In addition to its primary business update being a retail cryptocurrency exchange, Coinbase offers trading through update crypto trading platform GDAX. The Coinbase web page is simple and easy to use, which is perfect for users new to crypto investing. Poloniex is better suited for a more seasoned cryptocurrency investor. The user interface is clean and contains a great deal of useful information for each trading pair, including candlestick charts, technical analysis overlays, and order book visualization.
Poloniex also offers more advanced trading features such as margin lending for all users and allows coinbase to lend their cryptocurrencies on deposit. The Court of Public Opinion Coinbase update generally considered the most professional and reliable among crypto exchanges.
Customer Support In terms of mainstream non-crypto businesses, neither Coinbase nor Poloniex are winning any awards for customer service. While complaints of Coinbase support are common, it was lauded for its recent implementation of phone customer supporta nearly unprecedented move in cryptocurrency trading.
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Poloniex fares even worse in this department. Customer support consists of a FAQ section and a system to submit support tickets, which frustratingly requires a separate signup and login from your standard Poloniex login. A quick search of any cryptocurrency forum shows that Poloniex has a reputation for freezing customer accountsdelaying withdrawalsand ignoring customer service requests.
It commands significant trust in the crypto community due to its longevity, security, and regulatory compliance.
Should You Use Poloniex?
Per the Coinbase websiteCoinbase is licensed to engage in money transmission in most U. Poloniex has poloniex active sincebut its management and ownership is much more secretive. While Poloniex is not as coinbase about their commitment to regulatory coinbase, they have suspended operations in certain US states as required by state law, showing a willingness to operate within regulatory frameworks. Safe and Secure Security is an area where Coinbase shines, having never been hacked in its 5 years coinbase existence, at least to public knowledge.
Poloniex also suffered a security compromise in March when their accounts were hacked poloniex 97 Poloniex were stolen, though to its credit Poloniex reportedly reimbursed the affected customers in full. Make sure to use Google Authenticator or a similar application to generate one-time 2FA codes, as text message-based 2FA leaves you vulnerable to your phone number being cloned by an unauthorized third party.
Fees For its primary retail exchange business, Coinbase charges a 1. Poloniex also uses the maker-taker model for fees. For users with day trailing trade volume of BTC or less, this fee is 0. However, no official plans to add new currencies update been publicly announced since then. Poloniex currently offers trading in 71 different cryptocurrencies, including virtually all major cryptocurrencies. Final Thoughts Coinbase and Poloniex can each offer significant value to cryptocurrency investors, and whether you should use one or the other or both depends on your investment objectives.