This Poloniex review starts with the initial launch of the platform, which was as a crypto exchange but later on added trading services to its platform to allow its users to buy and trade cryptocurrencies. It was established in America in 2014, has a $500,000 million worth of daily trading volume and is one of the top platforms.
Circle, a renowned financial company providing peer-to-peer services, bought Poloniex in 2018 and the exchange has shown tremendous growth ever since. The quality of services, user interface and security measures have significantly improved since the acquisition.
Here are details of some of the safety and trading features integrated and offered on the Poloniex exchange.
Poloniex Review – Security Offered
Poloniex suffered a cyberattack on its platform in 2014 but was successful in retaining investors by minimizing their losses and offering additional bonuses and rewards to help them cover up the loss in future. Since then, safety and security of investors has been the center of focus for Poloniex Exchange.
The platform now offers cold wallets to store the excess of investor’s funds and investments, has incorporated registry locks, provides security against Denial of Service (DOS) attacks and infiltration using robots, uses cache protection and two-factor authentication system.
Poloniex keeps updating its platform to incorporate new, better safety measures to provide an extremely secure user experience.
The exchange is also regulated according to the policies of the Financial Services Authority, Financial Crimes Enforcement Network and Financial Regulation Authority. All the activities of the exchange are in accordance with the fore-mentioned authorities. So as to ensure that no frauds or laundering activities will conduct on or through the platform.
Here are some of the trading services and features that are supported by the exchange and mentioned in the brief Poloniex exchange review.
Poloniex offers the basic set of tools and charts to its investors which can be used to make informed decisions for investing and selling. Indicators are used to conduct evaluation of performance of digital assets. The charts are very efficient so that there are no lags in the time of presenting data.
Users can lend their funds and assets to other investors who pay an interest on the amount. These investors use the funds to conduct trades. From which they can make profits for themselves after paying off the interest and borrowed funds. Users can use this method to make money alongside primarily engaged in trading activity.
Users can also borrow funds from Poloniex Exchange which they can use to trade. This allows for our investors to make better trades without having to care about the availability of funds.
It is important to note that due to the uncertainty of the prices of digital assets, your funds can be completely out if you don’t invest carefully. The risk factor is high in margin trading. Therefore, is not advised if you don’t have a proper trading strategy.
To attract a new niche, Poloniex offers OTC trading options to the organizations and firms which now want to invest in crypto assets. Circle’s OTC trade desk allows firms to buy cryptocurrency for $250,000 minimum.
The association with Goldman Sachs plays a very vital role for Poloniex as it attracts investors towards the platform as well as cryptocurrency itself.
Poloniex Review on Other Supported Features
Poloniex allows investors to buy cryptocurrency by using Fiat money through their credit cards or bank transfer. This way, the need to deposit cryptocurrency into the digital wallet of Poloniex is reliable. Investors can buy stable coins from which they purchase any cryptocurrency of choice.
Poloniex Exchange offers an additional financial service of account statement and financial reports. These are to make it easier for investors to be mindful of their investments and capital and also to promote the filing of taxes against crypto assets.
Poloniex also provides superior customer support services to its users. The extremely responsive team quickly gets down to your inquiries to provide you with an appropriate solution for any arising problems. You can contact to support team on helpline, social media and website.
Who is the brain behind Poloniex?
The names of the managers, owners, and investors of the Poloniex trading platform are largely unknown. Furthermore, and perhaps more concerning, the lack of a real office for the organisation.
Tristan D’Agosta is the only name on their official website, and it claims he is the founder of Poloniex. D’Agosta holds a Bachelor of Arts in music from Rutgers University and has worked as a freelance writer. Tristan wrote an open letter to Poloniex users. In his letter, he discussed the changes to Poloniex as well as the Financial Crimes Enforcement Network’s new withdrawal requirements (FinCEN).
Poloniex will demand your name and country for all withdrawals starting May 21, 2015. You must enter your address and phone number. If you want to withdraw more than $2,000.00 USD equivalent in less than 24 hours. Poloniex will only ask for identity verification, such as your social security number or photo ID. If you need to withdraw more than $7,000.00 USD equivalent in a 24-hour period. Poloniex is taking these steps to safeguard itself and you from any illegal conduct. That could compel them to shut down their services, according to him.
Poloniex is a very secure cryptocurrency exchange which allows its users to trade and lend their funds to other investors. The numerous safety measures and supported features incorporated on the platform make it safe and efficient for investors to conduct investing activities. If you are a potential user of the exchange, you should know the details mentioned in this brief Poloniex review.
No matter which exchange you use, you are still taking a risk. You must have faith in the exchange not to disappear with your money (yes, this happened in the past). Poloniex is the most popular exchange, and it has had one security breach in the past, but the monies were successfully returned to the owners. They are prone to “DDoS” assaults, which might prevent you from cancelling your buy/sell orders and allowing someone else to fill them.