How to register?

The Boston-based exchange offers low trading fees and exchange functionalities for experienced traders. Security is a concern and fiat withdrawal methods are limited. Poloniex is not available in the US.

Target User

Experts

Coins

182

Trading fees

low

Fiat Withdrawal Fees

medium

Security

Countries

200+

Languages

EN + 4

Pros

The user interface is well-suited for advanced and expert traders

User Interface
Low trading fees compared with other players

Fees
Users can withdraw up to $10,000 in fiat per day without ID verification

Onboarding
Poloniex offers futures trading

Margin Trading

All pros

Cons

Not available in the US

Availability
The exchange was hacked in 2020

Hacks
No insurance for assets stored with the exchange

Insurance
No exact information about the percentage of funds held in cold storage

Storage
The only fiat withdrawal method offered is Simplex banking

Fees

All cons

Low trading fees

What's good about Poloniex is low trading fees and users can withdraw up to $10,000 per day in fiat currency without ID verification. Poloniex also offers Margin Trading. Drawbacks are a recent exchange hack in 2020, lack of legit insurance, and no information about how much of the users' assets are held in safe cold storage.

Poloniex in the CryptoStudio-Check

Overview
Exchange functionalities
Fiat deposits and withdrawals
Security
User Experience

Overview

Platform Score

based on 5 categories

Exchange functionalities

based on 5 criteria

Fiat deposits and withdrawals

based on 5 criteria

Security

based on 5 criteria

User experience

based on 7 criteria

Pros

The user interface is well-suited for advanced and expert traders

User Interface

Low trading fees compared with other players

Fees

Users can withdraw up to $10,000 in fiat per day without ID verification

Onboarding

Poloniex offers futures trading

Margin Trading

Cons

Not available in the US

Availability

The exchange was hacked in 2020

Hacks

No insurance for assets stored with the exchange

Insurance

No exact information about the percentage of funds held in cold storage

Storage

The only fiat withdrawal method offered is Simplex banking

Fees

Exchange functionalities

Rating:

Amount of coins/tokens:

182

Trading Fees:

low

Margin Trading:

Poloniex offers leverage of up to 2.5x

Lite Trading:

Poloniex doesn't offer a lite mode

DCA-Plans:

Poloniex does not offer any DCA plans

Attention: Outdated Information!

Fiat deposits and withdrawals

Rating:

Fiat deposit limits:

Poloniex doesn't list any deposit limits

Fiat withdrawal limits:

Poloniex doesn't list any withdrawal limits

Withdrawal fees:

medium

Payment methods:

Credit card, debit card, or Simplex bank transfers

Withdrawal methods:

Bank transfer via Simplex

Attention: Outdated Information!

Security

Rating:

Security features:

IP check upon login, 2-factor-authentication, withdrawal address whitelisting

Insurance:

No insurance

Crypto Storage:

According to Poloniex, the "majority of customer funds is kept in cold storage"

Company Headquarter:

Owned by CIrcle, which is headquartered in Boston, USA

Security Hacks:

During a hack in Dec. 2020, $4m worth of BTC stolen (12.3% of BTC holdings)

Attention: Outdated Information!

User Experience

Rating:

User interface:

The overall experience of using Poloniex is somewhat simple. The exchange has an easy to understand user-interface which makes trading seamless and easy. It's suitable for beginners as well as advanced traders

Onboarding:

Straightforward via the website or app; ID not required for Level 1 account, which allows $10,000 in withdrawals per day, including fiat

Mobile/Desktop App:

Standalone mobile app & desktop app are available

Language options:

5 language options, including English

Availability:

Worldwide except USA, Cuba, Iran, North Korea, Sudan Syria

Customer service:

Email, website chat feature, FAQ page, support provides fast response and detailed answers

Investor Education:

The website briefly explains the functionalities of the exchange but does not provide any information regarding cryptocurrency investing in general

Attention: Outdated Information!

Poloniex is for experienced traders

Poloniex user interface caters to experience traders. A downside is that the only fiat withdrawal method is simplex banking which can result in high withdrawal fees.