Poloniex – Crypto Exchange Review & Rating
Poloniex is a US-based exchange suited to the experienced trader. Founded in 2014, it now offers dozens of cryptocurrencies with which to trade, although it doesn’t allow any trades using fiat currencies. It has relatively low trading fees, while its withdrawal fees are among the very lowest in the industry. However, despite offering a clean interface and plenty of trading options, its security isn’t quite as good as some of its rivals. It suffered a hack in March 2014, and doesn’t offer any concrete information on the security measures it takes to reinforce its system.
- Web address: Poloniex
- Main location: Wilmington, US
- Mobile app available: Yes
- Is decentralized: No
- Parent Company: Circle
- Transfer types: Crypto Transfer
- Supported pairs: 146
- Fees: Low
Poloniex offers some of the lowest trading and withdrawal fees on the market. However, its reputation for security isn’t quite as strong as its reputation for prices, having suffered a high-profile hack in March 2014, as well as a number of isolated account hacks and customer-reported withdrawal issues since then.
Security isn’t Poloniex’s greatest strength. Not only did it suffer that March 2014 hack, but it’s not entirely clear just what systemic measures the exchange has taken since then to secure itself.
To be fair, it does offer two-factor authentication to all customers, although this is something which is now fairly standard across 90% exchanges in protecting accounts from hacks.
Poloniex allows trades only in cryptocurrency, so unsurprisingly customers have to make deposit and withdrawals using crypto wallets. Fortunately, this is simple enough: the Deposit & Withdrawals page gives customers a wallet address for each cryptocurrency they wish to deposit, and it allows them to enter their own external wallet address for any currency they wish to withdraw.