Bitcoin / Cryptocurrency Exchange
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What is the Poloniex Exchange?
The exchange where you won’t feel lonely. Ever.
Poloniex Exchange: Overview
The Poloniex Cryptocurrency Exchange was founded in the USA, January 2014. Since then it has had more than 100 different Bitcoin-Cryptocurrency pairings. It offers a secure environment and provides advanced charts, data analysis tools and APIs.
In Poloniex you have an Exchange Account, a Margin Trading Account, and a Lending Account. Basically, you can do everything in a single exchange.
What makes them unique is the chat-box with live mods and many people who will help you if you have any questions.
Here is a link to their page. This page is intended to serve as a Poloniex Exchange review. Our goal is to showcase the positive and negative aspects of trading there.
What is good about Poloniex?
Here is a list of all the awesome Poloniex Cryptoexchange features:
- Fast Account Creation – It took us under 5 minutes to open a trading account.
- Easy to Use – You need 3 clicks to make a trade order.
- High Volume – Poloniex has one of the highest trading volumes of all crytocurrency exchanges. Thanks to this, you can easily close a position.
- Chat Box – You will never be bored on an exchange again! For more info see below.
- Margin Trading – No real trader can live without. Everything you need to know about cryptocurrency trading.
- Lending – See this margin lending article or our video below for more information.
- Low Trading Fees – You can see the fees below.
- Quick Support – Support helps and tries to help you in any given matter.
- Open API – This makes it possible to add trading bots.
What we do not like about the Poloniex Crypto-Exchange
The good things list about Poloniex was long. This will not be as long, but still, there are some things that need to be pointed out and discussed.
- Pump and Dumps – Because Poloniex is one of the Crypto-Exchanges with the most altcoins, there are some pump and dumps. Which of course can be beneficial or brutal for a trader
- Chat-Box – While the chat box on Poloniex is very helpful, sometimes there is spam, pumping and dumping and chaos. Since everyone can suggest and write stuff, a scam altcoin can easily be promoted. For more info see below for the paragraph on the chat box.
- No Fiat Support – There is no fiat support, but with huge altcoin collection there is aways something to trade.
- Got Hacked – In late 2014 Poloniex Exchange got hacked. However, they managed to repay all the stolen Coins, while being as transparent as possible.
How to Lend & Borrow on the Poloniex Exchange
After we wrote the guide on lending on exchanges and how to make some earnings with it – we had people ask us how exactly to do this. So we made our first CoinStaker YouTube Video! We would love to know what you think about it, comment below.
Trollbox | Chat-Box at Poloniex
On the side, you can see a screenshot of the current Chatbox of the Poloniex Exchange. Everybody can write pretty much anything. Offensive, scammy and spammy comments and links get removed by the moderators. Normally you even get muted, so you can’t continue writing useless stuff.
The troll box is very unique in the matter, that users can get reputation points for helping and assisting other people. The points are given by tipping them very little BTC. The higher the reputation of a given user is, the brighter does his name shine in pink.
All in all, we find the chat box awesome. Sometimes it is hard to distinguish the pump and dump from the honest comments. So be careful whom you listen to and whom you follow.
Fees on the Poloniex Exchange
The fees taken by Poloniex.com are very reasonable (see image on the side). On Poloniex the fees are different depending if you are the maker or the taker.
Maker: The person who first creates an order. This makes the so-called liquidity on the market.
Taker: The person who takes an order, which already exists in the order book.
The current fees (12.7.2016) for a trading volume below 600 BTC is for the Maker = 0.15% and for the Taker = 0.25%. For lending, the fee is 15% of the returns.