Poloniex is a well-known name in the field of bitcoin exchanges, because the provider has been able to convince one or the other user in recent years. The year 2015 in particular was another good year for the platform, but this was initiated by our own extensions and updates. In the meantime, not only regular trading with Bitcoin and other coins is possible here, but also margin trading and the lending of coins. Whether the offer can really convince in practice, we want to show in more detail with our Poloniex experiences in the following.
|⭐Rating| ||55||3.5 / 5.0|
|🐂 Cryptocurrencies||70+ cryptocurrencies like Bitcoin and much more.|
|📈 Fees||variable, up to 0% for Maker|
|⚖️Top Bitcoin Exchange|
Before users really get into trading with bitcoin and other currencies, the seriousness of a platform should be checked. It cannot be denied that some reputable providers have been up to mischief in the industry in recent years. Accordingly, it is always advisable to take a close look at the offer. Fortunately, we can give the all-clear about Poloniex at this point, because fraud or dubious working methods can be ruled out here. Our test report shows why in more detail later on.
Our experiences at a glance
Poloniex has its roots in the United States. This is a possible explanation for the fact that the provider's website is only available in English. So Canadian traders have to get used to it a bit, but in general this should not be a problem for most traders. The special feature of the Poloniex portfolio can be discovered at first glance. The offer not only deals with trading Bitcoin, but also with Bitcoin lending and margin trading. Thus, the users enjoy a great variety here - and this in turn attracts numerous traders from all over the world.
|Address:| ||99||Wilmington, USA|
The provider provides its own trading platform for trading, which used as a browser variant. A download version with the corresponding software is not offered. Nevertheless, according to our Poloniex experience, the trading platform offers extensive functions and interesting extras. Various cryptocurrencies are available for trading, including, for example, Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Zcash or Dash. The provider's offer also includes its own customer support, which is equipped with a helpful FAQ center. Again, however, users must note that this section is only available in English.
Poloniex Check: Fraud or not?
Poloniex is a US company, which has had several major successes in the past. The provider is by no means unknown, but is one of the most popular contact points when it comes to trading Bitcoin or other cryptocurrencies. Poloniex uses two-factor authentication on the website, so an additional security key is still required to access the trading account.
Thus, the account is well protected from criminals and every user can rely on it that unauthorized persons do not have access to their trading account. In addition to this aspect, the SSL encryption, which is active on the entire website, can also be mentioned. This protection protects all sensitive user data and only ever transfers it securely.
In this context, it is just as important that the provider keeps the assets on two different levels. On the one hand, a so-called cold wallet is used, in which the majority of the assets are kept - and are completely protected against access by criminals. Only a small part of the assets is therefore actively “circulating” and could, in the worst case, be targeted by hackers. Nevertheless, all these points show that a Poloniex fraud with the provider can definitely be ruled out. In our experience, every user can rely on a secure framework and on the fact that there are no security gaps around trading.
Poloniex offer overview
You start trading on Poloniex by opening your own account. Registration can be carried out directly on the website by clicking the "Create an Account" button in the upper right area. Then a few clicks lead through the registration form before the trading account should be fully set up. It is important to note that verification by the user is required immediately after opening. A copy of the ID card, passport or other official document must be submitted for this purpose. Deposits can only be made and trading started once this step has been completed.
A large selection of cryptocurrencies is available for trading itself. These include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Peercoin, Primecoin or Viacoin. Not all coins are necessarily known, some can be described as true exotics. In this context it can already be mentioned that the deposits are only possible with the respective wallet of the cryptocurrencies. Fiat currencies are not accepted. Poloniex trades with the help of a trading platform that can be described as an in-house development. There is no need to download any additional software; instead, trading is started directly via the browser. The platform is clearly designed and allows a stop limit option in addition to the regular buy and sell options. Another helpful feature: the order book, with which trades can be processed much faster. Of course, there is also a price chart in the trading interface, with which the developments can be seen at a glance.
Like almost everyanother platform for bitcoin exchanges, Poloniex also charges certain fees for trading. How high these are can be checked directly on the website and depends on the volume traded within the last 30 days. A distinction is also made between maker and taker fees. If users trade a volume of up to 600 BTC, the maker fees are 0.15 percent, and the taker fees are 0.25 percent.
Of course it is clear that as the volume increases, the fees decrease. For example, with a trading volume of at least 6,000 BTC, maker fees decrease to 0.08 percent, and taker fees decrease to 0.16 percent. If a volume of at least 24,000 BTC is traded, the maker fees do not apply. For the takers, however, a fee of 0.10 percent must still be expected. However, these can also be reduced if the volume is increased even further. With at least 60,000 BTC per month, taker fees drop to 0.08 percent, with 120,000 BTC or more, taker fees are 0.05 percent.
