Poloniex is a well-known cryptocurrency exchange that has been around since 2014. It was founded by Tristan D’Agosta and was later acquired by Circle, a Boston-based company. Poloniex has a reputation for being a reliable and stable platform for trading cryptocurrencies. However, like any other exchange, it charges fees for its services, which can be confusing for new users.
Understanding Poloniex fees is crucial for anyone who wants to trade on the platform. The exchange charges fees for deposits, withdrawals, and trading. The fees vary depending on the type of transaction and the cryptocurrency being traded. Additionally, the fees can change regularly due to network congestion and other factors, making it important for users to stay up-to-date with the latest fee structure.
- Poloniex is a reliable and stable cryptocurrency exchange that charges fees for its services.
- Understanding Poloniex fees is crucial for anyone who wants to trade on the platform.
- The fees vary depending on the type of transaction and the cryptocurrency being traded, and they can change regularly due to network congestion and other factors.
Understanding Poloniex Fees
Poloniex is a cryptocurrency exchange platform that charges fees for trading, depositing, and withdrawing assets. Understanding the fee structure is essential for traders to make informed decisions and optimize their trading strategies.
Poloniex charges a maker-taker fee structure for trading. A maker is a trader who adds liquidity to the order book by placing limit orders that do not immediately execute. A taker is a trader who removes liquidity from the order book by placing market orders or limit orders that immediately execute. The maker-taker fee structure incentivizes traders to add liquidity to the order book by offering lower fees to makers.
The trading fees on Poloniex range from 0.09% for makers and 0.1% for takers for trading volumes below $10,000 to 0.05% for makers and 0.08% for takers for trading volumes above $60 million. The fee tier structure is designed to reward high-volume traders with lower fees.
Poloniex has a transparent fee schedule that is available on their website. The fee schedule outlines the fees for trading, depositing, and withdrawing assets. The fees for depositing crypto into your Poloniex account are free, while the fees for withdrawing assets from your wallet are fixed per asset to cover the cost of broadcasting a transaction to the network.
Poloniex offers fee discounts for traders who pay their trading fees with TRX, the native cryptocurrency of the TRON blockchain. The TRX trading fee discounts offer customers a 30% discount on their trading fees. To opt-in to TRX trading fee discounts, traders need to have TRX in their account and select the option to pay fees with TRX.
Poloniex charges a fixed fee per asset for withdrawing assets from your wallet. The fixed fee is designed to cover the cost of broadcasting a transaction to the network. The fixed fee can vary depending on network congestion and other factors, so traders should check the fee schedule on the Poloniex website for the most up-to-date information.
To help traders understand the fees on Poloniex compared to other exchanges, the following table shows a comparison of the trading fees for makers and takers on Poloniex, Binance, and Coinbase Pro.
|Exchange||Maker Fee||Taker Fee|
As shown in the table, Poloniex offers lower trading fees for makers and takers compared to Coinbase Pro. However, Binance offers a lower maker fee compared to Poloniex. Traders should consider the fee structure, trading volume, and other factors when choosing an exchange to trade on.
Account Registration and Verification
To start trading on Poloniex, users need to create an account by filling out the registration form on the platform’s website. The registration process is straightforward and requires users to provide their email address and a password of at least 8 characters. Once the registration form is completed, users will receive a confirmation email to validate their account.
After creating an account, users can start trading immediately with a Level 1 account, which allows unlimited trading, unlimited deposits, and $10,000 per day in withdrawals. However, to access higher withdrawal limits and other features, users need to complete the Know Your Customer (KYC) verification process.
The KYC verification process is mandatory for all users who want to upgrade their account to Level 2 or higher. To complete the verification process, users need to provide their personal information, including their full name, date of birth, and address. Users also need to upload a government-issued ID, such as a passport or driver’s license, and a utility bill or bank statement to verify their address.
Poloniex offers two levels of verification: Level 1 and Level 2. Level 1 verification requires users to provide their email address and password and verify their email. Level 2 verification, on the other hand, requires users to complete the KYC process and provide additional information, such as their occupation and income.
Users can complete the verification process by clicking on the “Verification” tab in their account settings and following the instructions provided. The verification process usually takes a few days to complete, and users will receive an email notification once their account is verified.
