Poloniex Nigeria cryptocurrency exchange Review

Poloniex is one of the top Cryptocurrency exchangers widely used in Nigeria and other parts of the world; the company was founded in 2014 by Tristan D’Agosta and is based in San Francisco, USA. Poloniex exchanges various crypto-currencies like BTC, ETH, XRP, DOGE, XLM, ETC, STRAT, LTC, SC, DGB, BCH, LSK, XMR, LOOM, BAT others, they recently added USDC to their list.

Poloniex Account Registration

If you want a Poloniex Account, you sure have to register on their platform. Registering on Poloniex is easy, visit their website www.poloniex.com and click on “Set Up Trading Account” or “Create an Account”. You will be directed to the registration page, fill in all required details on the page and Click on “Register”. Next you will need to confirm your email, after your email has been confirmed; you proceed to complete your profile by providing your personal details and also verify your identity. You can start trading on Poloniex after you have completed all these tasks.

Poloniex Deposit and Withdrawal

Poloniex allows deposit and withdrawal only through crypto-currencies, No fiat currency is supported. To initiate Deposit or Withdrawal all you need is your crypto wallet address.

For Deposit

  • Login to your Poloniex Account and Click on “Deposit” to generate a Poloniex receiving wallet address
  • Login to your Crypto Wallet and input the Poloniex wallet address as the receiving address

For Withdrawal

  • Login to your Poloniex account and click on Withdrawal
  • Enter your Crypto Wallet address and the amount you wish to withdraw

Deposit and Withdrawal take about 30 minutes to 4 hours to reflect. No fee is charged for Deposit but there are certain fees for Withdrawals

Poloniex Fees and Charges

Poloniex uses the maker and taker fee charging method, below are the various maker and taker fees involved;

Volume Maker’s Fees Taker’s Fees
1 – 600 BTC 0.15% 0.25%
600 – 1200 BTC 0.14% 0.24%
1200 – 2400 BTC 0.12% 0.22%
2400 – 6000 BTC 0.10% 0.20%
6000 – 12,000 BTC 0.08% 0.16%
12,000 – 18,000 BTC 0.05% 0.14%
18,000 – 24,000 BTC 0.00% 0.12%
24,000 – 60,000 BTC 0.00% 0.10%
60,000 – 120,000 BTC 0.00% 0.08%
Above 120,000 BTC 0.00% 0.05%

As you can see from the above table, the higher the transaction amount, the lesser the charge.

Poloniex Security System

Poloniex has a very reliable security system. Their security has improved a lot since they experienced a security breach far back in 2014 when the company was still new. Aside from the password settings, you can set up a 2FA security system to safeguard my account more.

Poloniex Customer Support Service

Truth be told, Poloniex has a very slow customer support system. A lot of users complain about this but nevertheless, you will still get a response. To help foster the customer support service, Poloniex also has an online support center where frequently asked questions are deliberately treated, you can also create support tickets and the customer support service team will look into it. You can visit this online support center here @ poloniex.freshdesk.com.

Conclusion

Poloniex is a well-known and reliable Crypto currency exchange platform. For now, there platform is OK to trade with but there is still need for them to improve in some areas. Nigerians can make good use of this platform to trade and make money so it is recommendable.

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