Poloniex Review

Updated: Apr 19, 2022

Poloniex is a cryptocurrency exchange founded in 2014. On the platform, you'll find 300+ cryptocurrencies, spot trading, margin, futures, lending and more.

It's hard to find information about the company and unfortunately, they've had multiple hacks and incidents over the years making many people question their security.

Some Stats:

• Founded in 2014
• Supported in 100+ countries and regions
• 170+ employees according to LinkedIn

Screenshots

Updated: Apr 19, 2022

What We Found

Poloniex is not a good fiat on-ramp and off-ramp. There are no fiat wallets or fiat trading pairs supported on the platform. You can only make instant crypto purchases with credit card and that carries a 3.5% or $10 fee. Cashing out fiat is also expensive and only available for EUR withdrawals via a third-party called Simplex.

If you do decide to use Poloniex, the bestoption would be to deposit/withdraw crypto from a local exchange that supports your bank account and fiat currency.

Platform & Features

Updated: Apr 19, 2022

List of Features:

• iOS, Android and Web app
• 300+ Cryptocurrencies
• Buy with credit cards (via third parties)
• Spot Trading
• Margin Trading
• Futures (100x Leverage)
• Lending
• LaunchBase (Token Launchpad)
• Referral Program
• 24/7 Customer Support

1. iOS, Android and Web App

2. Trading

• Over 300 cryptocurrencies
• Over 25 margin pairs
• Futures (100x leverage)
• Trollbox - Chat with other users in real-time

3. Lending

4. LaunchBase

5. Referral Program

6. Other Poloniex Features

• API Keys Management
• Reward Center
• Light Mode/Dark Mode

Security

Updated: Apr 19, 2022

Hacks & Incidents

• 2014 Hack: Poloniex lost 12.3% of their coins. To fix the issue, Poloniex reduced all customer balances by 12.3%! However, they would repay the users over time using trading fees and personal contributions. Source: CoinDesk
• 2020 Hack: Lost about 6% of their assets or $4 million in Bitcoin. Source: CoinDesk
• 2021 Settlement: Made settlement with the SEC for $10 million for operating an unregistered digital asset exchange. Source: SEC

Company Security Features

• There is almost zero info available about Poloniex as a company
• Futures Insurance Fund

User Security Features

• 2 Factor Authentication
• View login history for suspicious activity (IP addresses, devices, times, etc)
• Receive emails for new logins or suspicious activity (you can freeze your account from within the email)

Can You Trust Them?

Poloniex is probably safe however, there are many platforms with better security and reputation. Poloniex has been hacked twice and offers the bare minimum security features in your account like 2FA. It's also very difficult to find information about the company. They've been around since 2014 which is good and have over 500k installs on Google Play.

⚠️ Over 50% of platforms we tested have had hacks or incidents in the past. We strongly recommend storing and protecting your crypto on a non-custodial wallet where you own the private keys. Preferably, a reputable hardware wallet like the Ledger Nano X.

Customer Support

Updated: Apr 19, 2022

Poloniex offers 24/7 customer support in over 100 countries and regions. You can start a live chat in their support section and also access their knowledge desk for articles and FAQs.