Poloniex Review 2023
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 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.
Learn more about the Poloniex exchange in a new article by TGDRatings.com experts.
Sign Up and Verification
Here are step-by-step instructions for registering on Poloniex:
- Click Sign Up on exchnage’s homepage;
- Enter e-mail, create a strong password and click Create Account;
- Enter the code sent to your email and click Active Account;
- You will be redirected to personal account.
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.
To protect your account, you should enable two-factor authentication.
To enable 2FA, follow the instructions:
- Install an authentication app, such as Google Authenticator (for iOS or Android), to your mobile phone;
- Log in to your Poloniex account. Select 2FA in the main menu in the upper right corner of the page under the profile icon;
- 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;
- 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;
- The authenticator app will generate a one-time password;
- 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);
- 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:
- Click the Wallet tab in your personal account;
- Select a cryptocurrency, for example, USDT and click Deposit;
- Specify the network, for example, Ethereum (you can use Ethereum, BSC or Tron networks);
- 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;
- Check up your exchange account.
To withdraw funds from an exchange wallet, follow the instructions below:
- Open the Wallet tab;
- Select cryptocurrency (eg USDT) and click Withdraw;
- Select the network (it must match one at the wallet), enter the wallet address, amount of coins and click Continue;
- 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.
You can purchase cryptocurrencies using a bank card on Poloniex. To use this option:
- Click Buy Crypto in the top menu;
- Select fiat currency, enter the amount of cryptocurrency you want to purchase and click Buy Now. Visa, Mastercard, ApplePay and bank transfers accepted;
- You will be redirected to Simplex.com to complete purchase. During the Simplex checkout process, you will have to verify your identity.
Spot trading service is available in the Trade tab of the main menu. Here you can instantly sell or buy cryptocurrency.
There are [шорткод количество торговых пар] trading pairs available for spot trading on Poloniex.
The exchange also offers futures trading. The Poloniex futures platform is only available to customers in the regions specified in the user agreement.
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).
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.
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:
- Open spot trading terminal by clicking the Trade tab on the main menu;
- Select trading pair, for example, BTC/USDT. You can make it in the search bar or in the list of coins;
- Select order type, for example, Market, enter amount of cryptocurrency in the Total field and press Buy 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.
Other Poloniex Services
Additional exchange services include LaunchBase, LeaderBoard, Referral Program, Rewards Center and NFT Marketplace. Let’s look on them in more details.
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.
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
Poloniex Referral Program allows one to earn money by inviting your friends or acquaintances to join the Poloniex community.
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%.
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.
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.
Poloniex Mobile App
The mobile application for IOS and Android has full exchange functions and allows you to trade anywhere and anytime.
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.