Topic: Poloniex isn't the best place to trade alts (Read 4452 times)

Sad to hear your experience with this "best" exchange like many people said. I honestly never had trouble using poloniex for trading activity until now.
So we can learn something from your experience, Poloniex is worth or not the right place to do arbitraging because of the problem of pending withdrawal.

You right, bittrex is good one to move. They have lot of altcoins that not available to trade in Poloniex. And of course, you can be calm with the security, because of the mans behind bittrex.

I switched to Bittrex. Took me a week to transfer my coins.

To which other exchanges did you move your coin to? So far I haven't got any problems with Poloniex though but so far, I've read a lot of feedbacks recently about Poloniex that it took them quite sometime to transfer their coin to other site or wallet addresses.

Do what I did I moved everything to other exchanges! Problem solved!

Their's so many problem on poloniex and Im so concious on why those thing occuring on them, And it put some bad stain on their reputation so I would just pulled out my balance their and will go to bittrex for now on so that If theirs something wrong will be happen in polo well im little much away from it. Polo devs should fix this things up so that little confusion about their site will not spread and hit them so bad.

Poloniex works for some but as I have observed so far from trading on that site, if you withdraw your coins and transfer it to another for example wallet usually it takes time for it to reflect or transfer. But if you use convert it to bitcoins and transfer it to a bitcoin wallet, it doesn't really have much issues on that part. That's just my observation though.

II never know, that using desktop and laptop is an issue to them. Because in bittrex i used it most often  where I always do trade in the exchange platform. But I do believed that right now poloniex was facing some kind of a problems to their clients.
       

POloniex was one of the legit exchange sites platform which I can considered, but lately I heard and I read in some the
forum section where other community here now are facing some problem in Poloniex in terms of transaction withdrawing their bitcion into cash. I don't know it that is true or not. But one thing for sure I know majority of the community in poloniex are complaining.

Not only you has experiencing that problem. My friend also is experiencing that problem and he lost some btc because only of lag. But in my own, I'm more than half a year using poloniex but I can't experience of losing btc on their exchanges. I'm still using poloniex now because it has a big difference from other exchanges.

Lol...I dont know why I think this post is funny. Oh! I get it, it's from religious Africa. A continent where minute and trivial stuff are always left to God to solve. Dude, sometimes we should leave God out of certain situations, especially situations like this one. Before you mudsling me, I am an African too.

Back to the OP. I am on the Poloniex platform and I haven't had any issues with them though I engage in lending alone. I haven't traded there yet. But it's really disheartening to hear people complain of losing investment because of negligence on the part of the exchange as a result of bad customer care response system.

Yes, Poloniex recently put its minimum loan on dogecoin at 100doges. Lenders cannot loan anything less than 100doges. I really don't why.

You are wrong here,trading site does matter when it comes to making profit and end up having a loss,the volume does play a role while trading and not every site have a good volume to make every trade possible and every site must have a good response while withdrawing the coins too,with Polo i did have two very bad experience in the past few weeks,i tried withdrawing a coin and it took a day to get through and to get a good profit doing arbitrary trading you need to have instant withdrawals,if not you have to either hold the coin for a long term or sell the coin at a loss.

removed..
what was in the original reddit post?

Poloniex getting lots of bashing lately. They seem not to care otherwise their media people would be busy fixing their badly battered image.. I have had some issues with their platform too especially during heavy trading.

I agree that there is a lot of trading site that you can try. But for me the success of your trading does not depends on a specific trading site because most of the trading site differs on the preface but not on the outlet meaning that most of the trading sites it common. Yes in trading is a risk so looking for a trusted trading site is must but you can always lessen the risk if you are going to do your part on working hard and making an adjusment on every changes and development could happen.

I see a problem, that from a workers point of view is difficult to overcome.

So, i wake in the morning with some set of skills that allow me to set up an online business tottaly unregulated.
I put it up, and its real good and a lot of people use it. In the next morning i wake up and i have a few million in my bank account.
DO i take bullshit from people?

Im not saying it right, because it isn´t. But i am amazed that they are still around and working instead of heading to the beach...

for poloniex's traders

https://www.reddit.com/r/CryptoCurrency/comments/6d8fv7/insider_trader_help_you/

Yes, I've switched to Bittrex, they're pretty good. If volume is the argument, we should understand that it is WE who is creating the volume. If enough people switch from Polo to Bittrex, the volume is with us.

I haven't used it much as I don't think their user interface is user friendly. I was looking for some exchange with shorting options for bitcoin and altcoins and someone recommended me Poloniex and I liked the features like leverage but the overall user experience was not up to my exceptions so I gave up using that exchange. It plays important part when it comes to ultra fast order executions are expected and you have to tackle with the below average interface. This is my personal opinion and everyone might have their own.

