The idea of automated crypto trading is catching up around the globe, and for the last 5 years, CoinSutra has been guiding you with the best services and strategies for automated trading. For the past year, I have been playing with an upcoming service called Pionex, which offers automated crypto trading. In fact, this is one unique service that embodies the best of both the world: An exchange + Automated trading.
In this review of Pionex you will understand everything that you need to know to decide; if Pionex is safe for you or not.
What is Pionex?
Pionex is a crypto exchange that is designed for automated trading. They offer multiple trading bots like grid bots, Arbitrage bot, Rebalancing bot, Infinity grid, and many more. The best part is, exchange trading fees is only 0.05% for maker and taker, which is one of the lowest in the industry. The reason they are able to offer such low fees is that they are the top market maker for exchanges like Binance and Huobi, and they outsource their liquidity from these exchanges.
In recent times many other exchanges like Binance, KuCoin, Gate.io have started offering a few aspects of automated trading, and it would not be wrong to say that many of them have taken inspiration from Pionex.
At the same time, it would not be 100% right to call “Pionex” a crypto exchange, as unlike other exchanges their focus is not to add many crypto pairs, rather offer more automation bots. The number of crypto pairs on Pionex is limited in comparison with other top crypto exchanges, but it is still a crypto exchange by the end of the day. It would be interesting to see how Pionex evolves in the years to come, but for now, let’s explore some of the aspects of this upcoming automated trading exchange.
FAQ’s about Pionex:
Before we look at the features, and other important aspects of Pionex, let’s have a quick look at some of the important FAQs around Pionex. Some of the questions were answered by the Pionex team.
When was Pionex started?
Pionex was released on 2019.06.24. And 2 years of hard work before the public release.
What’s the team size of Pionex?
I assumed that you were asking about our team size? It’s in the range of 50~100.
Who are the founders of Pionex?
You can refer to the info here: https://www.pionex.com/en-US/team
In which country Pionex is registered?
Yes, it’s Singapore. Besides that, we have offices in Taipei and New York.
What security measures does Pionex take to ensure the safety of user funds?
Pionex aggregates the liquidity from Binance and Huobi, so most of our users’ funds were kept under Binance and Huobi. On the user’s side, we have Google Authenticator, 2-step email verification, and withdrawal address whitelist to make sure there won’t be that many mistakes from the users’ side.
Any notable partnerships with brands?
Binance broker. We’re one of the biggest Binance brokers. Here’s the video from Binance COO Yi He: https://youtu.be/3otZ8MrSUxQ
How many Trading Bots you can run on Pionex?
Pionex allows you to have up to 30 bots on each trading pair, which means you won’t be able to create new bots with BTC/USDT if you have 30 active bots with it, but you can still create a new bot with other trading pairs.
I believe the above FAQs are essential for you to know for building trust, as Pionex requires you to store your assets on their exchange wallet. Especially when we compare with other popular options such as Bituniverse, Bitsgap which connects with other exchanges via API, and your funds are usually stored on a top-tier exchange like Binance or FTX. In the case of Pionex, you would be depositing funds to Pionex wallet, and then you will be running one or more bots of your choice.
The number of users who are using Pionex is growing, and so far in the last year, I had no issues while using Pionex. Though I do feel that number of available pairs on Pionex is way less than other exchanges, but if you find your pair, it might help you to save a ton with low trading fees, which is only 0.05% for maker and taker.
Now, moving ahead to the juicy details of Pionex, which should compel you to try this automated trading exchange.
Top Features of Pionex:
1. Automated trading bots:
At the time of writing this Pionex review, they offer 16 trading bots, and out of these “Grid trading bots” and “Arbitrage trading bots” are the most popular.
However, you should definitely check out all the available bot strategies, as you never which one might click with your trading style.
Here is the list of all available bots:
- Grid trading bot
- Rebalancing bot
- Arbitrage bot
- BTC Moon
- ETH Moon
- Infinity grid
- Leveraged grid
- Margin grid
- Reverse grid
- Leveraged reverse grid
- Smart trade trailing bot
- Trailing sell
- Trailing buy
- DCA bot
- TWAP bot
- Stop limit bot
So far I have tried Grid bot, DCA bot, and currently testing Arbitrage bot.
You can also join the CoinSutra VIP membership course to upgrade your crypto-bot trading skill.
2. Web interface and mobile (Cloud):
Pionex is a cloud-based software and it is available as both web and mobile app. You can download the Android or iOS app to configure your first bot. If you are an existing user of Bituniverse, you can use your Bituniverse login to access Pionex.
Note: Bituniverse and Pionex are managed by the same company.
3. Lowest trading fees:
A lot of us don’t pay attention to the trading fees when we are starting out, but in a long run, it is a deal maker or a deal-breaker. Pioneer offers one of the lowest trading fees which in turn helps you to make more money, over a period of time.
