Review on Poloniex by Japheth Ayuba
Poloniex offered a lot to it's security features
Poloniex is one of the oldest and long surviving crypto exchange today. The exchange comes with a support of over 150 coins and 271 active trade pairs. Apart from spot trading, Margin or Leveraged trading is in full swing on this exchange. On the leveraged trading, thereis a support for leverages reaching as high as 100X for the derivatives. The poloniex supports fiat deposit and has its mobile app available to android and iphone users. Poloniex has one of tthe lowest trade fees which is a flat 0.09% and this fee can have a discount of 25% when being paid in Tron. There is also a support for crypto lending on this exchange allowing users to borrow out their crypto assets for rewards later
The exchange has once been hacked and has since improved on its security features. The bulk of its funds are even stored in Cold storages to prevent hacks from using the bulk of their funds.. it's a recommendable exchange that has for long tried to maintain it's position and can be used by any Trader at anytime or anywhere
Pros
- Poloniex supports Margin or Leveraged trading with leverages up to 100x
- Cold storage for the bulk of its funds as a precautionary measure against hacks
- Fiat currencies can be deposited with credit card or debit card and used to purchase cryptocurrency
- Mobile app is available for both IOS and Android devices
- Very low trade fees which is a flat 0.09% and reduces as trade volume increases
- Users can lend their crypto for rewards
- Incoming support for a 253 fee discounts for using Tron to pay fees
Cons
- Poloniex has been hacked and has so far lost most of its appeal
New products
Comments (1)
January 05, 2021
Very detailed review you have there. But to correct something, the trade fees has actually been increased to 0.125% for it's tier 1 traders and the 0.095% you indicated is allocated to tier 2 traders
