A Closer Look at Poloniex: It's Still Here
Poloniex is one of those exchanges people either forgot or never noticed. No big banners. No airdrops. But the site loads, the trades go through, and some folks never left.
It's not the flashiest tool in the box. But it cuts, if you know where to apply pressure.
Fees
0.1% per trade. That's the number. Makers pay even less. No discounts for holding some special coin. No hidden rebates. Just simple math. Been like that for years.
You can margin trade too. Up to 5x. Only on a few pairs. Don't expect miracles. It works, mostly.
You don't have to verify your identity if you keep it small. Make an account, deposit some coins, and you're in. Withdrawals are capped if you stay anonymous. But for a quick swap? It's enough.
What You Can Trade
There's a lot of coins. Some useful. Some... not so much. BTC, ETH, TRX. Obscure stuff too. If you're into weird tokens from 2020 or tokens that pumped and died - you might find them here.
Top pairs move fine. Deeper in the list, the order book gets thin. Place a big order on a small pair, and you'll move the price.
TRON stuff is everywhere. Not a coincidence. Poloniex is linked to Justin Sun. You'll notice.
Safety
Years ago, it got hacked. 2014. People lost BTC. The platform paid them back, over time. Then Circle bought it. Then sold it. Now it's offshore, somewhere, run by someone. There are names, but nothing clear.
There's 2FA. Cold wallets. Confirmation emails. The usual. No public audits. No insurance. It's not Kraken.
Still, it hasn't been hacked since. That's something.
Who Uses It Now
People who want to swap coins quietly. People who miss the old exchanges - the ones without flashy dashboards or loyalty badges. People who know how to double-check the address before clicking 'Send.'
Not a lot of hand-holding. Not much support either. But it works.
Pros
- Low fees
- No KYC for small trades
- Long coin list
- Doesn't nag you with popups
Cons
- No fiat on-ramps
- No audit
- Thin liquidity off the top pairs
- Nobody tells you if something breaks
Final Notes
Poloniex is like an old vending machine. You don't expect much. But if you've got the right coin, and the machine works that day, you get what you came for.
That's all.