Exchanges Poloniex

Poloniex

Exchange overview
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Poloneix, popularly referred to as Polo, is exclusively a crypto-crypto exchange platform. It provides over 140 Bitcoin and Monero markets. The US-based company was started in 2014 and underwent a platform upgrade in 2015 to give users an easy to use interface. It offers technical trading charts and data analysis tools to enable customers to make well-informed trading decisions.

Pros

Large exchange volumes
Allows margin trading and lending
High cryptocurrency liquidity

Cons

Large exchange volumes
Allows margin trading and lending
High cryptocurrency liquidity

Currencies

Polo only allows deposits, withdrawals and transacting in cryptocurrencies. There are over 100 cryptocurrencies accepted on the platform. Poloneix has generated the highest Ethereum trade volume in 2017.

Security

Most of the customer funds are stored offline in cold rooms for optimal protection. The platform is regularly inspected and audited for any malicious activities. All accounts require 2-factor authentication process to protect user accounts from a security breach. In 2014, the platform was hacked and 97 bitcoins stolen. Poloneix paid back the 97 Bitcoins to the customers affected.

Customer support

Poloneix traders can raise tickets with the customer support to have their issues addressed. The exchange platform has an active community chat box that allows traders to share ideas and updates. There are chat box moderators that respond to questions raised promptly.

Transaction fees

Poloneix adopted a volume – tired fee model in 2016. Users fees are determined by trade volume with higher trade volumes being charged lower fees. A flat rate of 0.25% is charged on withdrawals and deposits.

Account verification

Poloneix offers three level account verification. On the first level, users are required to provide their names, email address and country of residence. On the second level verification, users will be asked for their physical address information, postal address, phone number, date of birth, passport photo and a copy of passport ID. The third level is accessed by reaching out to customer support.

Only risk Capital you're prepared to loose