Poloniex is one of the most popular US cryptocurrency exchanges. It was established at the beginning of 2014 in Wilmington by Tristian D'Agoste. This platform enables the exchange of wide range of cryptocurrencies, including, among others, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH), Ripple (XRP) and Monero (XMR).
After operating for three months Poloniex was attacked by hackers, and as a result, it lost about one-tenth of Bitcoins. However, the company has made a comeback since then. The exchange began to introduce changes in regulations over time. As a result of a huge affair in 2017 related to false applications that impersonated Poloniex, the stock exchange declared that every user has to verify their identity. Fortunately, this decision concerned only new users - people who have already had an account didn't have to undergo this procedure. In turn, Poloniex demanded authentication of all the data in 2018. After sending that information the exchange froze every account which hasn't been verified yet.
It has to be said that thanks to such methods Poloniex protects its users from being involved in activities related to money laundering. Consumer data is checked on SDN List kept by the Foreign Asset Control Office in the U.S. Department of the Treasury. The exchange also identifies the user in the case of suspicious transactions. Moreover, Poloniex allows you to secure your account using 2FA (Two-Factor Authentication, used during logins and withdrawal approvals) while using the Google Authenticator application at the same time. The aforementioned crisis did not affect Poloniex's image significantly - currently, it is on the ranking of the best investment platforms. Moreover, it also grants loans while securing the margin balance in order to maintain an open position.
Poloniex is a leader when it comes to trades with leverage, it also has an established market position and accounting liquidity. A big drawback of this platform is that it is designed for experienced users, hence beginners will find it hard to operate on it. The disadvantages also include a quite outdated visual design of the page. Still, many people say that this simple interface increases the transparency of transactions, as it works well for people who want to trade cryptocurrencies quickly and without any problems. It should also be noted that the biggest problem for Poloniex users is their customer service department - sometimes you need to wait up to several weeks for your application to be processed.
After considering all the pros and cons it can be said that advantages outbalance the disadvantages. Poloniex is a great tool for experienced users who appreciate quick and trouble-free cryptocurrencies trades as well as the possibility of getting a loan.