It may be time to seek out a new crypto market provider as I am quickly losing confidence with Poloniex. I was initially drawn to Polo because of its size and the large number of different cryptocurrencies it supports. I tend to explore lots of different crypto-coins and it is convenient to have a marketplace which is easy to navigate and can efficiently trade across a wide range. I figured with Poloniex earning such a large customer base, they must be doing many things right.
I have been with Poloniex for more than a few months, but seen two very disturbing themes that has me wondering if it is time to abandon Polo for one of its competitors.
“Temporarily Disabled”
Although Poloniex supports many different coins, they often are disabled. This locks up value of any coins and delays trades. I get there are times where security issues must be investigated or trading stopped, but these should be temporary. From what I have seen, the feared “Temporarily Disabled” notification could stay for days, weeks, or even longer. What is the point of having coins in a market if you can’t get to them!
Even our beloved STEEM and Steem Dollars are currently disabled. Why? They give no reasons or estimated time for access to our assets.
Phantom Support
The support is terrible! You would think that a service oriented institution would focus on quickly engaging customers on their problems and working quickly to resolve issues. Happy customers are loyal customers.
I recently had some mining deposits, which worked fine in the past, not show up in my Polo account. I provided the block explorer transaction details that show the verified transfer and submitted a support ticket. I quickly received an email confirmation that they received my ticket. Then nothing…
No response. No update. No “we are working on this for you”. Nothing.
It has been over 20 days of pure silence. I have searched their help and FAQ’s which only state to not file more tickets, even if the delay seems unreasonable. No phone numbers to call. Nothing. Just a service Black Hole.
These actions and inactions do not enhance my confidence. Instead, as the customer, I know I have a choice. I have a voice. I get to choose with whom I do business and which ones I will advocate to others. Right now, if I were asked about Poloniex, I would advise people to stay away. Find another service provider that communicates better, treats its customers assets with better respect, and works with its user-base to quickly address issues.
Competitive Options?
My experiences and concerns are quickly leading me to conclude that it may be time to leave Poloniex for good.
But where should I go?
I want a secure market that supports a lot of different coins, with reasonable fees. I don’t think that is too much to ask. Here are some options I am looking into:
What does the Steemit community recommend?
What are your experiences with these markets? I don’t want to make the same mistake twice, by choosing a poor service provider. So, I would really appreciate your insights and experiences.
-Thanks.