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Question: Do you trust Poloniex with your personal information?
Yes - 3 (30%)
No - 7 (70%)
Total Voters: 10

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Author Topic: Is Poloniex trustworthy?  (Read 2877 times)
TheGodson
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August 31, 2017, 06:24:18 AM
 #1

So I signed up for a Poloniex account, but they want my SSN, picture of ID, and other stuff. If there was ever a security breach someone could steal my identity. So a part of me is thinking "meh, why bother." Another part of me wants to sell some of my BCH and possibly purchase Ripple. It could also come in handy in the future.

Is Poloniex trustworthy?

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August 31, 2017, 06:37:21 AM
 #2

I just signed up with my e-mail and country settings (tier 1 verification). That's enough to send some Satoshis to your account and start trading or lending at Poloniex. And according to their site, Level 1 Verification allows daily withdrawal of max.$2,000 USD, which should be enough for most of us. Also Margin Trading is enabled. Of course, if you need higher withdrawals daily you have to send in your passport ID and address.

But I really don't know how trustworthy they are. At least they seem to be located in the U.S. and they are in business since 2014 so I really hope they will not do the same as the Mt. Gox guys did and disappear with all the customer's money one day. Better keep your coins in your own wallet and have only trading money on Poloniex or any other trading platform.
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August 31, 2017, 06:43:55 AM
 #3

I don't have any reason to believe that they are not trustworthy to hold personal information. There is of course always a small risk they could get hacked and that information could be stolen. I am experiencing a long delay in getting my account verified after submitting the information so I'd recommend finding another exchange to sell your BCH, most don't require verification to do that.

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August 31, 2017, 06:49:02 AM
 #4

So I signed up for a Poloniex account, but they want my SSN, picture of ID, and other stuff. If there was ever a security breach someone could steal my identity. So a part of me is thinking "meh, why bother." Another part of me wants to sell some of my BCH and possibly purchase Ripple. It could also come in handy in the future.

Is Poloniex trustworthy?
When i signed up in poloniex they didn't ask me to send my SSN, picture id, etc. But if you want increase your withdraw limit you need verification your id there, if you're not trading with high capital you didn't need to verify your id. Until now I didn't face serious problem with poloniex and now their Contact support highly improved , so why not


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August 31, 2017, 06:53:29 AM
 #5

So I signed up for a Poloniex account, but they want my SSN, picture of ID, and other stuff. If there was ever a security breach someone could steal my identity. So a part of me is thinking "meh, why bother." Another part of me wants to sell some of my BCH and possibly purchase Ripple. It could also come in handy in the future.

Is Poloniex trustworthy?

Absolutely not. And the reason you mention (ID theft) is the primary one. Poloniex is merely registered with FINCEN; they hold no licenses and we have no idea what their compliance standards (e.g. for digital storage of personal data) are. I don't even like the idea of giving them my real name.

Also, keep in mind that they have had a horrendous support backlog and complaints of stuck withdrawals going back months. I got out in May when these complaints started coming in en masse, so I can't speak from experience here.

Bitstamp is much more reputable, and you can purchase XRP there, but I haven't used them in years. It used to be that a simple ID scan and utility bill was sufficient. I wouldn't be comfortable giving them my SSN, either.

I have my documents on file with one place -- GDAX. When it comes to altcoins/tokens, I try to stick to non-KYC exchanges. Poloniex is bush-league, so their limits and verification tiers are unacceptable to me.
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August 31, 2017, 06:58:21 AM
 #6

Tier I verification should be fine for you ATM, at least until you get a grip on crypto. Max I would go with verification is my ID copy cause with that they cannot do much. SSN or something like that, NO WAY, ever.

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August 31, 2017, 07:03:57 AM
 #7

We can not say that even if they are a solid exchanger there is corruption that's going on there. Just like what happened to my friend he had a huge amount of money deposited on the polo. And it sell .buy shitcoins as he does not know. Of course anyone else will do non if not Polo because they are holding our accounts. We can not even say those hackers because they are. Why not take them.

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August 31, 2017, 07:10:51 AM
 #8


If you need an exchange to buy alts or do some trading go ahead and use Poloniex. But the onus is on you to store your own wealth securely on any amount you wish to keep from being lost - this goes for any exchange or wallet. When I was with Poloniex I had very little issues, unfortunately they could not service residents in my region anymore and when I found about it my account had already been closed. What happened next was I submitted a ticket and they helped release all of my funds.

