Pionex Review 2021 | Is Pionex Legit & Profitable? Can You Trust It?
Simple and intuitive mobile application
40+ cryptocurrency funding coins accepted
Customisable and user-friendly platform interface
Money Services Business (MSB) license by US FinCEN
12 free integrated trading bots with no coding or programming requirements
Excellent and innovative liquidity engines aggregated from Binance and Huobi
Low trading fees compared with other major exchanges at 0.05% maker and taker
Pionex is the first free, integrated trading bots exchange worldwide. It was created in 2019 and is one of Asia’s fastest growing platforms with more than 30 million dollars in trade volume daily. It is an automated crypto trading environment. Today there are more than 100,000 users on the exchange, served by a team of over 100 professionals plus the founder and CEO.
The company is licenced under the USA Money Services Business (MSB) with the Singapore Monetary Authority (MAS). Liquidity motors from both Huobi Global and Binance are included so that the bots can comply with orders 24/7. BitUniverse has also backed Pionex. This along with the investments of renowned Chinese venture capital firms including ZhenFund and Gaorong Capital has given even more legitimacy to the company.
Pionex is not just another crypto exchange as it offers the opportunity to develop personalised automatic strategies with free bots. API key trading is becoming more and more sought after, allowing traders to forego the need to analyse charts around the clock. Pionex provides 12 free trading bots ideal for both beginners and experienced traders.
Bots are generally sophisticated and require customer programming and coding skills, the lack of difficulty in setting up Pionex bots is thus a distinct benefit. You can also follow top investors through copy trading bots too.
Pionex is a Singapore-based exchange with 13 built-in bots, which contrasts with standard cryptocurrency exchanges in which you must connect a trading bot. Pionex now has a daily volume of about $30 million.
Pionex has a number of unique characteristics that set them apart from other trading bot providers. For example:
Price of the Trigger
You can establish an optional Start-price for the Bot using the Trigger Price function. After you construct the Bot, it will freeze your assets and will not do anything until the Trigger price you specified is reached. When that occurs, it will begin as if you were creating the bot normally at that price.
Stop Loss Price
The Stop Loss price feature allows you to set an optional “emergency” sell price below your lower limit price (or above the upper limit price on Short-Bots). If that price is reached the bot will be closed and all base-assets will be sold to prevent further losses if the price keeps going down.
Close Bot at
The “Close Bot at” price field allows you to select a value that is higher than the bot’s cancellation price. All of your assets will have been sold at this time because it is already outside of your price range. By employing this function, it will cause you to close the bot if the price goes to high/low to prevent you trading in an unfavourable price range.
AI Backtesting Feature
The AI feature was added to help new users build up their first Grid Trading Bots without any prior knowledge, but it can also be valuable for traders who are unsure about the parameters to use when starting up a Bot.
Grid Spacing – Arithmetic/Geometric
This parameter simply allows you to select the system in which you want your orders to be placed in relation to one another. Do you want to have the same price difference or % difference between your orders all of the time?
Due to high demand from the users of Pionex, this feature was recently added to the Pionex App. Traders can utilise “Release Profit” to release their profit from Grid Bots and Reverse Grid Bots without having to cancel them. This is especially handy if you have long-running Bots that have already generated a significant profit. This helps to secure your profits and make sure they won’t be lost by the bot.
Orders displayed on the Chart
Pionex recently launched a new feature, which displays all open orders of a Grid Bot right on the price chart, this feature was added after strong demand from users. This allows traders to see the Grids of their Bots right on the chart, making for an easier bot experience.
Pionex has no monthly fee, but only a 0.05 percent rate for trade expenses.
Limit of Number of Bots You Can Run
In a single trading pair, you can make up to 30 bots. This is more than enough for the average trader.. You can run it on another pair or re-evaluate the current running bots if you still need extra bots.
Minimum Funds to Run the Bot
Although there is no minimum deposit amount with Pionex, each trading pair has a minimum order volume. That’s why, in some pairs, users may be able to set up a grid bot with less than 50 USDT, but not in others. You can pick a coin that requires fewer grids and reduce the number of grids in your range. The minimum order volume for mBTC, for example, is 0.1USDT or 0.01MBTC, making it a reasonable choice.
For Binance and Huobi Global, Pionex is a market maker and as such has low fees from the two exchanges. The exchange’s price structure is 0.05% every trade, which is competitive compared with 0.1% in Binance & Kucoin and 0.15% in Cryptohopper. Pionex trade bots are not subject to additional costs.
