One of the most well-known exchanges in the market is Poloniex. This Poloniex review is brief yet it encompasses some of the major aspects of the platform that are important for potential and existing users to know.
Knowing the kinds of features offered by an exchange can help the interested parties in determining if the platform is according to their needs and criteria or not. This can make it easy to choose a suitable platform, through which they can buy, sell and trade digital assets.
Poloniex exchange was established in 2014 as a peer-to-peer crypto exchange but has now transformed into a high-end crypto trading platform. It offers access to several outstanding features, which makes it one of the best platforms in the market.
If you are looking to buy crypto and want to use this exchange then make sure you read through the details mentioned in this Poloniex exchange review.
Poloniex Review – Support for Staking
One of the unique features supported by the Poloniex exchange is staking. This feature is not supported by many crypto exchanges.
Staking basically means the crypto investors can put their crypto in a collective pool or wallet. Which then results in rewards for the investors. Staking cannot be carried out on any blockchain, in fact it can only be done on proof-of-stake blockchains.
Staking also requires staked tokens to validate the transactions.
Margin Trading and Crypto Lending
This Poloniex review aims to highlight how advanced and capable the exchange is. This can help crypto investors in determining how the platform offers support to other services as well if they decide to start trading crypto or more at one point.
Therefore, two of the most unique features supported by the platform include margin trading and crypto lending.
Lending, as the name suggests, means the crypto owners can lend their crypto to borrowers and get rewards.
Margin trading, on the other hand, is a bit more complex. This is a popular form of trading and requires the traders to borrow funds from brokers to open bigger trading positions. This makes way for traders to get bigger profits, however, the possibility of financial losses also increases alongside.
The limits for both lending and margin trading on Poloniex depend on the type of accounts users have and their overall funds.
Fee Charged by Poloniex
One of the most prominent factors mentioned in this brief Poloniex exchange review is that it is known to have one of the lowest fees structures in the market. Along with charging a low fee. The fee structure is also transparent and does not include any hidden or additional charges.
The trading fees of the platform are based on spot trading and margin trading and the amount also varies based on the trading volume.
The fee structure of an exchange is one of the most crucial aspects to know about. Which is why, this Poloniex review focuses on specifying the details.
Here is what you need to know about the fee charged by the exchange.
- Fixed network fee
- 15% lending fee
- No fee for deposits or withdrawals
- The Market maker trading fee (for spot trading): 0.1450% to 0.0200%
- Market taker trading fee (for spot trading): 0.1550% to 0.0200%
- And Market maker trading fee (for margin trading): 0.01%
- Market taker trading fee (for margin trading): 0.075%
Advanced Security Systems
Another major reason why you can consider using this exchange is the fact that it prioritizes the security of its users above all else. This is why, this Poloniex review focuses on specifying the high-end and technologically advanced security systems used by the platform.
If having a secure and safe experience of buying or trading crypto is important for you then you should know that the Poloniex exchange offers utmost security. Thanks to the implementation of various security features such as the ones mentioned below.
- Two-Factor Authentication (2FA)
- Role accounts for privacy protection
- Registry locks
- Protection against cyber-attacks
- IP lockouts
- DoS attacks protection
- Signature-based cryptographic DNS cache protection
- Cold wallets storage
The level of security offered by the exchange is further validated by the fact that this exchange is licensed and regulated by several financial regulatory bodies such as:
- FinCEN – Financial Crimes Enforcement Network (USA)
- FINRA – Financial Regulation Authority (USA)
- FSA – Financial Services Authority (Seychelles)
Customer Support System
The customer support offered by the exchange is one of the most under-appreciated aspects that is mentioned in this Poloniex review. This platform aims to make sure that all users are able to have a good experience of using the platform and buying or trading crypto.
Therefore, it offers one of the most impressive customer support systems, that is comprised of a team of professionals. The customer support agents are ready to assist the users 24/7 and are easily accessible through different mediums such as:
- Social media channels
- Helpline numbers
The details in this brief Poloniex review mentioned above are some of the most important details that are necessary for beginners and potential users to know.
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