If you are interested in cryptocurrency and trading it to make a profit then you will need to find a reliable and efficient cryptocurrency exchange service or platform.
There are lots of online services for cryptocurrency exchange and trading, and many of them offer automated trading.
But how do you know which ones you can trust? How do you decide which one is going to be the best option for you?
We have put together this review of Pionex to help you decide whether it is the service you are looking for.
Keep reading to find out all about Pionex and whether we recommend it.
What Is Pionex?
Pionex is a cloud-based cryptocurrency exchange that specializes in automated trading.
It is a fast-growing platform first established in 2019 and they have progressed from 9 trading bots up to 16 bots.
It is particularly popular in Asia, but is used in many countries. Pionex was the first cryptocurrency exchange to have trading bots licensed by the US.
Pionex is free to use, which is one of the reasons that it has grown so quickly.
What Is A Trading Bot?
Trading bots are programs that are used to automate trades in order to yield specific results.
The bots will select, buy and sell cryptocurrency in accordance with a set of parameters specified by the programmers.
Here are some examples of trading bots and what they do:
- Grid Bots – Grid bots are designed to buy low and sell high to help you make money when the market fluctuates. Classic grid bots are simple and reliable – simply set your parameters and let them get to work.
- Infinity Grid Bots – Infinity grid bots work the same way as classic grid bots but without an upper limit, so you can make more money from certain trades.
- Leveraged Grid Bots – Leveraged Grid Bots take the classic ‘buy low, sell high’ mechanism but you can leverage up to 3 times the amount. This gives you more opportunity but profit, but also comes with more risk.
- Reverse Grid Bot – A reverse grid bot will sell your cryptocurrency for a high price, then re-buy it at a much lower price.
- Leverages Reverse Grid Bot – These bots add leverage to the reverse grid bot trades. As with the leveraged grid bots, you get a higher potential for profit but also higher risk.
There are other types of trading bots, each with different strategies and uses.
In order for the Grid bot to make a profit, the minimum distance between the parameters must be more than double the sale and purchase fees (the commission).
Overview Of Pionex
Here are all of the key features of Pionex that you need to know about before you choose it as your cryptocurrency exchange platform.
Suitable For Beginners
Pionex is considered to be a great choice of cryptocurrency exchange for beginners because it is simple and easy to use.
If you haven’t tried automated trading then Pionex is a good place to start.
If you are unsure of how to get started with trading bots, you can use the AI strategy to set up the Grid bot.
The AI will set the parameters based on the fluctuations in the market over the last 7 days.
However, it won’t take you long to get to grips with the different robots and how they work. Each trading bot comes with a detailed tutorial which tells you everything you need to know.
If you have any further questions you can also speak to the Pionex support team using the live chat function.
You will become an automated trading expert in no time.
Pionex is different to other platforms in that it has a crypto arbitrage bot.
This VIP bot allows you to profit across multiple markets for a single asset. It is a low risk and high return style of trading and it is free to use on Pionex.
Because Pionex offers an excellent range of trading bots, you don’t need to worry about trying to connect with a third party trading bot or using API keys which are notoriously unstable.
This takes away a lot of the hassle associated with cryptocurrency exchange and cuts out the middleman.
When you find a new website or online service it can be difficult to know whether or not it is trustworthy, especially if it involves financial transactions.
Pionex has received excellent reviews from customers and the wider crypto community. It has also received a good review from TrustPilot.
This means that you can use Pionex without worrying about whether you will end up getting scammed or your personal details being leaked.
You can use Pionex on your laptop or computer. Thanks to the mobile application, you can also use it on your smartphone.
This allows you to track your progress throughout the day with just a click of a button. The mobile application is suitable for IOS and Android.
New features are updated on the app first, as this is where most Pionex users will do most of their trading and regular performance checks.
The data that Pionex provides on your Grid Bot makes it really easy to understand your performance and make adjustments to the parameters in order to improve your profit.
When you use a cryptocurrency exchange, you need to make a deposit.
One of the great things about Pionex is that you can make your deposit with a credit card, Apple Pay, or with cryptocurrency.
This gives you flexibility and makes Pionex accessible to everyone.
Pionex also supports trading for over 120 different cryptocurrencies, so it is great for lots of different types of crypto traders.
One of the many reasons that people choose to use Pionex over other cryptocurrency exchange platforms is the low fees.
The Pionex service is free to use, with no monthly fees or subscriptions.
The only fees you have to pay are trading fees which are extremely reasonable. If you have over $100,000 of assets in Pionex you don’t have to pay maker fees at all.
What Are The Pros And Cons Of Using Pionex?
If you are still struggling to decide whether Pionex is the right cryptocurrency trading platform for you, here are the pros and cons for you to consider.
- Simple – Pionex is simple and easy to use which makes it an ideal option for beginners looking to get into automated trading.
- AI Strategy – Pionex has an AI strategy feature that will set the parameters of the trading bots for you, based on recent market data.
- Tutorials – The detailed tutorials will teach you all about how each trading bot works
- Arbitrage Bot – This low risk and high reward bot is free to use on Pionex
- Trustworthy – People who have tried Pionex have overall had a positive experience. The crypto community in general also has positive things to say about Pionex, and they have good reviews on Trustpilot.
- Mobile Application – Pionex has a mobile application that is compatible with IOS and Android.
- Deposit – When it comes to your deposit you can use a credit card, Apple Pay, or cryptocurrency. This makes Pionex flexible and accessible.
- Currencies – Pionex supports over 120 different types of Crypto Currencies.
- Fees – Pionex is free to use, unlike other services that require a monthly fee. The only thing you need to pay is the trading fee which is very reasonable.
- Mobile First – Pionex has a mobile first approach which means that the mobile application is updated before the desktop site. If you prefer desktop trading this is something to keep in mind.
- Demo Account – Some cryptocurrency exchange platforms offer demo accounts which allow you to practice trading before you set up your actual account. This feature is not available on Pionex.
Do We Recommend Pionex?
If you are looking for a cryptocurrency exchange platform that offers automated trading then we highly recommend using Pionex.
The low trading fees and lack of monthly charges means that you will be able to make the most out of your profit.
The trading bots come with tutorials so you can gain a full understanding of how to use them properly.
You can also use the AI strategy if you are new to automated trading.
You make deposits using several different methods and you can exchange with over 120 different crypto currencies.
On top of all this, you can trade using the mobile application which makes it easy to keep up with your progress and performance on the go.
This means that you can make small but regular adjustments to the parameters of the trading bots to maximize your profits.
The only downsides to using Pionex are the lack of a demo account to proactive trading, and the mobile first approach.
However, a demo account isn’t really necessary with the amount of information and support that you get from Pionex.
The Mobile first approach might not be ideal for people who prefer desktop trading, but most people prefer to use the mobile applications anyway.
If you enjoyed this article, you might like our post ‘What Are Virtual Goods?‘.
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