For those with a trading volume of 300,000 USDT, market-maker programs are available. Billing costs stay at 0.05%
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Although 40 other digital currencies like Ethereum (ETH) and Bitcoin are available, Pionex accepts deposits solely on cryptocurrencies. Stablecoins, like USDT, are also supported, providing a solid choice for prevention of exchange price volatility and limiting possibilities of declines in account capital.
Coinbase and Binance are recognised as regulated fiat gates that can be used by global users to transfer assets into a Pionex account. You should make sure the deposit networks do not lose assets; the broker gives clear online training on how to move assets via different gateways.
Pionex does not have a minimum deposit, balance or funding fee requirement, even if every trading pair has minimum order volume. Deposits may take up to 1 hour to appear on your account.
Customers may withdraw bitcoins from the site. In addition to quantity constraints, there is a withdrawal rate that changes per coin. However, the provision of KYC information may increase withdrawal limitations
Liquidity Aggregated Engine
Roughly 60% of Binanace and Huobi orders are available to users of Pionex. The remaining 40% on order books are not legitimate and cannot be used. This is still a very high number available to traders and helps to ensure that orders are filled on Pionex.
How to Use a Grid Bot on Pionex
GRID Bot is the emerging star among several crypto trading companies. It is a powerful yet old trading approach that benefits from the fluctuating market. You only need to define a range for it, which will assist you to “buy low and sell high” automatically in the region.
It buys and sells orders in certain price areas, therefore guaranteeing the standard volatility for tiny and stable earnings. It is ideal for beginners or already established traders.
STEP BY STEP GUIDE TO USING GRID BOT
- Deposit funds – You first need to deposit cash to start using Pionex.
- Choose a Trading Pair and Set the Parameter for GRID Bot
- A GRID Bot is available in two modes. You can use the AI strategy to set up your GRID bot if you are new to the GRID Bot. You can also create your own Set Myself strategy.
- How the “AI Strategy” Mode of the Grid Bot Works
- Over the last seven days, the bot estimates coin volatility. On this basis, the bot determines the channel or range of the upper and lower values to trade in internal swing.
The Grid Bot divides the amount assigned to your selected trading pair. It sets up a limit grid for buying and selling orders on the channel selected. So, the bot sells X and takes profits in Y, when the price reaches one of the lines above the present rate. When the price falls, Y will be bought. And so on, while the price stays on the channel.
How the Grid Bot Works in Set Myself Mode
You can set the price range, the number of grids, and the distance between them independently in the Set Myself mode. These changes will enable you to improve the strategy with only some basic knowledge. Recall that, when working in the Grid Bot manual mode, the minimum gaps between grids must be larger than the commission size multiplied by two (sale & purchase charges) for the bot to make a profit.
Check the Performance Every Day
Pionex offers extensive data on your GRID Bot’s performance. The performance of crypto-traders can be visualised with GRID Bot data.
Pionex Arbitrage Bot (The Crypto Arbitrage VIP Bot)
Spot Futures Arbitrage Bot profits on coin price volatility by buying short futures positions while keeping the same amount in the spot market. This ensures you have almost no capital risk because you may sell your spot contracts to offset the loss on your short positions if the price rises. The financing fee, which is delivered to holders of short positions and can be checked in Binance or the Pionex app, is how the bot makes money.
User Experience of Pionex Mobile First!
Pionex offers a web-based, proprietary business platform that can be supported by all major web browsers such as Safari, Chrome, Firefox and Explorer. The platform is advanced and easy to navigate and includes key features such as:
- Coin Rankings
- Live Market Capital
- Live Chats
- TradingView Chart
- Customizable User Interface
- Trading History
The Pionex trading platform is primarily designed for mobile use, with a dedicated application available for download to iOS and Android devices. The app allows you to create grid trading bots, DCA bots and more wherever you may be.
You can track strategy statistics, receive real-time news and notifications and action price gap control from mobile and tablet devices to maximise your profit potential. The app has a clean but intuitive design with positive user rankings pushing it up the app store’s leaderboard.
Performance and Security
Pionex provides a safe business environment that complies with US agencies’ security regulations. The broker also holds more than $10,000,000 in investment from leading companies, such as ZhenFund and Gaorong Capital.
Pionex keeps their funds with trustworthy exchanges such as Binance and Huobi, furthermore they have received an MSB license from FinCEN, furthering their authenticity.
Regulated in Singapore and the United States
The US MSB (Money Services Business) licence has been obtained by Pionex. Binance, Huobi and several top exchanges have been licenced in the similar way.