It is important to note that Poloniex takes the security of its users’ personal information seriously and uses industry-standard security measures to protect user data. Users should also be aware of the platform’s fee structure, which includes deposit and withdrawal transaction fees. Users can refer to the table below for more information on Poloniex’s fee structure.
|Fee Type||Fee Amount|
|Deposit||0.01% / 0.075%|
|Withdrawal||Fixed fee per asset|
In conclusion, creating a Poloniex account is a simple process that allows users to start trading immediately. However, to access higher withdrawal limits and other features, users need to complete the KYC verification process. Poloniex takes the security of its users’ personal information seriously and uses industry-standard security measures to protect user data.
Trading on Poloniex
Poloniex offers a variety of trading options for its users, including spot, margin, and futures trading. Trading fees are charged on a per-trade basis, and as the rolling 30-day trade volume increases to the next fee tier, the maker/taker fee rate will decrease. The fee structure is available on the Poloniex website.
Spot trading on Poloniex involves buying and selling cryptocurrencies on the spot market. Users can trade a wide range of cryptocurrencies against Bitcoin, Ethereum, and USDT. The platform also offers a number of trading pairs for altcoins.
Margin trading allows users to borrow funds to increase their trading positions. The platform offers up to 5x leverage for margin trading. Users can open long or short positions and have access to a range of trading pairs.
Futures trading on Poloniex allows users to trade futures contracts with up to 100x leverage. The platform offers a range of futures contracts for Bitcoin, Ethereum, and other cryptocurrencies.
When trading on Poloniex, users can choose from a variety of order types, including limit orders, stop orders, and trailing stop orders. Open orders are explained in detail on the Poloniex website.
Trades execute on Poloniex according to the order book, with the highest bid and lowest ask prices being matched. The platform also offers a market order option for users who want to buy or sell at the current market price.
Overall, Poloniex offers a comprehensive trading experience for users, with a range of options for spot, margin, and futures trading. The platform also provides users with access to a variety of trading pairs and order types, allowing for a customizable trading experience.
|Trading Type||Leverage||Trading Pairs|
|Spot Trading||N/A||BTC, ETH, USDT, and various altcoins|
|Margin Trading||Up to 5x||BTC, ETH, USDT, and various altcoins|
|Futures Trading||Up to 100x||BTC, ETH, and other cryptocurrencies|
Poloniex Plus Membership
Poloniex Plus is a VIP program designed to provide additional benefits to its users. It is a tiered program that offers different levels of membership based on the user’s trading volume. The program is divided into two levels: Poloniex Plus Silver and Poloniex Plus Gold.
Poloniex Plus members enjoy a range of benefits, including lower trading fees, higher withdrawal limits, and access to exclusive features. The program also offers a custom fee schedule, which allows members to negotiate their trading fees based on their trading volume and other factors.
The following table summarizes the benefits of Poloniex Plus membership:
|Benefits||Poloniex Plus Silver||Poloniex Plus Gold|
|Lower Trading Fees||10% discount on maker and taker fees||25% discount on maker and taker fees|
|Higher Withdrawal Limits||100,000 USD per day||1,000,000 USD per day|
|Custom Fee Schedule||Available||Available|
|Exclusive Features||Access to new features before non-members||Access to new features before non-members|
In conclusion, Poloniex Plus is a VIP program that provides additional benefits to its users. It is a tiered program that offers different levels of membership based on the user’s trading volume and the amount of Poloniex tokens held in their account. Poloniex Plus members enjoy a range of benefits, including lower trading fees, higher withdrawal limits, and access to exclusive features.
Supported Currencies and Deposits
Poloniex supports over 100 cryptocurrencies, including popular options such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The exchange also supports many stablecoins, which are cryptocurrencies that are pegged to the value of a fiat currency such as the US dollar (USD) or a commodity such as gold.
To deposit funds into a Poloniex account, users can either deposit cryptocurrencies on-chain or buy cryptocurrencies with fiat using Simplex. The deposit process for each currency may differ, and users should pay attention to any additional memos, fields, payload, and minimum deposit requirements.
