This Poloniex review is brief but it encompasses all the major and prominent aspects of the exchange that are helpful for beginners to know. There are several differences in the crypto exchanges that are available for crypto investing. These differences are in terms of the features that they offer to the users. This is why, every crypto exchange is not necessarily suitable for novice and experienced crypto investors and traders.

Therefore, if you are a new crypto investor, you should know some details of an exchange before you decide to use it for buying crypto. The Poloniex exchange is a peer-to-peer crypto exchange that is based in the USA. It is one of the best platforms in the market, thanks to its outstanding features and services.

Here are some details you should know so you can determine if this exchange ticks all the right boxes for you.

Poloniex Review on Leverage Trading

Whether you are looking to trade crypto or invest in it, it is important that you know about features such as leverage trading supported by an exchange. This is an essential feature to know about because it is a popular form of trading and comes with its fair share of benefits and risks that novice parties should be familiar with.

This type of trading is also called margin trading and allows the traders to borrow funds from the brokers. The borrowed funds are called leverage and traders can use that to open bigger trading positions, without adding in a lot of money from their pockets.

If you want to opt for trading with leverage then there are a few things you need to know first.

  • The profits through leverage trading are never guaranteed.
  • Every exchange offers a different leverage ratio.
  • There are risks of leverage trading.
  • You should carefully choose an exchange.
  • Novice parties should be familiar with the concept before they dive into it.

If you want to use Poloniex exchange and eventually start leverage trading then you should know that it offers leverage of up to 100x.

Safety and Security Offered

This Poloniex review talks about one of the most important factors every interested party should look for in an exchange, which is the level of security offered by the exchange. There are some security risks that you can come across if you are new to the crypto space. However, these risks can be avoided and reduced greatly if you choose a platform that takes your security seriously.

The Poloniex exchange is one such platform as it makes use of several leading-edge security features that offer utmost safety to the users.

Some of the advanced security protocols used by the platform include:

  • Cold wallets
  • Signature-based cryptographic DNS cache protection
  • DoS attacks protection
  • IP lockouts
  • Protection against robot infiltration and
  • Registry locks
  • Role accounts for privacy protection
  • Two-Factor Authentication

The fact that this exchange is also regulated by FSA, FinCEN and FINRA further validates the security offered by the exchange.

Crypto Lending

Another unique and distinctive feature mentioned in this brief Poloniex review is crypto lending. This feature is not supported by all crypto exchanges and sets it apart from other platforms. This feature allows the crypto investors to lend their crypto to different borrowers. In return, the investors get payments with interest.

Fee to be Paid

There are some details of the fee structure of the exchange mentioned in this brief Poloniex exchange review. As a potential user or a new crypto investor, it is important that you have an idea about the fee that you will be required to pay.

Knowing the details of the fee structure of an exchange is not only important so you can see if it puts you out of budget or not. It is also important because some exchanges charge a high fee and include extra charges that are not disclosed to the users beforehand.

Therefore, to make sure you choose an exchange with a fair and transparent fee structure, you should know the details.

The Poloniex exchange charges one of the lowest fees in the market and that is different for spot and margin trading. Here are the details you should know.

  • Maker fee (for spot trading): 0.1450% to 0.0200% based on trading volume
  • Taker fee (for spot trading): 0.1550% to 0.0200% based on trading volume
  • Maker fee (for margin trading): 0.01%
  • Taker fee (for margin trading): 0.075%
  • 15% lending fee
  • Fixed network fee
  • No fee for deposits
  • No fee for withdrawals

Final Takeaways!

There are several details in this Poloniex review you should be familiar with so you can determine if it is a suitable platform for you or not. As a novice crypto investor you should know and analyze these details before you make a decision.