Poloniex Review 2020
Poloniex is an established online cryptocurrency exchange that allows traders to buy and sell multiple cryptocurrencies, including TRON, Swiftcoin, Tether, QTUM, Litecoin, Ethereum, EOS, Bitcoin, and many others. The exchange is not regulated and thus cannot offer the same protections that a regulated exchange can.
Poloniex Review 2020, Pros & Cons
- Intuitive mobile trading platform
- Trade API & other useful trading tools
- A trading blog is present
- No MetaTrader platform
- Cryptocurrency trading only
- No US clients
- No contact telephone number
In this detailed Poloniex review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Poloniex is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Poloniex
Poloniex Review: Summary
Since 2014, Poloniex is a crypto exchange for traders to buy, sell and hold over 60 crypto assets, including BTC, ETH, and the best altcoins on the market. The exchange provides traders with an intuitive trading platform that is available as web and mobile versions. Clients also get access to a range of trading tools, educational resources, and a dedicated customer support team.
Poloniex Review: Regulation
Poloniex exchange is not yet regulated. Most experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our trading broker reviews for alternative regulated brokers.
Poloniex Review: Countries
Poloniex states that its services are not offered to persons who are citizens of, incorporated in, have their registered office in, or reside in the United States.
Some Poloniex features and products mentioned within this Poloniex review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Poloniex Review: Trading Platforms
The exchange provides traders with the Poloniex trading platform; it is available as a web-based platform and a mobile trading app that is compatible with Android and iOS devices. It allows you to manage your balance and trades on the go so that you never miss a market move.
Poloniex Review: Trading Tools
Poloniex provides both HTTP and WebSocket APIs for interacting with the Exchange. Both allow read access to public market data and private read access to your account. Private write access to your account is available via the HTTP API.
Poloniex Review: Education
The exchange provides traders with a trading blog that contains a myriad of educative articles to help keep traders informed about the factors that move the markets.
Poloniex Review: Trading Instruments
There is a wide range of crypto assets available for trading, such as Ethereum Classic, Bitcoin Cash, TRON, Swiftcoin, Tether, QTUM, Litecoin, Ethereum, EOS, Bitcoin, and many more.
Poloniex Review: Trading Accounts & Fees
The exchange offers clients the Poloniex Live Trading Account, which gives them access to trade multiple cryptocurrencies on the provided trading platforms. No commissions are charged on trades.
As broker fees can vary and change, there may be additional fees that are not listed in this Poloniex review. It is imperative to ensure that you check and understand all of the latest information before you open a Poloniex broker account for online trading.
Poloniex Review: Customer Service
The broker has a professional customer support team that is available via Live Chat and social media. There is no contact telephone number provided on the Poloniex website.
Poloniex Review: Deposit & Withdrawal
Poloniex allows you to buy Bitcoin and other cryptocurrencies with Debit/Credit cards from within your Poloniex account. The exchange does not charge fees for depositing crypto into your Poloniex account. You may have to pay fees in the account you are sending funds from. When you withdraw assets from your wallet, Poloniex will charge a fixed fee per asset to cover the cost of broadcasting a transaction to the network.
Poloniex Review: Account Opening
Opening an account with this Exchange requires the potential trader to click on the ‘Sign Up’ button on the website and fill the form properly. After that, the client should upload the necessary KYC documents.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
Poloniex Review: Conclusion
Poloniex is an online cryptocurrency exchange offering multiple cryptocurrencies for trading online via the provided trading platforms. They provide clients with useful trading tools and educational resources. The exchange is however unregulated which may be a red flag for potential clients.
Trading Digital Assets can be extremely risky. Each Digital Asset has unique features that make it more or less likely to fluctuate in value. In addition, factors beyond Polo’s control may affect market liquidity for a particular Digital Asset, such as regulatory activity, market manipulation, or price volatility.