Opinion about Poloniex

In Poloniex you can buy bitcoins as well as invest and trade with a good amount of cryptocurrencies. But surely before taking the plunge, you are wondering if it is a legit cryptocurrency broker. And that's what we're going to talk about in this review. Although if you are in a hurry, we do not make you wait any longer, we can confirm that it is a secure website.

Poloniex is managed by a US company and they take it to gala because it is the first thing you will see when entering their website. It usually has about 30,000 active users at any given time who move more than 15,000 bitcoins every 24 hours, although logically this last figure varies greatly over time due to the volatility of bitcoin.

Our experience

In general, he has left us with a very good feeling, both for his security guarantees that make us sure that it's not a scam , as for its, in our opinion, good offer of investment possibilities.

Cryptocurrency pairs for investing are based on four main names: bitcoin, ethereum, monero and USDT . From them, you have many investment options in other less well-known cryptocurrencies but that at specific times can mean incredible returns although, of course, it would be a risky investment. But the important thing here is that, as we have already said, the risk does not come from investing in Poloniex, since it is a legit company.

The website is simple to use and the registration process intuitive and also simple. To ensure the security of the funds they carry out a profile verification process that entails a supervision of your staff , which can sometimes slow down the verification of your account. However, we believe that anything to prevent fraud in the cryptocurrency exchange is good news, so we welcome that little wait.

Is Poloniex a scam?

We have no doubt that Poloniex is not a scam and that investors should not be afraid of frauds working with this company.

First of all, we like that the company is registered in the Financial Crimes Enforcement Network (”FinCEN") a public organization under the United States Department of Treasury (United States Department of Treasury) whose mission is to ensure the security of online financial services and prevent money laundering. You can see their registration number in this organization in the table in the previous section.

As you can see on the homepage of this cryptocurrency trading platform, Poloniex keeps the vast majority of its client's funds offline, keeping only a small part online to speed up trading (about 2%). In this way, even in the unlikely event of a web hack, the guarVegas Palms offline funds would be safe.

In addition, they monitor transaction activity every day of the year for 24 hours to identify and block any activity that may be suspicious of being a scam.

Poloniex promotions

Currently, Poloniex is a resounding success in terms of acceptance by investors so their policy is to offer the best possible conditions from the beginning and, therefore, they do not usually launch offers.

In any case, if they took the step of launching promotional offers, we would inform about it in this section.

Trading cryptocurrencies at Poloniex

Thanks to Poloniex you can invest in more than 40 cryptocurrency pairs, all of them in relation to BTC, ETH, XMR and USDT.

The platform offers the possibility to configure the charts with different time limits and offers with good transparency the last operations performed, in which you can see the volumes of exchanges , as well as the buy and sell orders of each currency of the pair you are analyzing in real time.

Of course, the platform does not take care of possible problems that may occur such as an order not being placed due to changes in market prices, because there is not enough margin or due to technical problems. This as you can guess is a disclaimer that absolutely all serious investment platforms do.

Commissions are different for those who create the offer and for those who accept the offer. That is, if you propose a better price to the market than what is being offered right now, you will be an offer creator, the problem is that your operation will not be carried out until there is another investor who wants to be your counterpart. If what you do is select a price that is already available on the platform, because it has been offered by another investor then your operation will be carried out automatically, but the commission will be a little higher. The commissions range from 0.15 % to 0.00 % for those who create market and 0.25 % to 0.05 % for those who match their orders with those of others. The commission is progressively reduced between the maximum and minimum values depending on the average trading volume you have made in the last 30 days.

Payment methods

As usual with these brokers, money deposits they should be done in cryptocurrency and they do not accept physical currencies such as NZD, dollars or yen. In this regard, it is important not to confuse the USDT cryptocurrency with dollars (USD). Even if you have dollars, you cannot deposit them into your trading account on this website.

The income of money is very simple, you just have to go to the deposits section and generate a code with which to make the income. Double check that you are generating a code for the same cryptocurrency that you want to use to make the deposit , since a very common failure is for users to try to enter bitcoins with a USDT code or vice versa.

Withdrawals work in a similar way and are processed quickly, because the company requires you to pass the verification at the time of registration and before making your deposit, a very noble action, since many companies let you deposit money and save the ”problems" of verification for when you want to take it out. Not here, here if you can invest, is that you can also withdraw the money.

The verification process consists of sending them an image of your identity document or passport. They have a automatic verification system in which a robot can accept it yes, the photos you send them are of high quality, but in many cases, the verification must be manual, so you will have to wait for a support department worker to validate your account.

Safety and regulations

It is normal for investors to worry about the security of platforms, and more so in a context as new to most as that of investing in bitcoins and other cryptocurrencies. However, with Poloniex there are solid reasons to think that it is not a fraud.

First of all, the company's headquarters is in the USA, which already indicates to us that they have opted for a serious place and not the classic tax havens of scams. Therefore, Poloniex has to follow the laws of the United States. For example, in case there is a problem between an investor and the company, in their terms and conditions they explain that they are subject to the arbitration law and regulations, among others the Federal Arbitration Act. As for the security of the web. Of course, it is encrypted with SSL technology and also offers you the possibility of activating a login with a two-step authentication process, so that to enter your account a scammer not only needs your password, but also your smartphone.

In addition, there is the verification process that we have talked about in the previous section.

Customer service

The customer service responds in reasonable times, but as they have had a great growth of users, we cannot say that they are the fastest either. We miss that they clearly inform of their email address, phone and, already started to ask, that they have a live chat. There is nothing of this. You can get in touch with it through a contact form and from there, everything by email.

They also have an extensive help section, all of it in English in which practically everything you may need is explained, from deposits to how to trade. It is really very complete and it is also complemented with photos and explanatory graphics that are of great help.

It is also advisable to follow them on social networks, both because they will inform you of important things such as maintenance failures, security issues, etc., and because when the time comes, you could ask them something if you have a doubt whose resolution does not involve giving data that compromises your privacy. More than enough, but it could be better.

Functionality of the website

In this regard there are no complaints. The website is very functional and has a logical order. Even someone who has not invested could never use it. Of course, it must be borne in mind that at the moment it is absolutely everything in English. The truth is that as soon as you know this language, we don't think you'll have any problems.

No need to download anything. All you need is your browser and, if you have activated two-step verification, your mobile to log in.

Mobile application

At the moment Poloniex does not have a mobile app and you should be very clear about it because in December 2017 an app appeared that was a scam posing as them. If you are going to download something that has to do with this company, ask their customer service first. For now, we confirm that there is no app on either Android or iOS. You don't need it either since a web is functional in any common mobile device browser.

Finding

Although it has some things to improve such as the speed of the support service and the always interesting option of developing an app for mobile, the truth is that Poloniex, is in our opinion a very good website for making investments in bitcoins and other cryptocurrencies .

The security leaves no doubt, it is a legal company in the USA, free of suspicions of scam or scam, offers the most popular cryptocurrencies and the web allows you to invest easily, without distractions and with good information.