{"id":2897,"date":"2017-08-12T21:42:38","date_gmt":"2017-08-13T04:42:38","guid":{"rendered":"https:\/\/coincentral.com\/?p=2897"},"modified":"2018-11-30T04:19:24","modified_gmt":"2018-11-30T12:19:24","slug":"poloniex-review","status":"publish","type":"post","link":"https:\/\/coincentral.com\/poloniex-review\/","title":{"rendered":"Poloniex Review: Read This Before Using Poloniex"},"content":{"rendered":"<h2><span style=\"font-weight: 400\">Poloniex Review: Is Poloniex Safe?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Based out of Wilmington, Delaware, USA, Poloniex consistently has some of the highest trade volume of all cryptocurrency exchanges. \u00a0Despite the exchange\u2019s widespread use, there are a number of <\/span><b>red flags<\/b><span style=\"font-weight: 400\"> you should be aware of before using this site to trade cryptocurrencies.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Because this <\/span><b>Poloniex review<\/b><span style=\"font-weight: 400\"> is a cautionary tale, it will take a different format than some of the other exchange reviews on this site. \u00a0In addition to giving you the \u201ckey information\u201d about Poloniex, I\u2019d also like to address a number of concerns. \u00a0For those of you short on time and just looking for a trustworthy option for buying and selling cryptocurrencies,<\/span><span style=\"font-weight: 400\"> you can <a href=\"https:\/\/coincentral.com\/how-to-buy-bitcoin\/\">view some of our recommended options here<\/a><\/span><span style=\"font-weight: 400\">.<\/span><\/p>\n<p>Covered in this review:<\/p>\n<ul>\n<li><a href=\"#key_information\">Poloniex Key Information<\/a><\/li>\n<li><a href=\"#customer_support\">Customer Support<\/a><\/li>\n<li><a href=\"#withdrawal_issues\">Withdrawal Issues<\/a><\/li>\n<li><a href=\"#terms_of_use_changes\">Terms of Use Changes<\/a><\/li>\n<li><a href=\"#faq\">Poloniex FAQ<\/a>\n<ul>\n<li><a href=\"#how_to_deposit_usd_fiat\">Can You Deposit USD and Other Fiat Currencies Onto Poloniex?<\/a><\/li>\n<li><a href=\"#how_to_buy\">How to Buy on Poloniex?<\/a><\/li>\n<li><a href=\"#fees\">What are the fees?<\/a><\/li>\n<\/ul>\n<\/li>\n<li><a href=\"#summary\">Review Summary<\/a><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400\"><a id=\"key_information\"><\/a>Poloniex Review: Key Information<\/span><\/h2>\n<p>[lptw_table id=&#8221;1766&#8243; style=&#8221;default&#8221;]<\/p>\n<h2><span style=\"font-weight: 400\"><a id=\"customer_support\"><\/a>Poloniex Customer Support<\/span><\/h2>\n<p><span style=\"font-weight: 400\">While the issues of Poloniex potentially reach further than poor customer support, this alone was enough for me to personally stop using the exchange.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Poor customer support is a huge issue for the cryptocurrency industry as a whole. \u00a0If you\u2019ve read other reviews on CoinCentral, chances are you\u2019ve already heard this brought up numerous times. \u00a0With that being said, it\u2019s important for me to convey Poloniex customer support issues go far deeper than most.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Poloniex users have experienced customer support issues taking weeks or even months to be resolved.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/6run2d\/stop_using_poloniex_support_is_nonexistent_90\/\"><span style=\"font-weight: 400\">Reddit user \u201ceast-wrest\u201d shows a support ticket that has been processing for over 90 days.<\/span><\/a>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Other reddit users comment in the thread claiming similar issues:<\/span>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/6run2d\/stop_using_poloniex_support_is_nonexistent_90\/dl81mla\/\"><span style=\"font-weight: 400\">\u201cHad a 6 month ticket that they responded last week\u201d \u2013 Reddit user sn0wr4in<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/6run2d\/stop_using_poloniex_support_is_nonexistent_90\/dl87uzd\/\"><span style=\"font-weight: 400\">\u201cThe only way I got my ticket resolved was waiting 2 weeks and then spamming the trollbox with a polite but strong message, and I was escalated.\u201d \u2013 Reddit user bigmac375<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/6run2d\/stop_using_poloniex_support_is_nonexistent_90\/dl88wtg\/\"><span style=\"font-weight: 400\">\u201cSame. More than by now I think.\u201d \u2013 Reddit user therealflinchy<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/6run2d\/stop_using_poloniex_support_is_nonexistent_90\/dl88ea3\/\"><span style=\"font-weight: 400\">\u201cThe truly sad thing is that I\u2019ve seen so many of these threads that it has dissuaded me from even opening a ticket.\u201d &#8211; Reddit user ZenMercenary<\/span><\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.reddit.com\/r\/Ripple\/comments\/6donq9\/warning_about_poloniex_personal_experience\/\"><span style=\"font-weight: 400\">Reddit user PuffinFluff claims Poloniex representatives even claimed \u201cIt might take 10 days to 3 months for this to resolve.