Poloniex: Great fees, great graphs, which are WORTHLESS if they keep your money or don't move it quickly enough...
I started out on bittrex when I first started using steemit.com back in July. At the time the fees to withdraw from my bitcoin there were 0.0002 BTC. Then I kept hearing about Poloniex and I went to check it out. It's graphs and layouts are a bit fancier than bittrex and it has a fee of 0.0001 BTC. I switched to using Poloniex for quite some time.
In that time I've had to open several trouble tickets with them when currency movement is delayed by a large (unusually so amount) and bittrex fees have gone up to 0.001 BTC which is now ten times as much as Poloniex fee.
In the past few weeks I've had withdrawals from Poloniex take MORE than 24 hours and thus have missed sales I was trying to make purchases for, yet that I can partially blame on the slowness of bitcoin. To a certain degree.
Almost a week ago I transferred a small amount of SBD to Poloniex which would have been several transfers for that day and that SBD still has not arrived at poloniex. I have created THREE different support tickets, none of which have been replied to other than by their automated system telling me someone would get to them. The first ticket had all the details about the transaction, various keys, times, and pretty much everything they'd need to know to track down the transaction. You see this is not the first time this has happened with Poloniex. It happened a few months ago as well and took me 3 days to get my currency. In those cases though I received replies fairly quickly and I was just missing some transaction information they needed. This is how I knew what I should include in my first ticket. Still no response...
I just saw in a comment section someone saying something along the lines of "I've been told not to use Poloniex, but I don't know why".
I can give you the why now from my perspective. Yes, bittrex fee is ten times more than poloniex, yet at least my currency is not disappeared into the void of Poloniex's accounts and thus unusable by me. This loss makes any savings on fees between the two locations irrelevant.
The fact they don't answer their tickets any longer to answer and fix problems should be a big red flag as well.
I've been moving my currency through bittrex lately, sure I could use blocktrades.us, or some other rapid conversion system, but I don't really know what conversion rate they are using at the time, etc. At least on bittrex I can convert my SBD or STEEM to bitcoin for different prices and then when I need to I can move it to fiat on my bitpay visa card.
With how much bitcoin is worth right now that 0.001 bitcoin fee of bittrex is quite a lot. It is like paying an expensive ATM fee. For this reason I don't move money around in as frequent of intervals as I did before. I tend to wait until I have a larger sum I want to move and then do it in a single session. That 0.001 fee is still significantly better than having your currency taken, and support responses to recover it being ignored.
This is why I avoid poloniex. Poloniex looks nice, has a low fee, but use at your own risk. It makes me happy it happened with a small sum... probably anywhere from $10 - $20 worth of SBD. If it had been a larger amount I'd be more upset than I am.
Okay, I don't like Polo much, too. But why are you lying?
Now it's 0.0001 btc
Definitely agree on other stuff as wallets blocks and it wihdrawal delays
The 0.001 BTC is bittrex fee. No lying in the article. Poloniex is 0.0001 BTC which is why I stated bittrex's fee is ten times as much.
Simple math.
Had you bothered to include the three words written BEFORE your quote you'd see it is NOT a lie. I find it interesting that 21 people rushed to up vote your comment, when it wasn't a lie. Here is the full quote.
That line says "bittrex fees have gone up t 0.001 BTC"
Poloniex fee is 0.0001 BTC (which is also stated in the first paragraph of the article).
10 x 0.0001 = 0.001
So it is not a lie. It is accurate. For some reason you appear to have misread it. I've done that before as well.
I think this is as a result of upsurg of support tickets they have received in recent days. You need to understand that there is massive sign up on poloniex of recent which has even affected the speed of their server. Bear with them. You could have talked to mods in the troll box. That would have made your case easier. However, if you are more comfortable with bittrex, why not. Just know that bittrex customer support may also not be awesome when they grow like polo..Thanks
I totally forgot about trollbox. I also understood it could be slow. Yet at close to a week with no response to any of my three tickets other than the automated response that comes right after you submit it, that is a bit excessive. Even answering saying... "We are very busy at the moment and we have seen this ticket..." is something more than what they are doing.
