Has Poloniex Started Stealing User Funds?
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Has Poloniex Started Stealing User Funds?

Lorena Boanda - November 3, 2017
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Poloniex Cryptocurrency Exchange – Review

Poloniex is one of the most popular cryptocurrency exchanges in the world. With this platform’s help, you can trade a lot of Bitcoins and alternative coins.

The Beginnings

Poloniex’s first appearance was in 2014, when it was founded by Tristan D’Agosta. This company is headquartered in the United States, but it’s safe from the observation of “local financial watchdogs”.

As for the variety of digital coins that Poloniex has on the list, we can say that we meet the most famous names on the market. You can play with different cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, Monero, Dash, Zcash.

The Struggles

Even if Poloniex is considered to be a very secure Bitcoin exchange platform, they have encountered several issues during their period of operation. For example, in March, 2014, they reported a major hack, approximately 12% of their Bitcoin being stolen.

The immediate consequence of this incident was the increase in trading fees, as they had to recover the missing money from other people’s accounts. This decision was considered rational and correct by many of them.

However, in 2017’s summer, several users complained about the way the company was functioning = slow. Everyone who wanted to withdraw an amount of money from their account was forced to wait a long time because the procedure was delayed. We still don’t know for sure if this problem is (or is about to be) fixed, but they certainly upset many people.

The Fees

As Poloniex states on its website, the taxes are the following, depending on your cryptocurrency:

Maker Taker Trade Volume (trailing 30 day avg)
0.15% 0.25% < 600 BTC
0.14% 0.24% ≥ 600 BTC
0.12% 0.22% ≥ 1,200 BTC
0.10% 0.20% ≥ 2,400 BTC
0.08% 0.16% ≥ 6,000 BTC
0.05% 0.14% ≥ 12,000 BTC
0.02% 0.12% ≥ 18,000 BTC
0.00% 0.10% ≥ 24,000 BTC
0.00% 0.08% ≥ 60,000 BTC
0.00% 0.05% ≥ 120,000 BTC

The Advantages

  • Full refund for the victims in case of minor security breach
  • The possibility to trade various types of digital coins
  • The largest Ethereum exchange
  • Data-analysis tools and detailed charts
  • World-wide services.

The disadvantages

  • You don’t know their physical offices
  • Slowness and delays
  • Some users reported that they are not able to withdraw their funds from their Poloniex accounts
  • It is considered to be a little unsafe because of the incidents from the past.

 

Even if Poloniex has encountered different hack-problems in its past, it is still one of the best US-based cryptocurrency exchanges in the world. It may have some complaints from different users, but it sure is praised by others.

Find more about Poloniex

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