Poloniex Review 2024

Poloniex is a centralized cryptocurrency exchange founded in 2014. Its country of registration – Seychelles. On 14 July 2024 the number of trading pairs available for trading: 532. Poloniex last 24-hour trading volume is $55,687,146. It changes to -19.35% compared to the previous 24-hour period. BTC/USDT is the most popular trading pair, its trading volume is $55,823,304 in the last 24 hours. The exchange has 5 of 10 possible reliability scores and provides clients with access to fiat currencies.
Volume (24h)
$55,687,146-19.35% ↓
Pairs
532
Rating
5 / 10
Country of registration
Seychelles
Fiat
TOP 10 pairs by volume
Pair
Price
24h Volume
Spread
Price change in 24h
Pair
BTC/USDT
Price
$59,739.00
24h Volume
$55,823,304
Spread
+0.09%
Price change in 24h
+$1,626.00 ↑ / +2.73%
Pair
ETH/USDT
Price
$3,189.06
24h Volume
$27,152,598
Spread
+0.02%
Price change in 24h
+$43.30 ↑ / +1.36%
Pair
BEBE/USDT
Price
$0.000038230
24h Volume
$23,814,616
Spread
+0.37%
Price change in 24h
+$0.000000530 ↑ / +0.00%
Pair
NAKA/USDT
Price
$1.200
24h Volume
$21,489,331
Spread
+1.35%
Price change in 24h
+$0.041163 ↑ / +0.04%
Pair
XRP/USDT
Price
$0.5238
24h Volume
$14,767,828
Spread
+0.08%
Price change in 24h
+$0.044590 ↑ / +8.53%
Pair
WSTUSDT/USDT
Price
$1.035
24h Volume
$14,598,764
Spread
+0.65%
Price change in 24h
-0.006611 $ ↓ / -0.01%
Pair
ADA/USDT
Price
$0.44021
24h Volume
$13,124,583
Spread
+0.09%
Price change in 24h
+$0.023780 ↑ / +5.41%
Pair
JST/USDT
Price
$0.030018
24h Volume
$12,275,160
Spread
+0.10%
Price change in 24h
+$0.0008981 ↑ / +0.00%
Pair
NFT/USDT
Price
$0.00000045092
24h Volume
$11,068,600
Spread
+0.45%
Price change in 24h
+$0.00000000862 ↑ / +1.91%
Pair
DOGE/USDT
Price
$0.11437
24h Volume
$9,190,255
Spread
+0.20%
Price change in 24h
+$0.005385 ↑ / +4.74%

    Crypto exchange Poloniex was launched in 2014. The founder of the exchange is the entrepreneur Tristan D’Agosta (and there is no other information about the team on the official website).

    Poloniex supports spot and futures trading, offers a platform for creating and trading NFTs, as well as additional earning services in the form of a referral program and a reward center. The site provides users ability to set up two-factor authentication, store assets in cold wallets.

    Poloniex provides a lot of cryptocurrencies and trading pairs for trading. Exchange’s futures service allows you to trade with leverage up to 100x.

    The exchange interface has been translated into 13 languages, including English, Spanish, Portuguese, Hindi and more.

    Read also: Best crypto exchanges.

    Learn more about the Poloniex exchange in a new article by TGDRatings.com experts.

    Poloniex cryptocurrency exchange
    Poloniex homepage

    Sign Up and Verification

    Here are step-by-step instructions for registering on Poloniex:

    1. Click Sign Up on exchnage’s homepage;
      Poloniex homepage
      Poloniex homepage
    2. Enter e-mail, create a strong password and click Create Account;
      Create an account
      Creating of account
    3. Enter the code sent to your email and click Active Account;
      Account activation
      Activation of account
    4. You will be redirected to personal account.
      Welcome new Poloniex user
      Welcoming of new user

    After activating the account, the exchange set up the limits of replenishment of the deposit and withdrawal of assets up to $10,000/day. Verification on the exchange is not required, but to increase limits and get access to advanced features of Poloniex one should pass identity verification process. After verification, the withdrawal limit will increase to $500,000 per day.

    Account Security

    To protect your account, you should enable two-factor authentication.

    Two-Factor Authentication (2FA) is a technology that secures an account using two levels: a password and a 2FA-code generated by an app for one-time use.

    To enable 2FA, follow the instructions:

    1. Install an authentication app, such as Google Authenticator (for iOS or Android), to your mobile phone;
    2. Log in to your Poloniex account. Select 2FA in the main menu in the upper right corner of the page under the profile icon;
      Starting 2FA setup
      Setting 2FA
    3. Add your Poloniex account to the Google Authenticator app. You can do this by scanning the QR-code or by entering the 16-digit code;
      Code
      Code
    4. Keep the backup code in a safe place. You will need it to return to your Poloniex account, for example, if you will lose your phone;
    5. The authenticator app will generate a one-time password;
    6. Enter the password on the 2FA page on Poloniex, and wait for receiving of 6 digit code from the Google Authenticator (code generates every 30 seconds);
    7. After setting 2FA, each time you log in to your Poloniex account, you will need to enter email and password, and then – a code from Google Authenticator.