Deposits and withdrawals
Wer auf sein Handelskonto bei Poloniex einzahlen möchte, der muss hierfür auf das Wallet seiner Kryptowährung zurückgreifen. Das Einzahlen mit Fiat-Währungen und dementsprechenden Zahlungsmethoden wie der Banküberweisung ist nicht möglich. Allerdings bringt die Abwicklung mit den Wallets auch einen ziemlich deutlichen Vorteil, denn der eingezahlte Betrag steht sofort auf dem Handelskonto zur Verfügung. Auf Gebühren wird bei den Einzahlungen verzichtet, was sicherlich ebenfalls als Pluspunkt bezeichnet werden kann. Um eine Einzahlung durchzuführen, muss der Kassenbereich aufgerufen werden. Hier wiederum findet sich die Wallet-Adresse der Plattform, an welche das eigene Guthaben übermittelt werden muss.
|Payment methods at Poloniex|
|Account management possible in:||Bitcoin , Dashcoin, Litecoin, Ethereum, Primecoin, Zcash and other coins|
When it comes to paying out from the trading account, the checkout area is targeted again . Payment is now made in the opposite way, so that the address of your own wallet must be entered in the cash register area. The payouts are also carried out immediately, so that you never have to wait long for a payout. In addition, Poloniex also waives fees for withdrawals. Incidentally, this also speaks for the fact that it is a serious and trustworthy provider.
Security and regulation
As already mentioned, the provider puts in place several protective measures to protect the users of its platform. For example, SSL encryption is used, which protects all sensitive data of all users and thus protects against unauthorized access. In addition, the well-known two-factor authentication is used. Although this can be described as a standard, it still means enormous protection for all users. An additional security key is sent to your own smartphone, which must be entered when logging into the trading account, for example. As a further protection, Poloniex works with different wallets and thanks to the cold wallet, a large part of the assets can be protected at any time. No question: Security is definitely the focus here and every trader can go to work with a good feeling when trading.
Poloniex provides a live chat or a telephone hotline not available to users. Instead, the provider relies on a ticket system that can be used to quickly and easily send a message to customer support. Users should note that support is only available in English. Canadian care is not yet offered. In addition, a certain waiting time must be accepted, which should not exceed a few hours in the best case. There are no fees for talking to support, and the quality of the advice can also be described as high.
Apart from the ticket system, the provider has an FAQ area. In this, the various topics are examined in more detail, but of course again only in English. The search for specific topics is still easy, because the individual questions and answers can be found in different categories. There is also a search field that can be used to search for specific topics. In our opinion, the FAQ center is a first-class contact point, since the waiting time can be significantly reduced compared to the ticket system.
Despite the English-language website, the user-friendliness of the platform be described as high. Here, for example, there is no text desert on the homepage, but a collection of the most important information. The main operation takes place in the upper area of the website anyway, where the various sections can be reached with just one click. This design is enormously advantageous for beginners, because it does not require a long start-up time for orientation. This can also be said about the trading interface, because here too the areas are well separated and the control surfaces are clearly marked. In short: There shouldn't be any problems with the navigation.
For some time now, trading with the Bitcoin Exchanges has increasingly focused on mobile devices relocated. However, Poloniex is prepared for this and therefore also provides three different mobile variants. On the one hand, a special download app is offered, which can be used for Android and Apple devices. These apps can be downloaded free of charge and conveniently from the respective app store. In addition, according to our experience, users can also trade mobile without downloading. A Poloniex app, which is offered as a web version, is available for this purpose. In concrete terms, this means that trading takes place directly in the browser and there is no need to take operating systems or free storage space into account. All three variants have been successful, disadvantages compared to trading on the desktop do not have to be accepted.
Conclusion: Safe trading with Poloniex
According to our Poloniex experience, there are certainly still some things to do here and there improve a few things. However, this applies to the majority of all Bitcoin exchanges, so that these little things do not carry too much weight. The versatile selection in the portfolio is really convincing, since in addition to the "celebrities" unknown or exotic coins can also be traded. If you like, you can also use Bitcoin Lending here and simply borrow a little capital. In our opinion, the provider's mobile versions can also be described as reliable and convince that no compromises have to be made compared to the desktop version. Real points of criticism cannot be listed in our test report. So if you are looking for a reliable and safe provider, Poloniex is definitely the place for you.