When it comes to exchanges or exchange to sell, buy or make trading with Bitcoin (BTC) and other criptomonedas, Poloniex stands out among its competitors. Its platform is designed to be user-friendly, and its commissions are some of the lowest on the market.
In this article we will show you everything you need to know about this exchange , including what services it offers, if it is really safe and what you must do to operate on it.
What is Poloniex?
It is a cryptocurrency exchange , whose headquarters are located in Seychelles. In addition, it is one of the most recognized brokerage houses for its long history. In its platform can access loans , make trading traditional margin trading or buy / sell bitcoin and other criptoactivos.
Bitcoin exchange Poloniex logo on mobile device
But this is not the only thing that Poloniex offers you. One of its best features is that it operates globally. According to CoinMarketCap , its daily trading volume is approximately $ 250 million and it has more than 200 pairs for spot trading (spot) and 25 trading pairs for margin trading (with leverage).
On the other hand, identity verification is optional, it is only a requirement when making transactions greater than 10,000 dollars. The registration process is simple and fast, as there is little information requested.
Poloniex allows you to operate from iOS or Android devices , as well as from the web; It has http API and WebSocket. And the interface of its platform is intuitive. Its reputation among users is good. However, one drawback is that its platform is not available in Spanish.
About the history of the Poloniex exchange
This exchange house was founded in January 2014 by Tristan D’Agosta, which makes it one of the first in the bitcoin market. Its parent company is Polo Digital Assets, Ltd , although it was previously owned by Circle, the company behind the USDC stablecoin.
At first, its headquarters were located in the United States, a country with multiple regulations regarding cryptocurrencies. Therefore, with the arrival of a new owner in 2019, the company moves its headquarters to the Seychelles. This has allowed it to take a more open and loosely regulated approach.
Currently, Poloniex is not just a exchang e for criptoactivos swap and trading . In addition, it has platforms such as Wink , in which you can play and bet with bitcoin and other digital currencies, and JustSwap , made to trade DeFi assets based on TRON , an ecosystem of decentralized applications founded by Justin Sun.
The goal of JustSwap is to provide an open and transparent financial platform that everyone can use. In it it is possible to obtain loans in stablecoins . The system is based on two tokens, the USDJ, which is linked to the US dollar in a 1: 1 ratio, and the JTS, which is to pay interest and perform other activities on the platform.
What does the bitcoin exchange Poloniex offer you?
There are many possibilities with Poloniex , since it is more than a platform to sell or exchange crypto assets. These are the services it offers.
Buy bitcoins with national currencies
Poloniex includes the use of credit, debit cards or a bank account as a payment method, which means that it is possible to acquire bitcoin and other assets with national or fiat currencies, such as the dollar or euro. This thanks to the union of Poloniex with Simplex, its main payment provider.
Is it possible to make money with Poloniex? The answer is yes . One way to do this is through your P2P loans. Thanks to this alternative, you can generate passive income by lending cryptocurrencies with interest. The minimum loan amount is 0.005 BTC. Regarding rates, each loan offer has a different interest rate. But, the exchange charges 15% of the interest earned by each lender as a commission.
With Poloniex you can buy and sell bitcoin and other crypto assets, such as Ethereum or Dogecoin. In the trading section you will find multiple tools to operate easily. Not only do you have graphics, you also have a Trollbox, a live chat where you can communicate with other users. There are price charts, depth charts, and trading charts.
Not only is it possible to carry out cash operations. Poloniex also allows you to do low fee margin trading, with up to 2.5x leverage . Some of the crypto assets available for margin trading are bitcoin, ripple, ethereum , tron, monero, bitcoin cash, and EOS.
If you want to trade futures and bet on the rise or fall of a digital currency, you can do so at Poloniex. The trading fee in this market is 0.01% for the creator and 0.075% for the taker. You will have charts provided directly by TradingView to keep up to date with all the fluctuations and changes that occur.
Perpetual futures contracts on Poloniex Exchange
This is a decentralized exchange platform based on TRON . In it you can exchange a wide variety of cryptocurrencies, such as bitcoin, ethereum, TRX, JST, litecoin and more. It is a system that is characterized by its transparency and accessibility, although it is a relatively new project, so it does not have enough liquidity. This makes it difficult to carry out exchange operations.
What do you need to trade bitcoin on Poloniex?
First, registering with this exchange is an easy task. You simply need an email address and set a password . Those are all the data you need to get started. You must be over 18 years of age and read and accept the terms and conditions of the company to operate in it.
Once you complete the form and click on “ Sign Up ”, you will receive an email to the address you previously indicated to complete the registration process. To do this, you just have to follow the steps mentioned there. Now, for those users who want to make transactions over $ 10,000 per day, it is necessary to perform the KYC verification. This verification is by levels, so that the higher the level, the higher the limit to operate.
What documents are necessary? It depends on each level. At level 1, identity verification is not mandatory , so all you need is an email and create a password.
