Becoming (and remaining) successful on the blooming cryptocurrency trading market is no mean feat.
Many have tried their hands at it, but few have managed to make a place for themselves among the crypto trading giants.
Coinmatics Review 2024
One such pretender, Coinmatics, is waiting for the judgment of this Coinmatics review. Does it have what it takes to be pronounced as a good, profitable trading bot?
The recipe for a trading bot is rather simple.
All it takes is for the piece of code to be able to replace human traders at their duties by following a straightforward set of instructions that conform to a certain strategic approach to trading.
Hook that piece of software to one or more crypto exchanges, check the parameters once again, and voila, you’re done.
However, the difference between a trading bot and a profitable trading bot is, well, in profits.
And you are certainly not looking for a trading bot that doesn’t bring in the profit, right?
A good bot has to be simple enough to be handled without a college degree, yet complex enough to outmaneuver the competing software and seal the deal before others.
So, Coinmatics. Is a trading bot or a profitable trading bot? In this Coinmatics review we will disregard what others have written about it and start our own deep survey of its potential.
Care to join us? In that case, let’s start.
Coinmatics is a crypto copy trading platform designed to streamline and automate day trading of various crypto currencies and thus reclaim the time spent on observing the market circumstances and keeping watch for a lucrative trade deal of regular day traders.
The idea is to reduce the several hours that the day trading routine usually takes each day to mere minutes.
Coinmatics provides this by giving a set of advanced copy trading features and a number of tools that give insight into the state of the crypto market at the given moment.
Copy trading is heavily stressed by the platform, which means that the primary features included in Coinmatics mainly cater to those users who have too little experience to set their own gig up.
Copy trading is the longer and safer route to profits, but although a bit more reliable than experimenting on your own, especially if you are not quite sure what you are doing, however nothing is guaranteed when trading crypto is in question.
What Coinmatics promises is an even chance with the big players, as you are essentially using their own strategies in an attempt to emulate their success.
How successful can this be? In theory, very successful.
How about in practice? Let’s not assume anything before this Coinmatics review goes through the features first.
Coinmatics Crypto Trading Bots
So, let’s start with Coinmatics crypto trading bots. Coinmatics does not support configuring auto trading bots within their platform.
Yes, you have read that correctly.
In their hybrid copy trading approach to trading in crypto currencies, the Coinmatics team has decided to solely push for the complete and total adoption of strategies implemented by others.
For regular day traders, this means that Coinmatics boils down to a list of various strategies by a number of different traders ranked according to the profits that their script has achieved.
On this list, yours is to pick a candidate, establish the commission price of implementing it by yourself, and roll with the flow.
You have zero options of tweaking those settings.
For those who are looking to cash out on winning strategies of their own, there is a little more breathing room.
However, a full-fledged crypto trading bot editor is currently not an option.
You have to work within given parameters and establish a sound trading logic with what is provided.
Accessibility and Ease of Use
Is Coinmatics easy to use?
For what it provides, Coinmatics is pretty easy to use. Too easy, perhaps.
After all, users have little else to do except to pay a fee, subscribe to one trading strategy, and let the platform do its thing.
Technically speaking, this is not even trading automation, but investing into a strategy and sharing the profits with the ones who invented these approaches in the first place.
You do not need any trading or coding skills to copy a trading strategy. You don’t even have to have the necessary skills of recognizing what a sound strategy should look like.
Upon registering, you get access to a leaderboard of heavy investors with the profitability expressed in percentiles. Just pick something written in green, right?
This comes with the other side of the coin, and this review needs to spell it out in order to be truly honest.
Once you have pegged your day trading to someone else’s approach, you can do nothing to change the course.
You will profit if they profit, sharing some of the spoils with them. If they lose, you lose, however no one will be reimbursing the costs of that failure.
You can only hope that, being successful until then, they will remain successful for a little bit longer.
Experienced traders do not like having tied hands.
After all, when the outcome is pretty independent of your actions beyond picking a candidate, the line behind trading and gambling becomes blurred.
If you are looking for casual trading but nothing serious, or if you really have no clue about crypto trade, copy trading is the way to go.
In all other cases, carving your own path can bring much more profit, and profit that you don’t have to share with anyone else.
Beyond copy trading and (a lack of) trading bots, Coinmatics has got a couple more tricks up its sleeve that are used to lure the customers in.
With a wide view of several exchanges at once, Coinmatics equips traders with insight into the most lucrative price differences across a number of exchanges.
Setting up a Telegram group or relying on manual signals for notifications on these prices is all it takes, however, you will have to commit to those trades manually as the platform still does not support custom crypto bot automation.
Speaking of notifications, you can set up all sorts of personal notifications via Telegram groups called ticker alerts.
The highest spread is only one of the factors available for notifications. The problem of manual acting upon that information still remains, though.
Coinmatics supposedly does its own research and insights gathering across the crypto trading market and a large number of crypto exchanges.
Tracking the history of transactions with daily updates to your portfolio across all wallets and exchanges is also included in this deal.
Several more points of view are provided, such as perspectives of analytical dashboards on margin Positions Amount, Fear and Greed Index, Twitter Analytics Chart, and BTC Social Volume.
Speaking reliably on supported exchanges with services such as Coinmatics is a tough one for every review.
After all, Bitfinex, Poloniex, HitBTC, Bittrex, Bitstamp, Exmo, and a couple more exchanges do support Coinmatics’ secondary features, but copy trading (and selling strategies as well) is currently supported only on the Binance exchange.
This severely limits the prospects of traders who opt for Coinmatics. The more, the merrier, and, at least according to this, Coinmatics is not a merry place.
Pricing for Coinmatics is pretty straightforward, although awfully expensive. The platform takes 5% off of every trade for themselves.
And this is not counting the fees and commissions that the copy traders have to pay for the strategy “license”.
This is well above the established standard of the industry, even for the more developed and much more detailed crypto trading automation services out there.
Why is the price so high if the Coinmatics offer remains pretty rudimentary? It’s a riddle without an answer.
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Coinmatics Review Verdict
So, this brings us to the end of our Coinmatics review, and the question from the beginning has to be rephrased a bit. Coinmatics is not a good trading bot, as it is not a trading bot in the first place.
Their trading automation options remain limited to investing into other traders’ strategies, which can hardly count as crypto trading automation.
Even then, the prices are very steep, the number of supported exchanges is, well, one, so even that category in this review is a bit redundant.
Additionally, if you disregard the option for traders to post their own strategies, seasoned day traders have literally nothing to look for in Coinmatics.
Rookie traders can find use of their services, however they also will want to phase out and towards something else as soon as they can, in order to increase their profits and gain more independence with their investments.
Besides the few bright spots in their service, Coinmatics remains a mediocre service that is most likely not worth your time.
You will do a service to yourself if you skip them and pick something that is more reliable, user-friendly, with greater performance potential, and much, much more advanced and varied features.
Shining examples of such trading bots are Pionex and Bitsgap.
With a plethora of features, bots, predetermined strategies, and powerful editors for seasoned veterans of the trade, among many other juicy stuff, Pionex and Bitsgap can help you in areas in which Coinmatics is powerless.
Give them a shot and do your crypto trading career a service.