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Poloniex Review

Last Updated: Feb 21, 2024  |  Published: Apr 20, 2022


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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

Coins Offered

300+

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


About Poloniex

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

Poloniex Fees

Fees

Prices

Trading Fees

0.1450% Maker

0.1550% Taker

Futures Trading Fees

0.010% Maker

0.075% Taker

Trading Fee Discounts

Poloniex Fee Schedule

Deposit & Withdrawals

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.

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

Security

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.

Poloniex Alternatives

OKX

OKX is a fast-growing exchange with a a sleek user-interface and low fees.

  • 400+ coins, 180+ futures
  • High volume + low fees
  • 100x leverage
  • Fewer altcoins
  • Unavailable in some areas
Binance

The world's largest exchange by trading volume with low fees and tons of features.

  • 400+ coins, 300+ futures
  • Highest volume + low fees
  • 125x leverage
  • Unavailable in some areas
  • Less beginner-friendly
BYDFi

BYDFi is one of the top no KYC, no VPN exchanges where anyone can sign up and trade.

  • 500 coins, 180+ futures
  • No KYC, No VPN
  • 200x leverage
  • No fiat trading pairs
  • Not beginner-friendly


Poloniex

Poloniex

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