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36
Fiat currencies
333
Cryptocurrencies
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Product Name | Poloniex Digital Asset Exchange |
---|---|
Fiat Currencies | USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS & 20+ more |
Cryptocurrencies | BTC, BCH, ETH, XTZ, ZRX, BNB, ETC, OMG, SNT, WIN & 320+ more |
Deposit Methods |
Credit card Cryptocurrency Debit card Simplex |
Trading Fee |
Maker: 0-0.125% Taker: 0.04-0.125% |
Deposit Fees | None |
Withdrawal Fees | Fees vary |
To do so, they should go to the new and separate Poloniex USA website to make a withdrawal.
The fees below are accurate as of 15 November 2019.
Trade volume (30 day average in USD equivalent) | Maker fee | Taker fee |
---|---|---|
< $25,000 | 0.15% | 0.25% |
< $1 million | 0.08% | 0.20% |
< $2.5 million | 0.05% | 0.15% |
< $20 million | 0.02% | 0.13% |
≥ $20 million | 0% | 0.10% |
Note that when you make a bank wire deposit on Poloniex, funds will be tokenised as USDC via Circle. There is no fee for the tokenisation.
Transaction type | Fee |
---|---|
Cryptocurrency transfers | Network fees |
USD bank wire deposits | None, although your sending bank or correspondent banks may charge fees |
Non-USD bank wire deposits | Varying currency conversion fees from Poloniex's banking partners |
Bank wire withdrawals | None, although your receiving bank or correspondent banks may charge fees |
Rejected bank wire deposits | $50 |
Margin trading | Standard trading fees apply |
Margin borrowing | Poloniex margin lenders set interest rates for the margin traders |
Margin lending | Poloniex takes 15% of the interest earned by margin lenders |
Cryptocurrency deposits may take only a few minutes, while fiat deposits may take several business days depending on the currency and your bank.
Cryptocurrency withdrawals may take only a few minutes, while fiat deposits may take several business days depending on the currency and your bank.
Poloniex was founded in 2014, and experienced its first and only hack a couple of months later, when a large amount of Bitcoin was stolen through an obscure bug in Poloniex's trading software. Losses were socialised among all its users, who were then paid back over time.
The next major issue was in 2019, when an obscure and illiquid cryptocurrency called CLAM, which could be margin traded on Poloniex, experienced a flash crash. The issue was two-fold: firstly the illiquid CLAM markets meant liquidations could not process as normal. Secondly, margin borrowers were using CLAM as collateral for their loans. The result was that margin borrowers could not repay their loans, resulting in a total loss equivalent to 1,800 BTC for Poloniex margin lenders, as the BTC loans were all held in a common pool.
Following the incident, Poloniex committed to reimbursing affected customers through fee rebates, and preventing it from happening again by stopping margin trading on obscure and illiquid cryptocurrencies.
Poloniex was founded in the USA in 2014, and for a time it was the world's largest and highest-volume Bitcoin exchange.
But it had difficulty scaling upwards to support growing cryptocurrency demand, and following the Bitcoin boom of late 2017 it was acquired by Circle, which reoriented Poloniex towards becoming a professional and well-regulated cryptocurrency exchange.
The regulatory climate of the USA precluded this though, and in late 2019 Poloniex spun off from Circle as its own company, and barred US customers to focus more strongly on the international markets.