Poloniex offers a large number of cryptocurrencies and some of the most affordable trading fees. For those looking to add leverage or hedge their investments, it also offers crypto futures trading. This exchange is not available to residents or citizens of the United States, but it is an option for citizens from other countries.
Poloniex Cryptocurrencies
Poloniex offers a wide range of cryptocurrencies, with well over 200. It has a large selection of cryptocurrencies, including many altcoins. There are no big gaps in the lineup.
Only a fraction of these cryptocurrencies can be purchased using cash. Poloniex’s majority is made up of trading pairs. This means that you can trade one cryptocurrency for the other.
To gain access to the majority of Poloniex’s offerings, you will need to first buy Tether (USDT), or USD Coin (USDC) cryptocurrency. You can then trade for any Poloniex product.
Trading Experience
You can choose from several platforms available on Poloniex that are suitable for your trading experience level. For beginners, the buying and selling forms are the best. Experienced traders can move on to the active trading platform.
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Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Poloniex Fees
Poloniex has the lowest fees for trading cryptocurrency. However, users will have to pay a large fee through a third party to buy crypto directly with fiat currency. Poloniex does not offer a fiat onramp service and does not directly handle fiat transactions. It outsources crypto purchases with fiat currency to Simplex.
| Payment Method | Fee |
| Bank Account | N/A |
| USD Wallet | 0.00% to 0.1550% for maker-taker |
| Debit/Credit card | Simplex: Minimum of 3.5% or $10 |
| ACH Transfer | N/A |
| Wire Transfer | N/A |
| Crypto Conversion | 0.00% to 0.1550% for maker-taker |
| Purchases | Simplex: Minimum of 3.5% or $10 |
| Trades | 0.00% to 0.1550% for maker-taker |
Here’s the Poloniex fee statement for Simplex fees
Simplex charges a $3.5% or $10.00 processing fee for card transactions. Simplex may quote the price of Bitcoin by one of its 3rd-party liquidity providers. This might also include a spread. Your bank may charge you “international transaction” or cash advance fees.
Poloniex Trading Fees
Poloniex charges fees on a make-taker-fee basis, with discounts for higher volume traders. Transaction fees of the TRX currency are eligible for discounts. A “taker” is someone who places an order immediately. A “maker” places an order which is added to the order list until there is a match. There are different fees depending on whether you are a taker or a maker in the transaction.
Here’s a breakdown of the Poloniex trading fees structure:
| Pricing 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% |
| Poloniex Plus Silver | SILVER | N/A | 0.0000% / 0.0600% | 0.0000% / 0.0420% |
| Poloniex Plus Gold | GOLD | N/A | 0.0000% / 0.0400% | 0.0000% / 0.0280% |
Clients who apply for Silver and Gold Poloniex Plus status receive an additional discount. The qualifications for Poloniex Plus accounts can’t be listed publicly. Each application is reviewed individually.
For margin trading, options trading and perpetual contracts, there are different trading fees.
Security
Poloniex provides standard security features for crypto-exchange, including email authentication (2FA), two-factor authentication (2FA), and identity verification.
Poloniex was compromised in the past and lost 12% of its users Bitcoin holdings.2 The founder was able to repay the funds and to update security measures regarding fund withdrawals. This included the ability to request email confirmation or 2FA verification.
Here are some details about some of the security features that Poloniex offers:
- Session history: Poloniex tracks the devices that log in to your account. You can end sessions and block devices that you don’t recognise.
- Email to account freeze: Poloniex will send a verification email to your email when a device logs into your account using a new IP address. You can then immediately freeze your account by clicking a link in that email.
- 16-digit backup password: Poloniex lets users set up an account recovery passcode in the event they are unable to access their login information or 2FA authentication.
- Two-factor authentication (FA2): Users can enable 2FA with Google Authenticator, or any other third-party app that generates a randomly generated six-digit code to verify their account.
Features
Basic Cryptocurrency Exchange Form
You can use Poloniex’s easy cryptocurrency exchange form if you are new to crypto or need to fund your Poloniex account using fiat currency. You can use this form to buy or sell currency with a bank account, debit, credit card, or card.
Simplex will charge a minimum of $10 for purchases made with a debit/credit card. An additional spread fee may be required.
Active Trading Platform
The active trading platform Poloniex includes a chart that displays a variety of indicators. A quick trading form, as well as a summary of your outstanding orders and open orders, can be accessed.
The active trading platform is best suited for experienced traders with previous experience in cryptocurrency, stock trading or other active markets.
Poloniex Mobile Apps
There are apps for Android and iOS devices from Poloniex. The App Store has the Apple version. The Android version can be downloaded from Google Play. You can manage your account, view cryptocurrency balances, and trade supported currency.
Pros and Cons
| Pros | Cons |
| Large selection of cryptocurrency | Selling and buying fees |
| Trading fees are low | Inaccessible in the United States |
| Mobile app highly rated | |
| Educational content |
Conclusion
Poloniex has low prices and a large number of cryptocurrencies. This includes some less-known and cutting-edge coins. There are still security and regulatory concerns that should be considered. It is also not available in all countries.
To help you decide if Poloniex is right for you, look at the features offered by the exchange.
