Poloniex Experience 2021: The Crypto Exchange Test
10 Stars
So far, over 4 million users have already experienced Poloniex and seem to be satisfied with the platform.
At first glance, the offer seems to be quite extensive.
But what exactly makes Poloniex so special and which cryptocurrencies can actually be exchanged? How is the customer service set up? Are the fees comparable with similar providers?
You will find answers to all these questions in the following Poloniex test. In addition, we give a detailed list of the tradable cryptos and explain how to register and trade on the platform.
Here comes our detailed test of the crypto exchange Poloniex.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Poloniex pros and cons
What is Poloniex?
The crypto to crypto exchange Poloniex was founded in 2014 by Tristan D'Agosto. A total of over 100 Bitcoin markets are available to users.
On average, there are over 3,000 registered users on the site and there is a daily trading volume of over 2,200 Bitcoin. The company is headquartered in Boston, USA, and the licence can be found under NMLS ID:1486722.
Poloniex Review - the offer
As with every crypto exchange, Poloniex also offers coins of different currencies for exchange. However, the offer is already limited to this. No crypto CFDs or ETFs are offered and you cannot use FIAT currencies, such as euros and American dollars, on the entire site.
Cryptocurrencies:
ARDR / Ardor | DCR / Decred | LZC / Litecoin | SNT / Status |
|---|
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Further information
Every investor can trade cryptocurrencies via the website. However, no shares, ETFs or CFDs are offered as an investment option; one can only exchange cryptocurrencies for other coins of digital currencies. There is also no option to purchase cryptos via Poloniex, as FIAT currencies of any kind are prohibited.
Therefore, one has to turn to eToro or Coinbase first in order to be able to trade via the Poloniex website. This makes it difficult, especially for new users, to gain a foothold in the cryptocurrency market. Furthermore, there are no hints in the help section on how to get cryptocurrencies.
Poloniex Experience: Registration and trading
Poloniex is an easy way to trade different cryptocurrencies with each other. The following steps explain the account creation up to trading and payout.
Step 1: Registration
To register with Poloniex, operators require the first name, last name, an email address, country and any password. The latter must be at least eight characters long and the provider recommends a password with 32 characters containing numbers and letters. However, the decision is entirely up to the user.
After that, you have to click on several pictures that have to meet the requirements so that you can identify yourself as a person. This can take some time and one should not lose patience. As soon as you have accepted the general terms and conditions, you will be redirected to the next page.
From now on, the email address you enter will also be your Poloniex ID, which will be used for all further communications. If you have not received an email, you should check your spam filter and mark the messages from the exchange as serious. Of course, you also have to upload some proof. But more on this in the next point.
Step 2: Verification
As soon as the operators have all the necessary data, you will receive an e-mail to confirm your mailbox. In the message you have to click on a link and the account will be activated. Of course, you still have to go through an identification process. To do this, you have to upload a clearly visible photo of yourself with a handwritten note.
The word "Poloniex" and the current date (month, day, year) must be written on the piece of paper. This is already enough for the website and you can start trading after a short processing time.
It is important to note that all parts of the photo are clearly visible and no shadows or other objects make the paper or the face disappear. Such photos will be rejected immediately and you cannot start trading. The Poloniex staff will then check the picture against the photo on the driver's licence or passport.
Step 3: Deposit
Once the account has been approved, it is time for the first deposit. Only cryptocurrencies are supported, which is why you should only deposit coins. All other transactions will not be processed and you will even receive a fee.
Another point is that you should always deposit more than the minimum amount, otherwise the balance will not be replenished until the necessary amount is reached. For Ethereum it is 0.5 ETH, for ETC / LSK / EXP it is 1.0 and for BURST / NXT / BCY it is 5.
It is also important to note that you must still have the minimum value after deducting the transaction fee, which is why you cannot deposit only 0.5ETH. After deducting the fees, you only have 0.49 ETH left, which can therefore not be credited. Another point is that you only transfer the currency that you have previously specified. Otherwise, the coins can be lost forever.
First you have to select the desired currency and then the amount. Immediately, the user is shown the fees to be paid, which he or she confirms with a click. You then send the desired cryptocurrency to the specified address via your wallet and receive a confirmation. The credit should then appear in the customer account within a few minutes.
Step 4: Trade
To trade a cryptocurrency, you enter your available coins and choose how many coins of your favourite you want for it. If one is below the market value, the order is executed directly and one receives the promised digital currency after a few hours.
However, if you ask for more coins in exchange than the exchange rate indicates, an order will be created that can be triggered at a later time when someone else uploads the matching counter-offer.
Step 5: Withdrawal
This works in the same way as making a deposit. One selects the cryptocurrency on Poloniex's trading platform and specifies the amount to be withdrawn. Immediately, the fees are displayed and a withdrawal address is generated. As soon as you have connected your own wallet to the website, you receive the digital currency.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Poloniex Experience: Fees & Charges
The fees of the Poloniex platform depend on the trading volume of the last 30 days. The more transactions you carry out, the lower the Poloniex fees become. For example, as soon as you have executed more than 20 million USD in crypto trades, the maker fee drops to 0.00% and the taker fee drops to half - 0.10%.
Otherwise, there is only a lending fee, which is charged at 15% of the generated balance. In addition, there is a withdrawal fee and a deposit fee. However, the exact amount is not shown in the Poloniex fee overview, but on the page under "Deposits & Withdrawals".
