POLONIEX

What is POLONIEX？

Established in 2014, Poloniex is a cryptocurrency exchange located in Wilmington, Delaware, and registered in the United States. They offer trading for more than 400+ cryptocurrencies, including well-known ones like Bitcoin, Ethereum, and Tether. Poloniex handles a daily trading volume exceeding $750 million. The trading fees are as follows: Maker fee is 0.2%, and the Taker fee (if using TRX) is 0.14%.

Pros and cons

Regulation

Poloniex lacks regulation, which means trading on it poses higher risks for traders, such as:

• Security Risks: These exchanges might lack proper security measures, making them vulnerable to hacking and risking your funds' safety.
• Fraud Risks: Due to the absence of regulations, unregulated exchanges are more prone to fraudulent activities, increasing the chance of falling victim to scams.
• Liquidity Risks: Unregulated platforms might have lower liquidity, making it harder to trade your cryptocurrency at a fair price.
• Customer Support Risks: Support might not be as effective on unregulated exchanges, causing difficulties in resolving account-related issues.
• Regulatory Risks: The different regulatory environment for unregulated exchanges can complicate withdrawing or transferring funds to other platforms.


Security

• Cold storage: The majority of Poloniex's cryptocurrency reserves are stored in cold storage, which means that they are offline and not connected to the internet. This makes them much less vulnerable to attack.
• 2FA: Poloniex offers two-factor authentication (2FA), which adds an extra layer of security to customer accounts. With 2FA, users must enter a code from their phone in addition to their password to log in.
• SSL encryption: Poloniex's website uses SSL encryption to protect customer data when it is transmitted over the internet. This helps to prevent hackers from intercepting and stealing personal information.

Trading Markets

Poloniex primarily focuses on cryptocurrency trading, offering a variety of digital assets for users to buy, sell, and exchange. Common cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others are typically available for trading on the platform. Users can engage in spot trading, where they directly exchange one cryptocurrency for another based on the current market prices.



Cryptocurrencies available

Poloniex has more than 400 different cryptocurrencies available for trading. This covers well-known ones like Bitcoin, Ethereum, and Tether, as well as newer ones like Solana and Cardano.



You can find the full list of cryptocurrency available here: https://poloniex.com/markets.

When it comes to adding new coins, Poloniex acts quickly. They usually include recently launched cryptocurrencies within a few weeks of their initial offering. However, it's important to note that Poloniex is careful about what they list. They have a strict process to make sure only top-notch cryptocurrencies get listed

Other Services

Poloniex provides additional services beyond its cryptocurrency trading platform. One notable service is the VIP service tailored for institutional traders. This service is designed to accommodate the specific needs of professional and high-frequency traders by offering a high rate limit and low latency API. The high rate limit allows for a greater number of requests to be processed within a given time frame, facilitating efficient trading strategies. Low latency ensures that the platform responds quickly to these requests, reducing delays and enhancing the overall trading experience for institutional clients.

VIP Service:

1. Target Audience: Institutional traders.

2. API Features:

• High rate limit.
• Low latency for quick response times.

3. Liquidity:

• Emphasis on good overall liquidity for large-scale trading.


How to open an account？

Typically, the registration process involves the following steps:

1. Visit the POLONIEX website: Users need to visit the official website of POLONIEX.

2. Click on the “Sign Up” button: On the homepage, users can locate the “Sign Up” button and click on it to begin the registration process.



3. Provide personal information: Users will be prompted to provide information such as their email address, username, and password to create an account.



4. Verify email address: After providing the necessary information, users will receive an email from POLONIEX with a verification link. They need to click on the link to verify their email address.

5. Set up security measures: Once the email address is verified, users can set up additional security measures such as two-factor authentication to enhance the security of their account.

6. Complete the registration: After setting up the necessary security measures, users can proceed to complete the registration process and gain access to their POLONIEX account.

How to Buy Cryptos？

Buying cryptocurrencies on Poloniex typically involves a straightforward process through their online platform:

1. Access Poloniex Platform: Visit the Poloniex website and log in to your account. If you don't have an account, you may need to sign up and complete the necessary verification steps.