This also is NOT my problem. It is theirs. If they need more support staff, servers, etc. I'm a client. Those are things I should not really need to worry about.
I have no doubt what you are saying is true. You are correct that bittrex can have similar problems. I am fine with problems if they answer their tickets... I mean I did wait close to a week before writing this post.
I do not blame you if you are pissed over their poor customer support. No one will be happy waiting for one week over such issue.
Oh one of the people that replied to this post said that he has a friend with a ticket 2 months old on poloniex.
I am pretty reasonable if someone communicates with me. I've been support staff MANY times in my life, so I am sympathetic. This is why I waited as long as I did.
meep
poloniex / I use it in the conversion Is there a problem? And advice
Problem for me is they no longer answer their support tickets. So if you happen to deposit currency with them or move it and it doesn't appear on your account, what then?
It seems risky. I'm simply glad it happened with one of my smaller deposits.
Why messages are not answered
Do they have no support to respond ?
I had to open support tickets in the past and they would usually answer within a day. Now I have three tickets open which have not been answered and the first is almost a week old.
I received automated email saying they had been received and that support staff would look at them.
Don't sound good for poloniex bit worried myself because I use it probably should look for something else PS very interesting article mate
Thanks for the first hand account. Its good to hear uncensored thoughts on what is the best exchange, so those of us who are new can make better informed decisions.
Now I'm using polo just to buy coins, I buys them and store in physical wallet. Polo is no doubt the biggest exchanger but neither regulated or insured plus lags on website. One of my friend have a ticket pending since 2 months. Customer service is a nightmare. If something goes south you can't expect any help from them.
Yes, it is. I just started to use Poloniex, but I have not paid out anything since it is pretty complicated in Germany. I thought Poloniex is pretty cool because it looks nice and is very easy to understand. Malfunctions happen, but not replying to a support ticket would make me pretty angry as well.
I will have to take a look soon on how I get to my fiat out of Steem. I was happy when I finished the lenghty video of @mrs.steemit on how to cash out, but she used Poloniex...
bittrex works like poloniex. Graphs are different but they mostly operate the same.
There are a lot of different sites and ways to get your SBD / STEEM converted into money. When you have some you want to do it with give me a shout. There are a lot of tutorials.
The credit card I use is not good for Germany, but I hear coindesk.com has a credit card you can use like mine that is good for Europe and other places.
Cool, thanks for the hint. In the Miss Steemit tutorial you had to put in all your data (including stuff like social number) ... twice.. I think I have to check the crypto laws in Germany as well. I would love if my hard earned crypto didn't end up in some greasy big banks.
I will definitely give you a shout, when I am ready to cash out some. Thanks for the offer.
Bittrex is still the fastest and the most reliable. I just wait to get over 0.1 BTC to withdraw, which then makes their fee “standard” 1%.
I actually thought polo had wake up from it's comma.....i rather stick to Blocktrades strictly for newbies😊
Blocktrades is easy. It's fees are similar to bittrex so if you use it a lot those fees can be pretty high. The thing I like about the exchanges is I can watch the market and when I convert I can be sell my crypto at a good market price right then, rather than it being based off of an average, or in some case unknown to me.
If SBD for example is worth $2 on an exchange in the markets when I convert, how do I know blocktrades isn't converting it based upon some average of $1.5 per SBD or something like that? If they are then the fees are actually much higher.
It IS a lot easier to use though. There are several others that are easy like that as well like changely (expensive fees).
Now i see, it is very clear to me now why the transaction fees vary per week cos i use it like once in two weeks......much appreciation @dwinblood
Ordered mine a couple of days ago after Rich had noted problems in getting cash; was going to check it out and write a review.
Does it work well?
I assume:
Steem->exchange->BTC->Bitpay->ATM
Yep works great. I use mine almost daily. I haven't withdrawn any money from an ATM with it as I just pay with the card. Yet I've bought just about anything I wanted with it.
Just go to BITPAY... click Add Funds... type out how much Fiat (US Dollars) you want to add. It tells you how much bitcoin to send, and which address to send it to. Make sure to add in the fee for they place you are sending it from. You simply withdraw to that address with the fee added.
The web page will go DING and suddenly you have more money on your visa. :)