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.
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.
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. On the date of last updating this review (31 March 2020, right in the middle of the crisis with COVID-19), the trading volume was USD 32.7 million. This time however, Poloniex only managed to achieve place no. 99 on the list, so it had dropped a bit relative to the market in general.
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 doesn't charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Poloniex charges both makers and takers 0.125%. You can also achieve lower trading fees if your preceding 30 day trading volume is above certain thresholds, as follows:
Poloniex Withdrawal fees
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.
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: