Poloniex Cryptocurrency Exchange Review 2023 – Is Poloniex.com Legit?

Introduction

Poloniex is a California-based cryptocurrency exchange, established by Tristan D’Agosta in 2014. Poloniex is serving at a global level and has sought the trust and attention of customers all over the world but its services mainly cater the US-based customers. Poloniex surprisingly supports a wide range of altcoins which can be traded on the crypto-leading digital asset, Bitcoin (BTC).

Like most cryptocurrency exchanges, Poloniex.com is also a web-based crypto exchange. This exchange has a big screen and user-friendly interface which is feasible for both novice and experienced traders. Poloniex trading platform has exceptional features of multiple charts and time frames to educate the trades to make the right decision using this platform.

Poloniex.com cryptocurrency exchange is best known for its integrated technical tools and charts i.e., Fibonacci levels and Bollinger Bands to understand the trading platform in a better way. The web interface of the Poloniex trading platform shows 200+ pairs of cryptocurrencies available for crypto trading. Using the simple interface, you can easily place a sell order, buy order and stop the limit order.

Deposit and Withdrawal over Poloniex Exchange

Poloniex doesn’t support any fiat currency for deposit and withdrawal purposes. Users will have to employ the cryptocurrencies for deposit and withdrawals of their digital assets. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Monero (XMR), Zcash (ZEC) and Dash (DASH) are frequently used on Poloniex exchange for deposit and withdrawal purposes.

Also Read: Foxbit Exchange Review 2023 – How To Use Foxbit Crypto Exchange

Although, Poloniex.com crypto exchange doesn’t support fiat currencies it is important to keep in mind that Poloniex exchange supports more than 85 different types of altcoins for deposit and withdrawal. Because of its features, Poloniex is commonly known as a crypto-to-crypto exchange.

Poloniex Supported Cryptocurrencies and Countries

Poloniex.com is commonly known for its support for trading its signature digital asset Bitcoin (BTC). It is a crypto-to-crypto trading platform so it supports 85+ trading pairs and 400+ cryptocurrencies including the leading digital assets of the market. Poloniex supports prominent cryptocurrencies like  Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), QTum (QTUM), Symbol (XYM) and hundreds of other altcoins.  

Poloniex crypto exchange mainly caters the customers from the United States but it also has countless clients from various countries like New Zealand, Malta, Hungry, Estonia, Denmark, Canada and 60+ countries.  

Fees and Commission

Poloniex follows the same standard followed by the rest of the crypto industry. The fees and commission model of Poloniex is also based on the maker-and-take model to encourage liquidity. However, it offers comparatively low fees and commissions as compared to other competitive cryptocurrency exchanges.

As Poloniex supports more than 85 trading pairs, liquidity matters a lot for the exchange. Poloniex follows a percentage-based commission from maker and taker upon trading. If you trade Bitcoin (BTC) of more than 600, then the minimum fee that Poloniex charges from the maker is 0.15% and 0.25% from the taker.  And then the fee depends on trade volume.

Security and Privacy

Although Poloniex has had to face a breach in the past that could bring no harm to the exchange because Poloniex has a three-level security system. Poloniex is considered to be one of the most cryptocurrency exchanges due to its security parameters given below;

• IP Lockouts
• Cold wallet vault
• Two-factor authentication (2FA)
• Protected against robot infiltration
• Cryptographic DNS cache protection

Customer Care Services of Poloniex Exchange

Customer support service isn’t the stronghold of Poloniex exchange. It employs ticketing systems and users can submit their queries through emails.  However, it offers 24/7 customer support for the users through emails. The FAQ section covers most of the trading-related queries so customers won’t have to wait to tackle their basic problems.

Pros and Cons

Pros

• Supports margin trading
• User-friendly interface
• Supports a wide range of altcoins
•  Abundant liquidity

Cons

• Doesn’t support fiat currencies
• Customer support service needs to be improved

Conclusion

Poloiex.com cryptocurrency is considered one of the best options for a secure and reliable crypto-to-crypto cryptocurrency exchange. Although the Poloniex trading platform doesn’t support fiat currencies but offers a wide range of altcoins for trading purposes.  This review can be biased on the user experience, you are requested to do complete research and go through the features, pros and cons of the exchange before using it for trading purposes.