On 19 July 2019, the 24 hour trading volume here was USD 41.7 million. This placed it on place no. 64 on the list of the exchanges in the world with the highest 24 hour trading volumes. On the date of last updating this review (31 March 2020, right in the middle of the crisis with COVID-19), the trading volume was USD 32.7 million. This time however, Poloniex only managed to achieve place no. 99 on the list, so it had dropped a bit relative to the market in general.
Poloniex Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Poloniex:
Poloniex Trading fees
This exchange doesn't charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Poloniex charges both makers and takers 0.09%. You can also achieve lower trading fees if your preceding 30 day trading volume is above certain thresholds, as follows:
Poloniex Withdrawal fees
Poloniex's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
Different from most exchanges, Poloniex accepts fiat currency deposits through both bank transfers and credit cards. This makes Poloniex something we call an “entry-level exchange”, meaning an exchange at which new cryptocurrency investors can take their first steps into the thrilling cryptocurrency world.
Is Poloniex safe to use?
Regulation. Poloniex has an AML/KYC policy, and is registered in the Seychelles. It does not serve customers in jurisdictions where it's not appropriately licensed or regulated to offer cryptocurrency trading services. It was formerly owned by prominent Goldman Sachs-backed tech company Circle, before spinning out into a separate company. It still maintains close ties with Circle.
Verification process. Poloniex traders are required to provide their full name, and Poloniex may ask for additional identification such as a driver's license or passport. In certain circumstances it may require users to submit additional information for enhanced due diligence.
Security features. Poloniex has insurance coverage for the crypto assets on its platform, it stores a large portion of customer funds offline and follows industry best security practices.