s time to deposit some money! In my example, I will deposit Bitcoin Cash.

  • Hover your mouse over Balances at the top of the screen, then click Deposits and Withdrawals.

How to use Poloniex: Deposit funds

  • You will see a long list of cryptocurrencies and you can buy them. Look for the coin you want to deposit on the right side of the page.

How to use Poloniex: Deposit funds

  • As you can see in the picture below, I am buying Bitcoin Cash. Then click Deposit on the right side of the screen.

How to use Poloniex: Deposit funds

  • You will now be presented with the unique deposit address for the coin you wish to fund your account with. Remember that you have a different address for each coin, so don’t try to send Litecoin to a Bitcoin Cash address.

Congratulations! Now you know how to create an account and deposit money!

How Poloniex compares to other cryptocurrency companies

Poloniex crypto exchange is available for cryptocurrency traders who want access to spot and futures trading with minimal identity verification requirements. It also offers margin trading for verified accounts and rebates for high-volume traders.

Poloniex offers a huge range of cryptocurrencies to trade and also offers the ability to lend crypto to earn interest. This exchange is not available in the US but is available in many countries around the world. Here’s how Poloniex compares to a major crypto exchange in the US.

Poloniex vs Gemini

Poloniex and Gemini both offer a selection of popular cryptos available for trading, as well as the ability to earn interest by lending, supported cryptos. Both also charge high fees for buying crypto with a debit or credit card.

But while Poloniex crypto exchange offers margin and futures trading, Gemini is a simple trading platform designed for beginners without access to margin or futures trading. Poloniex also does not require users to verify their identity to trade, while Gemini is one of the most regulated exchanges in the US and requires full user identification.

Here are a few more differences between Poloniex and Gemini:

  • Gemini offers an insured hot wallet for supported cryptos, while Poloniex offers no insurance.
  • Poloniex supports over 200 cryptocurrencies, while Gemini supports just over 75.
  • In the US, users have access to Gemini and Poloniex is not available there.
  • According to some reviews, Poloniex crypto exchange customer service can take months to respond and Gemini provides a 24-hour response time.
  • Poloniex offers active crypto traders access to a huge range of cryptos with very low fees but gets low marks for customer service and support. On the other hand, Gemini offers easy trading and a smaller selection of crypto, making it an excellent option for new crypto investors.
Final Verdict

Poloniex crypto exchange is a decent exchange for non-US residents who want access to a wide range of crypto with very low fees. It provides futures and margin trading, as well as the ability to lend cryptocurrency to earn interest.

However, Poloniex has been hacked in the past. Users also report being banned from their accounts for months or even years with very little support. Poloniex has also encountered regulatory issues in the US and does not require identity verification, so using this exchange might come with some risks.

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2 responses to “Poloniex crypto exchange review and features”

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