\u201d<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.reddit.com\/r\/PoloniexForum\/comments\/6gs4x3\/poloniex_support_ticket\/\"><span style=\"font-weight: 400\">Reddit user kailuakona11 claiming no answer for over 3 weeks.<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.reddit.com\/r\/Bitcoin\/comments\/6rdxj0\/nice_support_poloniex_52_days_and_no_solution\/\"><span style=\"font-weight: 400\">Reddit user nervotrep4ik \u201c52 days and no solution\u201d<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.reddit.com\/r\/btc\/comments\/6n5vd1\/poloniex_possible_insolvency_alert_my_poloniex\/\"><span style=\"font-weight: 400\">Reddit user ugtarmas \u201cMy Poloniex account was \u201chacked\u201d a month ago. \u00a0They are holding my $70,000 and won\u2019t answer ANY support requests\u201d.<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Clearly, this level of customer support is unacceptable from a company holding millions or possibly billions of dollars\u2019 worth of users\u2019 cryptocurrency.<\/span><\/p>\n<h2><span style=\"font-weight: 400\"><a id=\"withdrawal_issues\"><\/a>Withdrawal Issues<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In many of the above customer support issues, Poloniex users were inquiring about withdrawal problems they had on the exchange.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Some users have <\/span><a href=\"https:\/\/www.reddit.com\/r\/Bitcoin\/comments\/6j4kmj\/psa_dont_send_bitcoin_to_poloniex\/\"><span style=\"font-weight: 400\">experienced withdrawals \u201cawaiting approval\u201d for prolonged periods of time<\/span><\/a><span style=\"font-weight: 400\">, despite their accounts appearing to be in good standing.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Even if a new account is able to withdraw funds, <\/span><a href=\"https:\/\/www.reddit.com\/r\/BitcoinMarkets\/comments\/6buvrj\/poloniex_verification_delays\/\"><span style=\"font-weight: 400\">it may be tough to increase your withdrawal limits above $2,000 per day<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If using Poloniex, you could end up with an unprocessed withdrawal and month long wait times from customer support.<\/span><\/p>\n<h2><span style=\"font-weight: 400\"><a id=\"terms_of_use_changes\"><\/a>Terms of Use Changes<\/span><\/h2>\n<p><span style=\"font-weight: 400\">On August 1<\/span><span style=\"font-weight: 400\">st<\/span><span style=\"font-weight: 400\">, 2017 Poloniex made changes to <\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">their \u201cTerms of Use\u201d<\/span><\/a><span style=\"font-weight: 400\"> that <\/span><a href=\"https:\/\/www.reddit.com\/r\/BitcoinMarkets\/comments\/6que0r\/poloniex_just_suddenly_changed_their_terms_and\/\"><span style=\"font-weight: 400\">worried many users<\/span><\/a><span style=\"font-weight: 400\">. \u00a0While some users\u2019 concerns were eased after <\/span><a href=\"https:\/\/poloniex.com\/press-releases\/2017.08.03-Bitcoin-Cash-Update\/\"><span style=\"font-weight: 400\">Poloniex\u2019s official statement on Bitcoin Cash<\/span><\/a><span style=\"font-weight: 400\">, there\u2019s still a number of interesting changes. \u00a0That being said, I think the majority of these changes were much needed updates any company in the industry should have.<\/span><\/p>\n<p><b>Disclaimer: \u00a0I am not a lawyer and any interpretation of the following \u201cTerms of Use\u201d should not be taken as legal advice. \u00a0<\/b><\/p>\n<h3><span style=\"font-weight: 400\">Lack of Terms of Use Updates<\/span><\/h3>\n<p><span style=\"font-weight: 400\">When researching their past \u201cTerms of Use\u201d, something very quickly caught my eye. \u00a0Using the <\/span><a href=\"https:\/\/web.archive.org\/web\/*\/https:\/poloniex.com\/terms\"><span style=\"font-weight: 400\">\u201cWayback Machine\u201d provided by archive.org<\/span><\/a><span style=\"font-weight: 400\">, the last edit I could find to Poloniex\u2019s Terms of Use was dated August 8<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\">, 2015. \u00a0The Wayback Machine showed this being the case in a snapshot as of Jun 19<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\">, 2017. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While this is NOT necessarily a cause for concern, this struck me as odd. \u00a0Poloniex, a company in a quickly growing industry, with an ever-changing legal landscape, had not updated their terms of use for almost 2 years. \u00a0By comparison, competitors <\/span><span style=\"font-weight: 400\"><a href=\"https:\/\/coincentral.com\/coinbase-review\/\">Coinbase<\/a> and <a href=\"https:\/\/coincentral.com\/gemini-review\">Gemini <\/a><\/span><span style=\"font-weight: 400\">had made a number of updates to their legal terms pages in this time.