Poloniex Review: An American Cryptocurrency Exchange with BTC, ETH, XMR, and USDT Trading Pairs

Poloniex is a United States based cryptocurrency exchange founded in January 2014 by Tristan D’Agosta. The American company is currently registered in Wilmington, Delaware with a corporate office in Boston. It accepts only cryptocurrencies deposits (Including USDT) and has a large number of trading pairs – one of the largest, in fact.

Poloniex has a large amount of liquidity and as such is recommended for professional and mid to high-level traders, of which there are almost 60,000 online at a given time.

Poloniex currently ranks #1 on the BlockExplorer Top 25 Cryptocurrency Exchanges List.

Poloniex Cryptocurrency Exchange Summary:

poloniex cryptoName: Poloniex
URL: https://www.poloniex.com
Total trading pairs: 101
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.10% – 0.25%
Margin trading: yes
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Requirements

Limits

Level 1 Email, First & Last Name, Country $2,000, USD Margin Trading Enabled
Level 2 Complete Address, Phone Number, Date of Birth 7,000 USD
Level 3 SSN, Scan of Photo ID, Selfie holding your ID $25,000 USD
Enhanced Verification Contact Support Greater than $25,000 USD

Poloniex Exchange Verification Process

Poloniex’s verification process is simple and is only required for withdrawal of currency. All users will need to enter their full name, date of birth, and address to start, after which webcam based verification of photo ID and possibly a utility bill will take place – This involves holding the requested identification document next to your face and allowing your webcam to take an image.

Once verification is confirmed users can withdraw $25,000 equivalent per day, which can be increased by contacting Poloniex support. It is recommended that users get verification before beginning to trade, as without verification you can only deposit and trade currency.

The exchange has a tiered fee system using a maker and taker model. In this model, trades happen between makers and takers, where the taker places an order to match a maker’s order. Because makers add liquidity to the market they are given a fee discount. Fees are calculated as an average of trading activity, with higher activity leading to lower fees. You can find a breakdown of volume to fees available here.

GDAX Review: Coinbase’s Bitcoin Exchange, Litecoin Exchange, and Ethereum Exchange

The Global Digital Asset Exchange (GDAX) is a trading platform launched by Coinbase.com in May of 2016. GDAX trades Bitcoin (BTC), Ether (ETH), and Litecoin (LTC), and accepts USD, EUR, and GBP Deposits. GDAX owned by the Coinbase Inc, which is based in San Francisco, California.

GDAX is suited to the needs of traders with mid-level experience in crypto trading, as well as institutional and professional investors. GDAX is fairly easy to understand once you get the hang of it, but may be slightly confusing for a first time trader. Customer USD funds in GDAX are FDIC insured, meaning your balance up to $250,000 is protected.

GDAX currently ranks #3 on the BlockExplorer Top 25 Cryptocurrency Exchanges List.

GDAX Bitcoin Exchange Summary:

gdax cryptoName: GDAX
URL: https://www.gdax.com/
Total trading pairs: 9
Founded: 2016
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.25%
Margin trading: yes
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Verified Algorithmic

GDAX Exchange Verification Process:

Users who are already registered on Coinbase don’t have to create an account from scratch and can log in with their Coinbase credentials.

GDAX has two levels of verification. Note: They do not have an unverified tier available for use. Verification is required, and users are not allowed to deposit or trade until the verification is completed.

The verification process is straightforward and is different depending on the country. This is due to the differing regulatory atmospheres in different countries. Some are friendly and some are not. In fact, in some countries, like the United States (US), there are differing regulations depending on state.

US users will need to provide a copy of their driver’s license, residential address, and SSN. Please note that GDAX isn’t currently allowing every American state so they won’t accept US passports as an identification document, they need to see and verify what state you are living in to be compliant. As noted previously, some American states are not allowed. US states not yet supported by GDAX include Wyoming, Hawaii, and Minnesota.

UK users will need a photo of an ID card, driver’s license or Passport as well answers to several identity questions

Users from other countries such as Singapore, Australia, Canada and European countries are required to provide a photo of an ID card, driver’s license or Passport and another photo of a different ID document.

Once you are verified: Happy trading!