To go to level 2, they request a telephone number, date of birth, personal identification document with photo, proof of physical address and a photo of the user with identification. After sending this data, the system is in charge of verifying it. Confirmation time varies, but usually takes no more than 24 hours.
In 2014, two months after its launch, Poloniex suffered a cyber attack in which it lost 97 bitcoins . Because of this, the company learned the importance of investing in its security systems. Since then, the exchange has managed to rebound on security and gain the trust of its customers again.
Today, the platform has security measures such as two-factor authentication, DNS cache protection based on cryptographic signatures, email confirmation, IP blocking, session log history, protection against DoS attacks and others. . However, it is not advisable to leave the funds deposited on the platform for a long time. It is best to keep them in cold storage purses in which the user has the key.
Its interface is elegant and easy to use. Although it may not be the simplest option for a person who has no experience using these types of platforms, it will surely be adapted in no time, as each section is clearly identified.
It is easy to trade cryptocurrencies on this exchange . After registering, the next step is to deposit the funds in the “ Wallet ” section . If you do not have crypto assets, there is the possibility of buying them with a credit or debit card thanks to its integration with Simplex. Then, you can go to the Trading section to start trading bitcoin.
You can access the Poloniex website from your mobile device without any problem. Here you have the option to trade from its application, available for iOS and Android , although keep in mind that the app does not include all the functions found on the website , such as margin trading or buying bitcoin with bank cards. However, it is an option for spot trading , managing accounts and creating alerts when you are away from your computer.
Customer service and support
There are several options to make any query. They have support with a ticket system, live chat, a section with the most frequently asked questions and social networks, such as Facebook, Telegram and Twitter, where they are usually active in their official and support profiles . Their customer service is available 24/7.
Deposit and withdrawal methods
Transactions are made only in cryptocurrencies . Users can buy bitcoin and other digital currencies with a credit or debit card using Simplex. Some of the national currencies that Simplex accepts to buy crypto assets are US dollars, Australian dollars, euros, Argentine, Colombian or Chilean pesos, among others.
You can buy up to USD 20 thousand in one day and USD 50 thousand in a month. The payment processing fee is USD 10 or 3.5% of the total amount, depending on which of the two is higher.
On the page there is a section for deposits and withdrawals in which the client is provided with a wallet address for each cryptocurrency, in case they wish to deposit. To withdraw, you simply have to enter the address of the wallet to which the funds will be deposited, be it in bitcoin, ether, or another.
Today, Poloniex operates with more than 200 digital currencies . Among them are:
Bitcoin Cash (BCH)
Binance Coin (BNB)
Compound Governance Token (COMP)
These are just some of the options available. On their website you can consult the complete list of assets .
In which countries is it available
It operates in 68 countries, including Spain, Uruguay, Venezuela, Ecuador, Panama, Colombia, Mexico, Bolivia, Honduras, Argentina, Costa Rica and Chile. The company does not provide its services to residents of countries such as Cuba, North Korea, Iran, the United States, Syria, and Sudan; this due to its governmental regulations.
What are Poloniex’s commissions and fees?
An important part to consider is the commissions charged by the exchange , because, depending on this factor, you can analyze how profitable it is to use said platform. In the case of Poloniex, it stands out for having one of the lowest commissions in the market when compared to other exchange houses such as eToro, Huobi and Coinbase Pro. Although it is not as low as that of Binance , whose base rate is only 0 ,1%.
Poloniex’s rate schedule is easy to understand. It varies depending on whether it is the creator of the operation or the policyholder, as well as the volume of the operation within a period of 30 days.
Poloniex Exchange trading fee table
The base rate is 0.125% for a transaction less than $ 50,000. These commissions are charged per operation. The good news is that the higher a user’s trading volume, the lower the fee rate.
Futures trading fees are 0.01% for the creator and 0.075% for the taker. Margin interest rates depend on the amount that is borrowed. In that case, the interest rate is specified in the loan offer and is charged after the position is closed. In loan fees, Poloniex charges the lender a 15% commission on the total interest accrued for each loan granted.
You will not have to worry about deposit fees, as the exchange does not charge them. If you want to make withdrawals, the commission depends on the transaction cost of the network, so it varies according to network congestion and other factors. To know this rate, you have to go to the ” Wallets ” section and choose the currency you want.
Conclusion: is Poloniex a good bitcoin exchange?
Poloniex gives you many alternatives to trade with bitcoin and cryptocurrencies , regardless of whether you are a beginner or an expert on the subject. So there is no question of its ability to meet the needs of all types of investors. But what makes it different from other exchanges?
If compared to eToro, Coinbase Pro or Huobi, their fees are some of the lowest, although not as low as those of Binance and Bitfinex. As for the options for trading , it has more than 200 digital currencies. Although it is not the exchange with the largest number of cryptocurrencies, it does have enough alternatives to operate comfortably.
Unlike other exchanges , Poloniex has more services apart from trading and exchanges. You can access loans, your DEX, a casino and JustSwap. In short, it is a secure platform, with all the necessary functions to operate in the bitcoin and cryptocurrencies market efficiently and without complications.