This Pionex Crypto Exchange Review found that Pionex Crypto is one of the crypto exchanges that use the trading bot strategy. The idea of trading bots in cryptocurrency is to enable traders to make a profit from the market. Therefore, a trading bot is said to be an automated program because when the pre-defined market conditions are met, carries out buying and selling orders without a manual input when specific. Traders both beginners and experienced using trading bots don’t always have to check the market prices before they can make profits. Once you follow strategies that are profitable and follow a definite rule, the traders will be able to enter and exit a trade while maximizing their profit and loss results.
In this Pionex crypto review, we will review their trading features, pros, cons, and a general overview.
What is Pionex?
Pionex is a centralized cryptocurrency exchange designed to suit beginner and experienced traders who want to trade using automated bots. It was founded in 2019 and has its headquarters in Singapore. Pionex has a competitive rate for its trading pairs and supports a wide range of assets that users can buy and sell on the spot market. This is because they aggregate liquidity from some of the popular and top global exchanges like Huobi Global or Binance. With Pionex you have access to 18 free bots with which you can automate your trading. The trading bots in Pionex are in-built and enable users to learn and practice different trading strategies without having to check the market constantly. However, Pionex also supports manual trading via crypto-to-crypto conversions.
Features of Pionex
In-built Automated trading bots
Pionex has over 18 in-built trading bots that the users can configure easily and quickly. Some of the popular trading bot offerings on Pionex include;
- Trailing sell bot: This bot is useful in a quickly rising market for maximizing trading profits. As a trader, if you tend to sell early in a pumping market, the Trailing sell bot will enable you to set different target prices that will increase in value subsequently. After reaching any target, the bot will sell a percentage of your holdings. This process is automatic and the percentage is always predefined. With the trailing sell bot, you can limit losses when the market reverses suddenly in a different direction.
- Grid Trading Bot: With the grid trading bot, you can always capitalize on market volatility, especially as a beginner, but have in mind that you may attract losses in markets of high volatility. The bot will help you buy an asset whenever the price gets to a predefined low point and also sell when it gets to a defined high level. You can set the grid option manually or use their algorithm. The algorithm will set the range using the previous 7 days of historical data.
- Leveraged trading bot: With the leveraged grid bots, you can access margins to amplify the results you will get. It works almost the same way with the grid trading bot. While using the leveraged grid bot, have in mind that it can increase potential profits as well as losses.
- Dollar-cost averaging (DCA) – DCA enables you to get a better average price over time. With this bot, using different intervals, you can buy a fixed amount in fiat currency. The time interval can range from 10 minutes, 1 hour, 1 day, or even 1 month. The bot will purchase the buy order using the current market price at each of the intervals rather than basing the buy orders on price.
- Spot futures arbitrage bot: the bot targets 15-50% APR with minimal risk. The bot enables you to start with a deposit of $50 deposit. With the bot, it is possible to capitalize on the differences between the current price in the futures market and the current spot price of a cryptocurrency.
Before using the bots, you can follow detailed guides that explain the bot, how it works, and how to configure the settings. There are always easy explanations for you to follow.
Fees overview –
the fee structure in Pionex is the maker/taker structure. The maker/taker fee is especially for traders who use market orders to remove liquidity or limit orders thereby providing liquidity to the exchange. Pionex has a competitive maker/taker fee of 0.05%. Asides from the 0.05% fee, there are no other additional fees when you use the trading bot.
There is limited information on how the assets of Pionex are being secured. From the website, you could see that Customer’s assets are held by the Liquidity providers which are Binance and Huobi. Binance and Huobi are both known as secure exchanges. Pionex is backed by Garong Capital, ZhenFund and Shunwei Capital for over $10 million. Also, Pionex acquired Money Services Business (MSB) license from the Financial Crimes Enforcement Network. The network is a bureau of the United States government that analyzes online financial transactions in other to limit fraud and money laundering. In the terms of service, you will find that for Customer’s assets, Pionex uses third-party digital asset wallet solution providers. However, if the funds are lost or systems fail, the Providers will not be held accountable.
To get in touch with the Support Team at Pionex, you can do that through email. The email is firstname.lastname@example.org. You can also access them through the live chat option on the homepage. On the homepage, click on Support. You will see a button with the tag, “live chat”. From this Pionex crypto exchange review, we discovered that Pionex didn’t indicate the hours you will communicate with the Support team. So sometimes when you want to chat, you might find that they are offline.
You can easily navigate the Pionex website because they designed it to be easy. You will find the drop-down menu that will help you access features like the trading desk, markets for deposits and withdrawal, and also for the purchase of crypto using a credit card.
You will find the charts and order windows for the trading terminal on the left. Also, for manual trading, the Trading view was integrated with the Charting system thereby offering indicators and chart patterns.
To access your account and all the Pionex features, you can do that either through the website or the mobile app.
The mobile app functions almost exactly like the website. It is easy to navigate and even new users will find it easy. With the mobile app, you carry out easy manual trading. Also, you can access all the information you need through the mobile app or the website. You can download the app on your Android or iOS platforms, or if you are using a tablet, there is room for a proprietary application.
Asides from being efficient for bot trading, Pionex is a crypto-to-crypto trading platform. Here, the users can fund their accounts and begin trading by depositing cryptocurrency to Pionex. There are over 47 supported assets that you can transfer to your Pionex wallet. Some of them include Ethereum, USDT, Bitcoin, and others. The minimum amount you can deposit on the Pionex wallet is 0.001 BTC, 1 USDT, and 0.01 ETH.
There is also an option of buying crypto with a credit card because Pionex partnered with a fiat gateway
Pros of Pionex
- You can buy or sell over 350 cryptocurrencies in Pionex
- Pionex selects from over 18 in-built trading bots and this will be very useful for beginners.
- The platform aggregates liquidity from Binance and some other global top exchanges.
- The platform favors investors and traders because of the low trading fees.
- Saves enough time for traders with its automatic bot trading feature.
- Has a low-risk investment strategy.
Cons of Pionex
- There is no provision for a demo trading account to enable users to test the bot trading strategy.
- You can’t import a custom-built bot, indicator, script, or trading strategy
- You can’t customize the in-built trading bots to fit into your personal trading strategy.
- You cannot fund your account using Fiat currency.
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Pionex has so many unique features that make it stand out when compared to other platforms that offer bot trading. This will always soothe investors and also beginner traders. The platform is also convenient to use because of its easy user interface. The only major drawback is that it does not support trading with a Demo account. Pionex adding the Demo account option will be beneficial especially to beginners who will want to test the trading strategy.
Pionex Crypto Exchange review
Bot trading is an easy way to trade and is much suitable for those who don’t want to spend so much time checking market charts. Pionex has a good reputation as a good bot trading platform and they have not recorded any case of hacking or theft.