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tradeandholder

Poloniex Review

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Poloniex is mainly targeted to the traders who have already been trading for quite a while. It offers a wide range of cryptos that you can trade for other cryptos, but there are currently no fiat currencies allowed on the platform. Poloniex is currently one of the leading sites when it comes to crypto exchange, although they have been experiencing in the past. Read on!

 

Fees

When it comes to trading, Poloniex charges fees for both makers and takers. However, the fees set by the platform are one of the lowest in the industry. The highest fee for a maker is 0.15% and for a taker is 0.25%. However, their fees go down if bigger sums are in play and if you happen to have a 30-day trade volume bigger than 120,000 BTC, you will have 0% fee as a maker and 0.05% fee as a taker.

When it comes to the deposit and withdrawal fees, you will be happy to know that depositing is completely free. On the other hand, withdrawal fees may vary since there are different fees for every crypto. For example, withdrawing BTC will result in 0.0005 BTC fee - very affordable.

 

History of Poloniex

Poloniex was created in 2014 and it is currently located in Delaware, USA. The man behind the project is Tristan D’Agosta who was previously, believe it or not, a renowned music producer with his own music company called Polonius Sheet Music.

At the beginning of 2018 they were acquired by the Circle for $400M with a reason to access new financial markets. They also want to explore the possibility of adding USD, EUR and GBP markets to the platform. 

Poloniex is primarily designed for advanced traders, so it’s no wonder it offers some really advanced types of trading, including margin trading, and cryptocurrency lending.

 

Safety and Security

Everything is great about Poloniex as of now, but there were a time in the history of the platform that left its mark rendering it as being defective when it comes to security. One of the high-profile hacker attacks happened in March 2014 that was followed by a series of minor attacks targeted on isolated accounts.

The platform has implemented several checks such as 2FA since. However, the details about other security measures are not publicly displayed which still makes Poloniex not 100% reliable, although there were no hack attacks over the past few years.

 

Ease of Use

The platform’s user experience, on the other hand, is flawless. It may seem confusing to newcomers and inexperienced traders, but Poloniex isn’t designed for them in the first place. On the other hand, advanced traders will enjoy great flexibility as well as the powerful trading screens that Poloniex offers.

 

Deposit/Withdrawal

Since the website works only with cryptocurrencies, the procedure to deposit and withdraw cryptos is fairly simple. It relies on using crypto wallets, just like on any other crypto trading platform.

 

Pros and Cons

Pros:

  • Great fees that go down with the increased trade volume
  • A lot of cryptocurrencies available for trading
  • Many trading options included

Cons:

  • Fiat currencies are not allowed on the platform at all
  • The history of high-level security breaches 

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