by Rushali 
The world is running on the competition. Everything has its own competitors and the constant urge of getting better is also comes from this competition only. Any company tries to be better than its competitor. This competition has made this world so advanced, as everyone wants to be better than others. There is a lot of competition in the crypto exchange industry as well. There is a new player in the market every other day. And every exchange has to fight its own survival battle. With the growing popularity of cryptocurrencies, these cryptocurrency exchanges have also gained a lot of development and investment. But with the increasing number of exchanges, increases the confusion among people for selecting an exchange for investment in cryptocurrencies.
This article will give you an elaborate review of the exchange called Poloniex.
Overview
Poloniex is a subsidiary of its parent company called M/s. Polo Digital Assets Limited. Poloniex Exchange is based in the Island country of the Republic of Seychelles and it is now regulated and governed by the Republic of Seychelles’ rules, regulations, and laws regarding Crypto or digital currency. The exchange is available in all countries except some. It is not available in some countries like Cuba, Iran, North Korea, Sudan, Syria, the United States.
Poloniex is launched n the year 2014 by Tristan D’Agosta. Just after its launch in 2014 it has been stuck in a cyberattack and lost around 12% of its bitcoin reserves that is $50000 in value. But the exchange has returned all the investor’s money safely. Then in 2016, it has become the first exchange to list Ethereum on its platform. Poloniex has acquired a payments company called M/s. Circle in the year 2018 for around $400000. The exchange is one of the most trusted platforms among professionals as well as beginners.
Also Read : Kraken Exchange Review
Features
- Through the journey of this exchange, we have learned one thing that whenever they face any major issue they again stand up and fight. So their one of the main features is its fighting spirit.
- It has a very simple and user-friendly interface. It also has a trading view chart facility.
- Poloniex registration process is very simple and short. It just takes only a few minutes to complete the process.
- It has the lowest trading fees as compared to other exchanges in the industry.
- The platform also enables its customers to have leverage and futures trading as well.
- Its mobile application also has the same user-friendly interface as the desktop.
- Another feature of this platform is its customer support. It has one of the best customer services in this industry.
- It has a two-step verification process to safeguard its customers.
Fees
This exchange charges the lowest amount from its users. Poloniex charges its users a maker fee of 0.09% and the same percentage taker fee of 0.09%. The exchange’s trading fee chart is quite forthright and simple to understand. The fee schedule is provided on per trade basis i.e. it depends on whether the user is on the taker or maker side of the, as well as on their 30-day trading volume. But, the VIP customers that include Poloniex Plus Silver, Gold, or market maker tiers is charged 0% and for maker trades, they charge less than 0.04% for executed taker orders or trade, on account of them being premium level accounts with higher trade volumes.
In terms of withdrawal fees with they charge a withdrawal fee of approx. 0.0005 BTC per BTC that is way below the average industry withdrawal fee of approx. 0.0008 BTC per BTC. The exchange has a no-fee on deposit feature.
Security
As I already mentioned that the exchange has a two-step verification process, so let’s understand the steps in detail.
STEP1 – For this step, users or traders only need to register on the exchange using a
valid email address and open a Poloniex Account. After that, they will automatically lead the users to sign up on the Poloniex platform with their wallet address. When they will clear this step, it allows its users to trade for unlimited spot trading, deposits, daily withdrawal limit up to $20,000 per day trading, and all other Poloniex basic services. However, it does not allow its users to access Poloniex margin trading and IEO Launch Base.
STEP2 – After the clearance of Step 1 users or traders will have to submit the following information and documents of the Users or traders such as Residential address in detail; Valid and working phone number; Date of birth; User’s ID documents like Driver’s license, Identity card and Address Proof. After submission and verification and confirmation of these details or user information, the users are allowed to access all Poloniex Exchange features, including up to $750,000 stop-limit per day trading.
The Poloniex exchange users are also provided with Additional account options such as Poloniex Plus Silver, Gold, or Market Maker accounts. But these types of accounts are mainly useful for large-volume traders, professionals, and institutions and thus they can apply for opening the same with the exchange which has some additional verification steps in the process.
Merits
1. The exchange offers extremely low fees as compared to other exchanges.
2. It is a user-friendly platform.
3. Poloniex has a large variety of cryptocurrencies to invest in.
4. The platform has enabled its users to take leverage as well as futures trading options of investment.
5. It also has a mobile application.
6. Poloniex also provides its users with margin trading support.
7. Customers say that it is very easy to use and trusted exchange.
8. It has 24-7 customer support services.
Demerits
1. Only limited fiat deposit options are available.
2. Its order book does not support fiat currencies deposits.
3. The exchange has a history of hacking two times, so it is hard to trust it with your hard-earned money.
4. It is an unregulated cryptocurrency exchange.
Overall it is a great platform, but it has some major demerits. So it completely depends on you to select it or not.
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