Copy of Review 1 - Blank

Poloniex Review

Last Updated: Aug 13, 2022  |  Published: Apr 20, 2022


This post may contain affiliate links. Learn more.

Our Review 

Poloniex offers 300+ coins, spot trading, margin, futures and up to 0.155% trading fees.

Overall, we do not recommend Poloniex because they have been hacked twice and underperformed in security. After testing 20+ crypto exchanges, there are several platforms with a better reputation, lower fees and spreads, more features and more deposit/withdrawal methods. See our alternatives section. 

Where It Shines:

  • Partial KYC: Users can withdraw up to $50k/day with just an email address and no ID. Easy to get started and can be good for anonymous trading
  • Advanced Trading: Spot trading, margin and futures with up to 100x leverage
  • Offers Lesser Known Altcoins: You can find random DAO tokens and lesser known coins
  • Good UX: Poloniex has a user-friendly interface

Where It Falls Short:

  • Multiple Hacks & Incidents: Was hacked in 2014 and 2020. Then in 2021, they made a settlement with the SEC for $10 million
  • No Fiat Wallets or Fiat Trading Pairs: Only supports credit card purchases through Simplex which is very expensive. Poloniex is not a good fiat on-ramp an off-ramp
  • Not Beginner Friendly

Poloniex

Overview

Updated: Apr 19, 2022 | Spreads: Coming Soon

Coins Offered

300+

BTC Spread

[coming soon]

Trading Fee

0.1450% Maker

0.1550% Taker

Fiat Wallets

0 (Not Supported)

BTC Withdrawal Fee

0.0005 BTC

Notable Features

Partial KYC, 300+ coins

Supported Countries


Poloniex

About Poloniex

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


Fees & Spread

Updated: Apr 19, 2022

Price Test & Spread

Price Test (On Apr x, 2022)

Prices

Total BTC Purchase Fee

0.00%

Total BTC Selling Fee

0.00%

Trading Fees

0.1450% Maker

0.1550% Taker

Futures Trading Fees

0.010% Maker

0.075% Taker

BTC Spread

0.00%

BTC Buy Price

$00,000

BTC Sell Price

$00,000

Ref. Price Difference

Buy:

Sell:

Reference Price (Google)

$00,000

More Information

We tested 20 cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • *Total BTC Purchase Fee = Trading Fee + Buy Reference Price Difference
  • *Total BTC Selling Fee = Trading Fee + Sell Reference Price Difference

Keep in mind, there could be additional fees for depositing/withdrawing fiat. Check fees for your local fiat currency if it is supported on this exchange.

You can compare all platforms tested on this page

Trading Fee Discounts

Poloniex Fee Schedule

Deposit & Withdrawals

Updated: Apr 19, 2022

Fiat Currencies

Fiat Wallets

(Deposit/Withdrawals supported)

0 (Not Supported)

Credit/Debit Card

Yes via Simplex (3.5% or $10 fee, whichever is greater)

P2P Exchange

No

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.0005 BTC

N/A

Ethereum

0.0048 ETH

N/A

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.

Poloniex Customer Support

Compared

Compare the world's most popular cryptocurrency exchanges:

Name

Coins

# of Features

Standard Trading Fee

Supported Countries

Fiat Wallets?

BTC Withdrawal Fee

Website

240+

15+

0.10%

190+

No

0.0005 BTC

Binance

Binance 🏆(#1 overall)

600+

30+

0.10%

100+

Yes

0.0005 BTC

150+

15+

0.20%

?

Yes

0.0004 BTC

750+

10+

0.25%

180+

No

0.0005 BTC

50+

5+

0.50%

?

Yes

0.0005 BTC

300+

5+

0.75%

100+

Yes

0.0003 BTC

140+

15+

0.10%

180+

No

0.0005 BTC

170+

10+

3.99%

100+

Yes

Dynamic

110+

5+

0.60%

100+

Yes

Dynamic

30+

10+

0.10%

150+

Yes

0.15%

250+

20+

0.40%

90+

Yes

0.0006 BTC

40+

10+

0%

50+

Yes

0.50%

190+

20+

0.07%

180+

Yes

Free/Dynamic

1000+

30+

0.195%

190+

No

0.001 BTC

60+

15+

1.49%+

60+

Yes

0.001 BTC

60+

10+

0%

100+

Yes

0.0005 BTC

500+

20+

0.20%

130+

Yes

0.0005 BTC

190+

10+

0.26%

190+

Yes

0.00002 BTC

500+

20+

0.10%

190+

No

0.0005 BTC

350+

25+

0.10%

100+

No

0.0002 BTC*

300+

10+

0.155%

100+

No

0.0005 BTC

130+

10+

0%

180+

Yes

0.0003 BTC + $2.99

Best Alternatives

Here are the best crypto exchanges around the world that are supported in many countries. We assessed 21 platforms across 40+ variables and 950+ data points.  

Binance
  • 600+ cryptocurrencies
  • Lowest spreads and fees in the industry
  • Most features in the industry
  • Not beginner friendly
Kucoin
  • Low spreads and fees if you fund your account with crypto
  • 700+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Crypto.com
  • Best crypto credit cards
  • Earn interest on 40+ coins
  • Lots of fiat currencies supported
  • High spreads
  • User interface
Coinbase
  • Best reputation, publicly traded company
  • Best for beginners
  • Beginner + Advanced trading
  • Very high fees overall
FTX
  • Low trading fees and low overall fees
  • Lots of advanced features
  • Hard for beginners
RankFinance

Find the best crypto exchanges with our free comparison tool


Poloniex

Poloniex

Trade 300+ coins and save 10% on your trading fees