Risks of using Pionex trading bot
All trading strategies have risks and this is inclusive of bot trading. Strategies that are not well refined can fall victim to unpredicted market moves and find themselves unprotected. It is critical that you put enough failsafes in place so when the market takes an unexpected move, bot parameters ensure it is limited.
Read also: These are the best crypto bots for scalping.
Pionex vs. Competitors
Pionex delivers to its users the following advantages that competitors cannot seem to offer.
Low costs: The Pionex Maker Taker Fee Plan implies that, whatever the trading volume, your transactions are set at just 0.05% in fees.
Trading bot access: for no additional price, Pionex provides access to twelve single bots.
An all-round smartphone app: User experience is often bad when it comes to cryptocurrency trading apps. The Pionex app was deemed to be simple to use and browse, straightforward to find and use bots and common commands.
Pionex is a rapidly developing and unique crypto-currency exchange offering a broad range of easy but smart trading bots which are highly customisable and offer a plethora of strategies. Althoughit is quite a new platform, there is a great degree of security and an amazing level of financial support from major investors, suggesting it to be a great platform with a long future.
Although the automatic trading features are available for new traders it is not possible to test the broker before risking funds due to the absence of a demo account.
Can I Trade With The Pionex Arbitrage Bot In New York?
There are no geographical limitations for Pionex customers, meaning traders can register a live account anywhere and start using trading services.
What Are Pionex Leveraged Tokens?
Pionex leveraged tokens provide exposure to margin trading and feature a well-designed rebalancing mechanism. Instead of a fixed and constant rate, it maintains a flexible goal leverage. The names of the tokens are made up of three parts: coin, leverage, and long/short, for example, BTC3L.
What Is The Difference Between Pionex Arithmetic Vs Geometric Grids?
The grid generation approach used by the Pionex Geometric and Arithmetic trading bots differs significantly. Each grid in Arithmetic has the same common difference, whereas each grid in Geometric has the same common ratio.
Can I use Pionex in USA?
No, US residents are not allowed to trade on Pionex platform.
What is Pionex Lite And Is It Safe?
Pionex Lite is a product that allows you to buy Bitcoin and Ethereum in US dollars. The APP is designed in a simple and convenient manner, reducing the difficulty of usage for consumers and allowing them to use it even if they are unfamiliar with Bitcoin or investing. Pionex Lite offers a one-stop shop for everything from USD to Bitcoin to trading robots.
There’s no need to become an expert in blockchain technology. The trading robot only has to place an order to perform fully automated buying low and selling high 24 hours a day, seven days a week.
Pionex Lite’s key features include wire transfers to acquire bitcoin, blockchain transfers, bitcoin/ethereum spot purchases, and opening bitcoin/ethereum bot orders, among others.
Compliance and user safety practises at Pionex Lite:
(1) Work with compliance agencies CIRCLE and Paxos to confirm that US dollar deposits and withdrawals are compliant.
(2) Only support safe countries, and use in high-risk countries and regions is prohibited.
(3) If users wish to use it, they must first pass KYC, and the bank card information submitted must match the KYC information. They can only be used once all of these steps have been completed.
These safety practices help to keep the Pionex Lite users safe when using their services.
What Is Pionex Smart Trade?
Pionex Smart Trade is a ‘swing catcher’ that operates 24 hours a day, seven days a week. You can set a range of different order types to earn profit.
In which country Pionex is registered?
Traders from Australia, Thailand, Canada, the United States, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and the majority of other nations are accepted by Pionex.
What are the risks of using Pionex?
If the price drops and never returns to its previous level, which happens more frequently than you might imagine. Even the best grid bot on the planet would be unable to benefit in such a scenario.
You could lose a lot of money if you don’t properly configure your bot or don’t have important order types like stop-limit orders set up for market triggers.
The more leverage you have, the more profit you’ll make. However, liquidating the Futures section will be simpler. When the Futures are close to liquidation, Pionex will automatically stop them and sell the spot. You will not lose any money, but trading fees and slippage will be incurred.
8.4 Total Score
Ease of use
- Simple and intuitive mobile application
- 40+ cryptocurrency funding coins accepted
- Customisable and user-friendly platform interface
- Money Services Business (MSB) license by US FinCEN
- 12 free integrated trading bots with no coding or programming requirements
- Excellent and innovative liquidity engines aggregated from Binance and Huobi
- Low trading fees compared with other major exchanges at 0.05% maker and taker
- No demo account
- No telephone contact number
- No fiat deposit or withdrawal options
- Withdrawal fees and limits may apply
- No support for custom trading strategies
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