Poloniex, cryptocurrency exchange also known as Polo is based in the US since 2014. The vast majority of customer deposits are stored offline in air-gapped cold storage. They are very overloaded, being in the situation that their platform can’t even register new people and verification can take up to several weeks. If users manage to get verified, the platform is very well formed. The trading screen on the exchange is very smart. It offers multiple time frames. The trading view is available for all of the 200+ trading pairs. They do not have any mobile applications for the platform but browsing on your phone is on a satisfying level. The exchange has been hacked in the begging, but they managed it pretty well and resolved the issue. The platform is focused only on crypto to crypto exchange meaning fiat currencies are not available.
Making an account is very simple, but due to technical difficulties and overload, sometimes you can’t manage to make an account. Creating an account, users have to provide basic information, and confirming their email address. Having more than one account isn’t allowed, and it could lead to suspension from the platform by banning the IP address. Like many other platforms, it has two-factor authentication, which users can enable by scanning QR code. The benefit of this authentication is a better security service. Without verifying your account you can’t make any withdrawals. Tier 0 accounts are meant for those users who are exploring the platform which includes exchange, margin trading, lending, and orders.
To verify your account you will need some extra information about yourself. There are three levels of verification you can have, with every verification you gain more benefits.
Tier 1 account
For users, to get their account verified, for them to be able to make deposits and withdrawals, they need to input their name, last name, street address, city, postal code, and phone number. When verification is completed, you will get a daily withdrawal limit of $2,000 and ability to use margin trading. However verification period can last a month, which is a major factor for many users. Also, trading, lending, and exchanging are enabled for tier 1 accounts.
Tier 2 account
To get a tier 2 account, besides providing what is needed for tier you, users need to scan their photo ID. They can choose from passport, national ID or driver’s license. Also, a picture of a user holding the ID has to be acquired. To verify this should take few days. Including the situation, the platform is right now, waiting period for verification will expand to few weeks. Benefit of tier 2 account is higher withdrawal amount of $25,000.
Tier 3 account
There is also a tier 3 account for serious trading users. The amount which you can withdrawal having tier 3 account is over $25,000. The only way to get this type of account is to contact Poloniex staff. The platform does not accept fiat currencies, so withdrawal amount of over $25,000 refers to digital currencies. The closest thing to fiat currency is Tether USD, which is basically US dollar placed on the Blockchain.
Make a deposit
Making a deposit only through digital currency is way easier than with fiat currencies. Deposits and withdrawals are free of charge on Poloniex. Poloniex uses a standard maker-taker model that is good for market liquidity by rewarding the makers with a lower fee. They have a schedule of fees they charge depending on the amount. Poloniex has 80 cryptocurrencies on their platform, which is very hard to handle, but with such a trading platform, the market spread is better because makers are constantly outbidding each other. To make the crypto deposit users need to generate the address code in the deposit option on balances drop list. After going to your wallet and inputting the code next step is waiting for the transaction to happen. A transaction takes usually about an hour. Users also have an option to generate the code via QR scanning.
To withdraw the amount you desire is the same as making a deposit. It is sectioned in the balances drop list. Users also need to generate the address from the wallet in the deposit section and paste the code in the withdraw section of the Poloniex platform. Withdrawal can take a little bit longer than making a deposit, but the difference isn’t drastic. Users had some past issues with this option, but there isn’t an exchange platform that has no errors.
A good thing about Poloniex is that the offer of cryptocurrencies is over 80, more than any other exchanges. Trading charts are well configured, so the users can have detailed information they need to make the trade they wanted. Being just crypto to crypto exchanges fees are great, which attracts many users to register for this platform. Poloniex has the most features other exchanges have, so they can be compatible on the market.
In 2017 many users complained not being able to withdraw their coins. Therefore many bad reviews started to appear to the public. Not able to deposit via fiat currency is a bad thing because many customers that are new have no cryptocurrency in their wallet, so they would have to buy it somewhere else them return to Poloniex. The customer support ticketing system is poor and sometimes non-existent. Most of their staff is unknown, also users are not informed is there a physical office. These lack of information is affecting trust of users. A big thing is also the overload they are having constantly, making big delays in some of the platform options.
Customer support problems combined with other issues are affecting Poloniex. There are some users reporting scams related to the platform, accusing them affecting the price of Ethereum, and making a profit of it. Complains can be seen on the slowness of the website because it is using lots of resources in the browser. Reports of having their withdrawal frozen are spreading through forums, with some evidence. They need to find a way to cope with such problems, being a big platform, Poloniex will find a way in the future.
For the majority of users, Poloniex runs perfectly, without any problems. The thing that is against this platform are users that have been affected by Polonex errors, and there are many of them. It has a website everyone can manage to learn to work with, and with a variety of trading pairs, they are a good competitor, but all of that does not matter if you can’t make a withdrawal. Poloniex is not the best exchange out there, but with some work, they can manage this problem.