Crypto trading bots are an easy way to trade cryptocurrencies around the clock. They are primarily used to automate trades using a certain set of rules, but some allow manual trading as well.
Typically, bots are linked to a crypto exchange where your crypto assets are stored, with the bot placing trades on the exchange via an API integration. Being an exchange with integrated trading bots, Pionex differs from most of the bots it competes with.
In our review of Pionex, we will consider all the critical features and fees to help you decide if it is good for you or not. Scroll down to find out what it offers and how it could work for you.
Inside this review
What is Pionex?
Pionex is a hybrid crypto exchange equipped with in-built trading bots. Users from more than 100 countries are trading on the platform either manually or using their choice of 16 trading bots.
Like other crypto trading bots, Pionex gives users a way to automate their trades and — hopefully — make a profit trading without much involvement in the process.
Pionex bots are designed to buy cryptocurrencies low and sell high automatically on auto-pilot.
The platform can be used on a computer or a mobile device. Android and iOS apps are available, both with good ratings on their respective stores.
Pionex currently completes over 100 million trades a day with more than $5 billion traded every month.
Who owns and operates Pionex?
Pionex Pte. Ltd. (UEN: 201802520D) was incorporated in 2018 and is headquartered at the Paya Lebar Square building in Singapore.
Details of the company’s leadership and management are not available on their website, although I have traded numerous emails with members of their team.
Is it safe?
Singapore, where Pionex are incorporated, is, from personal experience, one of the most regulated places in the world for a crypto startup to be based. That is a good thing for users.
Pionex is a member of the Singapore FinTech Association, of which Finty — this website — is too.
In 2021, Pionex obtained a Money Services Business license (MSB 31000188348895) from the Financial Crimes Enforcement Network (FinCEN) in the USA.
Pionex has not disclosed details of its encryption strategies. Based on our research, there is no evidence to suggest that they have been hacked.
How does it work?
There are two trading options available on Pionex: automated bots and manually. Once a user signs up, they can proceed to “Trade” and decide if they wish to use the bots or trade manually.
For the former, they can choose from the many available robots and set up their trades. For the latter, they can set up their trades manually by choosing either limit, market or grid buy orders and confirm the trade just like you would on any other exchange.
Of course, bots buy and sell automatically depending on the one chosen, but the user must closely monitor manual trades.
Who is it aimed at?
Pionex users can come from any part of the world. However, there may be some restrictions, such as on leveraged tokens which are not allowed for U.S residents. Users can, however, trade spot markets which are available in all countries.
Compared with other trading bots, Pionex does have the feel of a service that’s geared to the intermediate user. Maybe that’s just the TradingView charts and UI, but if I was a new trader, I’d probably use a different service.
Fees and charges
Using trading bots on Pionex is free. The only fees charged are those paid to the network — not Pionex — for depositing or withdrawing funds from the platform.
A flat fee of 0.05% is charged by the platform on buy/sell orders, i.e converting from one cryptocurrency to another.
As Pionex is a cryptocurrency exchange with crypto trading bots, it does not link to other exchanges for the bots to work.
It aggregates liquidity from Binance and Huobi. It is also one of the biggest brokers of Binance, and among the world’s major market makers for Huobi.
Of the many bots available on Pionex, these are some of the more popular options.
- Grid trading bot. A trading program that automatically buys assets at low prices and sells them at high prices. This helps traders implement their buy-low-sell-high trading strategies and eliminate human errors that lead to losses.
- Crypto arbitrage bot. Cryptocurrencies are volatile, so they present a perfect opportunity to profit with arbitrage trading. Arbitrage bots like this one help to catch these volatile moments accurately and help users to profit from such opportunities.
- DCA bot. Dollar Cost Averaging helps traders increase their chances of making a profit by buying the same dollar amount at regular intervals as set by the user.
Pros and cons
- Do it all on the same platform because Pionex is an integrated exchange with its own suite of bots.
- Option to trade manually or with automated bots so you can execute your exact strategy.
- Deposit funds with a credit card, which most bots do not permit.
- Low trading fees and no deposit or withdrawal fees.
- 16 free bots available to trade more than 340 assets.
- Mobile apps available for both Android and iOS devices.
- No information about the team, which could be easily added to reassure prospective new users.
- Pionex doesn’t have the friendliest UI for new traders, who should probably look elsewhere for bot trading.
There are many crypto trading bots available. These are some of the most popular based on our analysis of visitor data.
- Coinrule. Suitable for beginners. Charges very low fees. Based in London.
- 3Commas. Offers DCA and Grid bot strategies. Available on Android and iOS devices as well as web.
- Cryptohopper. Offers copy trading in addition to crypto trading bots.
- TradeSanta. A beginner-friendly service. Charges a monthly fee.
Is Pionex worth it?
Pionex is one of the top automated crypto trading platforms out there. With 16 free bots available, there’s a lot you can do with it. Its fees are low and it also being an exchange is convenient.
However, that being said, some among you will be put off by the lack of clarity around the company’s leadership and the fact that your crypto assets will be held by Pionex, rather than on a separate exchange, as is the case with most competing bots.