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">August 1<\/span><span style=\"font-weight: 400\">st<\/span><span style=\"font-weight: 400\">, 2017 Poloniex \u201cTerms of Use\u201d Highlights<\/span><\/h2>\n<p><a href=\"https:\/\/www.reddit.com\/r\/BitcoinMarkets\/comments\/6que0r\/poloniex_just_suddenly_changed_their_terms_and\/dl041j0\/?utm_content=permalink&amp;utm_medium=front&amp;utm_source=reddit&amp;utm_name=BitcoinMarkets\"><span style=\"font-weight: 400\">Reddit User NLNico attempted to summarize many of the August 1<\/span><span style=\"font-weight: 400\">st<\/span><span style=\"font-weight: 400\"> changes on the Bitcoin Markets SubReddit:<\/span><\/a><\/p>\n<ul>\n<li><span style=\"font-weight: 400\">\u201cNo services to people from New Hampshire, New York, Washington<\/span><\/li>\n<li><span style=\"font-weight: 400\">Your commentary on social media about Poloniex is now the sole property of Poloniex. [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 13<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">&#8220;<\/span><i><span style=\"font-weight: 400\">You will not: Use a web crawler or similar technique to access our Services or to extract data<\/span><\/i><span style=\"font-weight: 400\">&#8221; [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 14<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">&#8220;<\/span><i><span style=\"font-weight: 400\">.. you will not be using this site for any illegal activity, including but not limited to illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data or the financing of terrorism, or other violent activities.<\/span><\/i><span style=\"font-weight: 400\">&#8221; [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 1<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">Stop orders might not execute. [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 6<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">Emphasizes that trading is risky and that you are responsible for complying with applicable law. [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 5<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">&#8220;<\/span><i><span style=\"font-weight: 400\">Poloniex does not allow Users to exchange Tokens for money<\/span><\/i><span style=\"font-weight: 400\">&#8221; [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 2<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">Added &#8220;unclaimed property&#8221; section [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 29<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">More info about &#8220;arbitration&#8221; [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 23 and other areas of the Terms of Use<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">Address change [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 8. \u00a0This appears to only be a change of where to file notification of copyright infringement.<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">Typos fixes<\/span><\/li>\n<li><span style=\"font-weight: 400\">&#8220;snow storm&#8221; is added as excuse of interruption [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 27<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li><span style=\"font-weight: 400\">etc. etc. etc.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Use archive.org and text-compare.com for full comparison.<\/span><\/li>\n<li><b><span style=\"font-weight: 400\">I didn&#8217;t read all new text, so make your own comparison.\u201d<\/span><\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><b>Summary of NLNico\u2019s Comment<\/b><\/p>\n<p><span style=\"font-weight: 400\">Most of the above changes seem fairly straightforward and reasonable from a cryptocurrency exchange. \u00a0Many of Poloniex\u2019s competitors have similar wording in their terms of use\/terms of service\/user agreement. \u00a0However, considering Poloniex\u2019s poor customer support and community trust, <\/span><b>I think you should be aware of at least a few parts of their Terms of Use:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You waive your right to take Poloniex to court for many issues that may arise while using their service. \u00a0These issues will instead be handled through arbitration. [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 23<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You waive your right to participate in class action lawsuits or class-wide arbitration. [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 23<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Poloniex may deactivate your account if they suspect you or others to be using your account for illegal activity. \u00a0You will however be able to permitted to transfer your \u201cTokens\u201d for 90 days after account deactivation or cancellation, unless prohibited under law or by a valid subpoena or court order. \u00a0[<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 17<\/span><\/a><span style=\"font-weight: 400\">]<\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Considering some users have been unable to reach customer support for as long as 90 days, this could be an issue if you\u2019re wrongfully accused of using your account for illegal activity.