Poloniex Review - Is Poloniex Scam or Legit Trading Platform?

Poloniex Review – Is Poloniex Scam or Legit Trading Platform?

This article provides an in-depth examination of Cryptocurrencies funding and charges at the Poloniex trading platform. Poloniex

OUR OPINION.

Poloniex is a Cryptocurrencies trading platform with cheap trading charges and a support list of over 350 coins. Additionally, we admire Poloniex’s decentralized trading platform model, which enables margin trading, lending, and other Cryptocurrencies-related services.

The trading platform may be able to meet the needs of a reflective number of Cryptocurrencies-traders due to its cheap charges, varied asset selection, and beneficial features. However, people in the U.S.A are not able to access it.

PROS & CONS

  • Pros.

Cheap costs regardless of trading volume
Platforms for both passive and aggressive trading are offered over 250 currencies are supported.

  • Cons.

There are no innovatory order kinds.
Support is inadequate.
Hacking incidents throughout history.

KEY FACTORS

Poloniex charges minimal official Websites and supports a large number of coins.
Innovatorynnovatory potentiality, counting margin trading, and Cryptocurrencies lending, are accessible.
Significant disadvantages include inadequate customer service and a previous security breach.

LAYOUT

Years Founded 2014
Their Websitepoloniex.com
Cryptocurrencies Available272
Service Support ticket

Advantages are elucidated

Cheap costs regardless of trade volume: Poloniex’s top fee tier begins at 0.155 percent, which is hugely poor when compared to other Cryptocurrencies trading platforms.
There are 2 kinds of trading platforms accessible: basic and active. Using a simple order form, an effective trading platform, or a compatible-wallet, you can secure Poloniex’s decentralized trading platform and trade in its place.
over 350 different currencies are allowed, counting that, the present market rate, you can trade over 350 different currencies.

The disadvantages are elucidated.

There are no innovatory order kinds accessible: Market, limit, and stop-limit parameters are the only parameters that can be entered on the effective trading interface for transacting orders.
Unsatisfactory support: Customers have demonstrated dissatisfaction with the company’s customer service replies in the past and present.
Accounts that have been hacked in the past: Polniex was hacked twice, once in 2014 and again late in 2020. The first time, hackers stole 12.3 percent of the trading platform coins, and the second time, hackers stole around $4 million in Bitcoin (approximately 6 percent of the trading platform assets).
Introduction
Poloniex appears to be a Cryptocurrencies trading platform that is suitable for virtually every investor. Cheap trading charges, as well as a selection of over 350 cryptocurrencies, make the trading platform appealing option. It also provides margin trading solutions, Cryptocurrencies financing, and a variety of trading platforms for buying and selling the numerous currencies that are supported by the company.

Poloniex, on the other hand, has a mixed reputation as well. In 2014, the site was hacked, resulting in the loss of around 12 percent of the company’s holdings. 1

This occurred once more in 2020, accounting for around 6% of the total trading platform volume.

2 It also earns terrible ratings for its customer service department.

If you are confident in Poloniex’s ability to keep your account and funds safe, it is a fascinating platform that is well worth examining.

  • Warning ⚠ Investments in Decentralized Finance (DeFi), other Initial Coin Offerings (ICO), and other cryptocurrencies include a high degree of speculative risk and can be volatile. Before making any financial decisions, get the advice of an expert. MLMlegit.com and the author of this post do not recommend that anybody invest in cryptocurrencies, nor can they guarantee the accuracy or timeliness of the information.

Recapitulation of the Organization

In 2014, Poloniex, a Cryptocurrencies trading platform and service provider based in Delaware, launched its operations. The trading platform offers a large number of cryptocurrencies and charges trading costs that are tremendously competitive in the industry. Whether your primary concerns are trading a wide number of digital currencies at affordable prices or finding a trading platform that meets your needs, Poloniex is the answer.

Is Poloniex Accessible?

Poloniex permits users to purchase Cryptocurrencies using a bank account, a credit card, a debit card, or Apple Pay. It also has trading platforms that are ideal for both novice and expert traders, and it works with decentralized financial products, such as a decentralized trading platform, among other things.

