Poloniex is a large and well-known cryptocurrency exchange headquartered in the United States. Circle has acquired the platform in a $400 million deal.
Definition of the Poloniex platform
Poloniex features several cryptocurrency trading pairs against stablecoins such as USDC. The platform features a simple user interface, making trading smooth and easy for beginners. They also provide all the necessary tools for a smooth trading experience and the possibility of margin trading and lending.
Poloniex is headquartered in Delaware, USA, and was launched in January 2014 by Tristan De Agosto, a former musician who founded Polonius Sheet Music in 2010. Poloniex is an exchange with Extensive experience, offering a wide range of advanced exchange types, margin exchange and even cryptocurrency lending. To enhance its position among the advanced exchanges, it allows the trading of dozens of cryptocurrencies, but it does not allow the trading of any paper currency.
Poloniex charges the lowest trading and withdrawal fees in the market. Despite this, its reputation in terms of safety is not as strong as its reputation in terms of prices. It was subjected to a severe hacking attack in March of 2014, and several isolated accounts were attacked. Many customers reported that withdrawals were made from their accounts since then.
It fended the 2014 attack by compensating 97 bitcoins stolen from D’Agosta’s private account with the company’s earnings. At the beginning of the year 2018, it was recovered from the company’s payments. It is planned to transform it into the largest fully regulated stock exchange in America in terms of cryptocurrency exchange.
Poloniex rating criteria as a trusted platform
- The platform must contain many digital currencies for trading against Bitcoin and the availability of trading against the US dollar.
- You should also know the trading platform’s daily deposit and withdrawal limit.
- A trading platform that provides fast and effective technical support service should be chosen to solve all problems in record time.
- It is preferable that the platform contain multiple payment methods to make it easier for the user.
- You should also stay away from unknown platforms that have a dubious reputation.
Pros and Advantages of the Poloniex Platform
Among the many features that distinguish the Poloniex platform, we mention:
- The platform is easy to use, does not contain any complications, and can be used by any beginner.
- Strong security and protection system.
- It is subject to stringent laws, which means that the chance of its installation is slight or almost non-existent.
- The platform includes many traders from all over the world and is also one of the popular platforms among Arab traders.
- Speed in changing numbers and percentages of purchase and sale orders.
- Very high credibility.
- Availability of the stop-loss feature has become one of the primary conditions for most traders before entering any platform.
As we mentioned the advantages of the Poloniex platform, now we will mention its disadvantages, which are very few compared to its advantages.
- Weak support and delay in responding and communicating.
- Withdrawing more than $1,000 per day, the account must be activated with documents and a straightforward method.
- Digital currencies are not constantly replenished within the platform, which prevents traders from earning large profits.
- There is a lack of digital currencies in the platform, so the number of currencies supported is at most 113.
Poloniex is one of the best-known cryptocurrency wallets available, but is it a reliable option? As with any wallet, security and user experience should be two key considerations. In terms of reliability, Poloniex has demonstrated an impressive track record for both: it provides robust security measures like two-factor authentication and encryption of user data to protect investor funds whilst also boasting a simple and intuitive platform that can easily accommodate beginners and seasoned traders alike.
All in all, if your priority is choosing a reliable wallet when dealing with digital currency investments, then Poloniex should definitely be on your shortlist.