Is Poloniex safe? Read in our detailed Poloniex review.
Poloniex Review 2021: Can You Trust This Platform?
Poloniex is an American crypto exchange, once one of the most popular exchanges in the market. It is consistently ranked in the top 5 by all criteria. Now, the site is losing its customers due to increased competition. At the first glance, we see a pleasant and informative design; even without knowledge of English, you can figure everything out. The service has not been translated into languages other than English. Recently, mobile applications for iOS and Android have been available and, unlike the main site, they are translated into nine world’s languages.
The Process of Registration
Registration is not quite ordinary. Instead of the usual input of an email and password, we are immediately asked for the name, surname, date of birth, and country of residence. That is the basic info required for account verification. Next, you need to confirm the email and continue, completing the verification procedure by sending the necessary files. There is no cancellation button, so you still have to go through account confirmation. Without it, you will not be able to perform any actions on the exchange.
The trading interface has remained virtually the same over the entire existence of Poloniex with a few exceptions. For example, the chart has been redesigned, and now it is integrated with TradingView and has all the functions necessary for in-depth market analysis.
In addition to the chart, the trader's working panel presents:
- A list of trading pairs (currently, 119 of them)
- Order books
- A table of recent deals
- Market depth
- An order panel
There are 3 types of orders: limit, market, and stop limit. The trading terminal for margin trading is no different from the usual one; it basically provides the same functions. Leverage is available here for eleven altcoins paired with bitcoin, with a maximum leverage of 2.5x.
Fees are at the level of market average. They are floating and depend on the volume of trades made by the trader, varying from 0 to 0.25%. The daily trading volume on Poloniex now averages from $10 million to $20 million, which makes it possible to enter the top 100 by this indicator.
An outstanding feature of this exchange can be called the “Landing” tab. It is a kind of P2P lending platform, where you can either provide a loan at a low interest rate or take a loan.
Safety & Regulation
The Poloniex website is protected to the highest security standards, but it does not exclude various hacker or DDoS attacks. In the history of the exchange, there have been cases of hacking individual accounts, but the platform took responsibility and compensated for the losses of users. From a legal point of view, Poloniex is also doing well, since this exchange is registered in Boston, Massachusetts (NMLS ID: 1486722) and is subject to the laws of the United States and its regulators (such as CFTC, SEC, etc.). For account security, it is proposed to enable two-factor authentication.
Deposit and Withdrawal of Funds
Poloniex is authorized to provide cryptocurrency trading services in selected districts of the United States. While working on the website, the user automatically agrees that they will use the resource only for its intended purpose. They should not participate in fraud, money laundering, or terrorist financing. In addition, while working on the exchange, clients should be aware of all the possible risks associated with activities in the financial markets, the status of the cryptocurrency, and the risks associated with the operation of the resource (cyber attacks, technical failures). The company is committed to making every effort to ensure the security of information confidentiality.
Poloniex only works with digital currencies and does not support fiat money, so deposits and withdrawals are only available in cryptocurrency. There are no commissions for depositing and/or withdrawing. The fee is charged only for confirmation on the network, and for each cryptocurrency it has. The system is stable and fast.
Support and Help Center
According to the standard, like other exchanges, the support service has a separate "Support" section. It provides answers to frequently asked questions and is fully in English.
To write a letter to technical support, you need to pay attention, conducting a separate registration on the support page and confirming your intention to contact TP via email. After those stages, you can start forming a ticket. Many users on the web are extremely dissatisfied with the work of the Poloniex support service, saying that sometimes you have to wait for weeks for a response. For our Poloniex review, we decided to check the speed of the response and wrote a letter to the agents. We received an answer in 5 hours, which is not a good result. However, it is not a very bad one either.
Once beloved by many traders, the Poloniex exchange is now rapidly losing its former popularity, but it still remains easy to use and safe to work with. I would like to believe that the new owners of the site (Circle) will return it to the "Olympus" of the crypto market glory. So far, we have a good and high-quality exchange for work with no special features and lack of fast and responsive support.
Pros of Poloniex:
- High-quality and user-friendly website design
- Wide range of trading pairs
- Margin trading
- Lending opportunity
- Mobile app
Cons of Poloniex:
- Lack of translation of the site into languages other than English
- Doesn't support fiat currencies
- Mandatory verification
Poloniex is an exchange that is not a scam at the moment. The service fulfills its obligations to traders honorably and honestly, stably paying off their funds, monitoring the correctness of the payment systems, and ensuring the safety of work to prevent hacker hacks. Traders positively evaluate the company even after the hack; after all, the exchange covers all losses from its budget.
Still, is Poloniex a scam? The answer is “no,” because the resource occupies the leading positions in the ratings of trusted companies. It is the leader in terms of the number of regular customers and the turnover of funds, and has opportunities for comfortable and profitable trading.