Also known as Polo, Poloniex has been in operation for the past four years, since 2014. It has managed to build a name for itself as the Cryptocurrency exchange platform that has the highest trading volumes for altcoins.
Poloniex is ideal for the kind of users who might want to enjoy an unmatched selection of altcoin trading pairs. It is, however, more suitable to experienced crypto traders than to those who want to make their first virtual currency trading, especially on Bitcoin.
The Supported Currencies
There is a wide array of altcoins that are available for customers to trade with on the Polo platform. It is, however, important to remember that all deposits must be made on virtual currencies, as there is no any support offered for credit transactions and bank transfers.
Once the trader has deposited their favorite funds, they will have an opportunity to store the value in the only Cryptocurrency that represents the US Dollar, USDT (Tether).
This can really help the kind of traders who are nervous about the market volatility. Poloniex is one of the most attractive trading platforms due to the kind of trading pairs that it provides to users. It has altcoin trading options available for leading cryptocurrencies such as Bitcoin, Monero, Ethereum, as well as USDT.
What are the Fees?
Compared to most of Cryptocurrency trading platforms, Poloniex offers the lowest fees of all. When trading under 600 Bitcoins, the highest taker fee for this platform’s users is set at 0.25%. On the other hand, the maker fee begins at 0.15%, which is very low for trading exchanges.
It is also very important to remember that the exchange does not allow users to download more than $2,000 in just one day. For those who trade large units of BTC, this could be a serious obstacle.
The Supported Countries
Although the platform has its head offices in Delaware, United States of America, there are no real geographical restrictions that exist for its users. At the moment, the users of this platform do not have to confirm their local finance and banking regulations since there is no fiat currency that is being applied. When put in comparison with some of the fully regulated virtual currency exchanges, Poloniex is operated with a special kind of freedom.
This is one of the most important factors that traders check before they pick on the kind of Cryptocurrency to use. There is a layout of the security features that this exchange has and this makes it one of the best.
A number of customer’s deposits on this platform are kept offline in an air-gapped cold storage. What is kept online is for the purposes of lowering exposure and risk as well as facilitating active trading.
Last Word: Is Poloniex The Best Exchange?
The large trading volumes that Poloniex has, suggests that it can run smoothly and without any hindrance for a number of users. The other real upside is its amazing trading pairs and access to altcoins.
This is the best Cryptocurrency exchange for any trader exchanging Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin, as well as Ethereum.