Every trading is great for me as they have different platform and unique characteristics. I don't think that trading site does matter in trading altcoins as they don't have much difference in terms of their service and price of altcoins.

I never thought poloniex was not good, because since I played trading and there was no problem I experienced, I think Bittrex is a very good market for buying altcoin. I suggest you do not play on yobit, because yobit is not good and too many coins left by developers, maybe if anyone buys a coin there you will be stuck and at high risk.

Where else would you wanna go besides polo? There is no better place than polo. There is bittrex but I doubt you'd get much volume that will be enough for what you look for. Would you rather be going to Yobit? Their volume is good I can see. 

I see that the volume of trading in Bittrex is rising quite high, I think it's because of Poloniex which is still lags sometimes, but I still use Poloniex and some started moving my coins to other exchange which I think can be trusted too. Poloniex should fix any problems in their service It is important that they are not abandoned.

Well to be quite blooy honest, I keep seeing people complain about poloniex. I understand that alot of people complain about the lags but in the end what really matters (atleast for me) is the volume. I really only feel comfortable trading on there right now. I hope in the future there will be a very good decentralized exchange with loads of volume. If so I'll move, if not I'll stick where the volume is (Poloniex right now).

Yeah, they always blame Ddos and poloniex's customer support team really has problems, they always say they will answer within 24 hours but sometimes I have to wait for a week, so my problem they usually take a week or two to process, i feel very upset about that. Every time a coin is pumped at high prices, lag situations and failed transactions constantly happening. I do not know this is because errors or because they're cheating, but I think in the coming period if that does not improve, I will leave poloniex

I already moved to bittrex since poloniex has some problem about one or two weeks ago when the site lagging all the time. Lost some money there, can't trade sometimes so i moved somewhere else.

Yes, I agree with you. There's something wrong with poloniex trade altcoin like pending order and manipulate price, sometimes too far with another exchanger. This day I replace my fund to another exchanger and I hope that's the best way. Like or not I must save my fund for good.

As soon as the problems began on this exchange, I immediately withdrew all my money. I do not like when the exchange introduces some restrictions. I prefer to use more reliable services. But earlier I liked to trade on this exchange.

Yobit is one of my favorite altcoin trading site because there is a lot of coins to choose from and it means a lot of opportunity to make money and most of the altcoins there are manipulated by whales and for me it is a good advantage because we can easily multiply our bitcoin by trading and riding the whales in a particular coin which is the most profitable way in that site.

Yes, lately they've been very poor I have also experienced that myself, not been able to make the trades at the right time, the buy/sell always lagging and not doing what it is supposed to do, they should be better, instant. I think their server/hosting resources are not up to the mark either. They must improve the quality of their site and always blaming the Ddos, isn't helping either. And I've also seen the support staff being arrogant and banning almost everyone who asks them a couple of hard questions.
If this keeps on going, I think people will definitely start moving to another exchange.

sadly this is what has become of our trading platforms. they get big and they stop caring about their users.
you can see their history, they were active and listening when they were small and wanted to get more users to make more money but after they reached the stage when people come on their own, they stopped giving a shit.
and to be honest it is partly users fault too. they can simply stop using that place and switch to another platform. maybe if they start losing a significant amount of daily trading volume they start caring again.

and besides they are not regulated so they do whatever they want

Well in this case they will also get anoyed for the service what can yobit gave to them remember mate theirs so many bad claims against that site and i can't trust them either interms of alts trading so better to those people who seeks better place to trade on well might better if they just go to bittrex for little while since as I see they are ffocusing on security and might it will be safe to us to stayed their since they are well reputed to.

Not an argument, sorry. Poloniex is now in close to monopoly position on alts exchanges. And it's up to exchange to work correct and have a proper service.
BTW now yet again I have my coins stucked. On pretty alive market. And I suppose that  I won't get a help from anyone for 3-4 days more, because situation with support is even worse than before.

If you're not satisfied with the services of poloniex then you can choose your another trading sites to earn more bitcoins from your alts when in trading i don't focus on one website only i have a choices we had a right to choose whether we want to trade it's up to you why you keep on that if theres an good that you can use? Like c-cex.com some of alts here are low and if you go into another exchange or trade site like yobit the alt there are high. just sharing this thoughts.

that's reality buds, polo removed coins and they don't have any explanation or not liable from doing it, time for some low volume coin being played by the whales and let newcomers being trap and buy the hype then dumped down after gaining huge profits. this platform still got doubts to be the place for trading alts which have good future.

They already do that to an extent. But I can't imagine they'd want to become a top 5 only type of place. It's the prospect of pumping the smaller coins that pulls people in.

