Is Poloniex Still Safe to Use in 2019?

[crabby]

Hi Everyone, I'm excited to hear what you have to say about our latest exchange review.

Over the past year, Poloniex always seemed to be in the spotlight for the wrong reasons. Whether it was their 140,000+ unanswered support tickets or the flash crash experienced by CLAM margin lenders. This all leads to the question - Is Poloniex still safe to use in 2019?

Once you get a chance to read over the review, let me know what you think!

https://blog.shrimpy.io/blog/poloniex-review

Looking forward to chatting with everyone here.

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[doedz]

There is nothing to worry about with Poloniex, I trade there.
it is only possible to decrease trading volume because as many traders are more interested in IEO and poloniex does not do it.

[countryfree]

NO! Stay away from Poloniex!

I've been trading and lending coins successfully on that exchange from 2016 till last month, when Poloniex made the mistake of allowing huge margin trading on a small sh*tcoin which lead to a 1,800 BTC crash. The worse part is that Poloniex stole money from its loyal customers (and I'm in that lot) to cover that loss.

You may read more about it on this topic:
https://bitcointalk.org/index.php?topic=5151636.0

[Slow death]

After the cases of many support tickets being ignored and the closing of the trollbox, many people left poloniex and went to exchanges like bittrex and then binance... But in the end binance managed to get more people that was using bittrex. I am one of those people who preferred to stop using poloniex and bittrex to use binance because I think it is better to exchange.

It is very difficult to trust an exchange again when you hear reports of hundreds of people who have had support tickets ignored

[Decimation]

After the cases of many support tickets being ignored and the closing of the trollbox, many people left poloniex and went to exchanges like bittrex and then binance... But in the end binance managed to get more people that was using bittrex. I am one of those people who preferred to stop using poloniex and bittrex to use binance because I think it is better to exchange.

It is very difficult to trust an exchange again when you hear reports of hundreds of people who have had support tickets ignored

Yea, but it's not like there are a ton of alternatives... All these exchanges have numerous issues with support, deposits, withdrawals, KYC, etc. I honestly just find any exchange a massive pain to use at this point. I'd say that Binance (besides the whole 7k BTC thing) is the least painful to use right now.

[countryfree]

Oh, yeah, I forgot about that. Substandard service!

I guess I've been lucky on that side, though. I didn't ask much for assistance, but I remember it took more than a month to go to a higher step of verification. But frankly, this shouldn't matter much.

The real issue as I see it is that Poloniex is the only exchange I know who doesn't mind stealing money from its loyal customers. Bitfinex did it way better with tether. It launched an ICO to cover the loss from its banker, but no client has lost any crypto.

[terencio]

Poloniex is one of the oldest exchanges and the world’s most popular cryptocurrency exchange in the crypto market. It slows down but Poloniex is improving and still safe to use in 2019. If you have doubt, you can use other exchanges as well.

[squatter]

After the cases of many support tickets being ignored and the closing of the trollbox, many people left poloniex and went to exchanges like bittrex and then binance...

That was my first trigger to leave. I think it was around Q2 2017 when support tickets started lasting months at a time -- for huge problems like unprocessed withdrawals too. I withdrew most of my coins after that. When they announced later in the year that KYC was becoming mandatory, that was the last straw for me.

I'm amazed at their continued fall from grace since then. I thought Circle buying them out would the beginning of their resurgence. Now it just looks like they bought a dying exchange and ran it into the ground. After this margin lending fiasco, I don't see how people can keep trading there.

[gentlemand]

I'm amazed at their continued fall from grace since then. I thought Circle buying them out would the beginning of their resurgence. Now it just looks like they bought a dying exchange and ran it into the ground. After this margin lending fiasco, I don't see how people can keep trading there.

My theory is that they're just placeholding for now. They don't really care about investing too much in it or their present users. Circle's occasionally spouted off about tokenising everything which requires an exchange.

However they may find that if this plan ever comes to fruition no one's going to want to go anywhere near Poloniex.

I can't really think of any exchange that's made a proper resurgence after falling out of favour. You either stay up there or you're toast. Circle has excellent track record for pisspoor timing so they may let Poloniex wither even more just as a proper bull run takes off.

[squatter]

I'm amazed at their continued fall from grace since then. I thought Circle buying them out would the beginning of their resurgence. Now it just looks like they bought a dying exchange and ran it into the ground. After this margin lending fiasco, I don't see how people can keep trading there.

My theory is that they're just placeholding for now. They don't really care about investing too much in it or their present users. Circle's occasionally spouted off about tokenising everything which requires an exchange.

However they may find that if this plan ever comes to fruition no one's going to want to go anywhere near Poloniex.

That's the thing -- wasn't the purpose of buying them to leverage the brand? Letting the brand go to shit seems like a good way to shoot themselves in the foot. Placeholding made sense over a year ago but my guess is they've run into unexpected regulatory snags that have piled on the delays. I can't imagine things are going as Circle planned.

[The Sceptical Chymist]

I'd say that Binance (besides the whole 7k BTC thing) is the least painful to use right now.

I agree with you there, except I can't even use them anymore since I'm a US resident.  Can't wait until they resume their support for US customers, though I've no idea when that'll be.