2. Navigate to “Buy Crypto”: Once logged in, locate the “Buy Crypto” section on the platform. This section may vary in its placement but is typically accessible from the main dashboard or navigation menu.

3. Select Payment Method: Click on the “Buy Crypto” option, and you'll likely be prompted to choose your preferred payment method. Poloniex may support various payment methods, including bank transfers, credit/debit cards, or other payment options.

4. Enter Order Details: After selecting your payment method, you'll need to specify the order details. This includes the type and amount of cryptocurrency you wish to purchase. The platform may provide you with real-time market prices to help you make informed decisions.

5. Review and Confirm: Carefully review your order details, including the amount you're buying and the total cost. Ensure that the payment method is accurate. Once you are satisfied, proceed to confirm your purchase.

6. Payment Process: Follow the prompts to complete the payment process. Depending on your chosen payment method, you may need to enter relevant financial information or use two-factor authentication for security purposes.

7. Confirmation and Wallet: After successful payment, you should receive confirmation of your purchase. The cryptocurrency you bought will typically be deposited into your Poloniex wallet on the platform.



APP Android how to buy

1: Download and Install the Poloniex App

• Go to the Google Play Store on your Android device.
• Search for “Poloniex” and select the official Poloniex app from the search results.
• Click “Install” to download and install the app.

2: Log in to Your Poloniex Account

• Open the Poloniex app on your Android device.
• Tap “Log in” on the top right corner of the screen.
• Enter your Poloniex username and password.
• Tap “Log in” to access your account.

3: Deposit Funds (Optional)

• If you haven't already, you'll need to deposit funds into your Poloniex account.
• Tap the “Deposit” button at the bottom of the screen.
• Select the cryptocurrency you want to deposit (e.g. Bitcoin, Ethereum, etc.).
• Follow the on-screen instructions to complete the deposit process.

4: Navigate to the Market

• Tap the “Markets” tab at the bottom of the screen.
• Select the cryptocurrency you want to buy (e.g. Bitcoin, Ethereum, etc.).

5: Place a Buy Order

• Tap the “Buy” button on the market screen.
• Enter the amount of the cryptocurrency you want to buy in the “Amount” field.
• Select the payment method (e.g. USD, BTC, etc.).
• Set the price at which you want to buy the cryptocurrency (market order, limit order, or stop-limit order).
• Tap “Buy” to place the order.

6: Review and Confirm Your Order

• Review your order details to ensure everything is correct.
• Tap “Confirm” to complete the order.

7: Monitor Your Order

• Tap the “Orders” tab at the bottom of the screen.
• Track the status of your order and wait for it to be filled.

Tips and Reminders

• Make sure you have sufficient funds in your account to complete the purchase.
• Be cautious when entering order details to avoid errors.
• Poloniex may charge fees for buying and selling cryptocurrencies.
• Always monitor your account and transaction history regularly.

Apple how to buy

1: Download and Install the Poloniex App

• Open the App Store on your iPhone or iPad.
• Search for “Poloniex” and select the official Poloniex app from the search results.
• Tap “Get” to download and install the app.

2: Log in to Your Poloniex Account

• Open the Poloniex app on your iPhone or iPad.
• Tap “Log in” on the top right corner of the screen.
• Enter your Poloniex username and password.
• Tap “Log in” to access your account.

3: Deposit Funds (Optional)

• If you haven't already, you'll need to deposit funds into your Poloniex account.
• Tap the “Deposit” button at the bottom of the screen.
• Select the cryptocurrency you want to deposit (e.g. Bitcoin, Ethereum, etc.).
• Follow the on-screen instructions to complete the deposit process.

4: Navigate to the Market

• Tap the “Markets” tab at the bottom of the screen.
• Select the cryptocurrency you want to buy (e.g. Bitcoin, Ethereum, etc.).

5: Place a Buy Order

• Tap the “Buy” button on the market screen.
• Enter the amount of the cryptocurrency you want to buy in the “Amount” field.
• Select the payment method (e.g. USD, BTC, etc.).
• Set the price at which you want to buy the cryptocurrency (market order, limit order, or stop-limit order).
• Tap “Buy” to place the order.

6: Review and Confirm Your Order

• Review your order details to ensure everything is correct.
• Tap “Confirm” to complete the order.

