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Poloniex In Depth Exchange Review Part 1 – #Cryptotrader

 

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Poloniex in-depth exchange review – part 1/3

With so many different cryptocurrency exchanges flooding the market, it’s hard to pick the right one. However, Poloniex remains a prominent exchange due to how long it’s been in the industry, and because of all the features it offers to the traders. On top of that, Poloniex is one of the few exchanges that is based in the US. Poloniex prides itself on offering its users advanced trading features alongside with maximum security.

Poloniex is a cryptocurrency exchange that started its operations in 2014 out of Wilmington, Delaware. Poloniex has been acquired by Circle, a Goldman-Sachs backed company. This got announced as great news as such a big player entered the crypto market. With Circle as the new owners, Poloniex aims to be the first fully regulated cryptocurrency exchange. They will be doing so by registering with the SEC as well as FINRA as a broker/dealer.

Poloniex is fairly consistent in having the top trading volumes for several altcoins. The exchange also has a great number of trading pairs that are offered to the users. One of the biggest downsides of Poloniex is that it does not offer fiat-to-crypto trading.

Who is Poloniex made for?

Newcomers in the cryptocurrency trading industry may find Poloniex a little frightening at first. First of all, the exchange deals only with cryptocurrency, so you purchasing crypto via Poloniex is not possible.

Additionally, the exchange as a whole is aimed a bit more towards experienced traders than those new to the cryptocurrency space. Poloniex has no mobile app, which makes the exchange somewhat challenging to use on the go.

Poloniex features

Poloniex offers many features that experienced traders will appreciate. A broad range of efficient data-analysis tools, as well as very detailed charts, are provided by the exchange. Poloniex’s high-volume nature appeals greatly to traders, especially the ability to do lending and trade on a margin.


Traders with programming knowledge will value that almost all the trading interface code is executed on the client-side. That means it is open-source, so you can study it and learn more about how Poloniex logic works. Developers will also appreciate the avaliability of an API. The Polonex API makes it possible to develop tools for data analysis, account management, custom trading and more.

Supported countries

Poloniex is based in the United States, but anyone can use it as long as their country doesn’t have laws that prohibit the exchange of cryptocurrency. As Poloniex is a crypto-to-crypto exchange, it does not need to adhere to any financial regulation.

Conclusion

People that want a reliable exchange that supports a lot of cryptocurrency pairs and offers additional features, such as margin trading, Poloniex is a great option.
With the exchange being acquired by Circle, you can be assured that Poloniex will adhere to all regulations required in order to keep the exchange legal and relevant.

Check out part 2 of our Poloniex in-depth review to learn more about account creation, trading, and using margin on this exchange.

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By Keiran

Forex trader, media, marketing, entrepreneur and father

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