    The Account is Created. What’s Next?

    To trade on the exchange, you need to fund up your account. The ways you can do it described below.

    Deposit and Withdrawal Methods

    Poloniex allows funding of user’s account only with cryptocurrency. To transfer money to an exchange wallet:

    1. Click the Wallet tab in your personal account;
      Exchange Wallet
      Exchange wallet
    2. Select a cryptocurrency, for example, USDT and click Deposit;
      USDT Choice
      Choose USDT
    3. Specify the network, for example, Ethereum (you can use Ethereum, BSC or Tron networks);
      Select network
      Select of network
    4. Copy the received address and paste it into your cryptowallet. Make sure that the networks on exchange and at wallet match, otherwise you will lose funds;
      Copy address
      Address to copy
    5. Check up your exchange account.

    To withdraw funds from an exchange wallet, follow the instructions below:

    1. Open the Wallet tab;
      Wallet
      Wallet page
    2. Select cryptocurrency (eg USDT) and click Withdraw;
      Select Cryptocurrency
      Select cryptocurrency
    3. Select the network (it must match one at the wallet), enter the wallet address, amount of coins and click Continue;
      USDT withdrawal
      Withdraw of USDT
    4. Check up money receipt.

    Phemex Trading Conditions and Tools

    The exchange offers the following trading options: purchase of cryptocurrency with a card, spot trading, futures. It charges competitive commissions. Let’s consider the possibilities of the exchange more detailed.

    Buy Crypto

    You can purchase cryptocurrencies using a bank card on Poloniex. To use this option:

    1. Click Buy Crypto in the top menu;
      Start buying cryptocurrency with card
      Buying cryptocurrency with a card
    2. Select fiat currency, enter the amount of cryptocurrency you want to purchase and click Buy Now. Visa, Mastercard, ApplePay and bank transfers accepted;
      Filling out the form to buy cryptocurrency from a card
      Filling out the form to buy cryptocurrency with a card
    3. You will be redirected to Simplex.com to complete purchase. During the Simplex checkout process, you will have to verify your identity.

    Spot market

    Spot trading service is available in the Trade tab of the main menu. Here you can instantly sell or buy cryptocurrency.

    Spot Market
    Spot market
    Spot trading is the process of buying and selling of cryptocurrencies at the current market rate (spot price) with immediate delivery of the underlying asset.

    There are [шорткод количество торговых пар] trading pairs available for spot trading on Poloniex.

    Futures

    The exchange also offers futures trading. The Poloniex futures platform is only available to customers in the regions specified in the user agreement.

    A futures contract is an agreement to buy or sell a specified commodity or asset at a predetermined price at a specified time in the future (delivery date). In addition to traditional futures contracts Poloniex has perpetual futures contracts (nominated in USDT). The perpetual contract has no expiration date (delivery date) and is available for trading at any time.
    Future Market
    Futures market

    Fees and Limits

    Spot market trading fee depends on 30-day trading volume and may decrease for holders of TRX (exchange internal token). For example, if ones trading volume is less than $50k then taker and maker fees will be set at the level of 0.1450% /0.1550% and 0.1015% / 0.1085% for makers and takers who holdes TRX (TRX balance less than $49).

    You must hold TRX in your exchange account to get access to commission level 2. The USD equivalent of your TRX balance is calculated based on the average daily TRX to USD exchange rate.

    Futures trading fees are standard for all traders, regardless of the trade volume for 30 days. The maker fee is 0.01% and fee of the taker is 0.075%.

    The exchange does not charge fees for depositing cryptocurrencies. But when withdrawing cryptocurrencies, the user pays a network commission (rates may vary depending on network load at the time of the operation). Users can view the current withdrawal fee for each currency in the Wallets section by selecting the concrete coin.

    USDT Withdrawal Fee
    USDT withdrawal fee

    How to Trade on the Poloniex Cryptocurrency Exchange

    Let’s consider trading on the spot market of the exchange. The main algorithm of trading on Poloniex looks like:

    1. Open spot trading terminal by clicking the Trade tab on the main menu;
      Spot Trading Selection
      Selecting spot trading tab
    2. Select trading pair, for example, BTC/USDT. You can make it in the search bar or in the list of coins;
      Trading pair selection
      Choosing a trading pair
    3. Select order type, for example, Market, enter amount of cryptocurrency in the Total field and press Buy BTC.
      Buying BTC
      Buying BTC

    Selling of cryptocurrency involves the same sequence of steps, you just need to click Sell at the top of the form and after filling in the relevant data, click Sell BTC.