4. A high number of trading bots:
If you are using an exchange like Binance to run a trading bot, you know they have limitations on their API usage. This limits the number of trading bots you could run on Binance or other top exchanges. Whereas on Pionex, you can run a really high number of bots.
Pionex allows you to have up to 30 bots on each trading pair, that means you won’t be able to create new bots with BTC/USDT if you have 30 active bots with it, but you can still create a new bot with other trading pairs.
The number of allowed trading bots is one of the reasons why many professional traders are moving to Pionex for automated trading.
Why you should be using Pionex for the automated trades?
- Pionex has pioneered grid bot trading, and the features like “release profit” ensures that your funds are always put to good use.
- Martingale bot by Pionex is one of the newest automated bot, which is worth using. I will do a detailed writeup on this in the coming days.
- The low fees are another reason why you should be using Pionex over other exchanges.
- If you are a user from the USA, who does not have access to many exchanges and automated platforms, you are in luck, as Pionex serves users from the USA.
- If you have used a 3rd party bot like Bituniverse, you might experience outages due to API issue. This is something you will not face with Pionex.
Overall, Pionex seems like a solid platform for automated trading, and something you should be trying out.
What are the risks of using Pionex?
Pionex is establishing itself as a category leader in “automated trading exchanges”, but then can the crypto market exist without any risks?
There are a few risks which you should be aware of:
- Trading loss risks: Even though IMO the grid bot trading is one of the minimal risk ways of trading crypto, but due to the super-high volatility of cryptocurrencies, there is still a risk of losing funds. You can always use stop loss to minimize the risks.
- Assets risks: Pionex is a Singapore-registered company, and is quite a trustable and growing exchange. Though they have a history of only two years, and with more partnerships, media shoutouts and reviews they should be able to fix the trust issue.
What are the alternatives and competitors of Pionex:
With the number of unique bots Pionex offers, it is really hard to pick a true alternative to Pionex. However, for the sake of this review, I’m sharing some of the services that offer features that are similar to Pionex.
Now, a few exchanges have started offering grid bots and a few others bots for automated trading. Some of these exchanges are:
There are stand-alone services that offer a few bots which you can configure by connecting with an exchange via API. Some of them are:
Is Pionex a scam?
Pionex is not a scam and it’s not illegal. Pionex has acquired MSB(Money Services Business) license by FinCEN
How does Pionex offer lower fees than other exchanges?
Pionex sources liquidity from Binance and Huobi exchange. As a market maker for these exchanges, Pionex has very low fees, and Pionex passes on these benefits to its users. This is why the fees on Pionex are lower than that of Binance and Huobi for a retail user. This is why running a bot on Pionex is more cost beneficial in comparison with other crypto exchanges.
What I don’t like about Pionex?
Even though Pionex works like an exchange, it does not offer all the services like an exchange. You can’t deposit or withdraw fiat when using Pionex which is a limitation that you should be aware of. You can always deposit and withdraw cryptos on Pionex. If you are in the USA, you can use an exchange like Kraken to buy USDT and deposit that to Pionex for grid bot trading. For everyone else, you can use Binance to deposit withdraw crypto to Pionex.
Can you make losses on Pionex?
Pionex is an automated tool, and it is as good as your input and your understanding of the market. Even though some of the strategies are low risk, if you don’t play your cards right, you can make losses too. Using proper risk management is suggested to make money from Pionex.
Does Pionex have a mobile app?
Yes, Pionex has a fully-featured iOS and Android mobile app, which in my humble opinion is better than the web version of Pionex.
What is Pionex Lite?
Pionex lite is another service by Pionex, that supports U.S. dollar purchases of Bitcoin and Ethereum. Cooperate with compliance agencies CIRCLE and Paxos to ensure the compliance of U.S. dollar deposits and withdrawals. The fees for the same is only 0.05%
Is Grid trading bot profitable?
Grid trading bot follows the philosophy of “Buy low and sell high”. It works pretty well in the sideways and in the bull market. You can join vip.coinsutra.com to learn everything about grid bot trading.
Conclusion: Pionex Review
After reviewing Pionex and dwelling deep into the features offered by this growing automated trading exchange, I could say it is worth exploring by every crypto trader.
If I have to pick a few reasons for recommending Pionex, those would be:
- Automated strategies (16)
- Lowest fees
- Highly qualified team
Overall, apart from the usual risk of keeping your funds on an exchange, there is no downside to using Pionex. They are growing consistently, and you should be using them to learn automated trading.
Now, it is your turn to let us know:
- Have you used Pionex and what’s your experience and feedback?
- Why have you picked Pionex over other trading bots?
Creatonics is the Crypto exchanges contributor for CoinSutra.
He has a background in both finance and technology and holds professional qualifications in Information technology.
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- What is Pionex?
- FAQ’s about Pionex:
- Top Features of Pionex:
- Why you should be using Pionex for the automated trades?
- What are the risks of using Pionex?
- What are the alternatives and competitors of Pionex:
- Conclusion: Pionex Review