Is Poloniex a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Poloniex is a good crypto exchange to start trading with. In this article you will learn whether Poloniex is good for beginners, what its pros and cons are and what a novice trader needs to know.
Poloniex's Top Features for Beginners
Poloniex’s beginner-friendly features, such as a demo account, low minimum deposit, educational materials, copy trading, staking, a user-friendly mobile app, customer support, fiat deposit and withdrawal options, and low fees, were compared against the top two competitors to ensure a comprehensive evaluation.
| Poloniex | OKX | Kraken | |
|---|---|---|---|
| Demo account |
No |
Yes |
No |
| Minimum deposit, USD or USDT | 50 | 10 | 10 |
| P2P exchange |
Yes |
Yes |
No |
| Spot maker fee | 0,2 | 0,08 | 0,25 |
| Fiat transactions |
Yes |
Yes |
Yes |
| Bank cards |
Yes |
Yes |
Yes |
| Commissions and fees | 6 | 9.25 | 6.2 |
| Educational tools |
Yes |
Yes |
Yes |
| Crypto bonuses |
Yes |
Yes |
Yes |
| Staking |
Yes |
Yes |
Yes |
| Copy trading |
Yes |
Yes |
Yes |
|
|
|
|
Why We Focused on Comparing These Beginner-Friendly Features:
Demo account – Allows beginners to practice trading without risking real funds, helping them gain confidence and understand the platform.
Minimum deposit, USD or USDT – Ensures low entry barriers, making it affordable for newcomers to start trading with a small initial investment.
P2P exchange – Enables direct cryptocurrency trading between users, often with no intermediaries, providing a straightforward and accessible way to trade.
Spot maker fee – Highlights competitive trading fees for placing limit orders, which is cost-effective for those starting with spot trading.
Fiat transactions – Simplifies the process of depositing and withdrawing funds using local currencies, making it convenient for first-time users.
Bank cards – Provides an easy and familiar way for beginners to fund their accounts quickly using Visa or Mastercard.
Commissions and fees – Transparent and competitive fee structures help beginners calculate costs and avoid unexpected charges.
Educational tools – Tutorials, webinars, and guides equip beginners with the knowledge needed to trade confidently and effectively.
Crypto bonuses – Offers incentives like signup rewards or deposit bonuses, encouraging newcomers to explore trading.
Staking – Allows beginners to earn passive income on their holdings, introducing them to advanced cryptocurrency features with minimal effort.
Copy trading – Lets new traders learn by replicating the strategies of experienced traders, reducing the learning curve.
Short summary about the broker 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.
| 💰 Account currency: | Cryptocurrencies, fiat currencies |
| 🚀 Minimum deposit: | $50 |
| ⚖️ Leverage: | Up to 1:100 |
| 💱 Spread: | 0.125% |
| 🔧 Instruments: | Cryptocurrencies, fiat currencies |
| 💹 Margin Call / Stop Out: | No |
Poloniex Pros and Cons
👍 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.
Trading Conditions for Poloniex Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Poloniex offers traders the following conditions.
| Minimum deposit, USD or USDT | 50 |
| Futures leverage | 100 |
| Spot leverage | 3 |
| Coins Supported | 350 |
| Affiliate program | Yes |
| Replenishment / Withdrawal | Bank cards and accounts, cryptocurrency e-wallets |
| Trading features | Simple interface, deep analytics, P2P lending, and staking, a lot of assets and pairs |
|
|
Poloniex's Fees
We compared XXX's fees with the top two competitors to provide a clear understanding of how affordable the exchange is for its users.
| Poloniex | OKX | Kraken | |
|---|---|---|---|
| Spot Taker fee, % | 0,2 | 0,1 | 0,4 |
| Spot Maker fee, % | 0,2 | 0,08 | 0,25 |
| Futures Taker fee, % | 0,075 | 0,05 | 0,05 |
| Futures Maker fee, % | 0,01 | 0,02 | 0,02 |
| Withdrawal fee | 0,00000060 BTC 0,005 ETH 10 USDT | 0,0004 BTC 2,6 USDT | 0,0005 BTC |
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Poloniex commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal 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 |
Investment programs of Poloniex
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Poloniex offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
Here, in addition to making money on trading cryptocurrencies and tokens, you can use passive investment earnings channels. The company offers two options:
P2P lending. At any time, you can apply for an asset with an offer to lend this asset in a specified amount. The offers of loans and applications for them shall be published in the corresponding section of the site. Anyone can respond to the application and provide the user with the amount requested. All the loans shall be insured by the company and a commission shall be charged.
Staking. You can provide a part of your funds to the validator to ensure the trades, which can only be confirmed in the blockchain system if you have a sufficient amount on your account. This system doesn’t require any extra actions, just activate the corresponding function. Funds are not frozen in the account, so you can use them at any time.
Poloniex investment programs don’t require any special knowledge or actions. You can become an investor and start getting passive income in just a click. Just ensure that you have the necessary amount in any assets on your account.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Poloniex’s affiliate program
Poloniex cryptocurrency exchange offers a standard affiliate program. Most exchanges have analogs. It is a peer-to-peer affiliate program, so you can build a network of first-level referrals, but you will not get any income from the users they invited. The terms of the affiliate program are as follows:
Register and verify yourself. It is not necessary to trade or invest.
After registration, you will receive a personal referral link to be sent to other people.
A user who registered using your link and started trading brings you 20% of all commissions charged from him.
Also, your referral gets 10% from each commission.
The last point allows you to motivate users to register using your referral link, because they get real benefits, such as savings on commissions. But this is not the only way to save money.
Conclusion. Is Poloniex good for beginners?
The Poloniex cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Poloniex could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.