Topic: Is poloniex safe? (Read 274 times)

Poloniex did an exit scam right before they were being bought by CIRCLE in 2019. They put up a notice stating that from some X month in the future, KYC would become mandatory for everyone and non-compliant users would not be able to trade any further but would be able to withdraw at least. Like me, thousands of  users decided to wait and just stop trading when the date arrived and safely at least withdraw.. Poloniex changed their tune entirely suddenly and even *edited that announcement* They entirely removed that statement that they would allow withdrawals.

That day many realised that even regulated exchanges are not safe. Even the ones that tried KYC were not able to get through. Lots of users had not used their real names during registration - how does Poloniex expect a user to get a passport that states he is John EffsyourwifeDickman ??



More here https://cointelegraph.com/news/poloniex-is-officially-in-trouble-after-ignoring-hoards-of-complaining-customers


Polo is a thief.. Usee any and every chance to DDoS them!! They are thieves!!

I used to trade on that exchange in 2018 and it wasn't a scam exchange at all. I kept a few dollars in that exchange for 3 years and none of my funds were affected in any way, I withdrawn those in 2021 without any issues.

From my own experience with that exchange, I can say that it's a reliable exchange. However, I must tell you that I had around $100 which isn't a huge amount by any means but if they didn't interfere with $100 then I'm sure they won't do with $1000 either.

Poloniex has been running for years so we could say that's a legitimate exchange, I had a Poloniex account as well back in 2017 it was running pretty well that is were I started trading on cryptocurrency until I had some issues with it, that doesnt happen to other exchanges, my account was actually locked with a little funds on it, I didn't open it for a long time but when I get back on it I wasn't able to recover it which doesnt really happened on other exchanges like Binance especially when you take a break on trading usually you could easily recover your funds on it. Plus there are a lot of reported issues out there of freezing accounts, and loss of cryptocurrency in the platform.

At this moment the website is still running and I can see that there are a lot of updates that are going on especially with the UI design of there website, still with my experience of using the website I wouldn't going to recommend you go to this exchange not to mention it was a centralized exchange if you are planning to do trading I would easily recommend going with the trusted one and popular one like Binance, here in my country Bybit was also popular. Dont waste your time trading on this platform because there are already a lot of cases and issues on it so for me that's a red flag.

if im not mistaken the only time i heard poloniex has been hacked was last year, i been using the exchange since 2016 if I'm not mistaken but i have never encounter issue with them, the only problem that i might say is the look of the exchange it never been change or upgrade the looks but all in all i can say its safe, but if you really want to be safe, buy a hardware wallet.

as far as i know, poloniex is an exchange that has been operating for a long time, but i have never used it, maybe because their services are not that interesting to me. however, looking at the trustpilot site, there are a lot of bad reviews about their services, i don't know whether they are genuine or just made up (since reviews on trustpilot can be made up). but it's good if you can choose to use an exchange that is more credible and has been used by more people such as binance, coinbase, etc., you know it's better to anticipate than to experience losses later.

I don't think you can say it's a scam in that sense but it's not the perfect choice to get your transactions. According to my knowledge it's banned in the US and there should be some reasons behind that. The US normally doesn't block platforms like that if they're doing so there should be a reason behind that.

The second point is that it was hacked once and the owners acknowledge this. They claimed to repay for the loss that users bear but trusting the platform again is not something that's very easy. So it's safe to stay away from these kinds of platforms just in order to have a safer site for your assets.

Poloniex is ranked at 109th on Coingecko.com and on Coinmarketcap, its rank is 81th and on pages #2 of both marketcap sites.
https://www.coingecko.com/en/exchanges?page=2
https://coinmarketcap.com/rankings/exchanges/

They lost their user base to Bittrex exchange that was closed last year and Binance.

The reputation, trust score from Coinmarketcap or Coingecko is based on their own formulas and can be not neutral ranks like different ranks for Binance (global) on Coinmarketcap and Coingecko.

Probably because poloniex ranked too low to be on the first page? They were at the second page on coingecko.

Poloniex was once at the top but have lost most of their userbase because they fucked up and better competitors entered the market. Coingecko also does place a lot of emphasis on their trust score metric in terms of ranking and poloniex is at 5/10. It also appears coingecko revamped their rankings because I'm pretty sure binance was at the top, last time I checked lol.


But are you at least familiar with exchanges e.g. binance, kucoin, etc? because most custodial exchanges like poloniex functions similarly.

If you're looking for platform specific things like account limits, head over to the exchange's help center for self-help articles. Directories like coingecko also lays out basic information for each exchanges.

Well I have no idea about poloniex this is my first time of hearing about poloniex I need someone to enlighten me the more about poloniex,how those it works?

