| Cryptocurrency exchange | |
|---|---|
| Official website | |
| Social media | |
| Date of foundation | 2014 |
| Head Office | F20, 1st Floor, Eden Plaza Eden Island, Republic of Seychelles |
| Types of support | |
| Languages | English, Chinese, Russian |
| Founder | Tristan d'Agosta |
| The owner of the company | Polo Digital Assets, Ltd. |
| Manager | Tristan d'Agosta |
| Minimum entry amount | Verified Cryptocurrency
Fiat Currency
Unverified Cryptocurrency
Fiat Currency
|
| Maximum input amount | Verified Cryptocurrency No limits Fiat Currency
Unverified Cryptocurrency No limits Fiat Currency
|
| Maximum withdrawal amount | Verified Cryptocurrency No limits Fiat Currency
Unverified Cryptocurrency No limits Fiat Currency
|
| Exchange Commission | Trade Commission: Until 0.125 % for maker / Until 0.125 % for taker Futures: 0.01 % for maker / 0.075 % for taker Lending fee: 15 % / With interest received by the client-borrower |
| Age restrictions | From 18 years |
| Trading volume per day | 470968504 USD |
| Number of cryptocurrencies | 120+ |
| Margin Trading | Yes |
| Leverage | Until 1:100 |
| Tokenized assets | No |
| Free Demo Account | No |
| Types of accounts | Standard |
| Execution of orders | Limit Order, Stop Limit Order |
| Methods of replenishment | Cryptocurrencies, Bank transfer, Simplex |
| Withdrawal methods | Cryptocurrencies |
| Account currencies | USD, RUB, CNY, EUR, JPY, KRW, BTC |
| Types of cryptocurrencies | Bitcoin, Ethereum, Zcash, DASH, Litecoin, Monero, Dogecoin, etc. |
| Mobile applications | |
| Trader training | Help section FAQ |
| A way to store cryptocurrencies | Cold: yes Hot: no |
| Fiat accounts | Yes |
| Scalping | No |
| Stop Loss and Take Profit Function | No |
| Exchangeability for fiat currencies | Yes |
| Crypto loans | Lending BTC, USDC, USDT and more than 10 other crypto-assets for interest directly to your account |
| Futures trading | Derivatives trading in a special account |
| Basic verification | Yes |
| Extended AML verification | Optional two-factor account authentication |
| API | |
| Affiliate Program | Registration 20% from trade fees |
| Benefits | Simple and accessible interface, there is a russified version of the site High turnover of trades and the possibility of credit Low system fees for transactions High level of security and fiat currencies Convenient analytical and technical tools |
| Disadvantages | No direct communication with technical support Blocking of accounts without explanation |
| Company requisites | Legal name: Polo Digital Assets, Ltd. Legal address: F20, 1st Floor, Eden Plaza Eden Island, Republic of Seychelles |
| Overall assessment | 7.4/10 |
| Date of update | 17.02.2023 |
Poloniex is this a scam? Reviews and description
The crypto exchange Poloniex has been operating in the market since 2014. It’s considered to be one of the most popular exchanges in the world. Despeite it’s not the first such a platform on the market, it’s in great demand among traders, as it provides a wide range of services for a comfortable and functional trade in cryptocurrencies. Poloniex currently ranks first in Ethereum’s sales volume among other similar sites, attracting a huge audience of its users.
Certainly, you’re eager to know for sure whether it’s another fraudster or it’s a reliable and trustworthy crypto exchange, which guarantees safe trade with an opportunity to get a decent income and withdraw it without problems. We’ll try to answer this question here below.
As a crypto exchange, Polonix is still young, but it has already become the most popular trading platform for cryptocurrencies. Today, the number of its users is rapidly growing, it steadily occupies a leading position in the market, being considered one of the most reputable resources for trade and exchange of cryptocurrencies. The counter of visits to the resource on the site on average shows that about 30,000 users are constantly online. Poloniex can be found at the TOP-5 among all exchanges in terms of sales. It ranks first in terms of sales of Ether.
One of the reasons for such a mind-blowing success of the platform is great opportunities for trade in cryptocurrencies, safe and profitable exchange of digital coins, lending. At the same time, the largest percentage of the audience, about 90% of the participants of the exchange, are interested in options for trading and currency exchange. For comfortable trading in cryptocurrencies (learn here how to make money on cryptocurrencies) their website offers a convenient functional terminal. You can make use of currency exchange charts with an ability to change the display period, add your own markers, use a variety of settings, oscillators, indicators and filters, convenient forms for orders for currency purchase (SELL, BY, STOP LIMIT ), an intuitive display of orders of traded pairs. Extended analytics (the price of a currency for the last day, the history of trade) will make trading effective.
The platform is also interesting because traders are offered an impressive number of digital currencies: more than 120, many rare virtual coins are involved in the exchange’s turnover. On the exchange the following cryptocurrencies are available: Ethereum, Bitcoin, Zcash, Dash, Ripple, Litecoin, MaidSafeCoin, Factom, Clams, Dogecoin, Monero, etc. Each user at the registration on the exchange automatically opens a personal multicurrency wallet.
