Summary: Poloniex is a large and trusted exchange that does not required KYC or verification for users to sign up and trade over 1,000 cryptocurrencies on their platform. The exchange is currently owned and operated by Justin Sun, the infamous Tron founder and is a secure and licensed crypto brokerage.

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 Justin Sun who is the also the founder of Tron. It supports the trading of over 1,000 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.
Poloniex Home Page
Poloniex Exchange Home Page.

Poloniex Fees

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

Poloniex Fees Schedule
Poloniex Fees Schedule

Is Poloniex Safe?

Poloniex's safety depends on your definition of "safe" within the crypto world. While the platform has not been subject to a cyber attack since 2014, it is not regulated or licensed in the US and was previously charged by the SEC for operating illegally. Additionally, it experienced a significant hack in 2014, resulting in the loss of $4 million worth of funds. Although the platform has not experienced any security issues since then, users concerned about safety may prefer to use a regulated and licensed cryptocurrency exchange 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.

  1. Sign up to Poloniex.
  2. Buy Tether (USDT) from the ‘Buy Crypto’ tab.
  3. Go to ‘Wallet’ and search for USDT.
  4. Enter your receiving wallet address, and amount of Tether, then press ‘Continue’. Your funds will arrive in your external wallet within minutes.
Withdraw USDT from Poloniex
How to withdraw USDT from Poloniex

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!

Poloniex App iPhone Screenshots
Poloniex App iPhone Screenshots

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.

Final Thoughts

In conclusion, Poloniex is a popular digital asset exchange that allows users to trade over 1,000 cryptocurrencies without KYC. Owned by Justin Sun, the platform offers competitive trading fees, a mobile app, and various features like Spot & Futures trading and Launchbase. However, it is not available to US residents and has had security concerns in the past. Despite this, Poloniex offers 24/7 customer support in multiple languages and continues to be a widely-used platform for cryptocurrency trading.