There are minimum deposit amounts for some currencies, which users should be aware of before making a deposit. If a user deposits less than the minimum amount, they will need to deposit more of the specific coin. Once the sum reaches at least the minimum deposit amount plus network fees, the whole amount will be automatically credited to the user’s Poloniex account.
It is important to note that Poloniex does not support any fiat currencies, so users cannot deposit or withdraw funds using USD or any other fiat currency.
Poloniex has implemented several security measures to ensure the safety of its users’ funds. These measures include:
- Cold Storage: The majority of users’ funds are kept in cold storage, which means they are stored offline and inaccessible to hackers.
- Hot Wallets: Only a small percentage of users’ funds are kept in hot wallets, which are connected to the internet and used for day-to-day operations. However, these wallets are also protected by multi-factor authentication and other security measures.
- Two-Factor Authentication: Poloniex requires all users to enable two-factor authentication (2FA) to access their accounts. This adds an extra layer of security by requiring users to enter a code generated by an app on their phone in addition to their username and password.
- IP Whitelisting: Users can whitelist specific IP addresses to prevent unauthorized access to their accounts from unknown devices.
- Security Audits: Poloniex regularly conducts security audits to identify and address potential vulnerabilities in its system.
Despite these security measures, Poloniex has experienced security breaches in the past. In 2014, the exchange was hacked and approximately 12.3% of its Bitcoin holdings were stolen. However, Poloniex has since reimbursed affected users and has taken steps to prevent similar incidents from occurring in the future.
In addition, Poloniex has been fined by the SEC for operating an unregistered crypto exchange in the USA between 2017 and 2019. However, the exchange has since registered with the SEC and has taken steps to comply with regulatory requirements.
|Cold Storage||Majority of funds stored offline|
|Hot Wallets||Small percentage of funds stored online|
|Two-Factor Authentication||Required for all users|
|IP Whitelisting||Users can whitelist specific IP addresses|
|Security Audits||Regularly conducted to identify vulnerabilities|
Mobile App and User Experience
Poloniex offers mobile apps for both iOS and Android devices, allowing users to trade on-the-go. The mobile app is well-designed and easy to navigate, with a similar layout to the desktop version. Users can access all of the same trading pairs and features as the desktop version, including stop loss, take profit, and auto-deposit-margin for leveraged positions.
The mobile app also includes a feature that allows users to set up price alerts for specific trading pairs, which can be a useful tool for staying on top of market movements. Additionally, the app includes a news section that provides users with the latest cryptocurrency news and market analysis.
Poloniex’s mobile app has received positive reviews from users, with many praising its ease of use and intuitive design. However, some users have reported experiencing occasional glitches or slow loading times.
Here is a table comparing the features of Poloniex’s mobile app for iOS and Android devices:
|Stop loss, take profit, and auto-deposit-margin||✓||✓|
|Ease of use||✓||✓|
|Glitches/slow loading times||Occasional reports||Occasional reports|
Overall, Poloniex’s mobile app provides a convenient and user-friendly way for traders to access the platform on-the-go.
Poloniex offers customer support through a variety of channels, including email and a support ticket system. The support team generally responds within 24 hours, but response times may vary depending on the volume of requests. Users can also access the Poloniex Help Center, which contains a comprehensive list of frequently asked questions and articles that cover a wide range of topics.
In addition to email and support tickets, Poloniex also offers live chat support for users who require immediate assistance. However, live chat is only available during certain hours, and users may experience longer wait times during peak hours.
Poloniex has a reputation for providing reliable customer support, and the team is known for being knowledgeable and helpful. However, some users have reported issues with response times and difficulty in resolving certain issues.
Users can also stay up-to-date on the latest news and updates from Poloniex by following the exchange on social media platforms such as Twitter and Facebook. Poloniex also maintains a blog that provides regular updates on new features, platform upgrades, and other news.
Overall, Poloniex provides adequate customer support and offers multiple channels for users to seek assistance. However, users may experience longer wait times during peak hours, and some issues may take longer to resolve.
Poloniex in the Cryptocurrency Market
Poloniex is a well-known cryptocurrency exchange that has been operating since 2014. It is one of the oldest and most established exchanges in the market, offering a wide range of cryptocurrencies for trading. The platform has gained a reputation for its low trading fees and high liquidity, making it a popular choice for traders of all levels.
