1. What is Poloniex?
Poloniex is a cryptocurrency exchange established in January 2014, with a U.S. registered office.
One noteworthy feature is that the exchange only supports cryptocurrency transactions, not fiat currencies. Thus, the exchange also does not support the use of Visa, Master Card or via OTC.
2.General evaluation of Poloniex floor
There are more than 120 trading pairs on Poloniex with most popular trading pairs. If only trading with popular pairs, this floor is certainly enough for you.
Good security technology: After the hacker incident in 2014, the floor immediately reset security protocols and constantly upgraded. Up to now, there is no longer one more case of hacker intrusion.
Diversified forms of trading: Besides Spot Trading, the exchange also supports Trade Margin and lends coins on Poloniex.
Cheap deposit and withdrawal fees: Compared to popular exchanges with large transaction volumes, Poloniex is one of the very cheap deposit and withdrawal fees. This is also one of the factors that helps attract investors to choose trading on the floor.
Reasonable trading fee: The highest fee is 0.2% for the buy order and 0.08% for the sell order.
As noted, the most noticeable downside of the exchange is the lack of support for fiat currency transactions, the inability to use credit cards, debit cards and bank accounts.
The fact that the floor has been hacked is also a disadvantage of the floor, and cannot be sure if the upgrade will really fix this.
The floor only uses English as a language, which is a big barrier for countries that do not use English as the official language.
Support users are slow: The floor receives a lot of feedback about customer service that is too late and not thoughtful.
3. Should I trade on Poloniex?
Poloniex platform supports trading with as little as 0.002 BTC. Therefore, it is very suitable for those who are new to the cryptocurrency market and have a small capital. If you want to trade more, you should probably choose the more liquid trading floors to avoid capital stagnation.
4.The prestige and security of Poloniex floor
Poloniex is one of the few U.S.-licensed cryptocurrency exchanges to operate. Be aware that in order to operate in the US market, all exchanges must meet extremely strict requirements on security and must comply with strict audits. Therefore, investors when trading on Poloniex will not only eliminate legal concerns but also be safe about the safety of money on this floor.
5..Are Poloniex floors been hacked?
As mentioned, the exchange was hacked in March 2014. Hackers accessed and stole 12% of the Bitcoin being placed on the exchange. After the incident, the floor’s managers tightened security measures, along with developing a system to monitor and control transactions to protect the assets of investors.
6. Forms of trading supported on Poloniex
Spot trading, margin trading and lending are forms of supported trading on Poloniex.