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Exchange Review

Poloniex


Exchange Fees

BTC 0.0005 Withdrawal Fee • 0.155% Taker Fee • 0.145% Maker Fee

Deposit Methods

Yes Wire transfer Yes Credit Card


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.

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 Mobile Support

On 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 at the time. On the date of last updating this review (21 September 2021), the trading volume had increased to more than USD 217 million.

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 View

Most crypto exchanges charge two different types of trading fees: taker fees and maker fees. The taker is the person who picks up an existing order from the order book. The maker, on the other hand, is the person who creates an order that is not immediately matched against an existing order on the order book. Makers are often rewarded for creating liquidity on the platform by a lower trading fee than takers. Exchanges that do not make a distinction between takers and makers charge what we call “flat fees”. Poloniex charges 0.155% for takers and 0.145% for makers.

According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is currently 0.2181% and the average spot trading maker fee is currently 0.178%.

Compared to those average trading fees, Poloniex's taker fees and maker fees is below the industry average.

Poloniex's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.

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.