Poloniex is a crypto-to-crypto trading platform which once used to be the best in the market. However, in recent years, it has been losing its user base and other sites such as Bittrex have quickly taken over.
One of the reasons that Poloniex was so well respected was because of its user interface which was extremely sophisticated yet simple to figure out, even for beginners. In fact, the user interface was such a draw for the platform that users ignored and continue to ignore many of the other glaring issues with the platform.
In this article, I’ll give you a detailed overview of the major problems with Poloniex. Following that, I’ll offer 5 alternative platforms you can use where you won’t experience those same issues.
PART 1: Poloniex Problems
The following are some of the major reasons you might want to change to a different trading platform:
- Only Cryptocurrencies Accepted: Poloniex is a crypto-to-crypto trading platform. As such, you can’t use fiat currencies to buy altcoins here, making it unsuitable for beginners.
- Bad Customer Service: Poloniex is notorious for providing a terrible customer experience. Once you file a ticket, it may be several days before they get back to you with a response. Furthermore, they also don’t have a trollbox which means you can’t escalate an issue or bring it into further notice.
- Withdrawal Issues: Various users have been complaining that they face immense trouble while trying to withdraw funds, and sometimes the withdrawal doesn’t even get processed.
- Other Technical Issues: A lot of users have also complained that their wallet has been “temporarily unavailable” for several weeks.
As you can tell, Poloniex is riddled with technical issues. As such, you should switch over to a platform that is more reliable and provides efficient customer service.
PART 2: 5 Best Alternatives to Poloniex
Now that you know about Poloniex’s major issues, you should focus on using a platform that can address those issues while also meeting all your needs. The following are 5 alternatives that might do that.
|Exchanges||Security||Fees||Payment Supported||Cryptocurrency Supported||Check Reviews|
|Great||3.75%||Credit Card + Bank Transfer||Bitcoin, Ethereum, and Litecoin||Coinbase Review|
|Moderate||0.1%||Only Cryptocurrencies||Bitcoin, Bitcoin Cash, Ethereum, EOS, LiteCoin + many more||Binance Review|
|Risky||0% to 1%||Cash + Bank Transfer + PayPal + Gift Cards + many more||Over 300 cryptocurrencies||Paxful Review|
|Good||1.0% to 4.0%||Card + Bank Transfer + Skrill + Neteller||Bitcoin, Ethere-um, Dash, and Litecoin.||BitPanda Review|
|Good||6.0%||Card + Bank Transfer||Bitcoins, and Ethereum.||Coinmam Review|
#1 Poloniex Alternative: Coinbase
Coinbase is an ideal alternative for Poloniex because it retains its simple user interface while also addressing all the issues.
To start with, Coinbase is a great option for beginners as well as seasoned traders because it allows you to buy coins with fiat currency using a variety of payment methods. Furthermore, it’s one of the most trusted platforms in the world and comes with exceptional service. There are also no reported issues with withdrawal of funds or irresponsiveness from the customer support. All tickets are answered within 24 hours.
So you can see how Coinbase solves all the issues arising out of Poloniex, while retaining its strongest virtue. However, before getting Coinbase, you should also be prepared to face some of its own problems. For example, Coinbase only allows trading in the most popular cryptocurrencies and isn’t available across the globe.
However, to find out more about that, you can read out Coinbase review.
#2 Poloniex Alternative: Binance
Binance has quickly gone on to become one of the most popular exchange platforms in the world, in a matter of just a few months since their launch in 2017. This rapid rise has been because of their high-reward ICO investment model.
Binance, like Poloniex, is also meant for crypto-to-crypto trading only. And unlike Poloniex, it has an extremely complicated user interface. As such, it doesn’t make the ideal alternative to Poloniex. However, it also remedies Poloniex’s issues.
Binance is highly competent and as such you won’t find any issues dealing with customer service. And their website functions perfectly without any withdrawal issues or other technical problems.
If you want a platform similar to Poloniex, but without any of its glitches, then Binance is just what you need. You can find out more about it in our Binance Review.
#3 Poloniex Alternative: Paxful
Paxful is a peer-to-peer platform that may be an interesting change from Poloniex. Whereas Poloniex only allows you to trade in cryptocurrencies, Paxful allows you to use any currency you want and make payments through any method you desire, as long as it’s agreed by the seller.
As such, Paxful is far more flexible than Poloniex. Furthermore, it also has a strong customer support and their site isn’t riddled with technical glitches.
However, before you go ahead and use this platform, read our Paxful review. This is crucial because sites like Paxful are also full of fraudulent sellers and buyers and you should know how to spot and avoid them.
#4 Poloniex Alternative: Bitpanda
If you’re either from the UK or one of the EU nations, then BitPanda is the perfect Poloniex alternative for you. It supports all the major altcoins and accepts payment in major fiat currencies as well, such as USD and EUR.
As such, it solves the problem of Poloniex only trading in cryptocurrencies. BitPanda also has a strong support system and there hasn’t been much complaint about either its website or the customer service.
However, you can learn more about it in our BitPanda Review.
#5 Poloniex Alternative: Coinmama
Coinmama is the ideal alternative platform for you if you’re looking for something simple and efficient and if you only want to buy bitcoins using fiat currency.
Coinmama isn’t meant for active trading. However, if you’re looking to purchase either Bitcoins or Ethereum, using your credit/debit cards or bank transfer, then Coinmama is where you should be.
In addition to accepting fiat currency, Coinmama also has a great customer support without any glitches in the website. You can learn more about it in the Coinmama Review 2018.
PART 3: Best Poloniex Alternative – My Choice
My personal choice for the best Poloniex alternative would be Coinbase. That’s because it helps preserve Poloniex’s best aspect – simple user interface – but it’s also perfect in all of Poloniex’s drawbacks, such as website quality, availability of fiat currency, and speedy problem resolutions.
PART 4: Conclusion
Now that you know about Poloniex’s major issues, you can use any of the 5 alternatives mentioned here to replace it. They are all reliable, however, you should eventually choose the platform which most accurately addresses your needs.