Crypto trading bots are a way to trade the markets passively with no human decision-making once configured. Given crypto’s 24 / 7 market, it’s easy to see the attraction of a trading bot like Coinrule whether you are a beginner or an experienced trader.
This review covers one of the most popular automated trading bots, Coinrule. We will cover every detail to help you decide if you wish to use it for your trades.
Inside this review
What is Coinrule?
Coinrule is an automated crypto trading bot designed to be used by beginner and experienced traders. Being a bot, it can trade around the clock, 7 days a week.
You can set custom automated trades that ensure you don’t miss a price pump or get caught in a dip. The automated instructions are sent to the exchange of your choice, and you have complete control of your funds.
You can choose to use the existing automated rules on the platform or create your own. You need no knowledge of coding in any of this.
Supported exchanges include Binance, Coinbase Pro, Kraken, and Poloniex, among others.
Who owns and operates Coinrule?
The company was part of the 2021 YCombinator intake. Their board of advisors includes John Austin, ex-Chief Strategy Officer at IG Index; Mary Alcantara, Head of Startups at MKB Bank; and Stelios Gerogiannakis, Principal Engineer at GoCardless.
Is Coinrule safe?
There are several encryptions used to keep the platform secure. Coinrule stores API keys with 256bit AES encryption, which are encrypted with dedicated private keys generated separately for each user. The keys are further stored on detached data storage which is also encrypted with AES-256.
Communication between the web app database/cache nodes is encrypted using TLS 1.2 or higher. They also add Cloudflare CDN as another layer of protection against DDoS and other attacks to ensure that the platform is safe for users.
Perhaps most importantly, Coinrule does not handle your crypto assets. Instead, it integrates with a select number of crypto exchanges. Their bots push trades via an API integration to the crypto exchange, where your assets are stored and then executed.
How does Coinrule work?
Coinrule allows users to execute a trading strategy using a set of established rules. Users can also create their own automated trading rules if they don’t see a template to fit their desired trading strategy.
Once configured, trades are placed on your exchange (Coinrule supports a good number of well-known international exchanges).
Rules can be set to run as fast as the user wants. The platform is constantly developing, with new trading indicators added every week.
Who is it aimed at?
Anyone can use Coinrule regardless of their experience in trading cryptocurrencies. No coding or any particular technical skill is required to set up a bot.
Given its intuitive configuration and ease of use, it is fair to say that Coinrule is firmly targeted at the mass market.
In fact, this is something Musella, one of their founding team members, made clear in an interview with the Evening Standard: “We [Coinrule] democratise the tools that big banks and institutions have been using for a while, bringing the power of automation to the masses.”
Fees and charges
There are two options for fees, and they vary depending on the type of account.
The two options are “Best Plan For You” and “Cost Only”.
The table below shows the types of accounts and the fees. “Cost Only” fees reduce with increasing trading volume for Hobbyist, Trader, and Pro accounts.
|Traded per month
|Up to $3,000
|Up to $50,000
|As low as 0.05%
|Up to $300,000
|As low as 0.01%
|Up to $3,000,000
|As low as 0.01%
Coinrule works with Binance, Coinbase Pro, OkEx, HitBTC, Bitstamp, Bitpanda pro, Kraken, Poloniex, and BitMEX. There may be plans to add more exchanges in the future.
- Templated trading strategies. The use of templated trading strategies is one that genuinely sets Coinrule apart. There are thousands of strategies to choose from with the ability to create your own rules.
- Backtesting. Backtesting is a method for testing how well a strategy would have performed ex-post. It is essential to develop strategies that will guarantee profitability. This is a major Coinrule plus.
Pros and cons
- Beginner-friendly configuration. Choose from pre-existing rules or make your own with no coding ability required.
- Backtesting makes strategies reliable.
- Integrates with top exchanges like Binance, Coinbase Pro, and Kraken.
- Competitive pricing. Free to use if you are trading up to $3,000.
- Limited exchange support. You’ll need to move your assets if you trade with an exchange that isn’t integrated.
Coinrule is far from the only trading bot that’s available. These are some of the more popular alternatives on the market.
- Cryptohopper. Accessible, beginner-friendly trading bots. Choose from a library of rules or build your own.
- 3Commas. Geared towards intermediate to advanced traders. Works with a similar range of exchanges.
- Mizar. Integrates with multiple exchanges, has copy trading functionality, and a demo account option.
- Pionex. One of the few exchanges with their own suite of integrated crypto trading bots.
- TradeSanta. Provides templated trading strategies like Coinrule. It integrates with top exchanges, including Binance, Coinbase Pro, HitBTC, and Kraken.
Is Coinrule worth it?
Coinrule is a legitimate business with public-facing founders. This is something that’s hard to put a value on, especially for their target market of mainstream and beginner investors. It’s easy to get a bot set up, and the fact that it’s free for accounts worth up to $3,000 means you can try it out at no cost.