The issue of security here is one of the most important in all such sites, as this sphere is always an attractive place for numerous fraudulent schemes. Thanks to a two-factor authentication on the poloniex com website, user accounts are securely protected. If transactions seem to be suspicious, the administration of the resource requests corresponding documents to confirm the identity of the trader.
The resource still works and serves traders. It’s still the largest player in the market of cryptocurrencies (learn here whether cryptocurrencies are a scam). Moreover, it’s considered to be one of the best exchanges in the world.
Replenishment and withdrawal of funs
A stricking peculiarity of this crypto exchange is that it doesn’t support conventional payment systems, it works only with digital currencies. To engage in trading, the user is expected to transfer a digital currency to the Poloniex account. Replenishment and withdrawal are possible in the following cryptocurrencies:
- Bitcoin,
- Ethereum,
- BitcoinDark,
- Ethereum Classic,
- Ripple, etc.
If you want to transfer digital coins to the exchange or withdraw them, go to the poloniex.com site, then go to the «Deposits & Withdrawals» section, by clicking the «Balances» tab, then select the appropriate cryptocurrency, the operation: replenishment or withdrawal. The exchange has a commission, in general, users mark it as one of the lowest among crypto exchanges – its size depends on the volume of trades: the more the trader traded, the less his commission will be.
Complaints about Poloniex
On the Internet there are a lot of different reviews of traders about working on the crypto exchange Poloniex. It’s quite normal, as the financial resource is leading by the number of users working here with digital currencies. Among the advantages traders point to reliability and reputation of the market leader, functionality, advanced features and convenience of trading, a rich choice of tools and settings, a two-factor registration, low commission, rare digital coins.
However, there are negative reviews too. Traders keep complaining about long withdrawal of funds, problems with technical support (for example, these are long answers, lack of communication, rather a low level of knowledge), support of only virtual currencies, blocking and deleting accounts without explaining the reasons , long verification, constantly emerging issues with access to the site for technical reasons. All of this makes traders seriously consider changing the platform.
Regulation of Poloniex
Poloniex, Inc. has a legal registration in the USA (Wilmington, DE) and it’s subject to the legislation of this country. The exchange is obliged to collect personal data as well as information about system passwords, computers, IP-address, cookies of users in order to improve the service; monitor the correctness of customer actions; to help customers with their problems; to prevent fraudulent or suspicious activities that are contrary to the laws of the country in which the company is registered. The organization is obliged to transfer data about its customers to third parties (partners, subcontractors, law enforcement agencies). More information is provided in the Privacy Policy section of the Poloniex website.
Poloniex has the right to provide cryptocurrency trading services in certain states of the USA. Working on the site, the user automatically agrees that he or she will use the resource only for the intended purpose, without taking part in fraud, money laundering, financing of terrorism. In addition, working on the exchange, clients should be aware of all possible risks associated with activities in the financial markets, the status of the cryptocurrency, the risks associated with the operation of the resource (cyberattacks, technical failures). The company does its best to ensure the security of information and confidentiality of users.
The company has a registration in the Financial Crimes Enforcement Network (FinCEN) (the registration number 31000091844018). It’s obliged to follow the norms of preventing any fraudulent actions. It’s also expected to track suspicious actions of users, provide all information about clients to state bodies, etc. Also, in accordance with the Anti-Money Laundering (AML)policy standards the exchange is obliged to collect detailed trustworthy data about its users (KYC). The organization provides services (the website and its information, payment systems, transfer of digital coins, etc.) without guarantees that some service will be continuously available. It’s because the work of services depends most often not on Poloniex, but on third-party companies, possible force majeure. More information is provided in the Terms of Use section of the Poloniex website.
Read Poloniex’s Privacy Policy
Read the Terms and Conditions for using the resource on the Poloniex website
Is Poloniex a scam?
The crypto exchange Poloniex is, undoubtedly, an excellent choice to trade in cryptocurrencies. It has high ratings and a serious reputation. Being one of the young companies, it was able to beat competitors with unique features, platform convenience. The exchange is popular around the world, it occupies the first place in terms of the volume of operations and user involvement. Today, the world-renowned organization keeps rapidly developing, thus proving that it’s not a scam. The terminal offers a large number of settings, functions and reports, which makes trading in cryptocurrencies not only comfortable, but also effective. The exchange offers trading opportunities, currency exchange, provides users with a personal wallet.
Decent solutions to issues of security and reliability on the site poloniex com are one of the indisputable strengths of the company. The exchange’s soaring popularity, huge volumes of transactions and revenues – all this can’t be ignored by scammers, who’d like to cash in on the users’ oversight. However as the company develops, it improves the level of security of its trades. Traders are advised to pass a two-factor registration, and managers can also request documents confirming the identity of the user.
On the Internet, there are both positive and negative feedback from traders about the resource, but one can’t say which of them dominate. Among the positive moments, one should mention its reliability and a good reputation, profitable trading, functionality and convenience of the platform. A correct reaction to the hacking of the stock exchange in 2014 and reimbursement of funds to users prove that this is not a fraud, but a serious organization. There are also enough negative reviews, and they often they relate to issues with the support service (these are long answers, lack of communication, etc.), problems with long withdrawal and verification, blocking of accounts, frequent problems with access to the site.
