Inorder to make money by trading altcoins and Bitcoin, people head towards cryptocurrency exchanges. And one such reputable and popular exchange is Poloniex.
Unlike Coinbase which is a website to Buy Bitcoin using fiat currency, Poloniex serves a completely different purpose where people buy various cryptocurrencies and trade them.
Similar to Coinbase which has gained the name of the beginners’ place to Buy Bitcoin, Poloniex is the exchange where people begin their cryptocurrency trading journey.
With time many new exchanges being introduced, let’s see if it is worth staking our hard earned money on Poloniex.
- 1 What is Poloniex?
- 2 Getting Started with Poloniex
- 3 Some Frequently Asked Questions
What is Poloniex?
Poloniex is a known exchange which operates from Wilmington, Delaware, USA. It was founded in January 2014 and has become one of the most used crypto exchange since then.
At the time of writing this review, Poloniex allows trading in 102 crypto pairs which is huge when compared to other exchanges. You can easily trade a huge number of altcoins like Ethereum, Dash, Zcash, Nem, Decred, Neo and much more.
Poloniex gives an option to trade with different accounts like:
- Exchange Account
- Margin Trading Account
- Lending Account
Amazing Features of Poloniex
Poloniex comes with many features. Let’s have a quick look at few of them:
- Ease of Use
- High Liquidity
- Various Trading options
- Troll Box (Removed Now)
Ease of Use: Poloniex has a very easy to understand user interface which helps new users to easily start trading. Poloniex has a very easy to navigate interface which is a major reason for newbies to join this exchange.
High Liquidity: As there is a very large user base trading on Poloniex, the Liquidity on this exchange is always very high. So, You will always find a match on Buy & sell to conclude the trade.
Trading Options: There are various options for trading which give an opportunity to make more money. Traders who deal with huge money use features like
- Margin Trading i.e. buying crypto without having the entire money to for it.
- Lending i.e. lend cryptocurrency for a certain period to Poloniex by agreeing on the loan contract agreement.
Troll Box: Troll Box aka Chat Box is an amazing option for the live chat where users can ask for help from mods and other users. Users can also talk to each other, have fun and it which works like a little Polo community. But there is a huge downside of this chat box i.e. anyone can write anything it leads to
- Scam coins get promoted
- Spreading Fud about coins
- Scamming other users
All this could lead to a huge loss for newcomers who are not aware of ill deeds of scammers.
Update: Troll Box has been removed from Poloniex exchange.
Why I don’t Like Poloniex
Enough of the good things about Poloniex, now its time for some downsides of Polo.
Pump & Dumps: In the recent times, there has been many complains by users about the huge increase in Pump and Dumps on this exchange. This means a group of people target a certain coin and buy a huge chunk of it and sell it within a few seconds.
This leads to a huge increase in the price and newbies buy it thinking as an opportunity to make money. Now that group of people sell the coin and make huge profits, however, the genuine user faces loss.
This is one of the main reason why many old users of Poloniex have now shifted to other exchanges like Bittrex and Bitfinex.
No Fiat Support: Poloniex does not allows money deposit through fiat currency. It accepts a handful of cryptocurrencies like:
Here is the complete list of cryptocurrencies available on Poloniex.
Poor Customer Support: Customer support should be one of the main priority for most of the companies but this is not the case with Poloniex. There are many cases where users do not get resolution for their issues and they often have to wait for weeks to get a response.
But I won’t be much negative about this customer support thing as this is a major issue in most of the other Cryptocurrency exchanges.
Now its time to get started with Poloniex.
Getting Started with Poloniex
First all you need to create an Account on Poloniex and also remember you should have Bitcoin or any cryptocurrency to start trading on this exchange.
- Visit Poloniex
- Enter all the details like Country, Email ID & Password.
- Just click on “I’m not Robot” and hit “Create Account“
- Goto your Email account and verify the email.
- That’s it! You just created your Polo Account.
Security Measures for your account,
Once, your account is created, Now its time to add funds to it.
Deposit Funds in your Poloniex Account
In order to start trading on Poloniex, you need to add funds to your account. You can only deposit cryptocurrencies and then trade with them.
