A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Poloniex consists of four parts: general information, fees, deposit methods and security.
Poloniex is one of the biggest cryptocurrency exchanges in the world. It has been around since January 2014, so it was actually one of the early birds on the market.
On the date of last updating this review (19 July 2019), the 24 hour trading volume here was USD 41.7 million. This placed it on place no. 64 on the list of the exchanges in the world with the highest 24 hour trading volumes. The liquidity is thus decent, but not overly impressive.
As Poloniex is a US cryptocurrency exchange, US-investors may of course trade there. But US-investors should in any event do their own independent assessment of any problems arising from their state residency. In particular, investors from the state of New York are often restricted from trading at many cryptocurrency exchanges.
Poloniex is also available as an app that you can download to your smart phone.
Poloniex Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Poloniex:
Poloniex Trading fees
This exchange charges the so called takers a trading fee of 0.25%. This fee is quite in line, or possibly slightly above, he industry average. The industry average is arguably around 0.25%. The fee thus constitutes an advantage against the majority of other top crypto exchanges in the market.
The exchange also has a substantially lower trading fee for makers (0.15%), thus promoting the liquidity at the exchange. At Poloniex, you also become entitled to lower trading fees when your monthly trading volume exceeds a certain level. The levels are as follows:
Poloniex Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This fee is way below the industry average and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.
Different from most exchanges, Poloniex accepts fiat currency deposits through both bank transfers and credit cards. This makes Poloniex something we call an “entry-level exchange”, meaning an exchange at which new cryptocurrency investors can take their first steps into the thrilling cryptocurrency world.
Poloniex’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is above average when it comes to top crypto exchanges.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: