Poloniex

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Average Ratings

Fees?

Are there fixed fees, transaction fees, or other fees?

★★★★☆
Security?

Is the website safe and your information secure? Have there been previous breaches in security?

★★☆☆☆
Coins?

How many coins are available to trade?

★★★★★
Ease of Use?

How good is the overall experience? Is it easy to buy/sell tokens, view funds, and see market movements?

★★☆☆☆
Total
★★★☆☆

Security

Back in 2014 there was a security breach where about 12% of all customer bitcoin was stolen. Poloniex has done what they can to regain the trust of its users but there is still talk of untrust. Poloniex is a centralized exchange which means it controls all private keys to the wallets holding your crypto. As a user, you must trust that the people who are in control are honest.

 

Fees

Trading fees are usually below .25% with no deposit fees. There is, however, a withdrawal fee but it varies depending on what cryptocurrency you’re withdrawing. Overall the fee is not bad compared to other exchanges.

 

Coins

70+ coins are available to buy, sell and trade.

 

Ease of Use

The interface is like most exchanges simple to use and not too complicated to figure out. The problem, however, is there is a lot of talk about bad customer service and problems with withdrawals from past customer reviews. Another problem that is commonly seen is site speed. Poloniex seems to slow down significantly when it’s experiencing peak trading times. This frustrates many users. Poloniex is also a cryptocurrency only exchange. No fiat accepted.

 

Overall

Overall there seems to be a lot of issues that have occurred with past users. Poloniex does have one of the highest trading volumes in the market but if you’re looking for something that is more secure with better support and reviews, then you’ll want to look somewhere else.

Security

Back in 2014 there was a security breach where about 12% of all customer bitcoin was stolen. Poloniex has done what they can to regain the trust of its users but there is still talk of untrust. Poloniex is a centralized exchange which means it controls all private keys to the wallets holding your crypto. As a user, you must trust that the people who are in control are honest.

 

Fees

Trading fees are usually below .25% with no deposit fees. There is, however, a withdrawal fee but it varies depending on what cryptocurrency you’re withdrawing. Overall the fee is not bad compared to other exchanges.

 

Coins

70+ coins are available to buy, sell and trade.

 

Ease of Use

The interface is like most exchanges simple to use and not too complicated to figure out. The problem, however, is there is a lot of talk about bad customer service and problems with withdrawals from past customer reviews. Another problem that is commonly seen is site speed. Poloniex seems to slow down significantly when it’s experiencing peak trading times. This frustrates many users. Poloniex is also a cryptocurrency only exchange. No fiat accepted.

 

Overall

Overall there seems to be a lot of issues that have occurred with past users. Poloniex does have one of the highest trading volumes in the market but if you’re looking for something that is more secure with better support and reviews, then you’ll want to look somewhere else.