It's possible that by eliminating some minor altcoins, Poloniex can streamline their services. Maybe they can focus better with fewer coins to deal with.

You tried to make money by arbitrage trading coins that have very low trading volume. You should consider the gap (spread) between buy and sell orders on both exchanges before choosing any coin to buy in one and sell on another platform. If not you will loss so much,  -30% within few minutes is normal for low volume coins.

This is my first time to reading a bad review on Poloniex which I thought can be the best cryptocurrency exchange there is. Reading the original post, it seems that Polo is rendering a bad service maybe they can not cope with the deluge of demands and problems that are shouting for solutions. Yes, I think it is time for them to evaluate their position and come up with an upgrade of infrastructure and people manning the infrastructure.

I am actually planning of opening an account in Poloniex as I am also interested in investing in some colorful coins that are still cheap and has potential to experience an upward value.

Is Bittrex then much better?

Regardless of their support, you won't get good volume anywhere else besides Poloniex for altcoin volume.

It's the case with all exchanges. They all seem to have problems with wallets (mostly Yobit) and then you can't withdraw the coins while the price keeps dipping faster. It's better to store coins in the original windows wallet and as and when you find the price stable or profitable on any exchange of your choice, sell the coins. No need of storing coins on exchanges when you can use the original wallet. Also, in your case you are concerned about the price but that's not the exact issue with poloniex. It's the same with every altcoin treading site. It depends on their market and volatility is the same with all coins whether ETH or another small altcoin.

I automatically don't trust any one place that becomes that influential.

What would happen to the alt market if it went down in flames? And there've certainly been some questionable moments such as their pre delisting pumps and the way ETC was launched.

I really dont think that the OP might be right in this case. Poloniex, at least for me is a great place to trade altcoins because of many reasons and the most important one, is that I had never encountered any problems with processing my withdrawals to the given address.
For example, you may withdraw cryptocurrencies worth even up to 2000$ daily without any ID identification.
That is something really great, because we can still keep ourselves anonymous while trading because you can simply schedule your payments in a proper way, to not have any problems with the limit.

Also, everybody needs to remember that Polo is pretty much the biggest cryptocurrency exchange, so the volume is really high.
Personally, I dont know any place better for alt trading than Poloniex.

When I was going through your post I just got an intuition that they is something God or your subconscious mind want you to learn about trading and until you learn that you may continue facing this frustrating circumstances you are facing currently. Sorry if you think I sounds religion but that is the reality.

Yp, same experience. But you can get some profit from arbitrage during pump.
BTW by now I've lost estimated 50%. So cool.  Still no answer from support.

sometimes when some of these services become big enough that they are making a lot of money, they stop caring about customers and keeping them happy. i remember back in 2014 (or maybe it was 2015) the site was a good and smaller place. then after years of pump and dumping and making millions they became rich and stopped giving a shit about anybody!

as for your problem, here is my experience as someone who has done arbitrage with these altcoins:
sometimes they don't sync the wallet for some of these altcoins or do it with delays to save up on server resources. and that can cause a lot of delays.
also in most cases their hot wallet is empty and they have to go to their cold storages and send the funds manually or they may not even have any of that coin to give to you but that has a lower chance. and all this means more delays.

also there is always a reason why an exchange have a higher price than the other! a lot of us are watching the market and will arbitrage the shit out of the coin if it was easy or possible

and i agree that bittrex is a much better platform with less problems than polo. it has a better interface which also loads faster too! but i hate bittrex API it has nothing more than basic commands!

Yeah, you would think that a site making over 500k usd per day could hire some decent support staff. There's absolutely no excuse for it. Their support is the worst of any major exchange, save for for Kraken maybe - but I haven't had any problems with them.

Their confirmation times are ridiculously slow and their deposit/withdrawal system needs a major upgrade/overhaul. Its pathetic. They're missing TONS of features that even tiny exchanges have.

I recommend that you avoid coins that are going to be delisted or ones that are prone to withdrawal/deposit errors. Or you just have to factor it into the equation. eg how often is it happening and how much does it cost when it does vs how much you stand to gain.

I'm waiting and praying for the day that someone dethrones polo. It's so ripe for disruption but they have the network effect/liquidity and that that's basically the most important thing so they get away with being lazy and inept.

I agree that poloniex was always one of the best and most well-coded and functioning exchanges and had like a close to perfect reputation. And I always loved it and thought that I can rely on it. But they had the whole Apri(the mass new users boom started in the end of march) to hire new support staff. Now they are getting 600-700 tickets a day(it's not THAT many). It's ~70-90 human working hours a day.  It's 10-20 support members. And it costs no more than 1-2% of there revenue from trading. Hope they will figure it out ASAP. And there technical issues would be paid by common customers, just like me.

