Review on Poloniex by Douglas Cachazo
Poloniex: Among the first exchanges with Troubled in 2020
Let's talk a bit about Poloniex. Cryptocurrency marketing house, founded in 2014 and operates from San Francisco USA. Successful since its launch and quickly positioned among the most used and known, at present it has stagnated and given ground to the fierce competition and new emerging exchances, Its strength is operating with many cryptocurrencies and low commission rate for transactions. Registration is quick and easy but with a slow and cumbersome account verification process. To operate with it, your account must be verified. Its website is a bit slow and heavy, but it offers only technical information, that although complete, a good dish for connoisseurs and experts, there is little information to start with if you are a beginner, you will surely get lost. I do not see it as an exchange for beginners, that if it handles a good use of social networks to promote itself and provide information. He manages a kind of loan market with suppliers but I see no demand, He works with bitcoin and many alternatives but warns that some are not available in his country, due to regulations. The problems that I refer to in my title are basically 2 and are in the public domain, as they are: Poloniex was pointed out in a class action lawsuit for manipulation of cryptocurrencies, it is presumed that it appeared in a scheme that facilitated large purchase orders of USDT that had been issued without the backing of the dollar, they were issued out of nowhere, so prices rose abruptly artificially, as they say out there, it will dawn and we will see. On the other hand this same 2020, something that was newsworthy, Poloniex experienced an unscheduled drop on April 24 before resuming trading of all pairs except GRIN / BTC. This brought a long line of negative comments and some speculated. But I must say in your favor that the company is registered with FinCEN, which is an organization that depends on the United States Department of the Treasury.
Pros
- Pioneer among exchanges, with experience in crypto marketing.
- His strength is that he handles with many cryptocurrencies
- Low commission
Cons
- Against It has fallen due to strong competition and emerging Exchange, it has not innovated in offering more.
- Plagued by problems in this 2020.