Poloniex competes with other major cryptocurrency exchanges such as Coinbase, Huobi, Gemini, Binance, and Kraken. While each of these exchanges has its own strengths and weaknesses, Poloniex has managed to remain competitive by offering a variety of features that appeal to traders.
One of the main advantages of Poloniex is its low trading fees, which are standard for all traders regardless of their trading volume. The maker/taker fee is 0.01%/0.075%, which is lower than many other exchanges. Additionally, Poloniex does not charge fees for depositing cryptocurrency into your account, which is another benefit for traders.
Poloniex also offers a wide range of cryptocurrencies for trading, with over 400 supported coins. This is more than many other exchanges, which typically offer a smaller selection of coins. This makes Poloniex a good choice for traders who are looking for a diverse range of trading options.
Another advantage of Poloniex is its high liquidity, which ensures that traders can buy and sell cryptocurrencies quickly and easily. This is important for traders who need to make fast trades in order to take advantage of market opportunities.
In summary, Poloniex is a well-established cryptocurrency exchange that competes with other major players in the market. Its low trading fees, wide range of supported cryptocurrencies, and high liquidity make it a popular choice for traders of all levels.
In addition to its spot and margin trading options, Poloniex offers a range of additional features that make it a well-rounded cryptocurrency exchange.
One of the standout features of Poloniex is its lending platform. Users can lend their cryptocurrency to other users and earn interest on their holdings. Lending is available for a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Poloniex has also integrated with the decentralized finance (DeFi) ecosystem, allowing users to trade and interact with a range of DeFi protocols. This integration includes support for a variety of altcoins, such as Uniswap, Compound, and Aave.
Poloniex offers users a range of wallet options, including hot wallets, cold storage, and multi-signature wallets. Hot wallets are connected to the internet and are used for frequent trading, while cold storage wallets are offline and used for long-term storage.
Poloniex provides users with a comprehensive order book that displays all current buy and sell orders for a particular cryptocurrency. This allows users to make informed trading decisions based on real-time market data.
- Low trading fees: Poloniex charges a competitive fee of 0.125% for makers and takers.
- Margin trading: Users can trade on margin with up to 5x leverage.
- API access: Poloniex offers a fully-featured API for developers and traders.
- Mobile app: Poloniex has a mobile app for iOS and Android devices, allowing users to trade on-the-go.
Overall, Poloniex’s additional features make it a great choice for traders and investors looking for a well-rounded cryptocurrency exchange.
Frequently Asked Questions
What are the fees for trading on Poloniex?
Poloniex charges trading fees on a per-trade basis. The fees vary based on the user’s rolling 30 day trade volume and whether they are a maker or taker. As the rolling 30 day trade volume increases to the next fee tier, the maker/taker fee rate decreases. For example, the maker fee starts at 0.125% and can go as low as 0.05% for high-volume traders. The taker fee starts at 0.25% and can go as low as 0.10% for high-volume traders.
How do Poloniex’s fees compare to other exchanges like Bybit and KuCoin?
It is difficult to make a direct comparison between Poloniex’s fees and other exchanges like Bybit and KuCoin since each exchange has its own fee structure. However, Poloniex’s fees are generally considered to be competitive compared to other popular exchanges.
Does Poloniex have a support team for users in the US?
Yes, Poloniex has a support team specifically for users in the US. Users can contact the support team through the Poloniex US Help Center.
How can I contact Poloniex support for fee-related inquiries?
Users can contact Poloniex support for fee-related inquiries through the Poloniex Help Center. The Help Center has a section specifically for fees and trading.
What are the maker and taker fees for Poloniex?
The maker fee for Poloniex starts at 0.125% and can go as low as 0.05% for high-volume traders. The taker fee for Poloniex starts at 0.25% and can go as low as 0.10% for high-volume traders.
What is the minimum trade amount allowed on Poloniex?
The minimum trade amount allowed on Poloniex varies depending on the cryptocurrency being traded. Users can check the minimum trade amount for each cryptocurrency on the Poloniex website.