Poloniex is a cryptocurrency exchange that combines low trading freights with a list of over 350 supported cryptocurrencies. Also, Poloniex is a decentralized exchange and offers periphery trading, lending, and other crypto products. With its low freights, wide selection of assets, and useful features, this exchange could potentially meet all requirements of numerous crypto users. Although, it’s not available to U.S. customers.
Cryptocurrencies available on Poloniex
Poloniex offers a long list of over 350 cryptocurrencies and tokens. Customers can also trade some unpredictable currencies like Baby Dogecoin, Dogelon, and dogs of Elon. There’s a good blend of well-supported mileage tokens and lower-known currencies. The connection between the exchange and the Tron(TRX) currency must be mentioned. Holding and using Tron may qualify you for discounted freights.
Trading experience
There are several platforms on Poloniex available that may be applicable for different trading experience situations. Newcomers should start with a simple buying and selling method, while skilled dealers can jump to the active trading exchange.
Fundamental cryptocurrency exchange form
You can start with Poloniex’s simple cryptocurrency exchange form if you’re inexperienced with crypto or want to fund a Poloniex account with fiduciary currency. This form lets you smoothly buy and vend currency using a bank account, debit card, or credit card.
Active trading platform
Poloniex’s active trading platform includes a map with a variety of indicators. a summary of the outstanding order book, and a quick trading form. Skilled traders who have previous experience with cryptocurrency, stock trading, or other active markets will probably prefer the active trading platform.
Mobile apps
Poloniex has apps available for iOS and android appliances. You can get the Apple interpretation in the app store, and the android interpretation is listed in google play or offered as a direct download. The applications enable you to control your account, see crypto balances, and trade supported currencies.
Freights
You can qualify for lower costs if you pay for exchange freights with Tron and hold a Tron balance of at least USD 49. Once your account is funded with crypto, freights are a major selling point for Poloniex over competitors. However fifty thousand dollars per 30 days, freights are 0.0145 percent if you trade lower than 0.0145 for maker trades and 0.155 percent for taker trades. You can also get fee discounts if you pay with Tron. However, you qualify for a lower fee league, if you hold a sufficient Tron balance ($ 49 or further).
Security
Security isn’t Poloniex’s strong suit. While it appears, everything has been brought up to industry norms, the company has a history of security and nonsupervisory problems. The exchange was hacked in 2014, and hackers stole roughly $4 million in assets. In response, the exchange reduced client account balances by 12.3 percent. This is a major fact and could be the reason why to dodge Poloniex. Additionally, it was hacked again in 2020. While it survived the incidents, you may want to need to be keen when having heavy balances with this exchange. Poloniex has also run afoul of United States securities controllers. The SEC charged Poloniex for operating an unrecorded digital asset exchange in August 2021, and Poloniex paid over $10 million to settle with the SEC. While Poloniex’s problems may be in history, this is another red flag.
Customer service
Poloniex offers client support primarily through the mail. Customers can submit a fundamental contact form to open a client support ticket. The exchange also offers a help section that answers generally asked questions. For the utmost part, Poloniex is a self-service platform where you take care of your account maintenance. However, you may prefer an exchange that offers further options for client support, If you don’t feel comfortable searching for answers to questions with help sections.
Client satisfaction
While Poloniex receives low marks from pundits, it’s worth noting that poor client support is a problem industry-wide. However, you’re unlikely to recover your finances anyhow from the exchange, if your account is hacked or if you accidentally send cryptocurrency to the wrong address.
