Poloniex, headquartered in Wilmington, Delaware, USA, is a high-volume cryptocurrency exchange. Despite its popularity, this review highlights critical red flags potential users should consider before trading on the platform.
Key Concerns About Poloniex
1. Customer Support Issues
Poloniex has faced widespread criticism for delayed or nonexistent customer support. Users report:
- Tickets unresolved for 90+ days (Reddit examples).
- Responses taking weeks to months, even for urgent withdrawal problems.
- Lack of transparency in resolving account disputes or hacks.
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2. Withdrawal Problems
- Funds often stuck "awaiting approval" indefinitely.
- Daily withdrawal limits may be as low as $2,000 for unverified accounts.
- Users risk losing access to assets during prolonged support delays.
3. Controversial Terms of Use Updates
Poloniex’s 2017 Terms of Use changes raised alarms:
- Arbitration clauses: Users waive rights to sue or join class actions.
- Account freezes: Suspected illegal activity can trigger immediate deactivation.
- No guarantees on forks: Poloniex may choose not to support new cryptocurrencies post-fork.
4. Lack of Fiat Support
Poloniex is crypto-only—no USD, EUR, or other fiat deposits. Users must first acquire cryptocurrencies elsewhere.
Poloniex FAQ
How do I deposit funds?
- Navigate to Balances > Deposits & Withdrawals.
- Send supported cryptocurrencies (BTC, ETH, etc.) to your Poloniex wallet address.
What are the fees?
- Trading fees: 0.1%–0.25% (varies by volume).
- Withdrawal fees: Network-dependent (e.g., BTC network charges apply).
Is Poloniex safe?
While functional, risks include:
- Poor customer support.
- Potential withdrawal delays.
- Limited recourse for disputes due to arbitration terms.
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Final Verdict
Poloniex’s high liquidity is overshadowed by operational risks. For safer alternatives, consider:
- Bittrex: Similar crypto-to-crypto trading with better support.
- Coinbase: User-friendly fiat-to-crypto purchases.
Proceed with caution—ensure you’re comfortable with Poloniex’s limitations before depositing funds.