Who is behind Poloniex?There is very scarce information on the identities of managers, owners and investors behind Poloniex trading platform. Additionally and more worrying, the lack of company’s physical office. The only name that can be found on their official web site is of Tristan D’Agosta, and it says he is the founder of Poloniex. D’Agosta is a music composer and a former freelance writer with a Bachelor of Arts in music from Rutgers University. Tristan posted an open letter to the users of Poloniex. In his letter he wrote about the changes in Poloniex and the new rules on withdrawals defined by the Financial Crimes Enforcement Network (FinCEN). Starting on May 21, 2015, Poloniex will require your name and country for all withdrawals. To withdraw more than $2,000.00 USD equivalent within 24 hours, you will have to provide your address and phone number. It is only if you need to withdraw more than $7,000.00 USD equivalent in a 24-hour period that Poloniex will require identity verification such as your social security number or photo ID. He stated that Poloniex is taking these measures to protect them and you from potential criminal activity that could force a shutdown of their services. back to menu ↑
Support CenterThere were hundreds of user complaints in 2017 and as well as in January 2018. Many users claiming that the Support Center is very slow or even none existing for some. The users are complaining that they did not receive any kind of response from Support Center for days and even months. Here are some of the complaints from users that can be found on cryptocompare.com:
gintaras “Absolutely bad support. No communication for the whole month, no answer for tickets. The customer is in zero place.” tyagi.vikrant5 “I have made a Transection to withdraw my Sia Coin on 13/01/2018. But it was not completed showing the error (Complete:Error). Created a ticket on the same day but now no reponse from Poloniex Support Centre. Its arround 24 days very bad and unresponsive customer support. I will not suggest any one to trade on this exchange. There are very high chances to loose your hard earned money. Be carefull” bclark302 “Unfortunately after reading all these reviews I won’t be using this Exchange. Hopefully the customer service will change very soon. I’ll check bk”One Poloniex user has reported waiting more than 5 months for an order to completely process, in spite of numerous attempts to reach the Poloniex customer service team in order to address the issue. In some cases, customer patience may be worn quite thin as a result of the expectation of a fast-moving and seemless transaction process in the cryptocurrency space. On the other hand, highly publicized stories of some cryptocurrency exchanges collapsing or mysteriously losing large quantities of money may put Poloniex users on edge as well. In June 2017, Poloniex announced that they are hiring people for their support team: „Increased enthusiasm for trading blockchain tokens on the Poloniex platform has led to increased stress on our systems. Heightened activity and new users mean more support tickets and man-hours spent resolving them. Thus, to meet this demand, we have more than doubled the size of our support team and will continue to focus our efforts toward improving user experience. Hiring quality support staff is neither easy nor quick, especially in our line of business. Training must cover the technical and regulatory complexity of a rapidly evolving industry and community. We must also ensure the security of our system and operations at every level. This requires thorough and proper vetting of new staff.“ back to menu ↑
Security IssuesIn March 2014, the company completed its Bitcoin reimbursements to all customers affected by the hacking incident. When the theft was discovered, Poloniex owner, Tristan D’Agosta, took full responsibility by vowing to pay back the 97 Bitcoins to his customers before taking any profits himself. It was reported that the debt has been paid back to all affected victims. Since then, Poloniex has implemented stricter auditing and security measures to combat future exploits. “Since the hack, we implemented continual automatic auditing of the entire exchange, bolstered the security of all servers, and redesigned the way commands are processed so that an exploit like the one used in March is impossible,” D’Agosta added. “Security is a top priority at Poloniex. We are committed to continually improving our product to ensure the highest level of protection for our customers.” In the summer of 2017, for instance, a rumor circulated among users that Poloniex was experiencing insolvency. The source of the rumors was difficult to track, but Coin Telegraph reported that at least one user experienced a significant personal financial loss as a result of hacking, and the user reportedly did not receive prompt assistance from the Poloniex support department.
mecanica.fase “Poloniex exchange is not secure. I was stolen at 1500 USD per hacker who logged into my account with 2FA, which he registered . Poloniex puts the blame on me. Flee to Bitfinex, which is more serious company. Fernando. (55-11-947978218 – Brazil)”back to menu ↑
Withdrawal IssuesAs in case of user complaints of slow customer support, you can also read a lot about problems with withdrawals of funds.
Basics to get you started tradingWe pointed out several issues about using Poloniex trading platform, but there are still users who grade Poloniex with 5 stars. Even with these existing doubts, however, Poloniex has continued to grow in terms of its user base, transaction volumes and the number of cryptos it supports. Poloniex provides a lot of alternative coins for trading. Security Before you start trading on Poloniex, it is highly recommended that you activate 2FA (two factor authentication). By enabling two-factor authentication (2FA), you have 2 layers of protection. This enhances your account security and keeps your account protected from hackers. Two-factor authentication (also known as 2FA or 2-Step Verification) is a technology that provides identification of users through the combination of two different components. With Two-Factor Authentication on Poloniex, you’ll protect your account with something you know (your password) and something you have (your phone).
ConclusionPoloniex is definitely legitimate trading platform and it has been around for quite some time. However, it’s never a good idea to have loads of coins on a single exchange. Bear in mind that each and every exchange and other websites specialized in cryptocurrencies have positive as well as negative reviews. No matter what exchange you use, you still have a risk using it. You need to trust the exchange not to run away with your funds (yes, this happened in the past). Poloniex is an exchange with highest volume and it is known for a single security breach in the past but they successfully returned the funds to its owners. They tend to have “DDoS” attacks sometimes and that can disable your option to cancel your buy/sell orders so somebody else can fill them.
Bitstamp is one of the oldest cryptocurrency exchanges. Read our Bitstamp review here. HitBTC is one of the largest cryptocurrency exchanges. Read our HitBTC review here. Cryptopia is a small exchange that is known for being the place less known coins with smaller caps come out first. Here is our review of Cryptopia. You can choose the best coin exchange by reading this article. Read here how you can quickly convert other coins to bitcoin and the other way around. Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is trustworthy and has acceptable fees and it is a leading platform for buying BTC. If Coinbase doesn’t support your country, use Cex.io – read how Cex.io works – it is a good Coinbase alternative. Coinmama is also safe exchange for buying cryptocurrencies – click here to visit Coinmama. If your country is not available on Coinbase – check for best Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin exchange review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is legit place to trade crypto), instantly and directly to bitcoin.
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