It's because compared to other places, Poloniex actually is a pretty good place to trade alts.  The problem is that Bitcoin related exchanges in general are pretty crap right now and Poloniex isn't going to be any different (especially with the state of USDT right now - this could just be the tip of the iceberg).

Yeah. I don't know why but so many exhanges just don't care about there reputation. They just need to spend additional 1-2k$ on support team to solve all tickets properly and clean there reputation but they don't want for some reason.

So for now it's -40% and over 24 hours since thhe deposit, no answer on ticket

Logging using a desktop and then to a laptop is an issue to them. I have to keep using the same laptop over and over and when I tried logging my desktop, my password don't work. Seem a very odd exchange which is why i don't use them regularly.

I can tell that i did have a problem with Poloniex yesterday. I am holding a coin which is marked to be delisted on may 2 and i saw an arbitrary opportunity and tried to withdraw it but never went through but it is showing a transaction ID but it is still not showing in the block chain and opened a ticket 16 hours back and i am yet to get a reply from them regarding it and the bad thing is i am in a heavy loss right now because i am not sure when the coin will appear in my wallet and the price has gone down drastically .

I have problems with them as well.

But the reason for not having enough staff to handle the workload is no excuse for them.
Everything they do on their site is all done using computers so all their workers can basically just be hired uf they have high speed internet connection a laptop or pc and can be from around the global.
Telecommuters are just workers running out of there homes which this company can do as well to allievate the strain on the other workers who are working in the office as secertaries and IT server people who look after the hardware in their server rooms. But everything else is all automated and can be done over the internet.

There's still a lot of trading site to trade altcoins, you can use another one which is bittrex which is almost the same of poloniex but some of the altcoins are there in bittrex and not on poloniex. If you want to choose a lot of coins and earn a lot of profit from buying almost dying coin and waiting for the whales to pump it up then you can go for yobit which is one of my favorite because the whales are their and the coins there are gaining a lot of % per day.

Geez, try not to let it get you that down in the dumps.  I hear what you're saying, and though I've not experienced the same level of bullshit with them, I believe it.  People have much the same thing with Yobit and all the other exchanges.  They're run by people who should never go out in the sunshine, much less run any sort of money-based exchange that requires a certain level of customer service.  You'll note that online stock brokers rarely have this kind of criticism leveled against them, because they know when you deal with people's money you need to have a good relationship with them.  Sounds obvious, but these bitcoin exchanges just do not get it.

Okay, so in last ~3 weeks, I've come back into crypto, facing some financial difficulties and putting all last financies into old and good btc. I've been using poloniex a lot and that's what I want to share with you. During this month I've been arbitraging and trading a little and got my coins stucked or lost or somewhat for 3 times on polo. The longest one was 4 days and 6 hours, when the system made coin withdrawal but no actual withdrawal happent. I've got my ticket answered only after 4 days. During this I've lost ~5-10% of value in btc of this alt and lost a huge amount of investment/trading oppotinuties I wanted to try. Even though my problem could be solved in 2 minutes with just giving coins back on the account. And after 2 days since resolving the last issue I got into another. Today I saw a 6% gap between trade price on bittrex and polo and wanted to use it. Bought coins, send on actual, working deposit polo wallet and... Nothing. Absolutely nothing happent. So for now it's over -35% of the initial price and will go even more for sure and it's only 13 hours. My ticket won't be solved until 2 of may when it would be delisted so high chance that I will lost everything. It is the most retarded situation - everything is fine in blockexplorer, they received everything, this can be finished in several clicks by polo, but they don't care. Just because of issue on the other side I'm loosing around 0.04 btc minimum.  I know it's not much, but for me it's pretty significant amount and all losses are only because of the technical issues from the exchange side.  
Now I just hate my life and dislike the poloniex for experiencing it. This experience even more devastating than cryptsy's was.
Bittrex is running much more alts markets. But they somehow can deal with them and most problems are solved in several hours. And tickets are answered after 6-12 hours.
But polo while making like 300-400k$ a day now can't hire enough support staff to deal with 600-700 tickets a day and run 20-30 wallets.
You will have to deal with 2-3-4 or even more days to get your tickets finally answered.

So, what I want to say to you - don't trade with alts of high volatility on poloniex - you'll suffer big losses. Avoid depositing not top alts there. They don't care about you. On the my message of like "Thanks for -30% poloniex" in chat after explaining my problem, I've received answer from moderator like "You are welcome." and then was  banned. They are making money and became a little bit lazy.
Thanks for your attention. Avoid dealing with polo in non top 5-10 alts, or you are risking to lose a lot of time and nerves.