Poloniex Exchange Review: Features, Pros and Cons, Supported and Restricted Countries

Poloniex Exchange is a trading platform that offers users basic and advanced tools for buying, holding, selling, and trading cryptocurrencies.

Poloniex Exchange is a cryptocurrency trading platform that offers users basic and advanced tools for buying, holding, selling, and trading cryptocurrencies. It was established in 2014, mainly focused on crypto-to-crypto trading, enabling users to exchange one cryptocurrency for another without needing fiat currencies.

The best features of Poloniex include its user-friendly mobile app with comprehensive trading features, trading bots, the Poloniex wallet, and an automated lending bot. These features provide opportunities for advanced trading, such as margin trading, which allows traders to trade with leverage, and various order types, making it suitable for both beginner and advanced traders.

In addition to these features, our review explores what Poloniex Exchange is, the fee structure, legitimacy and security measures, and a straightforward guide on creating a new account on Poloniex Exchange. Let’s begin!

What is Poloniex Exchange?

Poloniex is a centralized cryptocurrency exchange that offers a range of trading products for both novice and experienced traders. Some of these products include spot, margin, futures trading, and swaps. Poloniex integrates with TradingView, providing users with the flexibility to customize their trading interface by setting limit orders, viewing real-time order books, and more.

The exchange is backed by Justin Sun, founder of the Tron network. It supports over 350 cryptocurrencies and offers LaunchBase, a launchpad where crypto projects can raise funds and investors can participate in token sales at discounted prices before they are listed publicly.

To better understand the Poloniex trading platform, the table below provides an overview of its products and services.

What are the Pros and Cons of Poloniex Exchange?

The pros of Poloniex are LaunchBase, futures copy trading, advanced trading tools, and competitive trading fees.

The cons of Poloniex include a history of security breaches, a lack of support for fiat deposits, and negative reviews for customer support.

What are the Poloniex-supported and Restricted Countries?

Poloniex supported countries are Australia, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Iceland, Israel, Italy, Latvia, Lithuania, Luxembourg, Malta, New Zealand, Netherlands, North Macedonia, Poland, Portugal, Romania, Spain, Sweden, Switzerland, and 73+ other countries.

Meanwhile, Poloniex restricted countries include Crimea, Democratic Republic of Congo, Iran, Iraq, Libya, Mali, North Korea, Palestine, Syrian Arab Republic, Somalia, Sudan, Zimbabwe, Afghanistan, Côte d’Ivoire, Yemen, Myanmar, Chinese Mainland, Cuba, United States of America and all US territories, and the UK.

Is Poloniex Available in the US?

No, Poloniex is not available in the US. The company was previously regulated in the United States and available to cryptocurrency traders in the region, but it discontinued its services in December 2019.

However, US customers can access Poloniex with a VPN provider to mask their IP address and log in. Since Poloniex has a tiered KYC level, you can opt for Level 1 verification, which only requires your email address, password, and email verification. With this account tier, you can access unlimited trading, unlimited deposits, $10,000 per day in withdrawals, and the Poloniex lending feature.

What is the Ranking of Poloniex Exchange?

Poloniex Exchange ranks #93 on CoinMarketCap. This ranking is based on its average daily trading volume of approximately $869.375 million, at the time of writing. It is worth noting that determining the exact ranking of a cryptocurrency exchange depends on various factors, including the total number of exchanges the portfolio tracker is tracking, liquidity, current trading volume, and trust score.

What are the Key Features of Poloniex Exchange?

The key features of Poloniex Exchange include the mobile app, Poloniex trading bot, Poloniex wallet, and lending bot.

Poloniex App Review

The Poloniex mobile app features a friendly user interface that offers the same functionality as the desktop trading platform, allowing investors to trade on their phones even while on the go. The Poloniex mobile app is available for both iOS and Android devices, providing a smooth and convenient trading experience.

The app supports a wide range of cryptocurrencies, offers low trading fees, has good liquidity, and includes essential trading features such as charts, order books, and margin trading. It is a proprietary trading platform that integrates TradingView to provide technical indicators (e.g., Bollinger Bands), advanced charting tools, and the flexibility to customize your trading parameters to suit your goals.

Poloniex also supports margin trading on its mobile app on spot and futures markets. For spot margin, the app supports cross margin mode with up to 3x leverage. For futures trading on the app, Poloniex offers USDT-margined perpetual contracts with