The Poloniex platform is one of the top platforms you are likely to come across when you step into the crypto space. It is a peer-to-peer (P2P) crypto exchange that has been established in the USA and functional since 2014.
There are several exchanges in competition with Poloniex that are more prominent and popular than this exchange. Regardless, the exchange has a good reputation, thanks to the high-end features and services, some of which are mentioned below.
The more you know about an exchange, the easier it can be for you to know if it is safe and suitable for you to use. Therefore, every new user should take a look at the details mentioned in this Poloniex exchange review.
Poloniex Platform Supports Bank Transfers and Credit Cards
This crypto exchange was originally started as a crypto-to-crypto exchange. However, it later also started supported fiat currencies and has become more accessible to people.
As per some changes that took place for the exchange, it now also accepts fiat currencies through credit cards and bank transfers.
The convenience this has offered to the users is that they don’t have to deposit crypto in their wallet to trade. Instead, they can simply purchase stablecoins like USDT or USDC through their credit cards or bank transfers and use them to purchase crypto assets they want.
One of several unique features supported by the Poloniex platform is crypto lending. This feature enables the crypto enthusiasts to borrow cryptocurrencies from the lenders and offers rewards to the lenders in return.
On Poloniex, the limit you can lend depends on the overall funds you have as well as your type of account.
Customer Support Services
The customer support services offered by the exchange are one of the aspects that are sometimes overlooked. The team of customer support is comprised of professionals who are highly responsive and immediately respond to any queries or concerns that users have.
The users of the exchange can reach the customer support agents through various channels, such as:
- Helpline number
- Social media channels
The fee charged by the platform is one of the top features mentioned in this brief Poloniex exchange review. Learning about the fee structure of an exchange in detail before using it is crucial as it can give you a good idea about how much fee you will be paying. As a beginner, it is important that you opt for an exchange that charges a fair and transparent fee.
The Poloniex platform charges one of the lowest fees in the industry, the details of which are mentioned below.
- Market maker fee ranges from 0.1450% to 0.0200%
- Market taker fee ranges from 0.1550% to 0.0200%
- Market maker fee: 0.01%
- Market taker fee: 0.075%
- Fixed network fee
- No fee for deposits
- No fee for withdrawals
- 15% lending fee
Another major aspect that is discussed in this brief Poloniex exchange review is the support it extends for margin trading.
Margin trading or trading with leverage is an advanced trading strategy that comes with high risks. This platform offers one of the highest leverages in the market, which is up to 100x. The leverage ratio varies from one exchange to another. However, it is important to know that higher the leverage you opt for, higher will be the risk you face.
Margin trading allows traders to borrow funds from brokers and open bigger trading positions, which can either be beneficial or financially damaging, depending on how the trades go.
Open-source Trading Interface
The Poloniex platform supports a trading interface that is open-source. It can also be used as an API. This is a prominent aspect because it has quite the significance for experienced developers and traders.
The open-source trading interface allows the traders to connect the interface to external applications as well.
OTC Trading Desk
One of the most prominent aspects of the exchange is that this platform is a high-end and suitable exchange, not only for retail investors and traders but for firms as well.
This crypto exchange is now supported by Goldman Sachs and is anticipated to offer over-the-counter trades. With the help of this feature, the firms can now trade a minimum order of $250,000.
Safety Protocols Used
In terms of safety offered, the Poloniex platform is one of the best platforms you can opt for. It enables users to trade large volumes without any threats to their safety because it implements some of the best security protocols. Some of the cutting-edge security systems used are:
- Role accounts for privacy protection
- Protection against robot infiltration
- DoS attacks protection
- Cold wallets
- Cryptographic DNS cache protection
- Registry locks
- IP lockouts
- Two-Factor Authentication (2FA)
The Poloniex platform is one of the few exchanges that is fully regulated by regulatory bodies such as:
Learning about the top features and services offered by the Poloniex platform can give you a good idea of whether it matches your trading requirements or not. Therefore, the information mentioned above is crucial for you to have beforehand.