Poloniex trade volume and market listings

KYC can be completed in a few minutes to half an hour for Level 1 and 2 accounts, the latter of which requires facial recognition. If there is a mismatch between personal information and uploaded documents, the time frame can be extended to three business days. Creating an account with Poloniex is free and takes only a few minutes to complete. The only information required to register with Poloniex is an email address and password.

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However, completing the Know-Your-Customer (KYC) process is a must to access the higher withdrawal limit from $10,000 daily to $500,000. To complete the verification process, the user must provide a photo ID (passport, utility bill) and enter a few personal details like address and phone number. Naturally, when someone is lending you funds, you have to pay interest which is specified when you place your trade. You can open both long and short positions when margin trading at a rate of 2.5x. To begin margin trading, you Poloniex Crypto Exchange first have to transfer your funds which will be used as collateral from your Poloniex Exchange account to your Poloniex Margin account. Poloniex offers low costs and an extensive list of cryptocurrencies, including some cutting-edge and lesser-known coins.

The platform not only allows you to exchange cryptocurrency but also to trade on margin – something rarely offered in the cryptocurrency market. 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. Poloniex Earn enables gives the option for users to passively earn crypto rewards by staking their holdings. Poloniex has expanded its product offering to include a margin exchange and futures contracts for those that want a platform to leverage trade crypto.

Review of the Top Features on Poloniex

The exchange lists over 350 cryptocurrencies and tokens, which can be purchased with a bank account, credit or debit card, and ApplePay. For example, in May 2022, it announced a partnership with APENFT, a popular NFT marketplace. This partnership signifies the outlook Poloniex has on the future, which is to be a driving force behind the metaverse, cryptocurrency, GameFi, and NFTs.

Poloniex charges fees according to the maker-taker fee model, where 0.01% is charged for maker fee and 0.075% for taker fee. Commissions are directly related to the 30-day trading volume, traders with large volumes receive discounts. Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. However, not all crypto investors require desktops for their trading. If you are one of those traders, you’ll be happy to learn that Poloniex’s trading platform is also available as an app.

Is It Possible To Use Leverage or Margin Trading on Poloniex?

• Ultimately, there’s no perfect cryptocurrency exchange for everyone.
• Anyone considering this exchange should proceed with caution based on its history of regulatory and security issues.
• Nonetheless, it ceased its services for users in the U.S. in December 2019.
• It will then create a Buy or Sell order, and as soon as your target prices are matched, the trade will be executed.
• You can withdraw bulk from Poloniex each day, but only up to $10,000.
• Moreover, Poloniex is not available in the United States, and its customer service has got mixed reviews.
• The Poloniex exchange offers several ways for its users to receive prompt support.

Experienced traders who have prior experience with cryptocurrency, stock trading, or other active markets will likely prefer the active trading platform. If you’re inexperienced with crypto or want to fund a Poloniex account with fiat currency, you can start with Poloniex’s simple cryptocurrency exchange form. This form lets you easily buy and sell currency using a bank account, debit card, or credit card. Poloniex is a cryptocurrency exchange available to users in many countries, but it has been banned or is under scrutiny in others.

While researching for our Poloniex review, we found the exchange’s trading interface easy to use and feature-rich. Poloniex has integrated TradingView, one of the most popular online charting platform for crypto. As a result, Poloniex users plot complex strategies and perform in-depth analyses without leaving the exchange.

How We Rated Poloniex

Despite this, there are some security and regulatory concerns, and it is not available in certain countries. Poloniex operates a centralized exchange and a decentralized exchange. For the centralized exchange, which we are reviewing here, you’ll need an account. As mentioned above, Poloniex is only available to users outside of the United States.

• The exchange supports a long list of cryptocurrencies with highly competitive trading fees.
• Founded in early 2013, Poloniex emerged as an important and polarizing name in digital asset exchanges, mainly for its relationship with users and transaction security.
• While good for a no-KYC platform, better options are available to users who don’t mind verifying their identity.
• The international exchange has its own geo-restrictions, including the United States, Cuba, Iran, North Korea, Sudan and Syria.
• Poloniex also got in trouble with the security regulators of the United States.

There’s a good mix of well-supported utility tokens and lesser-known currencies. It’s important to mention the exchange’s relationship with the Tron (TRX) currency. The site was hacked in 2014 losing around 12% of the company’s holdings. This happened again in 2020, accounting for around 6% of the exchange. In March 2022, Poloniex partnered with the Fantom Foundation, a dApp-focused blockchain, to help it develop its highly scalable ecosystem that supports smart contracts.

Companies that embrace emerging advancements using blockchain technology will be at the forefront of future developments across many industries. Poloniex users fell victim to an attack on the platform’s hot wallets in November 2023. More than $114 million was stolen from user’s wallets, suggesting the exchange’s security protocols had gaps.