Poloniex Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed Poloniex fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of Poloniex
The Poloniex exchange is a platform for exchanging cryptocurrencies and spot and margin transactions. The service offers a proprietary web terminal and mobile version. Bitcoin, Ethereum, USDT, and several dozen other popular cryptocurrencies are traded on the exchange. There are also fiat pairs. Poloniex.com offers two passive earning options as simplified staking and P2P lending. There is a community of cryptocurrency traders on Poloniex called Poloniex Learn. There, the latest news and analytics are regularly published. The crypto exchange also has an insurance fund, which indicates the safety of Poloniex. The cryptocurrency exchange offers detailed guides on contracts and high-quality analytics on spot prices for indices. Analytical materials are available even to unregistered users.
👍 Advantages of trading with Poloniex:
•fiat pairs;
•simple and user-friendly interface;
•high turnover of trades;
•the possibility of lending;
•low transaction fees;
•convenient technical tools;
•deep analytics;
•high-security level.
👎 Disadvantages of Poloniex:
•there is no direct connection with technical support (only messengers, mail, social networks);
•unjustified blocking of accounts has been noticed in the past.
Poloniex Commissions and Fees
Poloniex cryptocurrency exchange charges transaction fees to its users. The commission size depends on the trading level. The trading level is determined by the trading volume and the fund’s amount on the account. The commission is 0.125% for the maker and recipient at the first (lowest) trading level. At the sixth and highest level, the commission is 0.000% for the maker and 0.070% for the recipient.
There are reduced commissions for users with one of the VIP accounts—Poloniex Plus Silver or Poloniex Plus Gold. Users with the Poloniex Market Maker status have the lowest possible commissions. This status shall be assigned on an individual basis. The commission for trading futures is fixed, which is 0.01% and 0.075% for the maker and recipient, respectively.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | From 0.125% per market order | On an individual basis |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at Poloniex suitable for beginners?
Based on the results of the analysis, Traders Union experts have concluded that the fees charged by the broker are average. There are companies with lower fees. The broker offers a low minimum deposit, but average fees do not make this broker a good choice for novice traders.
FAQs
Can you reduce the fees?
As a rule, the fees depend on the trading account type. Also, companies may have special offers.
Are the fees charged on a demo account?
Yes, but they are written off the virtual funds you use for trading on the demo account. This allows you to learn the level of the fees.
Why do some brokers set a high minimum deposit?
Many companies with high minimum deposits are focused on working with professional traders with experience and large capital. Therefore, they set a high entry threshold.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.