Poloniex VS Coinbase: Ultimate Crypto Exchange Comparison Guide

Comparison
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General Information

PoloniexCoinbase
Year of foundation20142012
CountryUSAUSA
LanguagesEnglishEnglish, Portuguese, German, French, Spanish, Italian, Dutch
Mobile appiOS, AndroidiOS, Android

Registration and Verification

Poloniex

Registration is done in several stages:

  • standard questionnaire (first name, last name, country, email, and so on).
  • email confirmation.

Unverified users have a daily withdrawal limit of $2,000. To increase this limit, you need to enter additional information; then, the user must upload an image of documents that confirm personal information.

Coinbase

Simply registering with Coinbase is not enough to start trading. To begin using a Coinbase account, you must immediately undergo verification, which includes a photo ID. Verification usually takes a few hours. There is no verification only if you use the service as a wallet for storing cryptocurrency.

Depositing and Withdrawing Funds

Poloniex

Among the site’s advantages is its high liquidity, especially in cryptocurrency pairs with altcoins. Poloniex is also great for withdrawals, as the user pays only for the transaction itself in the blockchain.

Coinbase

You can deposit your Coinbase wallet in dollars or euros via card, bank transfer, and PayPal. However, euros can only be deposited through the web interface (not through the mobile app). Of course, you can also transfer cryptocurrency directly to Coinbase wallet.

Trading Volumes and Traded Pairs

Poloniex

There are 101 trading pairs available on the exchange. The option to trade in pairs with fiat is not available on the exchange. Margin trading is available on the exchange. Poloniex exchange has implemented the JustSwap mechanism. It allows you to exchange coins without using the trading terminal. The platform also offers a gaming project Poloniex WINk with games and roulette (similar to a casino). The currency for games is the Tron coin.

Coinbase

There are 78 trading pairs available on the exchange. The option to trade in pairs with fiat is not available on the exchange. Margin trading is not available.

Commission

Poloniex

The Exchange uses the standard model, which actively stimulates market liquidity; each user can get a lower commission for transactions. The higher the volume of transactions made in one month, the lower the commission for all subsequent transactions. This model is significant for the Poloniex exchange because it supports more than a hundred cryptocurrencies, and they all need to provide high trading volumes. The commission calculation is automatic; it is based on the last 30 days’ trading volume for each user. Deposits on Poloniex are free. Withdrawal assumes a commission for each coin.

Coinbase

There is no transfer fee to Coinbase via SEPA, but the withdrawal costs €0.15 and takes 1 to 3 business days. From the United States, you can fund your account in dollars through the ACH system for free (up to 5 business days) or by regular transfer for $10. Withdrawals will cost $25. It is not possible to withdraw money from Coinbase to the card – only to the account. When buying cryptocurrency with a bank card, the commission at Coinbase will be 3.99%, and in the case of buying from a bank account – 1.49%. At the same time, third-party cryptocurrency buying services using Coinbase API may charge an additional fee.

Security

Poloniex

First of all, the exchange administration monitors the safety of its users’ accounts and strongly recommends two-factor authentication. As for the exchanger’s security, the standards, site’s protection does not exclude various hacking and DDOS-attacks. In the history of the Exchange there have been cases where money was, stolen from members’ accounts. The Exchange itself compensated for these losses – a very loyal approach to customers.

Coinbase

There is nothing wrong with the security of this Exchange. Necessary user account data is stored on equipment that is wholly disconnected from the Internet. Data is distributed between encrypted USB drives and paper backups located in different geographic areas around the world. All site information travels over encrypted SSL – HTTPS. Wallets and private keys use AES-256 encryption to protect them.

Pros and Cons

Poloniex

Pros
  • user-friendly site interface, navigation and sorting tokens
  • wide range of functions – the ability to trade, issue loans and take out loans
  • wide range of liquid investment instruments – more than 140 currency pairs, large trading volume
  • low transaction and input/withdrawal fees
Cons
  • does not support fiat currencies
  • frequent Pump and Dump
  • weak support

Coinbase

Pros
  • Serious reputation. For all time of work, there were no significant attacks that led to the loss of money by clients.
  • Insurance of client accounts.
  • Easy-to-use platform with extensive functionality. Since the addition of GDAX, Coinbase has been on par with other professional exchanges that offer an advanced terminal for analysis and the ability to open different types of orders.
  • High level of security. Coinbase offers a lot of methods to protect customer funds and the trading platform, which virtually eliminates the possibility of funds theft.
  • Possibility to work with fiat currencies.
  • Diversified system of charging commissions with rebates.
Cons
  • A large number of complaints on the exchange on various issues.
  • Support service cannot cope with the flow of tickets.
  • Only a few cryptocurrencies are available for trading. The choice of assets is very limited.
  • Lack of leverage.
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