One of the main advantages to using Poloniex is the huge range of cryptocurrencies it lists. This includes major coins such as Ripple, Steem, Monero and Bitcoin Cash. However, Poloniex also list lots of smaller cryptocurrencies like BlackCoin, Bela and Burst!
When it actually comes to trading, Poloniex also have a really good selection of tools. This includes candlestick charts from 5 minutes all the way up to 4 hours, stop-limit orders and the ability to zoom in and out of charts. This doesn’t mean that the platform isn’t suitable for beginners, as the interface is actually really simple to use.
The fact that Poloniex are based in the U.S. is also an advantage, as government regulation is very strict. This means that the exchange must make sure that they make every effort to keep customer funds safe, as well as make sure they keep crime away. Otherwise, if anything bad happens, Poloniex know that U.S. regulators will fine them lots of money. So, is Poloniex safe? Well, I would most certainly say so!
A further advantage to using Poloniex is that it has very large amounts of liquidity, especially with altcoin pairings. This is important, as it means you will always find someone to trade with and it reduces the risks of volatility.
When it comes to fees, Poloniex are one of the best in the industry for making deposits and withdrawals. This is because you will only ever pay the blockchain transaction fee! There are lots of other cryptocurrency exchanges that make a profit when you withdraw your funds, which isn’t really fair as they make money from you every time you trade too.
Trading fees are also quite reasonable on the Poloniex exchange, as you will pay a maximum fee of 0.25%, with this being lowered when you trade bigger volumes.
Another good advantage to the Poloniex exchange is that you do not need to verify your identity unless you are looking to trade really large amounts. In fact, unless you want to trade more than $2000 a day, you are able to trade anonymously! The main reason you are allowed to do this is that they do not have any relationship with real-world money.
Finally, if you have any issues that needs assistance, there is an excellent range of options to choose from. This includes ticket support, email or live chat. I always prefer an exchange that has live chat as you can get support straight away.