7: Monitor Your Order

• Tap the “Orders” tab at the bottom of the screen.
• Track the status of your order and wait for it to be filled.

How to buy ATM

1. Locate a Gemini ATM: Find the nearest Gemini-supported ATM.

2. Verify Identity: Follow prompts to verify your identity as required.

3. Insert Cash: Insert the amount of cash for the crypto you want to buy.

4. Complete Transaction: Choose the cryptocurrency, confirm the transaction, and receive your crypto directly into your wallet.

Fees

Maker Fees: When you add liquidity to the market by setting specific price orders, you're charged a maker fee. For beginners (VIP 0), this fee is 0.2000%. The higher your VIP level, the lower this fee becomes. At the top level (VIP 9), the fee is -0.0050%, meaning Poloniex pays you to make these orders.

Taker Fees: If you take liquidity from the market using instant market orders, you'll pay a taker fee. For VIP 0, it's 0.2000%. As your VIP level goes up, this fee decreases. At VIP 9, it's 0.0700%.

TRX Payment Option: You can also cover your trading fees using TRX, Tron's own cryptocurrency. Paying with TRX means a taker fee of 0.0805% for VIP 0 and 0.0700% for VIP 9.

VIP Level	30-Day Spot Trading Volume	30-Day Futures Trading Volume	Total Balance	TRX Balance	Maker Fee	Taker Fee (Pay with TRX)
VIP 0	$0	$0	$0	$0	0.20%	0.14%
VIP 1	$10,000	$100,000	$2,000	$100	0.12%	0.08%
VIP 2	$80,000	$2,000,000	$4,000	$10,000	0.11%	0.07%
VIP 3	$500,000	$5,000,000	$10,000	$50,000	0.10%	0.07%
VIP 4	$1,000,000	$10,000,000	$200,000	$100,000	0.09%	0.06%
VIP 5	$2,000,000	$20,000,000	$400,000	$500,000	0.07%	0.05%
VIP 6	$5,000,000	$50,000,000	$1,000,000	$1,000,000	0.06%	0.04%
VIP 7	$10,000,000	$100,000,000	$8,000,000	$100,000,000	0.05%	0.04%
VIP 8	$20,000,000	$500,000,000	$16,000,000	$200,000,000	0.00%	0.07%
VIP 9	$50,000,000	$1,000,000,000	$30,000,000	$400,000,000	-0.01%	0.07%

Best way to trade

The best way to trade on Poloniex is to utilize their mobile app for convenient trading on the go, take advantage of advanced features like margin trading and lending if you're an experienced trader, and stay informed about market trends and news to make informed trading decisions.

Trading Days/Trading Hours

Poloniex is a cryptocurrency exchange, and as such, it operates 24 hours a day, 7 days a week. There are no specific trading days or hours, as the cryptocurrency market is always open. This allows traders to buy and sell digital assets at any time, regardless of their location or time zone.

Deposit & Withdrawal

Some currencies have a minimum amount for deposits, which is displayed when clicking on “Deposit” for the specific currency. Below is a list of currencies that require a minimum deposit amount:

Coin Name	Minimum Amount
ETC	0.5
LSK	1
NXT	3

Deposit

App

Launch the Poloniex app and log in. Tap “Wallet” in the lower right, then select “Deposit” from the new interface. Choose your desired cryptocurrency for the deposit.


• When presented with multiple transfer networks, choose the network for generating your deposit address/QR code.[Please see the important notes below]


Navigate to the withdrawal page on your original wallet or exchange. Input the Poloniex deposit address you copied or scan the provided QR code.

Website

• At the upper right corner of the page, click on Wallet > Click on Deposit > Pick the coin you intend to deposit.

• Choose the network you prefer for generating your deposit address/QR code.[Please see the important notes below]

• Duplicate your Poloniex deposit wallet address and/or any supplementary payment ID/QR code.
• Go to the withdrawal page on your original wallet or exchange, and input your copied Poloniex deposit address/scan the QR code.

