Review: Poloniex Online Exchange

Poloniex , commonly known as polo is an online exchange based in USA since 2014 . It is well reputable online exchange specially known for it’s large volumes in terms of alternative coins trading.

There is a large number of alternative coins to select from,which is relatively helpful for full stack traders but there are no fiat depositing or withdrawal options.

Sign Up

The user interface is quite simple and attractive while the sign up process is also simple requiring email,password and country.

After verifying email there are several steps and due to increase in sign up’s there are now ID proofs also required for completing the account and start trading as there will be a withdrawal limit if you have not completed your account verification.

Currency and Country Support

While the large number of alternative coins may attract everyday traders but there are no bank or credit card options while withdrawing or depositing funds.

While there is USDT (Tether) option for stability of market as 1 USDT will always be equal to 1 dollars as this trick is now adopted by most of the online markets now for stability of funds.

The trading pairs are Bitcoin, Ether, Monero, and USDT.

Based in USA there are no country restrictions in this exchange as there are no banking process is involved in Polo.

Fees

Poloniex is considered to be the best exchanges available today in terms of pricing and fees start from 0.25% for takers and 0.15% for takers.

https://poloniex.com/fees/

While the withdrawal limits are up to $25,000 per day according to Polo.

Security

Security is always a issue while trading online but Polo states that they have best security protocols and all coins are stored in offline exchanges.

Most of the security depends on users as there is Two Factor Authentication available and users are also advised not to keep their coins for more amounts of time and shift those coins to Safe wallets or for best result keep them in Hardware Wallets.

Customer Support

Customer Support is a lack while doing business with Polo as on Forums like Reddit users have complained that they often have waited more then 90 days to get a response.

This struggle seems to happen due to large amount of customers and less operating budget.

Conclusion

Poloniex is without a doubt a Legitimate online Exchange but due to its withdrawal limits as some said to have that it are also $2000 per day is a drawback for full stack traders as doing trading and being unable to withdraw your coins just does not work out for me.

Another drawback is the poor customer support as it is the most essential need of users trading online, this reason might be due to its operating budget is relatively small as compared to other website as it is based in a small town of USA and maybe being operated by small group of people.

But there are many other options available in terms of alternative currencies or emerging coins.

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