Barely 2 years in the game, and Poloniex has changed ownership. Once this change happened, the restriction of Americans came out. Has this had any effect on the crypto wallet’s delivery? Or is it the other way around with Americans missing the crypto exchange processes that Poloniex offered? You should definitely know what amazing features the wallet has today! So, here’s Poloniex review for you.
The popularity of Poloniex
Poloniex is one of the biggest names currently on the lips of the members of the global crypto community. Founded in 2014, its wonderful services and features have gotten to nearly every part of the crypto community all over the world. For most users, the easy and speedy transactions, and the low fees, make it easier to forget the fact that Poloniex doesn't support many altcoins. Right now, Poloniex supports about 130 assets.
A downside and a bright side of Poloniex
In the later parts of 2019, Poloniex announced and went through with a spin-out from its initial parent company, Circle. A result of this spin-out was the restriction of US customers from using Poloniex for crypto transactions. Poloniex gave no particular reason for this, but all anyone knows is that it was a big change that came with leaving the Circle. While this was quite a downside, Poloniex obviously focused on the bright side, which was the access to the global crypto community and amazing new features. In fact, the change also made it possible for them to implement zero fees for a number of their transactions.
With over 100 markets for Bitcoin (BTC) trading available on Poloniex, it’s understandable that people overlook its poor altcoin variety support. Since Bitcoin is basically the most stable crypto asset, it’s best for trading unlike most other altcoins, some of which are simply company's tokens. In fact, looking at it from this perspective, 130 assets isn't so bad.
Poloniex is available in Level 1 and Level 2 accounts. Level 2, being the higher level, has some extra features compared to Level 1. As the basic level, we’ll talk about starting and using a Level 1 Poloniex account and all the features you’ll miss out without a Level 2 account.
How to create an account on Poloniex?
Poloniex is quite easy and straightforward to use with an interface that’s sophisticated, but not complicated. To create an account, simply visit the sign up page and provide your email address and password. Poloniex emphasizes the need for an email address you’d use for a while because your email address is needed for continuous access over the years. Activate your account with the confirmation email sent to you, and get automatically qualified for a Level 1 Poloniex account.
What are the accounts levels on Poloniex?
A Level 1 Poloniex account makes you entitled to unlimited trading, unlimited deposits, APIs, Trollbox, Staking Rewards, 2FA, card purchases of Bitcoin, and lending opportunities. However, a Level 2 account allows all the above and the addition of custom withdrawal limits, margin trading, and identity verification.
Also, features like 2FA recovery, manual password resets, manual fund transfers, funds recovery, ATO prevention, account access help, and LaunchBase are general features of Poloniex. However, they're only available in a limited capacity to Level 1 account holders.
Withdrawal limit on Polonex
The standard withdrawal limit for a Level 1 account without 2FA is $10,000 per day, while a level 2 account without 2FA can withdraw up to $500,000 per day. With 2FA, the limit increases to $50,000 for a Level 1 account and $1,000,000 for a Level 2 account.
Pros & cons of Polonex
- 24/7 support
- Great online crypto community
- Easy to use interface
- Speedy transactions
- Trading with loan
- Low fees
- Great reputation
- VIP programs
- Limited languages
- KYC process is mandatory yet time-consuming
- Restriction of US residents
Thanks to the 2019 spin-out from Circle, Poloniex has been able to implement very low fees; zero in some cases. Poloniex has a page dedicated, not just to listing fees, but explaining what those fees are. The fees are charged depending on the account’s tiers, and the accounts are put in tiers based on their 30-day trading volume. Here are Poloniex’s fees:
- Tier 1 (less than $50k) – 0.090% Maker and Taker Fee
- Tier 2 ($50k to $1M) – 0.075% Maker and Taker Fee
- Tier 3 ($1M to $10M) – 0.040% Maker Fee and 0.070% Taker Fee
- Tier 4($10M to $50M) – 0.020% Maker Fee and 0.065% Taker Fee
- Tier 5($50M and above) – 0.000% Maker Fee and 0.060% Taker Fee
3 VIP programs of Polonex
Poloniex has 3 VIP programs that affect the fees these VIP accounts pay. Two of these VIP programs, Poloniex Plus Silver and Gold both have 0.000% Maker fees with 0.040% and 0.030% Taker Fees respectively. The third VIP program, Poloniex Market Maker, has a 0.020% Maker Fee and 0.025% Taker Fee.
Asides these, Poloniex doesn't charge for deposits made by users into their accounts. However, withdrawal fees depend on the assets.
Poloniex is undoubtedly a big name when it comes to crypto exchange, and a look at its features has proven why. With such an amazing support system having so much detailed information, it's no surprise that some have dramatically sworn allegiance to it. Will Poloniex ever reopen itself to the American community? That’s really unknown for now, but let’s see!