Withdrawal

App

• Tap on the Wallet > Withdraw.
• Select the asset you wish to withdraw.
• Enter the amount you wish to withdraw.
• Select the network you wish to withdraw with.
• Enter the destination address, and/or additional payment ID.
• Enter your login password to confirm.
• Click Continue, user confirmation is needed to complete the step. Customers with two-factor authentication enabled for their withdrawals do not receive email confirmations.


Website

• Click on the Walletsection at the top right of your screen.
• Click on Withdraw and select the asset you wish to withdraw.
• Select the network you wish to withdraw with.
• Enter the destination address, and/or additional payment ID, and the amount you wish to send. If you'd like to withdraw all your funds, you can click Max Amount to do this easily.
• Click Continue, and review your withdrawal before finalizing your withdrawal by clicking the Withdraw Asset button.
• User confirmation is needed to complete the step. Customers with two-factor authentication enabled for their withdrawals do not receive email confirmations.


Customer Support

POLONIEX provides a range of contact options, including community support, email, and online chat through email submission.



Is POLONIEX a Good Exchange for You？

Poloniex is a favorable exchange for traders seeking a broad array of cryptocurrencies for trading. With an extensive selection, it caters to those interested in diverse investment options. Additionally, for traders eager to delve into advanced features such as margin trading, copy trading, and grid trading, Poloniex offers a platform conducive to exploring various trading strategies. Furthermore, for those prioritizing a user-friendly interface, Poloniex provides an accessible and intuitive platform, enhancing the overall trading experience. POLONIEX may be a good exchange for traders in the following types:

Traders who have interests in large selection of cryptocurrecy for trading.

Traders who want to explore more trading features, like margin trading, copy trading and grid trading.

Traders who pursue a user-friendly interface.

Has Poloniex experienced any controversy？

Poloniex has been involved in a number of controversies over the years, including:

• Hacking: In 2014, Poloniex was hacked and $4.6 million worth of cryptocurrency was stolen. The exchange was able to recover some of the funds, but the incident caused a lot of damage to its reputation.
• Delisting of Bitcoin Cash: In 2017, Poloniex delisted Bitcoin Cash, a popular cryptocurrency that forked from Bitcoin. The decision was met with criticism from many users, who accused the exchange of trying to suppress the price of Bitcoin Cash.
• Margin trading: In 2019, Poloniex suspended margin trading, a popular feature that allows users to trade with borrowed funds. The decision was made due to concerns about the risks associated with margin trading.
• Customer support: Poloniex has been criticized for its customer support, which has been described as slow and unresponsive. This has led to some users complaining that they have been unable to get help with their account problems.
• Regulatory compliance: Poloniex has been accused of not complying with regulations in some jurisdictions. In 2019, the exchange was fined $10 million by the Commodity Futures Trading Commission (CFTC) for violating US regulations.

Compare with other exchanegs

Features
Trading Fees	Maker: 0.2%, Taker ( pay with TRX) 0.14%	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	400+	500+	11	200+
Regulation	Not regulated	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

Description of wallet usage

Poloniex provides users with a built-in wallet to store their cryptocurrencies securely on the platform. This wallet allows users to easily deposit, withdraw, and manage their digital assets directly within the exchange. Users can also generate unique deposit addresses for each supported cryptocurrency to receive funds from external sources.

Details of borrowing coins to buy/pledge coins

Poloniex allows users to borrow funds (margin trading) to increase their buying power, using their existing cryptocurrencies as collateral. The interest rate varies depending on the specific cryptocurrency and amount borrowed. Margin trading carries a risk of loss, and users should carefully consider their risk tolerance before engaging in this type of trading.

FAQs

How is my 30-day trading volume calculated？

Your 30-day trading volume is converted to USD using the average daily BTC-USD rate, which is calculated by daily closing price.

How is my TRX balance calculated？

You must hold TRX in your spot account to be eligible for a fee discount.The USD equivalent of your TRX balance is calculated based on the daily average TRX-USD price.

What do “maker” and “taker” mean？

There are two parties involved in every trade: the maker, who places an order on the orderbook before the trade is executed, and the taker, who places an order that matches (or takes) the maker's order.

Is Poloniex Available in the US？

Poloniex is not available for consumers and investors located in the U.S.

Is Poloniex Shutting Down？

Poloniex is still operating and expanding, but it is no longer available to those in the U.S.