- Log in to your account
- Under ‘Balances’ section, click on Deposits & Withdrawal.
- Now select any cryptocurrency that you want to deposit
- You will get the address where you have to send the crypto.
- You can either Scan the address or copy/paste it.
- Once transferred, Just check your Transaction here.
I would recommend you to select Bitcoin as payment mode so that you can directly trade Bitcoins for Altcoins.
How To Buy Crypto on Poloniex
Once you have funds in your account, you are all set to make your first trade.
- First of all select the preferable market & altcoin
- Now you can see the real-time ‘Buy’ price
- Enter the amount and the price on which you want to Buy.
- Just Hit the ‘Buy‘ button and you will get the desired altcoin in your account once the trade is matched.
I hope you make a good profit by trading altcoins and once you do, you can easily withdraw it to your Bitcoin wallet.
Withdraw Funds from Poloniex Account
So Now comes one of the most important parts of trading i.e. withdrawal. Withdrawing your funds from your Polo accounts is very easy but you need to complete user verification first.
To Withdraw your funds:
- Browse to ‘Deposit & withdrawals’ under Balance section
- Now click on the cryptocurrency that you want to withdraw
- Now put your Wallet address where you want to receive your crypto
- That’s it! You will soon receive the funds.
Talking about the verification, there are 2 types of verification and each verification validates for a certain withdrawal limit:
- Level 1
- Level 2
Level 1: This includes Email verification and allows the withdrawal upto $2000.
Level 2: This level allows withdrawal upto $25,000 and you need to submit the following details:
- Phone Number
- Passport ID
- Photo ID
- Picture of yourself holding Photo ID
However, there are no details about withdrawal above $25000 which means, If you wish to transfer such high amounts then you need to contact customer support.
What is the Fee charged by Poloniex
Poloniex charge a genuine fee which varies for both Maker and taker.
Maker is the one who is selling their coins
Taker is the one who places the order and buys the coins.
|Maker||Taker||Trade Volume (trailing 30 day avg)|
|0.15%||0.25%||< 600 BTC|
|0.14%||0.24%||≥ 600 BTC|
|0.12%||0.22%||≥ 1,200 BTC|
|0.10%||0.20%||≥ 2,400 BTC|
|0.08%||0.16%||≥ 6,000 BTC|
|0.05%||0.14%||≥ 12,000 BTC|
|0.02%||0.12%||≥ 18,000 BTC|
|0.00%||0.10%||≥ 24,000 BTC|
|0.00%||0.08%||≥ 60,000 BTC
|0.00%||0.05%||≥ 120,000 BTC|
Apart from the trade fee, Withdrawal and deposit fees are based on the blockchain’s minimum transaction fee.
My Experience with Poloniex
Poloniex was the first exchange where I started my trading journey. Personally, I never faced any issues trading on this platform, however, I have heard about minor problems with my friends and other community members.
Here is a news about delayed withdrawals on Poloniex.
However, If you are looking to start trading, I would seriously recommend Bittrex as it is much more stable and trusted exchange among the crypto enthusiasts. You can head forward to our Bittrex review and guide for detailed information.
Some Frequently Asked Questions
Q. Has Poloniex ever been hacked?
Ans. Yes, It was hacked in 2014 where 12% of Bitcoins were wiped away from user accounts.
Q. I tried resetting my password & something went wrong. It’s saying to contact support?
Ans. Inorder to reset your password, Poloniex will send you a link which redirects to create new password page. If your IP address changes during this process, the procedure will fail and you will be prompted to contact support to get it resolved.
Q. I can’t see troll box, where is it?
Ans. Recently, Poloniex has removed Troll-box feature from their exchange maybe because it was creating a lot of fuss among the users.
Q. How Do I contact customer support?
Ans. Customer support of Poloniex is not connected with your main account, hence you need to create a new login to contact customer support. You can reach Poloniex customer support here and raise a ticket for the issue you face.
So this it for Today, I hope all your queries regarding Poloniex exchange has been answered well in this review.
Have a look at these Handpicked articles:
- Changelly Review: A perfect place to convert Altcoins
- Cex.io Review: Safe to Buy Bitcoins with Credit Card?