    Selling BTC
    Selling BTC

    Other Poloniex Services

    Additional exchange services include LaunchBase, LeaderBoard, Referral Program, Rewards Center and NFT Marketplace. Let’s look on them in more details.

    LaunchBase

    Poloniex started LaunchBase – launch platform for tokens to help quality blockchain projects grow and develop its ecosystem. LaunchBase collaborates with projects, community members and industry partners to create and promote reputable cryptocurrencies around the world, including by selling of tokens on the Poloniex platform. All entrants will be required to meet the eligibility criteria. Due to local regulations, this platform is not available in all countries.

    In addition to enabling community members to buy and sell tokens, Poloniex provides professional advice to help blockchain companies enter the market.

    LaunchBase
    LaunchBase

    Leaderboard

    The platform runs various contests and promotions where winners can win cash prizes. For example:

    • Trade APT futures with $500 subsidy to win $20,000;
    • Learn and Earn: get $120,000 of Fan Tokens (ASR/JUV/ACM) by answering quizzes;
    • Cross Margin Live. Start trading futures to win $20,000
    • and others
    LeaderBoard
    LeaderBoard

    Referral Program

    Poloniex Referral Program allows one to earn money by inviting your friends or acquaintances to join the Poloniex community.

    Poloniex referral program
    Poloniex referral program

    Anyone who follows the referral link and completes the registration will become your referral. You will earn commissions from all trades your referrals make, including spot, margin and futures trading.

    Direct commission is formed from completed transactions and is accrued daily. There are 4 levels that determine the commission percentage:

    • Rocket Scientist – 20%;
    • Moon Explorer – 30%;
    • Mars Adventure – 50%;
    • Sun Capitan – 60%.
    Sun Capitan level also produces Secondary Fee. All trades made by sub-referral clients earn 10% commission to the main referral.

    Rewards Center

    Poloniex Rewards Center provides an option to win trial funds for futures trading as a reward for completing various tasks.

    The trial fund cannot be transferred or withdrawn, but the user can withdraw profit made using it. Trial Fund can be used as trading margin for futures trading, to offset account losses, pay transaction processing fees and more: Trial Fund will be used for such purposes first until it runs out.

    Rewards Center
    Rewards Center

    NFT Marketplace

    NFT Marketplace APENFT is a marketplace used for creating, buying and selling of non-fungible tokens.

    The APENFT marketplace is built on BSC, TRON and Ethereum protocols with BTFS decentralized storage and compatible with BitTorrent Chain.

    NFT Marketplace
    NFT Marketplace

    Poloniex Mobile App

    The mobile application for IOS and Android has full exchange functions and allows you to trade anywhere and anytime.

    Exchange mobile application
    Poloniex mobile app

    Reviews

    One can find the most reliable reviews on Poloniex on review service Trustpilot. The positive reviews feature:

    • Low commissions;
    • Large list of cryptocurrencies;
    • The option to buy cryptocurrency with the card;
    • Convenient multilingual interface.

    The main problems of the trading platform, noted in the reviews are:

    • Cryptocurrency withdrawal takes a long time;
    • Problems with withdrawals;
    • Slow support service;
    • Difficulties with verification;
    • Accounts blocking;
    • Exclusion delisting of coins without warning.

    Poloniex Pros and Cons

    Wide choice of digital currencies;
    Spot trading;
    Futures trading, including leveraged trading;
    Buying cryptocurrency with a credit or debit card;
    Low trading fees;
    Additional services.
    Restrictions on futures trading in several countries;
    No support of fiat deposits;
    Reputation problems: the exchange has been subject of two hacks and regulatory action by SEC.

    FAQ

    Can I trust Poloniex?
    Poloniex had some problems with security in the past (2 hackers attack) and came to the attention of the commission on exchanges and securities (SEC). So it is up to you to decide should you use it or not.
    Where is Poloniex based?
    Poloniex was founded as an American exchange. But in 2019 it moves to Bermuda.
    Who is the owner of Poloniex?
    The owner of the exchange is Tristan D’Agosta.
    How long does it take to withdraw from Poloniex?
    It usually takes 4-12 hours to complete the withdrawal process.
    Is Poloniex centralized exchange?
    Yes, it is.
    How many coins does Poloniex have?
    The number of coins on Poloniex constantly changes. Poloniex provides about 350+ coins to trade.
    Is Poloniex regulated?
    After moving to Bermuda the exchange is not regulated by any US supervising organisation or organisations of any others jurisdictions.
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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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