I've used Poloniex recently and have had no problems.  I think they're legit despite the scam accusations I read about them.  There doesn't seem to be an exchange in existence that doesn't have massive amounts of complaints against them--even Coinbase, which has the prying eyes of the US government all over them (and I think Poloniex does as well).  Basically you just have to choose the one that's the least evil, I suppose.

Poloniex just implemented bank account linking, which I figured would be a very convenient way to deposit fiat to trade for bitcoin, but to my chagrin that wasn't the case.  You can only wire money to them, which costs money.  Not sure why they can't set up ACH deposits like Coinbase has, but whatever.  That's the only real problem I have with Polo right now.

[yefi]

Basically you just have to choose the one that's the least evil, I suppose.

Polo went from hero to zero not because they were evil but because they were incompetent.  Choose your poison I guess?

[countryfree]

Basically you just have to choose the one that's the least evil, I suppose.

Great idea! I think we could all follow this advice. So let's compare:

Bitfinex had a huge problem with Tether, but it launched an ICO to cover it, no user funds were affected.
Binance got hacked, 7,000 BTC were stolen, but no user funds were affected.

Poloniex made the mistake of allowing huge margin trading on a sh*tcoin that even a 10-years old would have guessed it was doomed. Poloniex stole money from its customers to cover its loss.

[gentlemand]

That's the thing -- wasn't the purpose of buying them to leverage the brand? Letting the brand go to shit seems like a good way to shoot themselves in the foot. Placeholding made sense over a year ago but my guess is they've run into unexpected regulatory snags that have piled on the delays. I can't imagine things are going as Circle planned.

If you were planning on tokenising the world then your current customers are an irrelevance and that kind of seems how they're being treated. They'll be looking towards all the people yet to arrive, but unless they keep it ticking along relatively contentedly until then it won't occur to any newcomers to try it.

Perhaps they intend to send big hitters to it, but big hitters are just as unlikely to want to be tasked with reviving somewhere when all the action is taking place elsewhere.

I've never been able to figure out Circle's strategies. Not sure they can either.

[BitSat19]

Surely now they are not safe as many lost money I am also with some good amount I submit 1 ticket but they never reply in last 5 months so now I am also leaving and never recommend any one to join this as now they are facing some serious troubles and stealing amount from loyal customers for covering this lost.

[squatter]

That's the thing -- wasn't the purpose of buying them to leverage the brand? Letting the brand go to shit seems like a good way to shoot themselves in the foot. Placeholding made sense over a year ago but my guess is they've run into unexpected regulatory snags that have piled on the delays. I can't imagine things are going as Circle planned.

If you were planning on tokenising the world then your current customers are an irrelevance and that kind of seems how they're being treated. They'll be looking towards all the people yet to arrive, but unless they keep it ticking along relatively contentedly until then it won't occur to any newcomers to try it.

That's why they look so stupid. They've destroyed their brand before they can even start on-boarding these "yet to arrive" customers. They already had a glitchy site with bad liquidity to start with. Now they're stealing from their lenders and moving offshore to Bermuda?

They're just becoming a smaller and less trusted version of Bitfinex that steals from its customers. They have no future now.

[countryfree]

They've destroyed their brand before they can even start on-boarding these "yet to arrive" customers. They already had a glitchy site with bad liquidity to start with. Now they're stealing from their lenders and moving offshore to Bermuda?

They're just becoming a smaller and less trusted version of Bitfinex that steals from its customers. They have no future now.

Those are the right words: "They've destroyed their brand".

In 2017, Poloniex was the best exchange by far, and now it could be the worst. It's a good example of poor management, and just carelessness.

[milewilda]

They've destroyed their brand before they can even start on-boarding these "yet to arrive" customers. They already had a glitchy site with bad liquidity to start with. Now they're stealing from their lenders and moving offshore to Bermuda?

They're just becoming a smaller and less trusted version of Bitfinex that steals from its customers. They have no future now.

Those are the right words: "They've destroyed their brand".

In 2017, Poloniex was the best exchange by far, and now it could be the worst. It's a good example of poor management, and just carelessness.

Remembering the Poloniex and Bittrex glory days back on the years and then they suddenly becomes shit.One question, would binance would go into the same path?

For the question on using up poloniex once again,its better to skip this up and stick to the current top ones.

[gentlemand]

One question, would binance would go into the same path?

What screwed Poloniex and Bittrex in the eyes of most was a messy transition to full compliance, though obviously there were other issues too along the way.

Binance has yet to transition to being full anal about KYC but the day is coming. They'd better be conscious of the potential to piss off vast swathes of customers and do their best to deal with it smoothly. Both of those joints offer a salutory lesson.

[buwaytress]

Was a Polo user myself especially in the hey days of their margin loan facilities. Demand for BTC got so crazy in 2017 I made double digit profits from interest alone in a few months mid that year, but I was less aware then that their support was really bad (should I say, non-existent). I myself had one unanswered for over a year but it was merely about verification so I didn't care, eventually left the platform and in good time, I realised by then I was really just gambling with leaving all my funds there to earn interest from loans.

So is it still safe? Only as safe as it ever was. Probably safer, actually, if you think all their risky margin offerings aren't so active now.