The Poloniex platform is one of the few popular crypto exchanges that are based in the United States of America. This is a popular peer-to-peer (P2P) platform and offers several high-end features to the users.
As a user of Poloniex, you can buy and trade the supported digital assets in the marketplace. It is not as popular as some of its competing exchanges but the services and features it offers has grabbed the attention of a vast audience.
Poloniex was initially a crypto-to-crypto exchange and has now converted into a full crypto trading platform. It now offers several trading services that are also considered to be the benefits of using the platform.
Therefore, if you are interested in using this exchange then you should know the advantages mentioned in this brief Poloniex exchange review.
Poloniex Platform Offers High-end Security
One of the biggest benefits of using Poloniex is that it takes the security of the users quite seriously. To ensure the platform offers high level of security to the users it makes use of cutting-edge security systems, some of which are mentioned below.
- Cold wallets storage
- Cryptographic DNS cache protection
- DoS attacks protection
- IP lockouts
- Protection against robot infiltration
- Registry locks
- Role accounts for privacy protection
- Two-factor authentication (2FA)
This brief Poloniex exchange review further highlights the level of security offered by discussing that the platform is one of the few ones that are regulated and licensed. This exchange is regulated by some of the top regulatory bodies such as:
- FinCEN
- FSA
- FINRA
Supports Crypto Lending
One of several unique features offered by the Poloniex platform is crypto lending. This feature allows the crypto owners to lend their crypto to borrowers. By lending the crypto they own, the crypto owners can get rewards.
On Poloniex, the limit for lending varies on the basis of overall funds of the users and their type of account.
Low and Transparent Fee
Another impressive benefit of the exchange, mentioned in this brief Poloniex exchange review is regarding its fee structure.
As a new crypto investor or trader, you should always take a look at the fee structure offered by an exchange. The one you opt for should charge a low and fair fee that is also free of any kind of hidden or additional charges.
The Poloniex platform is one of the lowest fees crypto exchanges. It is free of any hidden charges as well. For people looking to use the exchange, here are the details of its fee structure.
For spot trading:
- The trading fee for market makers ranges from 0.1450% to 0.0200%.
- The trading fee for market takers ranges from 0.1550% to 0.0200%.
For margin trading:
- The trading fee for market makers is 0.01%.
- The trading fee for market takers is 0.075%.
Other fees include:
- 15% lending fee
- Fixed network fee
- No fee for deposits
- No fee for withdrawals
Availability of Trading Tools
This Poloniex exchange review continues to shed light on the major benefits of the platform, which include the availability of trading tools. The tools mentioned here are offered by other exchanges as well. However, if other features of Poloniex match your criteria and requirements then this can be a suitable exchange to use.
The different types of trading tools offered by the Poloniex platform include:
- Access to several indicators
- Different types of stop-loss orders
- Several types of buy orders
- Various charts
Supports Margin Trading
To the delight of crypto traders looking to use the exchange, Poloniex offers support to margin trading. This is one of the most popular types of trading.
Margin trading is also quite risky and requires the traders to be mindful of a few factors before they begin. This type of trading allows traders to borrow funds from the brokers, which is called leverage. Trading with leverage means that you use the borrowed amount and open bigger trading positions as compared to what you could open if you only used your funds.
The profits are never guaranteed but since the trading positions are bigger. You can either get high profits or high losses. In other words, margin trading brings high rewards with high risks. The Poloniex platform offers one of the highest leverages, which is up to 100x.
Impressive Customer Support
Another benefit mentioned in this brief Poloniex exchange review is the availability of an impressive customer support. This is one of the most underrated attributes of the exchange and is a major benefit for the users.
The customer support team of the exchange is comprised of experts. Who are highly responsive and are available to assist the users in case of any problems or concerns.
There are also several ways the users can contact the customer support agents.
Conclusion!
The Poloniex platform can be one of the platforms you opt for buying or trading crypto. However, before you opt for it and begin, it is important that you take a look at the benefits offered by the exchange, as mentioned above.
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