Poloniex Exchange Review | Is This Exchange Great Or Overrated?

Poloniex users can easily buy and sell crypto on Poloniex via spot trading with low fees, making it a popular choice for traders.

For those looking to buy crypto with a debit or credit card, Poloniex offers the option through third-party payment provider, Simplex. However, this method comes with a high fee of 3.5% or $10, whichever is greater.

Overall, Poloniex is a solid option for spot trading cryptocurrencies, but users looking for P2P trading or the ability to buy crypto with bank deposits will need to consider other exchanges. The high fees for buying crypto with a card may also deter some users.

Poloniex charges a 0.145% maker fee for spot trading which is on the lower end of the spectrum compared to other exchanges.

However, its spot taker fee of 0.16% is higher than some competitors. When it comes to futures trading, Poloniex charges a 0.02% fee for makers and a 0.05% fee for takers, putting it in the middle of the pack. Overall, Poloniex's trading fees are competitive for spot trading and futures trading.

Unfortunately, Poloniex does not support fiat deposits at this time. However, they do offer the ability to deposit and trade with a wide variety of cryptocurrencies.

Additionally, they have partnered with Simplex to offer the option to buy crypto with a credit card. While the lack of fiat deposit options may be a drawback for some users, Poloniex's focus on KYC free cryptocurrency deposits and trading and their is suitable for privacy focused users.

Similar to fiat deposits, Poloniex does not offer fiat withdrawals so the only withdrawal method on the platform is via cryptocurrencies.

Poloniex offers relatively low withdrawal fees for Bitcoin and Ethereum, with a 0.0005 BTC fee for Bitcoin withdrawals and a 0.0032 ETH fee for Ethereum withdrawals. Additionally, users can withdraw ERC-20 USDT for a fee of 5 USDT and Solana for a fee of 0.01 SOL.

While the exchange does not support fiat withdrawals, it is still a great option for those looking to withdraw their cryptocurrencies to other platforms or wallets. In most cases, the cryptocurrency withdrawal fees are quite competitive with the lowest options in the market.

Poloniex is a cryptocurrency exchange that has had a complicated history with security. In short, the platform has been hacked multiple times which has led to concerns about the safety of user funds.

Having said this, Poloniex maintains a 95% asset cold storage ratio which helps to keep user funds safe from potential hackers. And while Poloniex is currently working on implementing proof of reserves, it is not currently available.

Despite these past issues, Poloniex has recently obtained a license in Bermuda that covers the operation of payment services, custody, exchange, trading, and other financial services.

This is a positive step towards improving the platform's security and gaining the trust of its users. Besides this, the exchange offers common security features such as whitelisting addresses, two-factor authentication, and bug bounties to incentivize white hackers.

In conclusion, Poloniex is a legit and comprehensive cryptocurrency exchange that offers a wide range of trading services for digital assets.

With over 350 cryptocurrencies available, Poloniex is one of the most versatile platforms on the market.

The exchange also offers a variety of trading options, including spot, margin, and futures trading with high leverage of up to 100x. The exchange also has relatively low trading fees for both spot and futures trading.

While Poloniex has some geographical restrictions and does not support fiat deposits or withdrawals, it offers a quick and easy signup process that doesn't require KYC verification.

Poloniex has had a complicated history with security with past hacks raising concerns about user funds.

However, the exchange has taken steps to improve its security measures, including obtaining a license in Bermuda and maintaining a 95% asset cold storage ratio.