de | cn | ru

Poloniex Review - Is it scam or safe?

Poloniex Review - is scam or good cryptocurrency exchange?

RATING: 2 / 2 REVIEWS ForexBrokerz Poloniex
Poloniex is not regulated. We cannot guarantee your money is safe.


 Trading Accounts


Account type Minimum deposit Leverage Maker fee Taker fee
Standard Undisclosed 1: 2.5 From 0.15 % From 0.25%


Poloniex is a crypto currency exchange, which provides a lot of alternative coins for trading. At the time of writing of this review, it is the second most popular Bitcoin exchange, as measured by the daily volume.


The company, security of funds


Company Country Regulation
Poloniex Inc. USA N/A


Poloniex was founded in 2014 by Tristan D’Agosta. The company is based in the United States, but is not overseen by the local financial watchdogs. This is not that unusual, when we are talking about crypto currency exchanges. If you plan on dealing with companies in this relatively new asset class, you are bound to have counterparty risk i.e. risk of the other side simply not paying you.


Poloniex has experienced a severe hack in the past. Approximately 12% of the Bitcoin, which was present at the exchange was stolen in March 2014. The company subsequently raised the commissions on all transactions, in order to raise money for the affected clients. They were partially compensated eventually. This approach was partially effective and partially fair. Bitfinex, for instance, reacted much better (in our opinion), when the company was hacked in 2016.


At the time of writing of this review (July 2017), there are multiple user complaints against Poloniex. The company’s support appears to be functioning very slowly. More importantly the same goes for the withdrawal procedures, which are allegedly very delayed. These issues may be temporary or a sign of even greater trouble to come. It is impossible to tell at this point, but we will update this review in the future.


Trading conditions


Trading instruments (cryptocurrencies)

Poloniex was always known for the vast variety of altcoins, which it provides. Frankly they are too many to list, but here are some of the most popular: Bitcoin, Ethereum, Litecoin, Ripple, Monero, Dash, Zcash. 


Minimum initial deposit

No clear minimum deposit level is announced by Poloniex. This is not that unusual in the cryptoverse, unlike the forex industry, where most brokers announce this information. For instance, the FCA-regulated industry pioneers at IG (who by the way also provide bitcoin trading) do not have a minimum deposit requirement. Essentially, you can start treading with as little as you want.



The maximum leverage ratio at Poloniex is 1 to 2.5. Keep in mind crypto currencies tend to be much more volatile than the established traditional ones. If EUR/USD rarely moves more tha 100-200 pips per day, the price of Bitcoin often moves 5-10%, even in days where there are no major news regarding it. This is the reason, why crypto-exchanges provide much lower leverage than forex brokers



Poloniex currently charges a 0.15% maker fee and a 0.25% taker fee, which are in line with the current offers by other exchanges. To give forex traders an idea what those fees mean, we must explain on what bases they are calculated. 


When trading on an exchange one can either buy an asset at lowest offer provided by other participants, or place his own bid at any lower price he chooses. If you decide to immediately execute your trade, you would effectively be taking away liquidity from the market. This makes you a “taker”, who has to pay the slightly higher fee.  Alternatively if you place your own bid and another trader decides to execute one it, you are providing liquidity to the exchange. This makes you a “maker” (not the same as a forex market maker), who pays lower fees.


These percentages are calculated on the total nominal value of your position. For other comparisons between forex brokers and crypto currency exchanges, read this article.


Trading platform


Poloniex offers trading through a web-based platform. Although it does its job, we are not that impressed by it. The platform’s charting functionality feels very clunky. The chart can not be moved, resized or set to full-screen. Zooming and scrolling your chart, the way you want to can be a nightmare. The trading volumes often take a huge portion of the char and interact with the candlesticks (especially if zoomed-in). Moving Averages, Bollinger Bands and MACD are literally all of the available technical indicators. From a trader’s point of view this platform is nowhere near MetaTrader4 (MT4), the most popular fiat currency trading solution. Here is a preview of what Poloniex offers:



A crypto currency exchange will not be complete without a fully visible order book. Here is what the one at Poloniex looks like:



Although everything you need to know is presented, this does take some time to get used to. The most left columns are the actual trading price and the second one is the amount available at this particular price. While the other two ones may seem obsolete, this is definitely not the case when looking at other pairs, in which you trade one crypto currency against another.


Methods of payment


Payments to and from Poloniex are only done in crypto currencies. While this limits the potential for attracting less experienced enthusiasts, it is not an uncommon practice. Adding options such as a Bank Transfer, Credit Card, Neteller  and so on will increase the trader base. 




Poloniex is a US-based crypto currecy excghange. The company provides lots of interesting altcoins, as trading instruments. Despite being a well-established player in the crpytoverse, recent complaints from independent sources are popping up. The firm appears to be understaffed or experienced temporary difficulties with some aspects of its operation:


Pros      Cons
High liquidity Recent negative reviews
Relatively competitive commission Clunky trading platform (especially charting)
  Only accepts payments in crypto


Latest news about Poloniex
No news about Poloniex. Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK FCA MT4, Web,
$50 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Poloniex
















Price feed















Customer service










Don't use! So many unsolved deposit issues!

One of the worse exchange, I don't understand, why is so many people still trading there...seriously they are risking their money. If you take time and read all forums, you can see hundred of cases, when people sent deposit to correct adress, but deposit didn't arrived. Support ignore this cases, noone gets an answer. Unfortunately I have also read this experiences after my deposit failed, so looks like I can say good bye to my money. I don't understand, how can they ignore problems of users, who pays milions dollars in fees. Don't be stupid like me and choose another exchange. I wanted to sell my coins and there was the best price at this moment, so I choosed this exchange...stupid mistake to get few dollars more. There are really much better exchanges, who cares about their users, so don't choose this scam.

Filip 04/30/2018

Re: Poloniex = Big problem

Hey Ronaldo. I am curious if you got your money back. Any info would be good to know.

Alex 02/22/2018

Poloniex = Big problem

I extremely don't recommend POLONIEX.
I've attempt to transfer BTC on 26 dec.2017 at 21:41h and it's AWAITING APPROVAL SINCE ALMOST 10 DAYS

Due the delay the transfer is useless now and I try to cancel it but costumer service is completely death Support ticket 641129

For my surprise I try to login today and I got message that I'm banned from access poloniex, so I have completely no access to my assets already devalued and plus the losses of 10 days of no trade. :(

Please If any one can help me , I can't sleep since it happened

de | cn | ru