Review on Poloniex by Praise Olagbadun
An Exchange Platform With A Reform
The Poloniex is a cryptocurrency exchange that happens to be one of the largest and most popular type in the world. It was founded in the year 2014 by Tristan D'Agosta. It has its headquarters located in San Francisco, California. It is an exchange platform that doesn't support Fiat currencies at all, with the Tether (USDT) being the closest to Fiat (as it is a dollar backed cryptocurrency). It provides a wide range of tradeable cryptocurrencies and also supports margin trading and lending. Creating an account was the best experience I had in the process of using the mobile application as it is very fast and easy to create one, in fact I did mine in less than 5 minutes. It also features a three verification levels which I would properly outline now.
The First Verification Level requires an email verification, first and last names and the user's country of residence. After completing all these, user would be able to trade marginally and the daily withdrawal limit set to $2,000.
The Second Verification Level which also happens to be the next requires users personal information, his address, phone number, a scan of photo ID (which can be the Driver's License or personal ID) and a picture of the user holding the photo ID. This would increase the daily withdrawal limit to $25,000.
The Third Verification Level which happens to be the lastwouod increase the daily limit above $25,000.
The Poloniex has had their reputation affected ever since the hack it experienced only two months after it was launched (as it was launched in January 2014 and got hacked in March 2014). This hack caused a great setback to the company as it was just starting operation and in the process, about $50,000 was lost. Due to the inability of the company to refund the money, they increased their fee from 0.2% to 1.5% and also distributed the loss equally to all users as all accounts were affected by an equal amount removed. It surprises me to know that the company came back to their feet and payed back all it's users and also normalized it's fees (by returning it back to 0.2%).
It continued this way until the year 2019 when it changed ownership and it's headquarters was relocated to Seychelles. After the relocation, so many things changed as it became loosely regulated and started accepting Fiat currencies
Pros
- The platform has applications available on both desktops and mobile devices and can also be accessed on the web
- It offers it's trading at a low cost
- Supports both margin trading and margin lending
- Has a very responsive customer support
- Enables users trade a wide range of cryptocurrencies with good liquidity
- Although it was hacked in 2014, I love the fact that they payed back all the funds lost
- Opening an account is very fast and easy to undergo
- Allows investors to borrow funds from Poloniex users and pay them back with interest
- The maximum amount to pay for trading in the Poloniex Exchange platform is 0.125%
Cons
- It was hacked in 2014, and has caused the loss of trust in it
- It never accepted Fiat currencies until ownership was changed in the year 2019
New products
Comments (1)
December 09, 2020
Poloniex exchange is considered one of the best exchange. I've been using the exchange for several months without much stress.
Support team are very active, with live chat.
Transaction processing time is very fast and secure with several crypto pairs supported for trading.
