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:
Total trading pairs: 101
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.10% – 0.25%
Margin trading: yes
USA accepted: yes
Verification levels and withdrawal 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.