Having a crypto exchange equipped with its own functioning crypto trading automation tools sure does simplify the trading process, but nothing guarantees that these bots are really the most optimal way of conducting crypto trade.
So, are the Pionex trading bots worth sticking to?
Somewhere around a decade ago, the idea of having a digital currency not tied to any national bank or centralized body of fiscal authority wasn’t taken seriously.
Fast forward till today and you’ve got a booming crypto coin market with scores of new users flocking to get their slice of the crypto pie.
In such an atmosphere of rapid growth, on-the-go experimentation, and constant innovation, the cryptocurrency exchanges too have taken upon themselves to attract a portion of the user influx by sweetening their offer.
So, how do you attract an eager but unskilled day trader-to-be? By promising a simpler way of doing complicated trading processes and a lot of quality of life improvements over the basic premise, of course!
Everyone can manually access cryptocurrency exchanges in order to make a deal, but scouring the market by yourself is by no means an easy task.
Conducting crypto trade in person requires a lot of time and effort, as well as tough calculations and forecasting that at times almost borders with gambling.
This is precisely why most of today’s crypto trade gets done by automation tools, or crypto bots. These require no effort by their human users other than setting them up and they remain alert around the clock, seven days a week.
Using crypto bots effectively means that the workload that would take hours of tedious and boring labor gets delegated and reduced to mere minutes of oversight per day, if even that much.
Add these two together and you get a natural progression–crypto exchanges offering their own, pre-built bots to let their inexperienced users venture into the market without having to go through the (for them) pain-staking of making their own bot first.
This is exactly what Pionex, the young crypto exchange, decided to do when they launched their pre-built crypto trading bots.
Are they the best solution for the current market conditions and competition, though? It is the goal of today’s Pionex review to find out.
What’s Pionex (and the Pionex’s Bots?)
Pionex is a cryptocurrency exchange that gained relevance in 2020 and which has managed to acquire the status of a major and popular exchange backed with fiat currency investment and aggregated liquidity from the most popular crypto exchanges online.
Fully licenced and approved by both the relevant opinions and the community, it is a welcome addition to the domain of every eager day trader.
One of the dominant features of Pionex is its free integrated bots, currently numbered at a high number of 16 total.
Meant to streamline the process from registration to trading, the bots complement the Pionex’s offer and make the platform an all-in-one solution for new crypto trading initiates.
The bots also simplify the trading process itself, lowering the expertise threshold and eliminating the need to sacrifice conventional jobs due to the high investment of time on the users’ part.
In theory, this is everything that a beginner in crypto trading would ever need.
Everything packed in one place, designed to be simple and easily understood, and pre-built in order to eliminate the human error factor in the strategic approach making process, the Pionex offer sounds like a good deal.
Sprinkle the fact that the bots come “for free” over the top and it seems like you’ve got yourself a bargain.
How do these bots perform in the field, however? A detailed analysis of their features will perhaps provide answers.
Pionex’s crypto trading bots come pre-built in an effort to reduce the necessary investment for new traders before they become able to participate in the crypto market.
Having a bot (or bots) that are already set up has its benefits, but also disadvantages. More on that later, let’s stick with the bots’ features for now.
In short, there are 16 crypto trading bots with various strategies and approaches to handle different market conditions and try to get the upper hand with competing software.
For example, the classic Grid bot is a standard feature for all-around low-risk endeavors.
Purchasing when low and selling when high is an easy and relatively safe logic, so new users might as well start there.
Reverse Grid is on the menu, Infinity Grid as well.
The list goes on with the likes of TWAP bot for long-term, high-volume deals, Trailing Take Profit bot for squeezing out every last drop of a profitable deal, Margin bot, Dollar-Cost Averaging bot, and so on.
The list goes on and the number of bots is impressive, but the major downside to Pionex’s options is that these 16 strategies are all that you get.
There are no customization options at all, as there is no crypto bot building involved with Pionex.
Let’s see how that suits traders of differing levels of experience and expertise.
Ease of Use & Accessibility
As mentioned earlier, Pionex with its bots is all about ease of use and accessibility. The decision to tie a crypto exchange and trade automation solutions together makes life a hell of a lot easier to people who don’t want to have anything to do with fine-tuning and tweaking to get the most out of a piece of software.
However, seasoned traders usually want to add some flavor to their codes in order to make it perform better on the market.
Setting up a bot your own way is tough, but customized bots, when coupled with a sound market strategy, of course, usually beat their generic competition by a long shot.
And in the end, it is the profit that determines whether a bot is good or not.
Pionex’s solutions work best with beginners and rookie traders, but tend to be a somewhat lackluster option for deeper penetration into the crypto gold veins.
Lacking any, literally any, means of customization means that as soon as you get your bearings around crypto trading as a branch of commerce, you’ll be looking for something with more of a kick than Pionex’s generic crypto bot ideas.
Community & Reputation
Taking into account that Pionex is a relatively young crypto exchange and that it specializes in basic crypto trading initiation, Pionex has a relatively solid base in the form of various certificates, guarantees, and financial backing.
According to a Bloomberg article, Pionex has more than 100,000 users with more than 5 billion trade volumes passing along each month. It aggregates the liquidity from two crypto giants, Binance and Huobi, near the ticker price.
In addition to this, it is backed with more than $10 million USD by several Chinese corporate giants and has an MSB (money services business) license from the U.S. Treasury’s FinCEN.
These are mostly tied to its reputation as a cryptocurrency exchange and have little to do with its crypto bot performance, however.
On Trustpilot.com, Pionex has accumulated a meager average score of 3.5/5 based on 98 reviews, which is pretty mediocre for a platform of its caliber.
Pionex has a massive following and a big community across the web. For example, their official Telegram group has almost 15,000 members.
On Discord, a large community of over 4,500 members participates in fostering communication. The official Twitter page has 15K+ followers.
This all goes to show that Pionex goes for ease of access, utility, and mass trading approach, which benefits its strategy of getting more people to drive more traffic through its crypto exchange channels, earning them more through related fees.
Which is a nice segue for us to introduce “pricing”.
The main allure of Pionex’s bots is that they come “for free”. There is no monthly subscription fee, one-time costs, or hidden taxes that come out of the shadows after some time.
Pionex is a crypto exchange and it earns money from exchange-related fees.
A fee of 0.05% gets extracted from each maker or taker transaction, and there’s a fixed fee tied to withdrawal of different coins and tokens, an extensive list of which can be found on the official site, as well as a list of supported cryptocoins.
Top-Rated Crypto Trading Bots
These crypto trading bots have been voted as the best consistently in user ratings across various websites.
First we collated the user review data, then we performed our own tests to ensure 100% legitimacy of the bots.
These are by far the best crypto trading bots on the market today.
As a cryptocurrency exchange dealing with a high trading volume on a monthly basis, Pionex has invested quite a bit into security.
There’s a counter on the official site that counts for how many days the site has undergone no hacking attacks or other security breaches.
The site is secure, relies on API keys for withdrawal of cryptocash, and employs a 2FA (two-factor authentication) protocol.
This goes along the standards of the industry and perhaps even some way beyond. Nice job.
Pionex is a formidable force in the crypto exchange domain, but its integrated crypto bots can be found to be lacking in some areas.
It’s particularly bad for seasoned veterans who wish for that bit of an extra push over the competition that they can customize themselves. However, the total lack of customization leaves Pionex bots a solution for starters only.
Fusing a beginner-friendly policy with rock-solid performance that can be further customized covers everything that any trader can ever ask from any crypto automation software.
Give them a go, you won’t be disappointed.