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Poloniex Review – Is This a Safe and Suitable Exchange to Use

Naveedx December 10, 2021

A brief Poloniex review that focuses on all the major aspects of the platform can be beneficial and helpful for people who are new to the crypto space and want to use this exchange. Even though an exchange is well-known in the community, novice parties should always take their time and be sure that the platform they choose is according to their trading requirements and other criteria.

Poloniex is a US-based cryptocurrency exchange and was established in 2014. In the beginning, it suffered from a security breach, however, the CEO and founder of the exchange compensated the users with bonuses and also made a few other changes.

Since then the security of the platform has also been strengthened and is now well-known in the crypto market.

If you are interested in using this platform then you need to know the details mentioned in this brief Poloniex exchange review.

Poloniex Review – Safety Offered by the Exchange

The Poloniex exchange is one of the few cryptocurrency exchanges that is fully regulated and licensed. This exchange is regulated by several financial regulatory services such as:

  • FinCEN
  • FINRA
  • FSA

After the security breach, the exchange made use of several high-end security systems that ensure the security of users’ funds and information. Some of the advanced security features used by this platform include the following:

  • Cold wallets
  • DoS attacks protection
  • IP lockouts
  • Registry locks
  • Role accounts for privacy protection
  • Signature-based cryptographic DNS cache protection
  • Two-Factor Authentication

Identity Verification

Another aspect that makes the Poloniex exchange one of the safest exchanges in the market is its identity verification process. In order to complete the process, the users have to provide certain identity documents such as:

  • Contact information
  • Facial verification
  • Government-issued identification
  • Nationality
  • Postal code
  • Residential address

Lending and Leverage Trading

Several crypto exchanges offer support to features such as lending and leverage trading. However, it is important to choose an exchange that is secure and suitable, whether you want to opt for lending or margin trading.

Poloniex is one of the platforms that offers support to both these features. However, these features are dependant on the type of account you have and your overall funds.

Margin trading is one of the most popular types of trading and requires the traders to have proper information about it before they can opt for it. Margin trading enables the traders to borrow funds from a broker in order to place bigger trades.

Even though this can be highly beneficial for crypto traders, it also has its fair share of risks, given the fact that the crypto market is volatile and unpredictable.

Therefore, this brief Poloniex review does talk about the features supported by the platform but you should have proper information before you engage in it.

Fee Charged by the Exchange

The Poloniex exchange is a popular cryptocurrency exchange and is known to charge one of the lowest fees in the market. The fee structure of an exchange is essential to look at before you choose any platform. This is because every exchange does not charge a fair and transparent fee.

Therefore, to be sure that you do not choose an exchange that includes hidden or additional charges, you should know the fee charged by a platform.

Here are the details of the fee charged by the exchange and mentioned in this brief Poloniex exchange review.

  • 0.01% spot trading fee for market makers
  • 0.075% spot trading fee for market takers
  • 15% lending fee
  • Fixed network fee
  • No fee for deposits
  • No fee for withdrawals

Support for Fiat and Digital Currencies

The exchange was initially only a crypto-focused exchange that allowed users to deal only in digital assets. However, a few changes were made and the platform began accepting fiat currencies through credit cards and bank transfer.

As a user of the Poloniex exchange you don’t need to deposit crypto for trading. You can purchase stablecoins such as USDC and USDT through credit cards and bank transfers and you can the purchase any digital assets you prefer.

Trading Tools Available

Well-reputed crypto exchanges that support crypto trading also feature advanced trading tools that help new and experienced crypto traders in creating an impressive trading portfolio and more.

In this brief Poloniex review, you can also learn about different trading tools.

As a user of the exchange, you can get access to different types of stop-loss orders and buy orders. You can also access several indicators that can help you carry out technical analysis.

Final Takeaways!

The Poloniex review can help you get a good understanding about the features and services offered by the platform. Knowing the information mentioned above can help you make an informed decision about an exchange that is suitable for you to use.

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