Poloniex Review – What to Know About the P2P Exchange
A Poloniex review that talks about all the major aspects of the crypto exchange can help every potential user in determining whether it is a suitable exchange for them to use or not.
This exchange is based in the United States of America and began as a crypto-to-crypto exchange. However, it later transitioned into a complete crypto trading platform and offers several outstanding and distinctive features to the users.
The Poloniex exchange was known to experience a hack a few years back. However, it now makes use of several cutting-edge technologies and security systems that ensure the utmost safety to the users.
This is one of several reasons why it is well-known in the crypto space and is considered to be a suitable option for many.
If you are also interested in using Poloniex, then here are a few details and features you should know about.
Poloniex Review on its Trading Tools
As mentioned above, Poloniex is a peer-to-peer trading platform that offers several impressive trading tools. The tools offered by the exchange are what many advanced crypto traders look for.
The available trading tools include various types of stop-loss orders and buy orders. As a trader, you can set them both up according to your preference.
There are also tools and several indicators available on the exchange that allow people to carry out their own technical analysis. The charts are designed neatly and function quickly and without any delays or interruptions.
Even the popular platforms can have varying features that may suit different types of investors and traders.
This is why it is necessary that you take your time and get to know about the features offered by each exchange and determine if it is according to your criteria and requirements or not.
Similarly, if you are interested in using the Poloniex exchange then you should know the security details, fees, and other features offered by the platform. Here is what you need to know before using this exchange.
Level of Security Offered
Since the cyber-attack Poloniex exchange experienced in 2014, the exchange has made sure that no such incident is ever repeated by making use of high-end and technologically advanced security protocols.
The available security systems and the availability of features such as cold wallets have kept the safety offered to the users uncompromised and intact.
This has also allowed the platform to successfully handle large volumes of transactions every day.
Here are some of the advanced security systems mentioned in this brief Poloniex review.
- Cold wallets vault
- DoS attacks protection
- IP lockouts
- Protection against robot infiltration and more
- Registry locks
- Role accounts for privacy protection
- Signature-based cryptographic DNS cache protection
- Two-Factor Authentication
The level of security offered by the exchange is further validated by the fact that it is one of the few crypto exchanges in the USA that is fully licensed and regulated by financial regulatory services such as:
- Financial Crimes Enforcement Network (FinCEN)
- Financial Regulation Authority (FINRA)
- Financial Services Authority (FSA)
Features like Lending and Margin Trading
Crypto lending and margin trading are two of the outstanding features of the exchange that are mentioned in this brief Poloniex review. The crypto exchange has been handling large volumes and despite the cyber failure, it has not lost any assets so far.
Margin trading is highly volatile, which is why people should take their time to be familiar with the concept and choose a secure exchange such as Poloniex exchange.
Margin trading allows traders to borrow funds from the brokers and open bigger trading positions. This can either cause the traders to get big profits or big losses as the profits are never guaranteed.
On the other hand, crypto lending is a type of decentralized finance that enables crypto investors to lend their digital assets to other people. This feature allows the investors to get payments with interest.
These two features cause the exchange to stand out among the rest, especially most of its competitors.
OTC Trading Desk
The OTC trading desk mentioned in this brief Poloniex exchange review highlights the fact that this platform is not only suitable for retail investors and traders but is also suitable for various firms.
This exchange is now backed by one of the largest companies in the world to enable it to offer over-the-counter trades.
Fee Charged by the Exchange
Poloniex did go through a security breach a few years back, however, since then it has worked on improving and strengthening the security offered to the users. The crypto exchange has been handling large volumes and despite the cyber failure, it has not lost any assets so far.
This crypto exchange makes use of several top-of-the-line security systems that make it stand out among other crypto platforms and strengthen the security offered to the users.
This concise Poloniex review talks about one of the most essential factors of the platform, which is its fee structure.
The fee charged by a platform is always important to know about as some exchanges charge a high fee, which also includes hidden and additional charges.
However, the Poloniex exchange is known to have one of the lowest fees structures, which is transparent and based on the market maker and taker model.
Here are some details you should know as a user of the platform.
- Maker fee for spot trading: 0.1450% to 0.0200% (depending on trading volume)
- Taker fee for spot trading: 0.1550% to 0.0200% (depending on trading volume)
- Maker fee for margin trading: 0.01%
- Taker fee for margin trading: 0.075%
- No fee for deposits
- No fee for withdrawals
The Poloniex review mentioned above is brief but it encompasses the essential and helpful aspects that potential users of the exchange should know about. Therefore, as a novice investor or trader, you should know these details.
As a potential user of the exchange, you need to know the details mentioned in this brief Poloniex review.
If you know the features offered by the exchange then you can find it easier to determine whether it is a suitable platform or not.