Poloniex Exchange Review 2021 | Is it Safe? [Updated]

Poloniex exchange is a popular name for cryptocurrency trading. It has some lucrative features! One of them is the lowest fees. This Poloniex exchange review will provide you with an understanding of all the essential things you need to know such as trading, depositing and withdrawing money from the exchange, various fees. I will also discuss the Pros and Cons of the Poloniex exchange and answer some commonly asked questions. Here We Go!

Poloniex exchange is an iconic crypto exchange, primarily serving cryptocurrency traders in the United States. Tristan D’Agosta established Poloniex as a digital asset exchange in the United States. The headquarters of Poloniex exchange is in San Francisco, California. It allows traders to trade multiple cryptocurrency pairs.

What is Poloniex Exchange?

Poloniex, like most cryptocurrency exchanges, employs a proprietary web-based trading network. The interface is well-designed, user-friendly. The chart includes several time frames, and you can see them as a candlestick chart or a line chart. The platform also includes integrated technical indicators, including Bollinger Bands and Fibonacci levels, that can overlay the trading chart to provide a more in-depth analysis of the markets. The trading platform’s app also helps you quickly access all 200+ cryptocurrency pairs available for trading.

Poloniex exchange allows you to Buy orders, Sell orders, and Stop limit orders on its platform. When exchanging Bitcoin, Ethereum, Monero, and Tether, you can execute both of these orders. It is worth noting that the Poloniex exchange accounted for 99 percent of Tether’s trading volume till 2017 due to the exchange’s high liquidity. Margin trading is also available on the Poloniex exchange, with some pairs offering leverage of up to 2.5x.

Poloniex Homepage
Poloniex Homepage

Furthermore, the Poloniex exchange provides its traders with a lending option that is not available on many crypto exchanges. With this leading choice, you can give or demand a crypto loan in exchange for a set interest rate.

Summary (TL;DR)

  • Poloniex exchange has a low fee of 0.125%, the cheapest among all the competitors dealing with altcoins.
  • The payment and transaction is carried out only through cryptocurrency.
  • 2 step email verification is necessary to withdraw a significant amount.
  • Earn passive income by lending your cryptocurrency assets at a fixed interest rate.

Poloniex Review: Background

Poloniex was established in Delaware, USA, in January 2014. Tristan D’Agosta, who has a musical background and formerly founded the Polonius Sheet Music company in 2010, is the company’s founder.

Poloniex experienced a high-profile hack shortly after its launch in March 2014, when it lost approximately 12% of its BTC, which was worth approximately USD 50,000 at the time. Nonetheless, the exchange’s management publicly reacted to the intrusion, promising complete reimbursements for the stolen 97 bitcoins from D’Agosta’s company income.

Following a rocky start, Poloniex was forced to briefly raise its fees before making headlines again in 2016 as the first exchange to list the Ethereum (ETH) cryptocurrency. Following that, the exchange’s trading volume increased, and it quickly became one of the most successful exchanges in terms of liquidity.

Poloniex was acquired by payments company Circle in early 2018 to transform it into America’s first fully controlled crypto exchange.

The exchange delisted nearly half of its crypto assets by becoming regulatory compliant and introduced strict KYC (know your customer) tests.

The Poloniex exchange experienced significant changes in 2019.

Poloniex remains a prominent digital currency exchange in 2021, with some of the market’s lowest trading and withdrawal fees. Thanks to a bug, they had to delete 12 minutes of trading history in February due to problems with their order book. The exchange redesigned its website and mobile applications in April, promising more drastic updates later in the year.

How to Register on Poloniex Exchange?

You need to register on the exchange to start trading. Poloniex had a high number of registrants at the time of publishing. This was due to several large exchanges refusing new registrants.

Create poloniex account
Create Poloniex account

The first phase entails entering your country, email address, and password. If you’ve done this, your email address will automatically become your Poloniex ID. It is essential to encrypt your email to prevent hackers from gaining access to your Poloniex account.

Poloniex Register page
Poloniex Registration page

Poloniex currently refuses sign-ups from disposable email addresses. We strongly advised you to build an alphanumeric password of 8 to 32 characters to secure your Poloniex account.

You will receive an email after you sign-up. To unlock your account, click on the available connection because Poloniex technicians will need more details before your account is fully operational.

If all of the information is right, the team will check your account in time for trading.

How to Trade on Poloniex Exchange?

It’s time to trade now, so fund your Poloniex account. Poloniex has made cryptocurrency trading easier by categorizing markets through tabs. You can find the most recent prices under each tab. 

You can also exchange cryptocurrencies for Bitcoin, Ethereum, Monero, and USDT. Choose a crypto coin to buy or sell from one of the tabs. You can begin with ETH/BTC, where you can buy and sell ETH for BTC.

Fill in the price and number of crypto coins to buy or sell cryptocurrency pairs. Optionally, you can use the order book to make your selection. By clicking “Buy,” you can place your order. This will cause the system to look for orders with the same ask price as yours.

Poloniex Review: Deposit and Withdrawal Options<