Fee type | costs |
|---|---|
Deposit fee | depending on the cryptocurrency |
Withdrawal fee | depending on the cryptocurrency |
Transaction fees | 0.00% to 0.20% |
Lending Fee | 15% |
Poloniex Experience: Payment methods
Poloniex's platform is a pure crypto exchange. This means that you can only deposit cryptocurrencies. You have to pay particular attention to whether the digital currency is also supported by the provider.
That's why you should definitely check the currencies after registering and compare them with your own coins in the wallet so that you don't transfer the wrong cryptocurrency to your customer account. If you are unlucky, the virtual money can no longer be saved and is lost forever.
A detailed list of all tradable assets can also be found under the link "Listed Assets" in the footnote. Additional information can be found on the deposit and withdrawal page. All fees are also listed here, although they depend on the desired currency.
This makes it difficult for newcomers in particular to trade via Poloniex.
Payment method | yes/no |
|---|---|
Credit cards | no |
Paypal | no |
Instant bank transfer | no |
Skrill | no |
Neteller | no |
Paysafecard | no |
Bank Transfer | no |
Cryptocurrency | yes |
Poloniex Experience: Licence and security
Of course, the entire platform and the support centre are protected against external attacks with SSL encryption. In addition, the company recommends that you set up the 2FA method. This is a simple programme for mobile devices that produces a TAN with every login attempt.
The code, which is generated again and again, is necessary for logging in. Only then can you make trades as you wish. However, if you lose your mobile phone, you should contact support immediately and remove the device from the system so that no one else has access to the coins and you can trade again yourself.
To set up the security measure, download the Google Authenticator for iOS or Android. After logging into your account from your computer, you will find the settings under the tool icon in the main menu. Immediately afterwards, one has to scan a QR code and enter the TAN generated on the platform.
In addition, a recovery key is created, with which you can access your account if you lose your smartphone. Therefore, the second QR code should be kept separately. A USB stick with password protection would certainly be useful for this.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
The Poloniex App
Of course, the operators of Poloniex have also released an application for mobile devices. You can thus monitor your cryptos on the go and make transactions at will. All you need is a stable internet connection. The programme allows trading with over 100 different currency pairs and you can deposit or withdraw coins into your account at any time.
Furthermore, one can view the balance of the account and use the real-time ticker for new updates. There is even the option to have notifications sent to one's phone once a certain price has been reached. You can also view different trading charts for the last 6, 24, 48 hours.
A total of 26 different cryptocurrencies are supported. It is possible that the number will increase at a later date, but there are no indications of this from the operators yet.
Otherwise, the apps for Android received 4 and the iOS variant 4.6 out of 5 possible stars. Some users apparently had problems opening the account, but the support team contacted the rating users directly and asked them to contact them directly. Such an approach greatly underpins the seriousness of the platform.
In addition, at 9.3 megabytes, the programme is not particularly large and should fit on any smartphone. Further updates are constantly being released and with each improvement, new possibilities are unlocked. You only need an Android version of 5.0, but the latest firmware is certainly recommended, as some security gaps in the system have already been closed.
With the Apple version, of course, you need the latest version - iOS 11.0.
Reviews of the app
However, the users seem to be very satisfied with the offer and any wishes are taken up by the provider and usually added in a later update. This gives investors the opportunity to contribute their own ideas.
Of course, the apps can also be used on tablets.
Poloniex Experience: Customer Service, Contact & Support
If you have a problem with something at Poloniex, you can send a message to the customer service via the support centre. Direct contact was not possible in the test and the customer is also not given an email address for sending screenshots. However, as soon as you have sent a ticket, you will receive a reply via the email address provided.
Even with negative Poloniex experiences, the operators contacted the user with a personal message and asked for a message to be sent to an email address. Whether the problems were solved afterwards cannot be clarified in the Poloniex experiences.
Otherwise, the operators offer a very good FAQ page. Here there are countless instructions that guide the user step by step through certain processes. In addition, pictures have been added to simplify the presentation. Especially as a new user, you should definitely take a look around in this area so that you don't make any mistakes and know the risks.
By following such instructions, one can possibly avoid problems later on. In addition, important points are explained in detail. Information on fees and security can be found quickly and you can get an idea of the crypto exchange even before registering.
Contact way | yes/no |
|---|---|
phone | no |
no | |
Live chat | no |
contact form | yes |
FAQs | yes |
Conclusion - the Poloniex rating
The platform is very well structured and you can find your way around intuitively. In addition, one is directly referred to the well-rated applications for mobile devices.
Some coins are supported and you can easily deposit and withdraw them.
However, the fees are a bit higher than at other exchanges and you have to provide some personal data, which is very strange for a crypto-crypto exchange.
The currencies were invented, among other things, to allow you to move around the network invisibly. The disclosure and verification of personal information is therefore contradictory to the point.
An alternative would be, for example, our test winner eToro or the well-known crypto exchange Binance. Both are also licensed platforms that are monitored by the authorities.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
FAQ
The provider is a crypto exchange where cryptocurrencies can be bought and sold.
In our test, Poloniex was convincing. The diverse trading options and the excellent customer support attract many customers, most of whom are satisfied with the provider.
The amount of your own investment should depend on your own liquidity, the chosen cryptocurrency and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.
Here, too, the platform is convincing. Withdrawals are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected withdrawal method.
You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first familiarise yourself with the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.
