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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.
No supported
Fiat currencies
52
Cryptocurrencies
| Product Name | Poloniex Digital Asset Exchange |
|---|---|
| Fiat Currencies | - |
| Cryptocurrencies | BTC, ETH, XRP, DOGE, XLM, ETC, STRAT, LTC, SC, DGB & 40+ more |
| Deposit Methods |
Credit card Cryptocurrency Bank Wire |
| Trading Fee |
Maker: 0-0.15%
Taker: 0.10%-0.25% |
| Deposit Fees | None |
| Withdrawal Fees | Fees vary |
If you’re looking for a cryptocurrency exchange in the USA, you may want to consider one of the exchanges like Poloniex listed below.
Poloniex is one of the leading digital currency exchanges in the US. It offers access to hundreds of cryptocurrencies.
The platform offers traders unique features for analyzing the crypto market and executing trades.
From a financial security perspective, 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.
Poloniex services are offered across the globe.
Poloniex operates a tiered fee structure. Below is a full breakdown when bitcoin (BTC) is the currency.
| Maker | Taker | Trade Volume (trailing 30 day avg) |
|---|---|---|
| 0.15% | 0.25% | < 600 BTC |
| 0.14% | 0.24% | 600 BTC |
| 0.12% | 0.22% | 1,200 BTC |
| 0.10% | 0.20% | 2,400 BTC |
| 0.08% | 0.16% | 6,000 BTC |
| 0.05% | 0.14% | 12,000 BTC |
| 0.02% | 0.12% | 18,000 BTC |
| 0.00% | 0.10% | 24,000 BTC |
| 0.00% | 0.08% | 60,000 BTC |
| 0.00% | 0.05% | 120,000 BTC |
Every trade occurs between two parties – the maker and the taker. The maker is the one whose order exists on the order book prior to the trade. The taker is the one who places the order that “takes” the maker’s order.
Withdrawal and deposit fees are based on the blockchain’s minimum transaction fee.
The process of depositing and withdrawing coins can take between 30 minutes and 1 hour to complete. You can locate your withdrawal by selecting Balances > History in the main menu. Your deposit information will be located in the same place.
Poloniex operates a tiered withdrawal limit based on verification. Your initial daily withdrawal limit will likely be US$2,000. Upon verification, your daily limit will rise to US$25,000.
However, you’ll be submitting a lot of information to get the maximum withdrawal limit, including photo ID, address and even a picture of yourself holding the ID.
Apparently, there’s also a third level of verification that can provide limits in excess of US$25,000. However, the details aren’t published online, which means you’ll need to contact customer support for more information.
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.
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.
Before deciding to trade, you need to review the features of Poloniex. If you’d like to give it a try, head over to its site and select Create Your Account. After initial registration, you’ll be prompted to activate your account and complete your profile. From there, you’ll be ready to start depositing cryptocurrency.
