Poloniex is a renowned Cryptocurrency Asset Exchange that helps you trade your cryptocurrency tokens. Read on to more about Poloniex in detail!
Poloniex Overview
Poloniex is a renowned Cryptocurrency Asset Exchange that helps you trade your cryptocurrency tokens. Founded in 2014 by Tristan D’Agosta, this trading platform is based in the United States and generates a trading volume of over $102 million daily. Poloniex also helps you carry out both manual trades, and automated trades through its programs and bot.
Cryptocurrencies That Can Be Traded On Poloniex
The following cryptocurrencies are the major listed assets on the Poloniex exchange. These tokens are available across the nations where Poloniex operates.
- BTC / USDT (BitCoin)
- ETH / USDT (Ethereum)
- TRX / USDT (Tron)
- XRP / USDT (Ripple)
- LTC / USDT (Litecoin)
- XMR / USDT (Monero)
The other tokens that it offers can be found here. They are subjected to availability based on the region from which you operate, for which they require your address to be verified. Payment modes would also vary based on the region.
Payment Methods Accepted By The Exchange
Poloniex accepts payments through credit or debit cards, and also through cryptocurrency tokens. Initially, they had distanced themselves from traditional nationalized currencies and accepted only crypto tokens as their mode of payment. As of 2021, they have added cards to their portfolio.
The US Dollar is the main currency used by them. They also accept the Chinese Yuan, Russian Rubles, the Euro, Japanese Yen, South Korean Won, and BitCoin.
Poloniex Fees
The fees charged by Poloniex vary based on the value that you trade over 30 days. The more you trade, the fee reduces substantially.
| TIER | 30 DAY TRADING VOLUME | TRX BALANCE | MAKER / TAKER FEE | TRX MAKER / TAKER FEE |
| 1 | < $50K | < $49 | 0.1450% / 0.1550% | 0.1015% / 0.1085% |
| 2 | < $50K | > $49 | 0.1150% / 0.1250% | 0.0805% / 0.0875% |
| 3 | $50K – $1M | N/A | 0.1050% / 0.1200% | 0.0735% / 0.0840% |
| 4 | $1m – $10m | N/A | 0.0700% / 0.1150% | 0.0490% / 0.0805% |
| 5 | $10m – $50m | N/A | 0.0500% / 0.1100% | 0.0350% / 0.0770% |
| 6 | $50m+ | N/A | 0.0200% / 0.1000% | 0.0140% / 0.0700% |
In addition to these, Poloniex crypto platform has two premium plans – Silver and Gold. Their fees are as follows –
| Poloniex Plus Silver | 0.0000% / 0.0600% | 0.0000% / 0.0420% |
| Poloniex Plus Gold | 0.0000% / 0.0400% | 0.0000% / 0.0280% |
Poloniex also offers special plans for its Market Makers that can be found here. The exchange takes 15% of the interest generated through lending cryptocurrency as their “Lending Fee.” For futures, their maker fee is $0.01%, and taker fee is $0.075% which is significantly less than other Cryptocurrency Asset Exchanges.
What Are The Security Features That The Exchange Offers?
Ever since Poloniex crypto exchange was hacked in 2014, they have stepped up their game in terms of their security. It is based in the U.S. and is bound by its strict rules and regulations regarding user security and fraud prevention. In addition to this, any transaction under $2000 can be done with your identity kept anonymous. Futures and lending are also secure as they are allowed only to use their portal, and interests are protected and credited on time.
How does Poloniex provide a user Interface?
The user interface is simple to use. It provides basic analysis for beginners and potential investment options with secure returns. Poloniex also provides the opportunity to conduct automated trades using bots built into their program, such as AIVREN. For professionals and experienced users, the exchange has features that provide more detailed, real-time, and comprehensive analyses. The interface provides services at a price for seasoned users like Margin Trading.
Which Countries Is Poloniex Available In?
Poloniex is available in Andorra, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Iceland, Ireland, Israel, Italy, Czech Republic, Denmark, Estonia, Germany, Greece, Hungary, Finland, France, Latvia, Lithuania, Luxembourg, Malta, New Zealand, Netherlands, Norway, Poland, Slovenia, Spain, Sweden, Portugal, Romania, Slovakia, Switzerland, and the United Kingdom. It has ceased its services in the United States of America.
Does The Exchange Provide Enough Liquidity?
Poloniex has a very large amount of liquidity. The exchange is able to provide it using its large token pairing combinations with the help of alternate cryptocurrencies. With a user base that exceeds a million active accounts, the Poloniex app, and website, both can ensure that there always are buyers for your cryptocurrency tokens at the right price and in the currency in which you would like to exchange them. This pairing feature ensures that there is always an alternative option to selling the crypto, making risks and volatile trades very minimal.
What Are The Other Features That Poloniex Offers?
Poloniex offers collateralized futures in cryptocurrency through Perpetual tokens for all the commonly traded tokens. In addition, it allows you to lend crypto at a fixed interest rate. 85% of the interest generated is returned to you, with the rest kept as service charges. Other services include –
- LaunchBase – to participate in crypto token sales.
- WINk – to play games on the portal.
- JustSwap – to trade TRON-based decentralized finance assets.
Final Words
Poloniex is a user-oriented Cryptocurrency Asset Exchange with a strong user portfolio, low transaction fees, and regulated trading. It can be used as an alternative cryptocurrency trading platform, mainly to lend tokens or invest in futures. The token pairing for transactions also adds to the convenience of trading. Along with cryptocurrencies, Poloniex may start a new listing for NFTs as the platform ensures decentralized finance with the growing craze for Metaverse.
