If you don’t feel comfortable searching for answers to questions with help sections, you may prefer an exchange that offers more options for customer support. The signup process at Poloniex is similar to that of other cryptocurrency exchanges. You’ll start by creating an account with your email address and a password. Despite Poloniex’s useful options and features, there are a few drawbacks on the security and regulatory side. Even more concerning, it’s been subject to two hacks and U.S. Securities and Exchange Commission (SEC) regulatory action in the past.
The non-custodial Zengo wallet allows users to be in total control of their own digital assets. Additionally, Zengo enables users to buy and sell cryptocurrencies whenever they want through its built-in onramp and offramp features. Users in supported countries can also buy and sell crypto using a Simplex bank account.
In the right part of the screen, one can see the prices (and price changes) of the coins supported on the platform. Poloniex has an extremely large selection of over 300 cryptocurrencies. There aren’t any notable gaps in its lineup, as it has just about all of the biggest cryptocurrencies and plenty of altcoins. For futures trading, Poloniex charges a maker fee of 0.01% and a taker fee of 0.075%. For those interested in non-fungible tokens (NFTs), Poloniex is partnered with the APENFT marketplace. Poloniex users can access APENFT directly from the exchange.
For the centralized exchange, which we are reviewing here, you’ll need an account. As mentioned above, Poloniex is only available to users outside of the United States. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
He writes for Motley Fool Money and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia. While Poloniex is not available to U.S. citizens, you can still withdraw USD from the platform.
It’s impossible to tell where it went after that because of the massive amount of funds going through that communal wallet. While a large selection is normally a good thing, there is a caveat with Poloniex. The exchange has a reputation for listing just about anything, including outright pump-and-dump crypto scams. As an example, it offers Squid Game (SQUID), a crypto that was revealed to be an exit scam. Because of Poloniex’s lack of scrutiny, it’s even more important to do your own research on any cryptocurrency you’re considering. Simplex charges a fee of 3.5% to 5% for this, with a $10 minimum, and Poloniex also charges its own 0.75% fee.
With Zengo, users are in total control of their own private keys and thus cryptocurrency holdings through biometric 3FA. Additionally, Poloniex only offers trading services whilst Zengo offers its users a full-fledged gateway to Web3, Dapps, NFTs, and decentralized finance. It was already mentioned that fiat money can’t be deposited on this exchange so how to deposit USD to Poloniex in case if one doesn’t have any cryptocurrencies?
Some users complain about long periods of Poloniex withdrawal pending. Such things might happen when withdraw usd from poloniex the platform suspends the withdrawals of certain currencies due to tech maintenance. In the Withdraw list, users can see if the withdrawals are temporarily disabled. Most users who have faced the problem of the stuck transaction recommend to contact the support team and ask for help. Those Coinbase users who want to diversify their trading experience can easily send their coins to the Poloniex account.
Anyone with experience using an online stock brokerage or online banking should have no trouble navigating Poloniex’s dashboard and apps. As an alternative, you can transfer your funds to Zengo and then sell them for fiat later. In general, there are not many difficulties in using Poloniex as the interface is user-friendly. Moreover, the support team is quite responsive so it’s better to contact them in case of dealing with troubles. Probably before asking a question one will be able to find the answer on the support center page. Besides this, charts reflect the Last Price, 24-hour change, 24-hour low, and 24-hour high.