Even with the thousands of different exchanges for Bitcoin and other cryptocurrencies, Poloniex is still one of the leaders in the exchange space. The exchange has been in the industry for several years now and has all of the features that the traders are looking for. Poloniex is also one of the exchanges that have its headquarter in the United States. The exchange prides itself on the offering multiple advanced features and maximum security.
Poloniex launched in 2014 and is based in Wilmington, Delaware. It was recently acquired by Circle which is a Goldman Sachs backed company. With Circle as the new owners, they tend to make Poloniex the first regulated exchange by registering it with the SEC and FINRA as a broker. They also aim to expand the exchange onto the Asian market. Poloniex has been the leader in trading volumes for altcoins such as Litecoin and the platform has a huge number of trading pairs. Some of the platforms allow you to exchange cryptocurrency with fit currencies which is not the case with Poloniex since te platform only deals with cryptocurrency.
For all of those who are new to the cryptocurrency world or want to buy their first bitcoin or altcoins, they can find Poloniex a little bit difficult to use at first. As mentioned, the exchange only deals with cryptocurrency so you won’t be able to make your first crypto purchase via this exchange. The features of the platform tend to be more toward experienced traders and it also has a mobile-friendly website.
Where Can You Use It?
The Poloniex platform is based in the United States but anyone can use it as long as the country you are in has no laws that prohibit the exchange of cryptocurrency. Poloniex only uses cryptocurrency without any fiat it also does not need to meet the finance and banking regulations. Most users are attracted to this platform because of the high number of trading pairs. The exchange has more than 97 trading pairs and the only downside is that you must make your deposits in cryptocurrency.