History of Poloniex
Poloniex was opened 6 years ago in 2014 by the CEO Tristan D'Agosta. In 2018 Circle Internet Financial bought Poloniex company for around 400 million dollars planning to make Poloniex the biggest exchange available on the US market.
One year later, Circle had to sold Poloniex because of the strict regulations of the US market. Poloniex was bought in 2019 by a a group of multiple investors from Asia, one of them being the CEO and founder of Tron cryptocurrency, Justin Sun. The new managers of Poloniex decided to completely restrict US customers and make Poloniex a cryptocurrency platform available worldwide. The new company is now named Polo Digital Assets, Ltd and has it's headquarters in Eden Island, Seychelles.
Poloniex currently has a daily training volume of around 80-100 million dollars which makes it one of the biggest cryptocurrency exchanges, currently sitting on 14th position on Coinmarketcap.
Poloniex features and services
Buy cryptocurrencies with debit / credit card
With the help of Simplex you can buy cryptocurrencies on Poloniex directly with your debit or credit card. However this is not a very cheap way of buying cryptocurrencies as you will be charged 3.5% fees(minimum 10$) for each purchase.
Trade cryptocurrencies without KYC.
Initially KYC was obligatory on Poloniex since it was a US based company. After Circle took management of Poloniex exchange they removed obligatory KYC and you can trade up to 20.000 dollars every 24 hours with no restrictions.
Leding service
You can lend or borrow cryptocurrencies from other persons using the margin lending platform. Here you can see an example of lending offers that are available :
Other Poloniex features :
- Margin Trading
- Stop limit orders
- Trading with 4 different coins ( Bitcoin, Ethereum, Tether, Montero)
- Poloniex IEO launchpad
- Poloni DEX
Overall, right now Poloniex has over 280 cryptocurrencies available for trading on their platform. But more than 50% of them have less than 0.01% trading volume daily so only about 80-100 cryptocurrencies have a decent amount of volume on their platform.
Poloniex exchange is available worldwide but there are a few countries that are completely restricted like Cuba, Iran, North Korea, Sudan, Syria, USA. As long as you are not living in one of these countries you can join and trade on Poloniex safely.
Poloniex fees
Poloniex fees are probably some of the lowest you can find on any exchange. Even if you are a low volume trader the maximum fees you can pay for each trade are 0.09%. If you are a high volume trader the fees can go down up to 0% depending on your trading volume during the last 30 days,as shown in the image below.
Poloniex Plus (VIP program)
Poloniex Plus was created for loyal customers of the exchange that are trading high volumes every day. Customers that join Poloniex Plus will have certain advantages and benefits like lower fees, better customer service, higher limits.
Is Poloniex a trusted exchange?
Poloniex used to be a mediocre exchange in the past and many people had issues trading on this exchange. Not only the exchange had very strict regulations but also their customer support service was extremely poor. It is also important to know that Poloniex was hacked a short time after it was launched in 2014 but since there was no similar incidents happening on their platform.
After being bought and managed by a different company in 2019 Poloniex started to come back to life as they removed multiple restrictions like forced KYC and improved their customer support. Today, Poloniex is one of the most trusted cryptocurrency exchange being used by more than 1 million customers worldwide.
Even thought it is one of the most popular and trusted exchanges you have to remember that Poloniex is not regulated so you should still take precautions and do not keep huge amounts of money on their platform for a long time.
Poloniex Referral Program
For each person you invite on Poloniex using your referral link you'll earn a commission from their trading fees. You'll get 20% commission from all training fees paid by your referral and to make things more interesting you referral will also earn a 10% commission of his trading fees. Overall everyone wins, including your referral.
Pros and cons of Poloniex
The advantages of using Poloniex are :
- Very low trading fees
- KYC is not mandatory
- Available worldwide
- Credit/Debit card payment method available for buying cryptocurrencies
- Mobile platforms available for both Android and IOS
- Unregulated exchange
- US customers are restricted
- Customer support is poor
- The exchange was hacked in the past
Visit Poloniex official website here https://poloniex.com/ and click on the Sign Up button in the middle of the page. You'll need to enter your email and password. After verifying your email you are ready to trade.
You can download Poloniex official apps from Google Play or App Store if you are interested in trading from your smartphone.