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August 31, 2017, 09:01:21 AM
 #9

Well I have over $100k stuck in there, all of my withdraws are "Awaiting Approval" and I've been waiting over a month for a response from support.. So make your own mind up!
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August 31, 2017, 12:21:27 PM
 #10

i trusted poloniex, i have in level 3 with them and its not take too long to be approved. i think its good if we can increase our level into level 3 because the limit for deposit and withdraw can increase too and i think i don't have problem with them. if i want to withdraw, i don't take too long to gets confirmed. but yes, i admitted that their support system need to be fix so their member can get fast response from them.

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September 01, 2017, 11:12:42 AM
 #11

At the moment no, I'd suggest you steer clear from them. Using them is a risk, because if have issues, there is no support. And some are claiming they are selectively scamming their customers.
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September 01, 2017, 11:39:01 AM
 #12

My experience with Poloniex this far was ok. I had smaller amount of BTC deposited there, and withdrawal was quick. I have level 2 verification. However there were numerous complaints from the people who could not withdraw their funds for days. Level 1 does not need a verification and should be enough for start.
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January 02, 2018, 05:54:13 PM
 #13

Poloniex is now making it mandatory for all accounts to provide your Social Security Number, effective within the next 3 months.  If you do not give them your SSN, you will not be allowed to trade or deposit.  They also want my address and phone number, but strangely they have never given me Poloniex's address or phone number.

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January 03, 2018, 07:14:14 AM
 #14

poloniex filch my are ltc. 31st created conclusion, acknowledgement to mail came, in the conclusion history status Complete and txid non-existent and nowhere they did not reach. well, and as it relies on substantial stock exchanges support is silent. I twitted in poloniex twitter about this, and was found out about it I am not lonely. at whom disappeared dcr in similar situation, at whom too ltc
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March 12, 2018, 04:08:28 AM
 #15

Not sure of anyone else’s recent experience with this, but back in Feb I went through their exhaustive verification process and never received any confirmations and no responses to my support requests in the matter. I would recommend avoiding. I’ve got alerts set up on my personal info, so we’ll see what happens. I did notice however an abundance of spam that begin trickling into my inbox around the time of submission as well.
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March 12, 2018, 08:31:08 PM
 #16

So I signed up for a Poloniex account, but they want my SSN, picture of ID, and other stuff. If there was ever a security breach someone could steal my identity. So a part of me is thinking "meh, why bother." Another part of me wants to sell some of my BCH and possibly purchase Ripple. It could also come in handy in the future.

Is Poloniex trustworthy?
I have the same doubts as you. Although I have good trading experiences on Poloniex, I wouldn't entrust my sensible personal data, just for trading altcoins. There are several exchangers, where you can trade/exchange your altcoins without need to provide ID verification for example Bitfinex, Cryptopia, Livecoin and Shapeshift.

   

 
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March 12, 2018, 11:45:16 PM
 #17

There are several exchangers, where you can trade/exchange your altcoins without need to provide ID verification for example Bitfinex, Cryptopia, Livecoin and Shapeshift.

It's unacceptable that you even dare to mention Cryptopia as an option for people to make use of. If you do a few minutes worth of browsing through some threads here, and on social media, you'll see how many people aren't able to withdraw anything, and this has been going on for months now. On top of that, Poloniex has been taken over by Circle, which is backed by wall street banks. The deal was even approved by the SEC, and that alone gives Poloniex far more credibility than 95% of the current exchanges. The only exchange service you stated that is worthwhile and not messing up, is ShapeShift. The rest is either shady or very questionable....
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March 13, 2018, 12:40:22 AM
 #18

There are several exchangers, where you can trade/exchange your altcoins without need to provide ID verification for example Bitfinex, Cryptopia, Livecoin and Shapeshift.

It's unacceptable that you even dare to mention Cryptopia as an option for people to make use of. If you do a few minutes worth of browsing through some threads here, and on social media, you'll see how many people aren't able to withdraw anything, and this has been going on for months now. On top of that, Poloniex has been taken over by Circle, which is backed by wall street banks. The deal was even approved by the SEC, and that alone gives Poloniex far more credibility than 95% of the current exchanges. The only exchange service you stated that is worthwhile and not messing up, is ShapeShift. The rest is either shady or very questionable....

I knew Poloniex was horrible with unacceptable customers supports, but as being acquired by Circle we can imagine a serious spring cleaning is coming soon. As for Cryptopia, I don't know exactly are the problem but I am able to use it without any problem (deposit, trade, withdraw)

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