forex-reviews

Poloniex

27.10.2020Crypto Brokers

Poloniex Crypto broker review: Is Poloniex a trustworthy crypto broker

Poloniex is a popular crypto-asset broker, revamped its operations recently, and shifted their base in Seychelles. The recent transition in 2019 has enabled fewer restrictions and regulatory clamps making their asset offering diverse and more attractive. They offer a wide range of altcoins that can be exchanged for Bitcoin. Poloniex has since emerged as a popular cryptocurrency exchange among global traders. This review highlights the operational quality, security, and trading environment they have to offer and if it is worth the money.

About Poloniex

Poloniex was founded in the year 2014, operating from San Francisco offering a wide array of trading services, specializing in cryptocurrency. It has now become part of the social payment service Circle. The exchange is specifically noted for its ability to provide a working trading account through email registration. Poloniex was one of the leading 10 exchanges to trade cryptocurrencies, offering about 100 crypto pairs to trade. Poloniex is nominated under the category of “Best Crypto Currencies Stock Exchange 2020”. They are known to provide maximum security and enhanced trading infrastructure and one of the earliest exchanges to list Ethereum (ETH).

Poloniex is currently a crypto-to-crypto trader with no regulation and seeks to develop into a full-fledged crypto exchanger within the United States. Post-acquisition Circle is helping develop leverage for hedge funds and financial institutions like Goldman Sachs. They are making this possible by expanding reception for OTC cryptocurrency trading and transactions. The Circle research is also providing educational materials on market trends and trading guides making the process simple for newcomers.

What can you trade with Poloniex?

Poloniex is purely an exchange for cryptocurrency trading with a trading volume of $100 every day. They allow traders to buy, sell, or exchange a select set of cryptocurrencies. The trader accepts 60+ cryptocurrencies, some of the most popular include;

Poloniex is equipped with robust cryptocurrency exchange infrastructure with abundant liquidity and freedom to select from a vast array of altcoin pairing for trading. The downside is the unavailability of fiat currency to trade. This particular exchange offers lending options unlike any other cryptocurrency exchanges and boasts having the biggest tether trading volume. They also offer bot services in case, the most popular being the Aivren which helps in lending automation. The biggest advantage of lending is less risk of volatility and availability of investments from peers. Customers can buy the cryptocurrency using the wallet address dedicated for each cryptocurrency.

Payment Methods at Poloniex

Poloniex is exclusively dedicated for cryptocurrencies and has no room for fiat currencies, the assets can be bought as soon as the account is live. They only allow buying, selling, and trading of cryptocurrencies, unlike traditional forex brokers. Poloniex hosts one of the most vibrant transaction processes when it comes to withdrawal and deposit, levying no additional charges every time a transaction is performed. The only charge applied is for the blockchain processing and trading is allowed in anonymous mode if the asset value is less than $2000 per day. The payment processing during the trading is capped at 3.5% of the total amount. The verification process is less cumbersome and no charges are levied when cryptocurrency is deposited. Even though fiat currencies are not allowed, it does the trading of flat-pegged stable coins. Poloniex offers the cost of 0.0005 BTC for withdrawal which is very low compared to other traders. Customers can buy cryptocurrency using the integrated crypto payment system through Simplex using bank cards. The maximum threshold that Simplex can process is USD 50,000 per month with a daily limit of USD 50 – 20,000. 

Trading platform

Poloniex is providing a web browser-based trading environment along with an integrated set of tools to enhance the trading experience. The candlestick charts provide the profile for the range of 5 minutes to 4 hours and ultra zooming capability. The interface may look congested with information but fairly simple to use even if the customer is not experienced.

Customer Support at Poloniex

Poloniex brings in a couple of tools for assistance, the website has a dedicated page to contact the exchange. The help center has support ticket system features and social media channels for communication. They also provide a list of FAQs to help understand common issues. The Trollbox is a unique feature in the Poloniex website is the Trollbox that connects to the moderators directly. Unfortunately, no phone support can prove a risk to big investors seeking immediate redressal.

Customer reviews about Poloniex

Poloniex operates online and connects with a global base of traders with different environments at play. The reviews and feedback can offer better insight into the kind of service Poloniex has been providing. Some of the reviews are mentioned below;

A user with the profile name “Meghan Jones” commented on the edge Poloniex had with its diverse range of assets and good interface. 

Another user with the profile name “Mason Riley” appreciated the trade platform experience but highlighted the low trading volume.

Conclusion

Poloniex is an ambitious broker with a great offering, their tryst with security breach began in 2014 inspired them to revamp their security. They have since improved the overall security of the platform to avoid any hacking events. They have since improved the overall security of the platform to avoid any hacking events. They store the customer assets in air-gapped cold storage giving no rooms for any threats from online hacking sabotage. US regulation further implies the trust factor of the broker and presents a clean prospect as a crypto broker.