Poloniex is a Seychelles-based centralized cryptocurrency exchange (CEX). Launched in 2014, it offers trading spot and derivatives markets. The Poloniex cryptocurrency exchange is also considered the first to list and support ETH-forked tokens.
Poloniex is available in over 100 markets. However, in 2019, the service was discontinued in the US, meaning that US-based residents cannot access any of the services provided by the exchange. Some assets and services may be limited due to regional restrictions.
There are two levels of accounts on the Poloniex cryptocurrency exchange. Some services may be restricted for Level 1 accounts and are accessible for Level 2 users who have completed the KYC verification.
There are more than 500 Poloniex trading pairs available and over 300 assets listed. The platform supports both crypto-crypto and crypto-fiat transactions. Margin trading with up to 2.5x leverage is available.
In August 2022, Poloniex launched a new trading system that aims to provide higher transaction speed and better stability. Due to the platform’s affiliation with Tron, there are discounts and special terms for customers that hold and trade USDD or TRX tokens. All USDD trades are free from Poloniex exchange fees.
The Poloniex spot market uses a six-tier, maker-taker fee structure. Additionally, institutional traders can apply for Poloniex Plus and Poloniex Market Maker programs. To enter the Tier 2 fee range, traders must hold at least $49 worth of TRX. Overall, the tiers are determined by the 30-day Poloniex trade volume.
Tier 1 requires a trading volume of up to $50,000. The maker/taker fees are 0.1450% and 0.1550%, respectively. If the Poloniex crypto price balance of TRX held by the user does not exceed $49, the maker/taker fees are discounted to 0.1015% and 0.1085%, respectively.
At Tier 6, the required 30-day Poloniex volume is at least $50 million. The standard maker fees are 0.0200%, while the discounted rate is 0.0140%. For takers, the standard rate is 0.1000%, and the TRX holder’s rate is 0.0700%.
Poloniex Plus is a VIP platform for professional traders. The Poloniex crypto exchange offers two Plus levels: Silver and Gold. VIP customers receive premium features. There are no maker fees with the Plus plans. The taker fees are 0.0600% with Plus Silver and 0.0400% with Plus Gold. TRX discounts to the Poloniex crypto price rate apply.
The Poloniex Market Maker program is for institutional customers that meet the 30-day Poloniex volume threshold. Makers are eligible for rebates. Other Poloniex exchange fees are customized.
The derivatives market offers a pool of more than 30 Poloniex trading pairs. All contracts are for USDT-margined perpetual futures. Customers can trade with up to 100x leverage on at least 10 assets.
The Poloniex crypto fees on futures trading are standard and fixed at 0.01% for makers and 0.075% for takers. The 30-day Poloniex trade volume does not affect the futures market rates.
The Poloniex spot and futures markets are gamified via the Leaderboard Campaigns. They are exchange events that allow customers to earn various assets via trading. The campaigns are typically held upon the launch of new crypto assets on the Poloniex crypto exchange.
There are no deposit fees on the Poloniex crypto exchange. The withdrawal fees are dynamic and depend on the network speed. Each asset has a fixed fee which can be viewed in the account wallet.
Additionally, the platform offers off-chain transfers. It allows Poloniex account holders to transfer funds within the platform without needing to log transaction data on-chain. There are no withdrawal fees for using the service.
LaunchBase is a platform that hosts sales of newly listed and pre-launch assets. It supports cryptocurrency coins, regular tokens, and non-fungible token (NFT) collections. The Poloniex crypto exchange joined the APENFT Marketplace in May 2022. It allows users to mint, buy and sell ERC-721 and TRC-721 tokens.
Additionally, Poloniex is connected to SunSwap, an exchange protocol on TRON. It allows users to swap TRC-20 tokens using the system price. Trading fees are used to reward the protocol’s liquidity providers.
Staking is supported by Poloniex as one of the several rewards programs. Users can stake one of the several eligible assets, including TRX, BTT, and USDD, to receive various rewards. There are no Poloniex crypto fees to start staking.
About the Company
The Poloniex cryptocurrency exchange was founded in 2014 by Tristan D’Agosta. The company was initially founded in the US. However, in 2019, the headquarters were relocated to Seychelles.
A few months after its launch, in March 2014, the service experienced a hack, losing over 12% of its total Bitcoin holdings. The full stolen Poloniex crypto price was refunded to the users.
In 2015, Poloniex left New York State after the BitLicense requirement was implemented. A year later, it also ceased operations in New Hampshire. In 2016, Poloniex became one of the first cryptocurrency exchanges to list Ethereum (ETH).
In February 2018, Poloniex was acquired by the P2P payments technology company Circle for $400 million. In October 2019, Poloniex spun out of Circle, forming the independent company Polo Digital Assets, Ltd. Following this change, it was announced that Poloniex would no longer be available in the US starting December 2019.
In December 2019, the two-level account structure was introduced. According to the announcement, Level 1 users only required an email and a password to withdraw up to $10,000 daily.
In February 2020, the Poloniex crypto exchange experienced a software problem. To rectify the issue, the platform underwent maintenance, rescinding 12 minutes of trading history.
In August 2022, Justin Sun, the founder of Tron (TRX), announced that Poloniex would provide support for all forked Ethereum tokens after the Merge. This was done to make the transition from the Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS) smoother.
Tristan D’Agosta is the CEO of Poloniex. He’s also known as a music composer. Over the years, D’Agosta has remained primarily behind the scenes, revealing little about his biography. In 2018, he was listed as one of the Fortune Ledger 40 Under 40.
Justin Sun is an entrepreneur and the developer of Tron, the blockchain company behind the TRX asset. He became the de facto owner of Poloniex after investing in the company in 2019.