Thanks in advance

Currently I don't know with the new update about poloniex exchange is safe or not after more than two years not use yet with this exchange, firstly I used with this exchange and running well with deposit and withdrawing fund such as the other exchange and looking forward Kucoin when listing premier coins I move all assets from Poloniex to Kucoin.
Latest update, the Tron founder Justin Sun acquisition with Poloniex exchange, its will bring positive viewed but can't guarantee for long term investment and hold coins in this exchange will be secure. For short term trader maybe its not bad ideas using this exchange but check with their telegram channel discussion group are Poloniex have positive or negative reviewed when depositing or withdrawing fund.

Delete

Even if you are satisfied with Poloniex in these few years that you have been using them, you shouldn't store your crypto there. Keep in mind that that old saying "not your keys not your money" no matter the exchange and you should be fine.

By the way, I don't know if anyone noticed but for some reason Poloniex is not on the list of exchange on CMC/Coingecko. I mean, you can find it manually if you type their name in the search bar but for some reason its not on the list, or at least I can't find it.

They've been there for years but I haven't used them again. If you're looking for an exchange, try to look for another one. Majority of the people here have stopped using them and even if Justin Sun has acquired the ownership of this exchange, it doesn't mean that it's still good compared before. It's one of the oldest exchanges out there but they're gone out of the ranks. Looking at them quickly, they seem to be very active with airdrop distributions.

I'm guessing that the OP is referring to the reviews on TrustPilot (1.1 out of 5), quoting the link for reference.

It certainly doesn't have the best reviews, but I don't think any centralized exchange has positive reviews, Binance has 2/5 rating on the same website, Bitstamp 2.1/5, Coinbase 1.5/5. So it's quite fair to say that the reviews don't necessarily represent anything.

I've used Poloniex the first years of my involvement with cryptocurrencies, didn't have any issues, but I've stopped using it and switched to other exchanges, such as Kraken, Bitstamp and finally Binance.

It would be better if you could provide some links supporting those claims, because we don't see people reporting such scam accusations in the dedicated section. Poloniex had a good reputation since it is one of the oldest exchanges and one of the very few ones whose decided to remove mandatory KYC process after imposing it to its customers, gladly. Anyway since it is related to Justin Sun now, it is not approciated by many people.

If there's a bad review on a review website then you should just stay away from it even if existed for many years already and also it is a cex but if you still want to use then then withdraw your crypto right away after you are done what you are doing.

I think it's still a review website but the only difference with another review website is that most of their reviews are biased in which most of it are paid. I think it's because that the reviews that are deleted are no longer profitable for TP that's why it is deleted. It doesn't matter to me anyway since I don't really use their website to check for ratings and such. Not really sure if my claim is true as I don't have any evidence about it that's why I check different review website and compare both information about a website.

So you're planning to move to another exchange if it is no longer recommended? Do you personally have issues with them or are you asking out of curiosity? Which alternatives are available for you? Keep in mind that you will likely need to do KYC again if you move to another exchange, and even then it doesn't guarantee they won't cause trouble for you. For example, I had trouble with Binance and its partners, but my friends had no trouble with them. I second the suggestion to withdraw your funds if you don't need it for trading. Make it a habit regardless of the exchange you use.

   Poloinex is an exchange of cryptocurrency which gives you the opportunity to buy and sell,that is trading digital assets like Bitcoin (BTC), Ether(ETH),and other altcoins, using these exchange you are guarantee of safety during transaction . Way back it was of the most important cryptocurrency . They offer high rate limit and low latency and institutional traders friendly .

   They accept users using their bank account master card e.t.c. ,to purchase crypto and also have trading platform that is good for beginners and experts .

Poloniex isn't a scam at all. They might have some issues with blocking funds or suspending accounts, just like other centralised exchanges, but not direct scams. Scam and safe aren't the same thing because no centralised exchanges are safe. They might suspend or seize your funds anytime they want. Currently, I have an issue with Binance, and I am still waiting for their final decision. I will disclose everything if something goes wrong with me. However, use centralised exchanges for trading purposes only. Don't store your funds there; if you don't need to trade, just withdraw from the exchange and hold on to your non-custodial wallet. So your funds will be safe. 

Poloniex has been around for a long time, It was the first exchange I used 7 years ago
but that doesnt actually mean anything.

Treat exchanges exactly for what they were designed to do - exchange. As regards safety,
if you send coins to an exchange, make your trade and remove coins after that trade
you minimise risks.

Using exchanges as a means of storage is risky, you dont know when the next disaster or
issue will happen and you cannot access your coins.

Take control yourself and store your own coins

Are these recent comments? Because Poloniex was actually not recommended in the past. The exchange was hacked and many lost their coins. However, the Exchange now seems to have new owners and is being run more professionally. At least there haven't been any such negative events recently. I wouldn't call the Exchange aebr a scam. But if there is no reason, e.g. because a certain coin is only listed there, then I would rely on larger exchanges like Binance or Kucoin.

