Poloniex is one of the most well-known peer-to-peer exchanges. In this Poloniex review, some of the major aspects of the exchange are discussed that can highlight the significance of the platform.
There are numerous crypto exchanges in the market and choosing an exchange for buying or trading crypto may not be as easy and convenient as one might think. Every crypto exchange offers features and services to the users that vary from other platforms. Therefore, every crypto investor or trader should know the kind of exchange they want to use, do their own thorough research and then opt for the most suitable one.
If you are a beginner and you are interested in using Poloniex then this Poloniex exchange review highlights the best features that are also reasons for novice parties to opt for the platform.
Poloniex Review – Basic Details to Know
As mentioned above, Poloniex is a P2P platform that allows users to buy and trade the flagship crypto asset and other altcoins on the marketplace.
This platform was initially a crypto-to-crypto exchange but it now offers support to numerous features such as:
- Crypto lending
- Fiat purchases
- Futures contract
- Margin trading
- Spot trading
Even though it had a brief security breach a few years ago, the level of security offered by the exchange has been strengthened and is one of its prominent features.
Security Offered by the Exchange
The high-end security offered by the Poloniex exchange is one of several reasons why it is a suitable exchange to purchase crypto assets. As mentioned earlier, this exchange has strengthened its level of security by making use of leading-edge security systems that ensure the users’ privacy and funds remain unharmed.
Therefore, this Poloniex review mentions the high-end security features used by the platform to offer utmost security to the users.
- Two-Factor Authentication (2FA)
- Role accounts for privacy protection
- Registry locks
- Protection against robot infiltration and more
- IP lockouts
- DoS attacks protection
- Cryptographic DNS cache protection based on signatures
- Cold wallets vault
The security of the exchange is further validated by the fact that the exchange is licensed and regulated by regulatory bodies such as:
Customer Support System
This Poloniex exchange review aims to specify the major reasons and features why the platform is one of the best ones in the market and why people should opt for it. Unlike some of the crypto exchanges in the market, the Poloniex exchange offers one of the best customer support systems.
This platform prioritizes the convenience of the users. Which is why it has a highly responsive customer support team that consists of professionals. They are ready and available to assist the users of the exchange around-the-clock.
The users of the Poloniex exchange can also reach out to the customer support agents through different mediums and channels that include:
- Helpline number
- Social media channels
This Poloniex review addresses one of the most important aspects of the platform. Which is the fee structure of the platform. If you are new to the crypto space then you need to take a look at the fee charged by every exchange before you finalize it. So you end up using a platform that offers a fair and transparent fee structure.
As a beginner, it is important that you opt for a platform that does not have any hidden or additional charges. Fortunately, the Poloniex exchange is known to have one of the lowest fees structures.
Here are the details you should have as a potential user of the platform.
- Market maker fee (for spot trading): 0.1450% to 0.0200%
- Market taker fee (for spot trading): 0.1550% to 0.0200%
- The Market maker fee (for margin trading): 0.01%
- Market taker fee (for margin trading): 0.075%
- Lending fee: 15%
- Fixed network fee
Lending and Margin Trading
As mentioned above in this Poloniex exchange review. Two of the most unique features offered by the platform are lending and margin trading.
Margin trading is one of the most popular forms of trading crypto and is highly risky. Since the crypto market is volatile, it is important for the potential margin traders to have proper information about the concept. And choose an exchange that supports this form of trading and is secure.
Margin trading is also called leverage trading and allows the traders to borrow funds from brokers. This makes it easy for them to open bigger trading positions without investing a large amount from their funds.
Crypto lending, on the other hand, is where the crypto owners can lend their crypto assets to different borrowers. Not many crypto exchanges support these features and the limits offered on the Poloniex exchange for both lending and margin trading depend on the overall funds and type of account.
The above-mentioned Poloniex review can help novice parties in determining if this exchange is according to their needs and criteria or not. Therefore, as a potential user of the platform you should have. Some idea regarding the kind of features and services offered by the platform.