Poloniex Exchange Review: Platform to Trade Bitcoin Worldwide

Description

Poloniex is a bitcoin exchange that operates as a KYC, centralized and peer-to-peer exchange. It provides users access to spot trading, margin trading, and P2P trading options. The exchange was launched in 2014 and operates worldwide, providing its services in English, Chinese (simplified and traditional), Japanese, Korean, Portuguese (Portugal and Brazil), Russian, Spanish, Thai, Turkish, and Vietnamese.

How Poloniex Works

Sign up by entering your email or phone number and creating a password on the exchange website or via its app for Android and iOS. You can also download the Android APK. Then, activate your account with a verification code. This data is enough to get level 1 verification and access to unlimited trading and deposits, $10,000 withdrawal per day and $50,000 with 2FA. Level 2 verification allows you to withdraw $500,000 daily and carry out margin traiding and custom withdrawal limits. This verification level requires providing a photo ID, your current address and taking a selfie.

The next step is to fund your account. Generate a deposit address or QR code and top up your balance. There is no direct fiat deposit method. Instead, you can buy bitcoin with your credit/debit card, Apple Pay or Google Pay using Simplex, a payments processing company, with a minimum purchase of $50, or Mercuryo.

Countries that are not supported by Simplex: Afghanistan, American Samoa, Antarctica, Botswana, Bouvet Island, Christmas Island, Crimea, Cuba, the Democratic Republic of the Congo, DPR Korea (North Korea), French, Southern and Antarctic Lands, Gaza Strip, Heard and McDonald Islands, Iran, Iraq, Jan Mayen, Lebanon, North Mariana Islands, Pakistan, Palestine, Paracel Islands, United States of America (USA), United States Virgin Islands, West Bank (Palestinian Territory), Western Sahara, South Georgia and the South Sandwich Islands, Spratly Islands, Syria, Sudan.

For trading, visit the Trade page and place your order. Poloniex offers different types of orders like market, limit, and stop-limit. Confirm your trade after setting your order type and specifying the amount and price. You can also set more advanced options like timeframes for your trade.

Poloniex also has the option of P2P trading. This section will present you with a list of available advertisers. After selecting an advertiser, you will need to enter the amount of Bitcoin you wish to purchase and confirm the total price and payment method. Once the payment is made, click “I Have Paid” to notify the seller. The seller will then release bitcoin to you, completing the transaction.

Poloniex does not provide fiat withdrawals, so you can only withdraw your crypto funds. To do it, enter the bitcoin wallet address to which you want to send your sats and confirm the transaction. Depending on the network and Poloniex’s processing times, your withdrawal may take some time, usually no more than 4 hours. You can track the status of your withdrawal on the exchange at ‘Withdrawal History’.

Prohibited Countries

Afghanistan, Burma, the Chinese Mainland, Crimea, Cuba, the Democratic Republic of Congo, Iran, Iraq, Ivory Coast, Libya, Mali, North Korea, Palestine, Somalia, Sudan, Syrian Arab Republic, Yemen, Zimbabwe, the United States and all US Territories (such as American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and US Virgin Islands).

Poloniex Fees

The fee structure on Poloniex is based on various VIP levels, which are determined by factors like 30-day spot trading volume, 30-day futures trading volume, and total balance. For example, for users of VIP 0 with no trading volume or balance, the maker and taker fees are 0.2000%. For users of VIP 1 with $10,000 in 30-day spot trading volume or $100,000 in 30-day futures trading volume, the maker fee is 0.1150%, and the taker fee is 0.1250%. For VIP 2 to VIP 9, the fees decrease as you climb the VIP levels, going as low as -0.0050% for makers and 0.1000% for takers at VIP 9.

Buying bitcoin via Simplex imposes a transaction fee ranging from 3.5% to 5%, or a flat rate of $10, depending on which amount is higher. In addition to this, Poloniex applies a 0.75% fee over the Simplex fees.

Is Poloniex Legit and Safe?

Poloniex has taken measures to enhance the security of its platform, including two-factor authentication (2FA), cold storage, and compliance with Anti-Money Laundering (AML) regulations. However, the exchange was hacked twice in 2014 and 2020. In 2021, it was charged by the Securities and Exchange Commission (US) for operating an unregistered digital asset exchange. We encourage you to use alternative reputable Bitcoin exchanges with strong security features and regulatory oversight.

Poloniex Alternatives

More Information

• Poloniex website
• Poloniex on Twitter
• Poloniex reviews on Trustpilot