I saw some of you asking why i chose poloniex, i have an account with them already since few years ago and is verified, that's the main reason.
I also have something in my wallet there

I don't know if it's the only exchange available to you in your region but it would be better if you can avoid it since there had been bad review a out the exchange. There are so many exchanges you could yiuse to buy Bitcoin and trade in the platform depending on your region. You can always find our later to know what exchange woukd be exceptable in your locality. You can also dive to Coinmarketcap to check for other exchangesike this one that are good to use with less negative reviews.

First exchange is a very sensitive sector, I actually don't play around with exchanges or do I experiment on it. I am not the one to have used many exchanges, the one I use now has been working for me an I have no problems with it so I don't see the need.

But if I was to change exchange definitely I would consider reputation, I would put into consideration what the public says about their experiences on the exchange that's for sure, that would be my first test but I would try to ensure it's a genuine feedback, so it's up to you to make so with the answers you get here about the exchange and compare/contrast.

Why Polonix when there are other trusted exchanges you can go for without having to fear for anything, if you at least go to the scam accusation board, am sure you would have encountered many threads that reports on this same exchange for one reason or the other, if you're seeing many only reviews talking bad about them, this shows also that there's high probability of them being involved in what others have been saying about them with their encounter i using it, i will advise you don't constitute the numbers of those complaining already about this same exchange, instead make wise decision and get a reputable one and if possible a decentralized exchange like bisq or hodl hodl.

It’s already acquired by Justin Sun. Again Justin Sun. I never trust him and all of the project that involves him because there’s always a looming darkness of uncertainty when he was involved especially about legality.

Poloniex is one of the oldest CEX that still run until now but the change of ownership makes me hesitant to use the exchange anymore. If you are already interested to use CEX then why not choose the top exchange like Binance that has a fee discount if you pay in BNB tokens?

You will find comments like that for basically any centralized exchange (even the most popular ones like Coinbase and Binance ) so that's that.

Having said that, Poloinex is a decent choice if you are in need of CEX, but that of course doesn't mean that you should trust them with large amounts of money, or use it to store your crypto.

Poloniex is obviously not a scam as they exist for many years, but no centralized exchange is safe for keeping coins there like in a wallet, they are meant to be used for trading coins only, not for holding.

If you have an alternative, you should choose other reputable exchanges because poloniex is no longer popular and seems like not many people use it.

In addition with your reply, @OP if you want to check exchanges without KYC, you can visit kycnot.me

I recommend bisq, agoradesk or robosats.

Just to add to what the first two posters said above. I did not want to rely on Trustpilot reviews alone, so I took a look at Poloniex's reddit page and there are many dissatisfied customers complaining of their services. The scam accusations against them are overwhelming and not looking good.

• https://www.reddit.com/r/poloniex/s/mmZsEXSFJD

• https://www.reddit.com/r/poloniex/s/lFUDftiRU9

Aside Poloniex, there are many other reputable CEXs you can settle for. If Binance, Kucoin or OKX are allowed in your jurisdiction then I'd suggest you use either of them.

Stay away from centralized exchanges. They will find ways to extort your KYC as well as your money from you. And they will probably sell your data (passport and so on...) and they will claim it was due to a "hack" to avoid responsiblity.

I have had no issues with Poloniex but they do tend to disable coins for weeks without warning, which sends the price down hard because the trading volume and liquidity of Poloniex is really low. Especially during bull runs. So it might not be a scam but it is sketchy.



It would seem that Trustpilot is not trustworthy when it comes to reviews. Look at the Binance, Mexc or any other cryptocurrency exchange reviews. Either 2 stars or lower. CEX is trash yes, but how can the reviews all be bad? And why does TP delete some reviews but not others?

Rather than a review website, it seems to be more of an extortion website to me....

As far as I know poloniex is affiliated or owned by Justin Sun if its true then its a legit one. That guy maybe shabby enough but his a legit prominent person in crypto. Never used poloniex as far as I remember cause it was an old exchange since then but I think they are legit cex.

I used this exchange a few years ago and never had any problems from my side, but don't know that now because I never use it anymore. And as @alastantiger said, according to the Poloniex Trustpilot page there are lots of bad reviews about them, even those reviews happened recently. So it's better to avoid this exchange, there are tons of better top-tier exchanges like Binance, KuCoin, Gate.io, MEXC and others.

I have never used them from from looking at trust pilot reviews, it turns out that when they started around 2014 they used to be great in terms or their services, deposit and withdraws but recently the reviews about them falls between a shitty service and scam. A lot of their users are complaining about being unable to withdraw their funds after a period of time. They are disappointed, frustrated and have regrets.
Here is their review - https://www.trustpilot.com/review/poloniex.com

To avoid these issues just stick with a trusted crypto exchanges use mainly the top four or five but with extreme caution. Check coinmarketcap for their rankings.

I saw in some comments some people dissapointed or saying poloniex is scam, what do you think?