Crypto Frontline

Poloniex Crypto Exchange Overview

Poloniex is a cryptocurrency exchange platform based in the United States. The company was founded back in January 2014 in Wilmington, Delaware, by Tristan D’Agosta, which is currently the Chief Executive Officer. In July 2018, the exchange was ranked 43 by coinmarketcap.com, with an estimate above $20 million in daily trading volume. Poloniex covers a wide variety of Bitcoin, Ethereum, Monero and Tether cryptocurrency pairs, offering to its’ clients access to all of the popular digital tokens. The exchange has a lot of interesting features, including cold storage and 24/7 monitoring. Poloniex is also among the exchange platforms that offer margin trading, allowing its customers to trade higher volumes.

Unfortunately, Poloniex was another victim of a hacking attack that took place in March 2014, soon after the company was founded. According to the online data, 12.3% of all Bitcoin held had been lost.

Main Features

• Coin types: Bitcoin, Ethereum, Monero, and Tether cryptocurrency pairs, covering  a wide range of digital tokens
• Available payment methods: cryptocurrency, no fiat payments allowed
• Fees structure: between 0.0% and 0.2% depending on the trading volume
• Verification process: clients need to provide personal details and upload an identification document
• Geographical restrictions: none

Pros

• Poloniex offers a wide variety of cryptocurrency pairs, covering all popular digital assets, including smaller tokens
• The platform allows margin trading, allowing customers to trade higher volumes
• Among the main features is the stop-limit order, which helps customers to reduce risk

Cons

• The exchange has negative reviews from the cryptocurrency community regarding withdrawals and customer support.
• Its reputation had been affected by the hack that took place right after the company had been founded.
• Feedback from customers suggests that the website is slow.

Poloniex Review Summary

Despite some negative feedback, Poloniex continues to be an exchange platform that offers access to a wide variety of cryptocurrency pairs. Fees are competitive, favoring customers willing to trade higher volumes. The exchange had also implemented the 2FA feature in other to prevent other thefts from customers. It is also among the few exchange platforms that offer Monero cryptocurrency pairs.  Overall, Poloniex continues to be among the reliable exchange platforms, with competitive trading conditions and many features available for its customers, ensuring the best environment for trading cryptocurrencies.

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