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 many cryptocurrency exchanges. In size, it is one of the bigger exchanges. At the time of writing this review, the American cryptocurrency exchanges at our site with the highest user ratings are Gate.io, Paxful and Coinbase.
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 Trading fees
This exchange charges the so called takers a trading fee of 0.20%. This fee is slightly below the 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 50% lower trading fee for makers (thus 0.10%), which is an even stronger competitive advantage.
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.
Poloniex does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading here. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them here. Don’t worry though, we can help you find your first exchange to purchase cryptocurrencies at! We have developed the Exchange Finder for just that purpose.
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: