Summary: This is a comprehensive review of the popular US-based cryptocurrency exchange, Poloniex. This article breaks down the fees, security, features, apps and assets Poloniex offers.
Table of Contents
What is Poloniex?
Poloniex is a digital asset exchange based in San Francisco, US. The exchange was founded in 2014 by Tristan D’Agosta and has since been acquired by Circle. It supports the trading of over 400 different cryptocurrencies and over 1000 pairs. The exchange has grown in popularity due to its wide range of supported assets and features.
For a quick summary, here is a list of available features on Poloniex:
- Spot & Futures trading on over 1000 pairs.
- Launchbase is a feature to launch new, emerging tokens and get tokens at IDO price.
- Mobile App supported on both iOS and Android.
- Instant Buy Crypto with Fiat currencies via Mastercard, Via and Apple Pay.
The main reason investors choose to use Poloniex is because of their competitively low fees schedule. Below you can find a full breakdown of Poloniex’s trading, deposit & withdrawal fees.
- Spot trading fee - Starts from 0.1% for beginners and gets lower as your monthly trading volume goes up
- Futures trading fee - Makers/Takers is 0.01%/0.075%
- Deposit fee - Crypto deposits are free but fiat deposits are subject to a 3.5% fee by Simplex (third-party provider) and an additional 0.75% fee from Poloniex.
- Withdrawal fee - All withdrawals will be charged a small fee to cover the cost of gas (network transaction fee).
If you would like the withdrawal fees in detail, you can visit the Poloniex Fees Schedule.
Is Poloniex safe?
This depends on what your definition of “safe” is, in crypto, there is always risk involved and there's no exception with Poloniex. Poloniex is not at all regulated or licensed in the US and has been charged by the SEC in recent years for illegally operating a digital asset exchange. In saying that, it hasn’t been subject to a cyber attack (since 2014).
In 2014, 4 million dollars worth of funds were stolen from the exchange by hackers and the exchange recovered the funds by taking 12% of every user's funds. Although, that was almost 10 years ago and Poloniex not been attacked since. If you’re concerned about security, we recommend using a regulated and licensed cryptocurrency like eToro.
How to withdraw USDT from Poloniex
In this example, we show investors how to withdraw USDT from Poloniex to an external wallet like Metamask. Follow the below steps to get started.
- Sign up to Poloniex.
- Buy Tether (USDT) from the ‘Buy Crypto’ tab.
- Go to ‘Wallet’ and search for USDT.
- Enter your receiving wallet address, and amount of Tether, then press ‘Continue’. Your funds will arrive in your external wallet within minutes.
Mobile Phone App
Poloniex has a mobile app version of its platform available on both iOS and Android. It is rated 4 stars from 8k reviews on the Google Play store and 4.6 stars from 2k reviews on the App Store. On the Poloniex app, users can access their portfolios, buy crypto, open positions, contact live support and much more, on the go!
Can I use Poloniex in USA?
Unfortunately, Poloniex is not currently available to US residents since it was banned in 2014. However, Poloniex is one of the few exchanges that do not require KYC. This means that you don’t need to verify your identity to use the exchange. So theoretically, you could use VPN to hide your location and use the platform ‘outside’ of the United States.
It’s important to note that if you choose not to KYC, you will not be able to withdraw more than $10K USD a day or $50K USD if you enable 2FA (Two Factor Authentication).
Does Poloniex offer 24/7 Live Customer Support?
Yes, Poloniex offers 24/7 support via its Live Chat feature. Support is offered in three languages English, Mandarin and Spanish. In addition to its live chat feature, the support team can be reached via email, Telegram, Twitter, Facebook & Instagram.
Poloniex Alternative Exchanges
If Poloniex isn’t the right platform for you and you want to use a more secure platform, we recommend visiting one of the following cryptocurrency investing platforms. Below is a side-by-side comparison of the best Poloniex alternative exchanges.