However, despite the many beneficial tools and features offered by Poloniex, there are a few limitations on the security and regulatory fronts. Customer service has been rated poorly on this website. Even more troubling is the fact that it has been the victim of two hacks as well as regulatory action by the Securities and Trading Commission (STC) in the past. 3 In this case, you may want to consider other Cryptocurrencies trading platform that have better client reviews and more robust security in general. According to the Poloniex customer agreement, it is not accessible for use in U.S.A.

What is Poloniex All About.

Poloniex is a crypto trading platform where you may trade cryptocurrencies.
Poloniex has a large selection of cryptocurrencies and tokens, with over 350 to choose from. Bitcoin, Ethereum, Solana, Stellar, Dogecoin, Shiba Inu, and a variety of other notable currencies are accessible.

Users can also trade in volatile currencies such as Baby Dogecoin, Dogelon, and Dogs of Elon, which are all cryptocurrencies. In terms of currency, there is a nice mix of well-supported utility tokens and lesser-known cryptocurrencies. A special mention should be made of the trading platform link with the Cryptocurrencies Tron (TRX). If you own and use Tron, you may be eligible for a discount on your expenses.

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Extensive Trading Experience:

Poloniex offers a variety of trading platforms, each of which may be ideal for traders with varying levels of trading experience. Beginners should start with the basic buying and selling form, while more expert traders can move on to the effective trading platform to gain more experience.

You can start with Poloniex’s basic Cryptocurrencies trading platform form if you are unfamiliar with cryptocurrencies or if you wish to finance a Poloniex account with fiat currency if you are unfamiliar with cryptocurrencies. It is simple to trade cash using this form, which accepts payments from bank accounts, debit cards, and credit cards.

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If you pay with a debit or credit card, you’ll be charged a 3.5 percent processing fee ($10 minimum) to Simplex, the card processor on the transaction. It is possible that you will be required to pay an extra spread fee.

Trading Platform with a High Level of Activity

Poloniex’s effective trading platform contains a chart with a variety of different indicators on the right side. In addition, you can check recent trades, a brief of an a existing order book, your open orders, and a rapid trading form on the website.

Expert traders who have past experience in bitcoin trading, stock trading, or other active markets will almost certainly favor the effective trading platform over the passive trading platform.

Apps for mobile devices

Poloniex offers mobile applications for both iOS and Android devices. The Apple version is accessible in the App Store, and the Android version is either listed in Google Play or made accessible as a direct download from the manufacturer’s website. The apps let you to manage your account, monitor your Cryptocurrencies holdings, and trade the currencies that are accessible.

Tips: The use of Tron to pay for trading charges, as well as maintaining a Tron balance of at least $49 USD, may qualify you for cheaper prices.

Once your account has been financed with Cryptocurrencies, Poloniex’s cheap charges are a significant advantage over its competitors. Maker trades are subject to a fee of 0.0145 percent and taker trades are subject to a fee of 0.155 percent if you trade less than $50,000 in a 30-day period. If you pay with Tron, you can also take advantage of charge reductions. If you have a sufficient amount of Tron in your account ($49 or more), you will be eligible for a cheaper fee tier.

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As on the first day of January in 2022, Poloniex charges trading charges.
Other costs to consider are as follows:

Payment Method

Poloniex Fee

Bank Account0.5% + Variable Spread Fee
Margin Interest chargesVaries
Futures Trades0.01% Maker / 0.075% Taker
Debit/Credit Card3.5% ($10 minimum) + Variable Spread Fee
Lending charges15%

Security

Warning ⚠Poloniex was hacked in the past, and the company recently reached a settlement with the Securities and trading Commission. Precaution should be exercised in this situation.

Poloniex is not known for its security. While everything looks to be in compliance with industry norms, the company has a history of security and regulatory issues.

In 2014, the trading platform was breached, hackers stealing around $4m dollars in assets. The trading platform responded by deducting 12.3 percent from consumer account balances. This is a significant issue and may be a sufficient reason to avoid Poloniex. Additionally, in  2020, it was hacked once. While the platform has survived the incidents, you should exercise caution when keeping large sums on this trading platform.

