The fees below are accurate as of 15 November 2019.
Platform trading fees
Trade volume (30 day average in USD equivalent)
< $1 million
< $2.5 million
< $20 million
≥ $20 million
Deposit and withdrawal fees
Note that when you make a bank wire deposit on Poloniex, funds will be tokenised as USDC via Circle. There is no fee for the tokenisation.
USD bank wire deposits
None, although your sending bank or correspondent banks may charge fees
Non-USD bank wire deposits
Varying currency conversion fees from Poloniex’s banking partners
Bank wire withdrawals
None, although your receiving bank or correspondent banks may charge fees
Rejected bank wire deposits
Margin interest and lending fees
Standard trading fees apply
Poloniex margin lenders set interest rates for the margin traders
Poloniex takes 15% of the interest earned by margin lenders
How fast will my funds be available?
Cryptocurrency deposits may take only a few minutes, while fiat deposits may take several business days depending on the currency and your bank.
Cryptocurrency withdrawals may take only a few minutes, while fiat deposits may take several business days depending on the currency and your bank.
Is Poloniex safe to use?
Regulation. Poloniex has an AML/KYC policy, and is registered in the Seychelles. It does not serve customers in jurisdictions where it’s not appropriately licensed or regulated to offer cryptocurrency trading services. It was formerly owned by prominent Goldman Sachs-backed tech company Circle, before spinning out into a separate company. It still maintains close ties with Circle.
Verification process. Poloniex traders are required to provide their full name, and Poloniex may ask for additional identification such as a driver’s licence or passport. In certain circumstances it may require users to submit additional information for enhanced due diligence.
Security features. Poloniex has insurance coverage for the crypto assets on its platform, it stores a large portion of customer funds offline and follows industry best security practices.
FCA status. Whilst crypto trading isn’t regulated in the UK, the Financial Conduct Authority (FCA) maintains a register of crypto firms that have passed its AML and counter-terrorism checks. However, Poloniex has no UK entity and therefore you won’t find it on the FCA’s register.
Poloniex was founded in 2014, and experienced its first and only hack a couple of months later, when a large amount of Bitcoin was stolen through an obscure bug in Poloniex’s trading software. Losses were socialised among all its users, who were then paid back over time.
The next major issue was in 2019, when an obscure and illiquid cryptocurrency called CLAM, which could be margin traded on Poloniex, experienced a flash crash. The issue was two-fold: firstly the illiquid CLAM markets meant liquidations could not process as normal. Secondly, margin borrowers were using CLAM as collateral for their loans. The result was that margin borrowers could not repay their loans, resulting in a total loss equivalent to 1,800 BTC for Poloniex margin lenders, as the BTC loans were all held in a common pool.
Following the incident, Poloniex committed to reimbursing affected customers through fee rebates, and preventing it from happening again by stopping margin trading on obscure and illiquid cryptocurrencies.
How do I create an account at Poloniex?
Create an account by clicking in the top right of the page, and entering your name, country, date of birth, and email address, and choosing a password.
To activate your account, you will need to check your email for a message from Poloniex, and follow the link contained within.
Complete your profile information by providing more information about yourself.
Verify your identity by providing the requested ID documentation to Poloniex.
Deposit cryptocurrency to trade trading, or convert funds to USDC via Poloniex if required.
Poloniex was founded in the USA in 2014, and for a time it was the world’s largest and highest-volume Bitcoin exchange.
But it had difficulty scaling upwards to support growing cryptocurrency demand, and following the Bitcoin boom of late 2017 it was acquired by Circle, which reoriented Poloniex towards becoming a professional and well-regulated cryptocurrency exchange.
The regulatory climate of the USA precluded this though, and in late 2019 Poloniex spun off from Circle as its own company, and barred US customers to focus more strongly on the international markets.
In a nutshell
Wide selection. Poloniex offers a wide selection of cryptocurrencies.
Margin trading. Margin trading is available across a range of pairs.
Trading APIs. Poloniex trading APIs make it a suitable platform for bot trading and other advanced strategies.
Margin lending. Poloniex’s peer to peer margin lending market offers more ways to earn from cryptocurrency.
Middling fees without volume discounts. Unless you can access the volume-based fee discounts, Poloniex’s trading fees are not the most competitive.
Varying liquidity. Poloniex’s liquidity varies across its markets, and runs low in some places.
No direct fiat trading. Poloniex no longer offers direct fiat to cryptocurrency trading.
Poloniex is available worldwide with some exceptions. It is not available to US-based traders.
Yes. Poloniex apps are available for iOS and Android.
The Poloniex verification process involves providing a range of information about yourself, and then uploading documentation to the website so your identity can be verified.
Poloniex offers an expansive help section, which includes contact information for its customer service team and an FAQ.
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Sam Bourgi is 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.
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