Poloniex can’t be regarded as a scam now. It adequately and honestly fulfills its obligations to traders, steadily paying them money, monitoring the correctness of payment systems, ensuring sufficient safety to prevent hacking. Traders positively assess the company after the cyberattack, when the exchange paid users money from its budget. Do you still consider Poloniex to be a scam? It can’t be a fraudster because the company holds the leading positions in the ratings of such businesses. It leads in terms of the number of regular customers and turnover of funds. It offers an opportunity to trade comfortably and profitably.
Conclusion
Today the crypto exchange Poloniex is deservedly considered the market leader. Despite this company is still quite young, but it manages to steadily evolve. Making a choice in favor of the exchange, the user can work in a convenient functional terminal with advanced settings and reports, favorable terms of trade, a possibility of exchanging digital currencies.
It remains to be hoped that the management of crypto exchange is planning to eliminate negative moments. It’s expected to proceed with its successful development. Today we won’t label Polonix as a scam. However, the responses of traders that we expect to see for this review will not only be useful to the users of our resource, but also significantly influence the rating of the Poloniex crypto exchange.
Reviews
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Credible Review Rate your review 000
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Rate your review 000Scam
Last week deposited R4800 worth of bitcoin to Poloniex to trade on my behalf. Before doing so l asked if there would be further costs before withdrawal. I was reassured by a one Agent Tristan that they do not have hidden costs. Before withdrawal l was asked to deposit R300 before the withdrawal could… Read more
Positive- None
Minuses- Deceitful
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Rate your review 00Don't mess with POLONIEX!!! They froze withdrawals...
Don’t mess with POLONIEX!!! They froze withdrawals to all clients on ETC since February 18… Today is the 8th of May! All can’t fix their wallets… And they undervalued ETC by $30 and sell clients’ coins at other exchanges BERESTS! Here is a link to the proof: (only PRO users can post links)
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Rate your review 0+11On December 18, 2020, I sent Pokadot...
On December 18, 2020, I sent Pokadot coins (the equivalent of about $39,000 at the time of writing this complaint)
The coins have not been credited to me. Here is the link and proof that they have the coins:
https://polkascan.io/polkadot/event/2949368-7
Wallet:
137jSA54JogtkqW9nsjNaYnyy5EfbsYwnhvoKeVomoVwZutzThe… Read more
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Rate your review 000They want to verify the account, have...
They want to verify the account, have already sent a bunch of documents, and they all write a week of no answer, send that picture, send this picture. apparently 1.5 bits will go sly assholes
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Rate your review 0+10They have a horrible exchange and horrible...
They have a horrible exchange and horrible support. They completely ignored article 17 of their own user agreement when it came to withdrawals, which they froze when they were taken over by Circle, and froze two weeks early contrary to their official notices. Further, the support ignored the questions… Read more
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Rate your review 0+10It's not an exchange, it's a BLEEP
It’s not an exchange, it’s a BLEEP. Stole 2 FA burglary money and 2 months later they write: We investigated the withdrawal from your account and determined that these funds were moved to an address that is not controlled by Poloniex. As a result, we are unfortunately unable to assist in the recovery… Read more
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Rate your review 000Terrible tech support! They froze my account...
Terrible tech support! They froze my account without explanation, I can’t get my account back for a month.
For 21 days in a row I have not responded to support. I opened a ticket about 30 days ago.
If you have any money in this exchange, then immediately withdraw everything and run from there!
Ticket… Read more -
Rate your review 0-30That's a normal exchange. Do not believe...
That’s a normal exchange. Do not believe these Chinese antibots. All works. Outputs, starts, etc..
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Rate your review 000Do not miss the verification of users...
Do not miss the verification of users from Ukraine, I did everything as it is written, and no way. Requests an electronic passport. I will have to buy a plastic passport for the sake of the 20 dollars I have left there, ?????. Support is greedy and stupid, you say one thing, the answer is another… Read more
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Rate your review 000They froze the account along with the...
They froze the account along with the dough! Potderzhka disgusting, answers in a day or two. It feels like a robot writes the same thing!
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Rate your review 000Don't mess with a total scam...
Don’t mess with a total scam
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Rate your review 000The exchange is a scam. Sent gas...
The exchange is a scam. Sent gas and xem. Two weeks no more.
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Rate your review 000I don't know who all these people...
I don’t know who all these people are who write that Wormwood has fierce scams, etc. You are probably crooked. I have been using for the second year — no complaints
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Rate your review 0+10NOT withdrawing money! Withdrawal status - executed
NOT withdrawing money! Withdrawal status — executed, in fact the transaction is not in the network and is not expected. SCAMMERS !!!!!
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Rate your review 000Good afternoon! Has anyone heard about the...
Good afternoon! Has anyone heard about the Polonix exchange? Can I trade and withdraw if I’m in Russia? Is it worthwhile to register on the exchange and deposit your money if its status is unclear? What exchangers would you advise for a newcomer?
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