Yes…mostly –Poloniex boasts a simple, easy to understand navigation which makes getting started a breeze. Their exchange interface offers real-time updates of every trading pair and offers flexible dashboards for tracking prices over time. Placing orders is very intuitive and made sense right away. My least favorite part of their design is tracking my position over time. The deposits and withdrawals section that shows your gains and losses could be much more visual. It took some digging around in the platform to actually see if I was up or down on my original position.
Yes – Getting started is easy but tracking positions could be improved upon.
Yes – Documentation exists but it should be improved upon. I searched for several articles regarding their security features and found very little.
I submitted a customer support request 72 hours ago and haven’t received a response yet. This is consistent with many of the complaints I’ve heard of Poloniex.
Poloniex verification requires your name, address, social, ID photo, and a verification photo of you holding a signed and dated paper. The entire verification process only took an hour or so and is mostly automated by Poloniex. After I was verified, margin trading was enabled and I automatically had a $25k withdrawal limit
Yes – via Google Authenticator
No – The website and support documentation makes no reference to any type of insurance. However, I read a few anecdotal cases of Poloniex restoring hacked Bitcoin.
Yes – According to the website, the majority of customer deposits are stored offline in air-gapped cold storage.
I couldn’t find any mention of encryption in the support documentation or on the website
Initially, I was excited to use Poloniex because of the great variety of trading pairs. Getting verified and buying some altcoins was a straightforward process and I preferred the user interface over several other exchanges. However, after submitting a customer support request and never hearing back, I started to understand why users question the legitimacy of the exchange on social media.