Poloniex Exchange Review: Features & Details That You Should Know

Anurag Arya 03/08/2024 Guides, Exchange Reviews, Reviews Leave a comment 133 Views

There are a lot of issues in the investment space related to all digital currencies and their exchanges for trading. In this rat race of Bitcoin and other altcoins along with many crypto exchanges, there came a lot of new players, who are in fact offering better services compared to the old players in the market. Similar to that we will now be discussing the Poloniex exchange review.

Contents hide

1 Poloniex Exchange Review: An Overview

2 Poloniex Exchange Review: Features

3 Poloniex Exchange Review: Pros And Cons

4 Conclusion

Poloniex Exchange Review: An Overview

In this review, we will look deep into the service, features, and other important aspects that this exchange offers and why you should choose this exchange over others in the market. Poloniex is a digital currency exchange and trading platform. It is a subsidiary of its parent body M/s. Polo Digital Asset Limited.

Unilaterally, this digital currency exchange platform is open officially and lawfully along with trade access to almost every country across the globe except for a few. The countries where this exchange is forbidden are Cuba, Iran, Sudan, North Korea, Syria, The United States.

Poloniex Exchange Review: Features

Now that you have received some information on what this exchange is and how it was formed. Here are some of the main features that this exchange has to offer. The Poloniex exchange ranking is among the top Bitcoin and other altcoin exchanges.

Earn Without Trading

Poloniex crypto exchange platform is a legit and legal entity but presently due to some alterations in its management system and in its registered venue of foundation, it is presently an unregulated and non-governed digital currency exchange.

It offers a smooth, clear, and user friendly interface alongside the trading view charting app which makes this a trading platform that is great for beginners and experienced traders as well.

The process of verification and registration is quite easy and simple. It just needs a couple of minutes for the users to create an account on this platform and start to trade from this platform.

One of the highlighted features of this exchange is that it charges its customers with the lowest digital currency trading fees for most of the trading pairs presently in the market.

Margin Trading

Next in this list of features, it is important to mention that this platform offers its traders with both future and leverage trading options for the trading pairs. Apart from this, this exchange also provides its customers with lending facilities or margin trading.

The website of this platform is very easy and smooth and the user can find things easily on their website. However the Poloniex app as of now only supports basic features like for managing accounts, spot tradings, managing the finances of your crypto, and creating alerts.

2 Level Verification Process

The registration in the Poloniex Exchange process is quite easy, uncomplicated, and unified. Similar to that their process of verification is also simple but only abides by a few extra levels or steps as compared to the registration in lieu of the security of the traders or users. So if you wonder, has Poloniex hacked? The answer is no, as the verification and security is very tight. There are 2 levels, Level 1 and Level 2.

Level 1 Verification:

For this level of verification, traders and users only require to register on the exchange by using any of the valid email addresses and create a Poloniex account. Therefore, automatically the traders or the users after completing their signing up process on this platform with their address of the wallet by default clear the first level of verification.

Level 2 Verification

For getting clearance in the level 2 of their verification process, the traders and the users after they have finished their level 1 will have to submit the following documents and data like their residential address, contact number, DOB, etc. After submission of all the required documents and after they have been verified successfully then the user will be allowed to access the exchange feature of the Poloniex platform.

Poloniex Exchange Fees

It is very important to talk about the fees in this Poloniex exchange review. In the present crypto asset market, among all the other cryptocurrency exchanges the trading fees of this exchange is among the one that offers all order book services with a low fee for the placement of margin or spot trading along with digital currency withdrawals. Here are the Poloniex fees.

Withdrawal Fees

The account of Poloniex charges its customers with a withdrawal fee that is approximately 0.0005 BTC per BTC withdrawal, which is very lower than the average fee that the industry charges. The industry approx fees are 0.0008 BTC per BTC.

Deposit Fees

With respect to deposit, the Poloniex crypto exchange does not charge anything from its traders and users with any fees while depositing. Even though it has a feature of “No Deposit Fee” but at the same time, it also does not offer its users to deposit fiat currency directly.

Poloniex Exchange Review: Pros And Cons

According to this Poloniex exchange review and recommendations, the exchange offers some attractive features which are beneficial from the perspective of the user or trader. Apart from this, on the other side of this review, it has few disadvantages as well. Further, as we have discussed in this review, let us have a look at its pros and cons.

Pros

Poloniex provides extremely low trading fees when compared to most of the exchanges.
Poloniex is a trading platform that is highly user friendly. .
Poloniex account and order book has a simplified and smooth user interface with a trading view charting app for ease of use.
Poloniex offers its traders or users with a pool of majority digital currencies to choose from. So the Poloniex crypto list is huge.

Cons

On the Poloniex crypto exchange only very limited fiat deposits choices are available for traders or users.
As compared to other reviews, as of now Poloniex Exchange is more freely and liberally governed or regulated by the trading exchange.
The order book does not support any fiat currencies in their process of trading.
Poloniex customer service support might be at times a little delayed and pulled back as analyzed and observed through customer’s feedback overall.

Conclusion

After this Poloniex exchange review, from all the dimensions, it can be concluded that it is not a swindle, illegal, or forgery platform. Even though it has changed the location of its operation from the United States to the Island country of the Republic of Seychelles for some of its strategic and competitive reasons, it is still a permissible and lawful web based online digital currency exchange and trading platform that has a class action lawsuit.

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Anurag Arya

Anurag Arya is a cryptocurrency enthusiast who has done great research in ICO (Initial Coin Offerings) in the cryptocurrency space. He has worked with a cryptocurrency firm for the last 4 years and is now, here to share his crypto market and crypto exchange experiences.