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cPlacing contingent orders, such as \u201cstop-loss\u201d or \u201cstop-limit\u201d orders, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.\u201d [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 6<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cIf Poloniex is unable to return your Tokens to a third party Account for you after a period of inactivity, Poloniex may report and remit the Tokens to an applicable government agency pursuant to applicable escheatment or unclaimed property laws.\u201d [<\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">Section 29<\/span><\/a><span style=\"font-weight: 400\">]<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Another Reddit user, <\/span><a href=\"https:\/\/www.reddit.com\/r\/BitcoinMarkets\/comments\/6que0r\/poloniex_just_suddenly_changed_their_terms_and\/dl03h2r\/\"><span style=\"font-weight: 400\">BehindTheGreenDoor , commented<\/span><\/a><span style=\"font-weight: 400\">:<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cCheck out <\/span><a href=\"https:\/\/poloniex.com\/terms\/\"><span style=\"font-weight: 400\">section 16<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u2018Poloniex does not own or control any of the underlying software through which blockchain networks are formed and Tokens are created and transacted. In general, the underlying software for blockchain networks tends to be open source such that anyone can use, copy, modify, and distribute it. By using the Services, you acknowledge and agree (i) that Poloniex is not responsible for operation of the underlying software and networks that support Tokens and that Poloniex makes no guarantee of functionality, security, or availability of such software and networks; and (ii) that the underlying protocols are subject to sudden changes in operating rules (a\/k\/a \u201cForks\u201d), and that such Forks may materially affect the value, function, and\/or even the name of the Tokens you store in your Account. In the event of a Fork, you agree that Poloniex may temporarily suspend the Services (with or without advance notice to you) and that Poloniex may, in its sole discretion, (a) configure or reconfigure its systems or (b) decide not to support (or cease supporting) the Forked network entirely, provided, however, that you will have an opportunity to withdraw Tokens on at least one of still existent underlying networks. You acknowledge and agree that Poloniex assumes absolutely no responsibility whatsoever in respect of any underlying software protocols, whether Forked or not.\u2019<\/span><\/p>\n<p><span style=\"font-weight: 400\">The fact that they had to add it before the BCH fork makes the possibility of them crediting BCH balances look quite bleak.\u201d<\/span><\/p>\n<p><b>Summary of BeHindTheGreenDoor\u2019s Comment<\/b><\/p>\n<p><span style=\"font-weight: 400\">As mentioned above, this initially led to users worrying that they wouldn\u2019t receive Bitcoin Cash after the fork, something most exchanges honored. \u00a0These concerns were eased after <\/span><a href=\"https:\/\/poloniex.com\/press-releases\/2017.08.03-Bitcoin-Cash-Update\/\"><span style=\"font-weight: 400\">Poloniex made an official Bitcoin Cash Update<\/span><\/a><span style=\"font-weight: 400\">, announcing they would credit users Bitcoin Cash. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While Bitcoin Cash will be credited, it appears this addition to Poloniex\u2019s \u201cTerms of Use\u201d will allow them to not support future cryptocurrency forks if they so choose.<\/span><\/p>\n<h2><span style=\"font-weight: 400\"><a id=\"faq\"><\/a>Poloniex FAQ<\/span><\/h2>\n<p><span style=\"font-weight: 400\">If, after reading the above warning, you still want to know <\/span><b>how to use Poloniex<\/b><span style=\"font-weight: 400\">, here are some answers to frequently asked questions about the exchange.<\/span><\/p>\n<h3><span style=\"font-weight: 400\"><a id=\"how_to_deposit_usd_fiat\"><\/a>How to deposit USD or other fiat currencies onto Poloniex?<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Poloniex does not support deposits, withdrawals, or trading in any fiat currencies (USD, EUR, GBP, Etc). \u00a0They are a <\/span><b>cryptocurrency only exchange<\/b><span style=\"font-weight: 400\">. \u00a0If you\u2019re hoping to purchase cryptocurrency with fiat currency, <\/span><a href=\"https:\/\/coincentral.com\/how-to-buy-bitcoin\/\"><span style=\"font-weight: 400\">check out our list of the best options<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400\"><a id=\"how_to_buy\"><\/a>How to Buy on Poloniex?<\/span><\/h3>\n<p><span style=\"font-weight: 400\">In order to buy cryptocurrency on Poloniex, you must already have another cryptocurrency that they support. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Deposit your cryptocurrency by clicking Balances &gt; Deposits &amp; Withdrawals. \u00a0Locate the wallet you wish to deposit to, then send your cryptocurrency to that address.