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Poloniex review

Poloniex is one of the world’s most active cryptocurrency exchanges offering strong security and advanced trading features.

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By

Sam Bourgi

&

Frank Corva

Updated

Fact checked

Poloniex announcement

US-based users can no longer trade on Poloniex, and have until 15 December 2019 to withdraw their assets.
To do so, they should go to the new and separate Poloniex USA website to make a withdrawal.

If you're looking for a cryptocurrency exchange in the USA, you may want to consider one of the exchanges like Poloniex listed below.

Our verdict

Based in San Francisco, Poloniex has quickly emerged as one of the world’s leading digital currency exchanges. The platform not only allows you to exchange cryptocurrency but also to trade on margin – something rarely offered in the cryptocurrency market.

4.2

Finder Score

★★★★★

Poloniex pros and cons

Pros

  • Over 371 cryptocurrencies supported. Poloniex supports 371+ assets, which should give you a good range of industries and asset types to invest in without needing to hop between multiple exchanges.
  • Trade with multiple fiat currencies. Poloniex allows you to trade with 10 currencies including USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS.
  • Supports a range of payment methods. Poloniex supports several popular payment methods including USD deposits via Credit card and Debit card.

Cons

  • USD deposits and withdrawals are not supported. Poloniex does not support USD trading accounts. You may still be able to purchase crypto using a credit or debit card via the platform's instant purchase feature, although foreign exchange fees might apply.
  • No live chat or phone-based customer support. Poloniex does not have a live customer support service. Instead you will need to consult the FAQ or contact Poloniex via email, which may take several days to receive a reply.
  • No mobile app available. Poloniex does not have a dedicated mobile app. You can still use the platform on your phone, but the experience may not be as smooth as other platforms that have smartphone apps.

Listed Poloniex crypto exchange assets

Poloniex supports over 371 cryptocurrencies, but some notable assets are missing. Namely, USDC, Lido Staked Ether and Wrapped stETH, which are in the top 20 cryptos by market cap. In total, 17 of the top 20 cryptos are available on Poloniex.

Popular assets on Poloniex
Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
Tether (USDT)
Solana (SOL)
BNB (BNB)
Dogecoin (DOGE)
USDC (USDC)
Lido Staked Ether (STETH)
Cardano (ADA)
TRON (TRX)
Avalanche (AVAX)
Chainlink (LINK)
Wrapped stETH (WSTETH)
Shiba Inu (SHIB)
Toncoin (TON)
Wrapped Bitcoin (WBTC)
Sui (SUI)
Stellar (XLM)
Polkadot (DOT)

Poloniex fees

Deposit & withdrawals fees

Transaction type Fee
Deposit funds None
Withdraw funds Fees vary

Poloniex deposit methods

  • Credit card
  • Cryptocurrency
  • Debit card
  • Simplex

How to sign up on Poloniex exchange

Before you can even get started trading on Poloniex, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Poloniex's commitment to certifications and compliance with regulations and insurers.

  1. Get started
    After selecting the Get Started button, fill in the create account form.
  2. Set up payment
    Before you can start trading, you have to add your bank account to your Poloniex account. There are several options to choose from, so choose the option most compatible.
  3. Provide identification
    Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this.
  4. Start trading
    After all that is processed, you're ready to trade on Poloniex.

Is Poloniex safe?

Poloniex came under fire after a major security breach wiped out more than 12% of its bitcoin. Since the 2014 hack, the broker has been slowly rebuilding its reputation on the security front.

On the face of it, Poloniex has sound security protocols given that the vast majority of its customer deposits are stored offline.

Poloniex also runs auditing programs 24 hours a day, 7 days a week, 365 days a year. It’s their job to report and block any suspicious activity.

Like other exchanges, Poloniex enables 2-factor authentication, which can greatly enhance the security of your account.

The topic of privacy is subject to much more debate, as you will be required to dole out a lot of personal details when going for Level 2 verification.

Keeping your crypto secure

All centralised exchanges, including Poloniex, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.

Ledger Nano X Wallet

Trezor Model T Wallet

Go to site
Go to site

Supported assets

5,500+

Supported assets

1,000+

Price (USD)

$149

Price (USD)

$129

Poloniex customer support

Although Poloniex is said to offer extensive customer support, feedback on its support team has been largely negative. Complaints about long response times and withdrawal issues have been especially harsh.

That being said, the platform has a ticketing system and email support for existing account holders only.

How to reach Poloniex customer support

  • Support ticket

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Sam Bourgi's headshot
Written by

Author

Sam Bourgi was a contributing writer to Finder.com, where he specializes in financial markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes. See full bio

Frank Corva's headshot
Co-written by

Writer

Frank Corva is business-to-business (B2B) correspondent for Bitcoin Magazine and formerly the cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets. See full bio

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6 Responses

    Default Gravatar
    DavidAugust 14, 2019

    How can I trust a financial service provider without any customer sewrvice level? The service level has never been great, but now the service advisers literally seems absent, formerly they just have been anonymous. Do not entrust your money to any financial service provider that does not count with at least an accessible, transparent and responsive customer service desk: automated response, no phone number, no concrete address…

      AvatarFinder
      fayemanuelAugust 15, 2019Finder

      Hi David,

      Thanks for contacting Finder and thank you for your review.
      I’m sorry to hear you had such a frustrating experience, but I really appreciate you bringing this issue to our attention.

      Kind Regards,
      Faye

    Default Gravatar
    JohnnyDecember 28, 2017

    Can i buy stellar from Poloniex with USD?

      Default Gravatar
      ArnoldDecember 28, 2017

      Hi Johnny,

      Thanks for your inquiry.

      As of today, Poloniex can only trade Stellar with other cryptocurrencies. Here are other ways to buy Stellar. Check out that page to learn more.

      Hope this information helps

      Cheers,
      Arnold

    Default Gravatar
    AqlysNovember 2, 2017

    I’m from Kosovo-Albania, If I open account with my adress, will be available to exchange and to buy and sell from that account?
    Regards,

      Default Gravatar
      ArnoldNovember 2, 2017

      Hi Aqlys,

      Thanks for your inquiry

      Yes, you may. This platform offers unique features for analyzing the crypto market and executing trades.

      Poloniex does not operate on fractional reserves. This means that any funds you put into the exchange are only used to facilitate trades on your account.

      Please feel free to check the page above for more information.

      Hope this information helps

      Cheers,
      Arnold

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