1 Level
2 Review
0 Karma
Review on Poloniex by Hossein Askariyan
Initially, I was excited to use Poloniex because of the great variety of…
Initially, I was excited to use Poloniex because of the great variety of trading pairs. Getting verified and buying some altcoins was a straightforward process and I preferred the user interface over several other exchanges. However, after submitting a customer support request and never hearing back, I started to understand why users question the legitimacy of the exchange on social media.
The best part about non fiat exchanges like Poloniex is the absence of hefty deposit and withdrawal fees. Though when placing an offer to buy or sell your crypto coin, a minor fee must still be paid. In essence a maker (a trader who is making the market by setting up a specific price generally pays a lesser fee of around 0.15%. Whereas the taker (who takes the order from the market), pays a higher fee between 0.05 and 0.25% depending on volume being traded. Furthermore, lending fees are being imposed when a trader is made a decision to lend the coin away to other traders. In the competitive market, by offering a lower interest rate, a lender has a higher chance of finding a borrower. An average offer to lend asks for around 0.2%, minus Poloniex’s 15% fee.
Pros
- This site is one of the best exchanges websites in the world. The good advantages of this can be noted in the low rate of purchase and sale of the site. Also, rapid deposits and withdrawals are another good advantage of this website.
Cons
- This site has no other specific problem except for the first one. Variations on this site are time-consuming, and secondly, site support operations are sometimes delayed.
