Table of Contents
The Pionex exchange has built-in crypto trading robots that can trade automatically 24/7 in the cloud. The platform is considered easy to use, powerful and has security measures in place to help protect traders. It allows you to control the risk with a range of innovative auto trading tools. There are 16 free crypto bots for users who would like to try auto trading cryptocurrencies. In this Pionex Review, I will be taking a closer look at what it is, how it works and the key features. Hopefully that can help you to decide if it is something that you would consider implementing within your daily trading activities.
What is Pionex?
Established in 2019, Pionex is a cryptocurrency exchange that offer trading robots which enable traders to automate their trading strategies so that they don’t need to be constantly monitoring the markets. This makes it accessible for beginners whilst there is enough advanced functionality to satisfy the more experienced traders. Automated trading could be a popular choice for traders who do not have the time, knowledge or skills to trade manually.
Pionex provides hybrid cryptocurrency trading services with 12 in-built crypto trading bots. There is a clear explanation of each robot so that you know exactly what strategy it is using and can make an informed decision if it is suitable for your trading style and risk tolerance level. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Uinswap (UNI), and more than 250 coins are available on the Pionex platform.
Pionex features competitive trading commission fees (from 0.05%) and an intuitive mobile app. It aggregates the liquidity from Binance and Huobi Global near the ticker price and is actually one of the biggest Binance brokers and one of the biggest market makers for Huobi.
How does Pionex work?
Pionex lets you trade manually or using any of the providing crypto trading bots such as the Grid Trading Bot, Infinity Grid Bot, Spot-Futures Arbitrage Bot, Smart Trade bot and DCA bot. It allows anyone to automatically trade cryptocurrencies like Bitcoin, Ethereum, Dogecoin and more.
Users can purchase cryptocurrency on trusted exchanges like Coinbase, Binance, etc, then transfer them to their Pionex account. From there, they can then choose from a range of the trading robots that Pionex provide to trade cryptocurrency automatically on their behalf.
You can keep track of how good or bad the robots are performing and add or remove them at any time. You can build a portfolio of crypto robots according to your own financial goals and preferences. There are statistics provided so that you can get an idea of the historical performance of each robot and how they trade. Just keep in mind, that past performance does not guarantee future results.
Pionex Crypto Bots
There is a selection of unique pre-programmed crypto robots that you can choose from depending on what it is that you are looking for in an automated system. There are conservative and aggressive bots, each with their own characteristics and features.
As with the majority of crypto robots, Pionex bots can run around the clock remotely and conduct all of the trading activity without user interference. Of course, you can activate or deactivate the bots at any time you like.
I personally think that it is very important to always try and keep an eye on how the bots are trading to try and avoid any nasty surprises and maintain some control over your portfolio. At the end of the day, these are robots so they cannot see some things that the human eye can. Whilst this can be a good thing as it sometimes avoids negative human emotions which can impact trading such as fear, anger and greed, it does have some limitations.
That begin said, here we will take a look at some of the more prominent Pionex bots.
Grid Trading Bot
The grid trading bot can help users who want to automatically buy low and sell high in a predefined price range. The grid bot can also help those who want to continue buying the dip, whilst attempting to earn more coins than they would from holding.
The idea of a grid trading strategy is to place a series of buy and sell orders at predefined intervals based on a specific price level. These long and short trades will then develop a grid over time. Grid trading can work well in a volatile market such as the crypto market, with regular variations in the price helping to make sure that each trade reaches its desired price level.
However, that is not always the case and things can get out of control if you are not careful. I have often seen forex grid strategies that end up in huge drawdowns or even blowing trading accounts if the market continues to move in a direction against a series of grid trades. They don’t always recover so whilst they can work given the right market conditions, please make sure that you understand how grid robots work before considering using one.
This Pionex bot utilizes the Futures market which is powered by Binance broker system, to earn interests (funding fee) every 8 hours. You can invest from $100 with no lockup period.
Arbitrage bots are computer programs that are programmed to automatically execute buy and sell orders on an exchange based on a trading strategy. Crypto arbitrage robots can examine prices across multiple crypto exchanges and make trades in order to try and take advantage of discrepancies between these exchanges. This is because the price of a cryptocurrency like Bitcoin can sometimes vary slightly depending on the exchange. Therefore, arbitrage crypto bots that can move fast enough will try to beat exchanges that are delayed in updating their prices.
From my experience with forex arbitrage trading, I found it difficult to actually make good use of arbitrage for a few reasons. Firstly, forex brokers don’t really take too kindly to arbitrage trading. Also, when broker spreads, commission and slippage are accounted for, it can be tough to actually make anything in addition to the broker fees.
Pionex Lite is an application that supports purchasing of Bitcoin and Ethereum and trading with US Dollars. The Pionex Lite app is user-friendly with a modern interface, making it accessible to users of all experience levels. Users can get access to a one-stop service through Pionex Lite, from USD to Bitcoin to trading robots, without the need to learn any of the complex blockchain knowledge. Although, I would always say that it is important to learn as much as possible about what you are trading or investing in. Do your own due diligence and seek professional financial advice.
Is Pionex safe?
Pionex have acquired MSB (Money Services Business) license by FinCEN. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.
Users cryptocurrency in their Pionex wallet is securely stored in Binance and Huobi Global, which has top class security levels. Accounts are further secured with email verification, Google Authenticator verification, a personal passcode, and the withdrawal white list.
Pionex has also been backed by some heavy hitters in the investment world. The company have received millions of dollars to invest in improving their technologies and services. Such a large backing and growing user base may help to give some potential users the confidence that they are using an automated crypto service which can be trusted.
How much does Pionex cost?
Pionex charge users a very reasonable fee of 0.05% on each trade whilst there is no additional cost to use any of the Pionex trading bots. With Pionex, there are also no deposit fees. All deposits are free with any token. Of course, you should be aware of any applicable exchange or blockchain fees when dealing in cryptocurrencies.
There are various ways in which you can reach out to the Pionex support team with any questions you may have related to the crypto products and services that they offer. You can reach them via email, live chat and via a community where users share their ideas and experiences. The support team are always happy to hear user feedback in order to continuously improve their services.
Pionex also have a good selection of trading guides in a dedicated blog section along with easy to follow tutorial videos which can help you understand more about what they do. There is also an FAQ to get quick answers to some of the most commonly asked questions.
Putting everything that we have learned in this Pionex Review together, I personally quite like what they have to offer. I am seeing more and more automated trading robot services being provided these days, each bringing their own innovations to the table. I think that crypto robots such as those which Pionex have can help to open the crypto markets to people who may have initially found the prospect of trading too complicated or time consuming. Regardless of your previous experience level when it comes to manual or automated trading, Pionex helps to make the setup process as quick and easy as possible. They have a range of different automated trading strategies for all different types of trader and risk tolerance levels.
However, despite the positives of the Pionex platform and free crypto robots they have for you to choose from, there are some limitations. They don’t work with all crypto exchanges and brokers so you will need an account with a compatible exchange or broker.
Whilst they do give you the option to trade manually or choose from prebuilt bots, I think they could significantly improve their service by adding an interface where users can build their own crypto robots without needing to do any complex coding or learning a programming language. This is what some other automated crypto platforms such as TradeSanta and Cryptohopper.
Most importantly, there can be no guarantees on how the crypto bots they have will perform. Crypto trading can be very volatile even at the best of times, so it is important that you don’t get your hopes too high when using any automated crypto trading solution such as Pionex. Anything can happen in trading and past results are not an indication of future performance.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.