Poloniex has also come under fire from U.S.A securities regulators. In August 2021, the SEC charged Poloniex with operating an unlicensed digital asset trading platform, and Poloniex agreed to pay the SEC over $10 million as a settlement. While Poloniex’s issues may have been resolved, this is yet another red sign. 3

Establishing a Poloniex Trading Account

Poloniex maintains both a centralized and decentralized trading platform. You’ll need an account to use the centralized trading platform that we’re evaluating here. Poloniex, as previously stated, is exclusively accessible to users outside the U.S.A.

Poloniex’s enrollment process is comparable to those of other Cryptocurrencies trading platform. To get started, you’ll need to create an account using your email address and a password.

To gain access to all account features and increased restrictions, you must successfully complete the Level 1 and Level 2 verification processes. Level 1 permits unrestricted trading, unlimited deposits, and daily withdrawals of up to $10,000. Level 2 entitles you to daily withdrawals of up to $500,000, margin trading, and speedier customer response if you become locked out of your account.

KYC verification procedures include the addition of your contact information, a photograph of your government-issued photo ID, and a selfie.

Customer Support.

Poloniex provides customer service largely via email. Users can open a customer support ticket by submitting a simple contact form. Additionally, the trading platform includes a support section that addresses frequently requested questions.

Poloniex is mostly a self-service platform where you manage your own account. If you’re not comfortable searching for answers in help sections, you may choose a trading platform with more customer service choices.

Satisfaction of Customers.

While reviews give Poloniex poor grades, it’s important mentioning that bad customer assistance is an industry-wide issue. If your account is hacked or you unintentionally send Cryptocurrencies to the wrong address, regardless of the trading platform, you are unlikely to retrieve your assets.

Management of Accounts.

Poloniex consumers can manage their accounts online or via the company’s mobile apps. The account dashboard permits you to manage your account’s settings and major functions, such as the trading platform, futures trading, and lending.

Anyone who has used an online stock brokerage or online banking platform before should have no difficulty accessing Poloniex’s dashboard and apps.

Poloniex’s Position in the Cryptocurrencies Market.

Poloniex, in comparison to other Cryptocurrencies trading platform, has minimal costs and a big selection of cryptocurrencies. You may, however, choose a trading platform with a ggod history and more established reputation.

Coinbase vs. Poloniex

Poloniex charges only 0.145 percent on the lowest tier and 0.155 percent on the top tier. Coinbase’s costs range from 0.00% to 0.60%, depending on the amount of transactions.

Poloniex enables loan, margin, and futures trading, whereas Coinbase focuses exclusively on spot trading at current market prices.

Coinbase has a stronger reputation for security and compliance with regulatory requirements.

Coinbase is accessible to U.S.A residents, whereas Poloniex is not.

Finally, there is no one-size-fits-all bitcoin trading platform. That is why it is critical to invest time in learning about the qualities that are most critical to you. Additionally, try looking around for the finest account security features and lowest rates.

FINAL Conclusion⚖

Poloniex has minimal charges and a diverse selection of cryptocurrencies, including several innovative and lesser-known coins. Despite this, there are considerable security and regulatory concerns. Additionally, it is unavailable in certain countries. If you’re considering opening an account with Poloniex, do some research to decide whether the trading platform is a good fit for your Cryptocurrencies goals and needs.
Methodology

MLMlegit is devoted to assisting those who are interested in MLM and bitcoin investing in making informed and safe decisions about their investments. In order to provide our readers with objective assessments of the best Cryptocurrencies trading platform and MLM for investors of all levels, we have made a commitment to do so.

Security, costs, the number of cryptocurrencies accessible, and other factors were taken into consideration when evaluating trading platform. We also assessed whether the trading platform is governed by a centralized authority or is completely decentralized. Detailed information about our bitcoin trading platform mechanism, including the evaluation process and weighted data points, is accessible for inspection.

 
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