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-2898\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/deposit.jpg\" alt=\"deposit on poloniex\" width=\"1493\" height=\"722\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/deposit.jpg 1493w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/deposit-591x286.jpg 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/deposit-621x300.jpg 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/deposit-600x290.jpg 600w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/deposit-300x145.jpg 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/deposit-768x371.jpg 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/deposit-874x423.jpg 874w\" sizes=\"(max-width: 1493px) 100vw, 1493px\" \/><\/p>\n<p><span style=\"font-weight: 400\">Once your deposit has hit your account, go to the exchange page. \u00a0Here you can trade a variety of cryptocurrencies for <a href=\"https:\/\/coincentral.com\/what-is-bitcoin\/\">Bitcoin<\/a>, <a href=\"https:\/\/coincentral.com\/what-is-ethereum\/\">Ethereum<\/a>, Monero, or <\/span><a href=\"https:\/\/tether.to\/\"><span style=\"font-weight: 400\">USDT<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Locate the pair you wish to trade on the right-hand side of the exchange page. \u00a0You can then set your buy price, the amount you wish to purchase, and then place your buy order. \u00a0Your order will only get filled if other Poloniex users are willing to sell their cryptocurrency at the price you placed your order<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-2899\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex.jpg\" alt=\"how to buy on poloniex\" width=\"1476\" height=\"1459\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex.jpg 1476w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex-591x584.jpg 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex-100x100.jpg 100w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex-621x614.jpg 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex-600x593.jpg 600w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex-300x297.jpg 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex-768x759.jpg 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex-455x450.jpg 455w, https:\/\/coincentral.com\/wp-content\/uploads\/2017\/08\/how-to-buy-on-poloniex-65x65.jpg 65w\" sizes=\"(max-width: 1476px) 100vw, 1476px\" \/><\/p>\n<h3><span style=\"font-weight: 400\"><a id=\"fees\"><\/a>What are Poloniex\u2019s Fees?<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Trading fees are typically below .25%. \u00a0You can see more information on their site <\/span><a href=\"https:\/\/poloniex.com\/fees\/\"><span style=\"font-weight: 400\">here<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">There are no deposit fees, although withdrawal fees will vary depending on the cryptocurrency you\u2019re withdrawing. \u00a0These withdrawal fees are charged by the cryptocurrency\u2019s network, not Poloniex.<\/span><\/p>\n<h2><span style=\"font-weight: 400\"><a id=\"summary\"><\/a>Poloniex Review Summary<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In the time I used Poloniex, I personally never had any issues with the exchange. \u00a0Still, the widespread issues brought up on forums and from friends were enough to make me withdraw my funds and use different sites. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you\u2019re looking for a site very similar to Poloniex, I\u2019d recommend using <\/span><a href=\"https:\/\/coincentral.com\/bittrex-review\/\"><span style=\"font-weight: 400\">Bittrex <\/span><\/a><span style=\"font-weight: 400\">instead. \u00a0If you\u2019re just looking for a simple way to buy your first cryptocurrency, I\u2019d recommend <\/span><a href=\"https:\/\/coincentral.com\/coinbase-review\/\"><span style=\"font-weight: 400\">Coinbase <\/span><\/a><span style=\"font-weight: 400\">or <\/span><a href=\"https:\/\/coincentral.com\/how-to-buy-bitcoin\/\"><span style=\"font-weight: 400\">another option from this list<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>[wp-review id=&#8221;2897&#8243;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Poloniex Review: Is Poloniex Safe? In addition to giving you key information about Poloniex, we also address a number of concerns that may gain your interest.<\/p>\n","protected":false},"author":8,"featured_media":2900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"iawp_total_views":17,"footnotes":""},"categories":[5713],"tags":[5779,5820],"class_list":{"0":"post-2897","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-reviews","8":"tag-exchange-reviews","9":"tag-poloniex"},"wppr_data":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Poloniex Review: Read This Before Using Poloniex<\/title>\n<meta name=\"description\" content=\"Poloniex Review: Is Poloniex Safe? 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