With a flock of beginners embracing the new digital commerce, having a bastion of expertise that provides rookies with reliable bots and strategies serves as a more than necessary welcome.
However, does Zignaly qualify for this position or does it lack what it takes?
A sound piece of advice is worth its weight in gold and nowhere is this more true than in the crypto trading industry today.
Following the rapid expansion of cryptocurrency in the global community and market, a growing number of people abandon or at least rely less on, their regular day jobs in favor of embarking on the crypto journey.
How do you become competitive in a market that is so dynamic that split seconds can mean the difference between a huge win and a disastrous loss? You rely on crypto bots.
Crypto automation software and tools replace you when it comes to observing the market conditions 24/7, potentially sealing a lucrative deal at all times, even when you would otherwise be unable to.
They’re quicker, more capable, and more efficient than human traders, so much so that they’ve become the standard of the industry. Crypto bots are completely legal, at least those known and respected in the community.
Their only fault is that they still tend to be either too demanding to be used by non-programming folks or too simple to get past the competition. There are solutions to this issue on the market, though.
One of these includes what Zignaly implements, and that is a mix of options between coding your own script and using a strategy provided by another trader, presumably more experienced and with a bigger potential of making a profit.
Does it work, though? Can Zignaly’s bots compete with and beat those from other, more specialized companies and day traders?
Does its offer of preset configurations do any good to your net balance? Do traders who embrace the platform really have enough knowledge and skills to help their entire community earn non-negligible amounts of cash?
We’ll try to reach a conclusive answer to these questions in today’s analysis and review of Zignaly. Stick until the end to find them out!
Zignaly is a crypto trading automation software that helps day traders reduce the required time and effort to successfully compete in the cryptocurrency markets.
In an effort to find a replacement for users and thus leave them with significantly more time to do conventional jobs or spend more time with friends and family, Zignaly offers a range of digital products and services aimed towards beginners and experts alike.
First, there’s a regular crypto trading bot builder, which allows users to use various signals, indicators, and pre-formed features to craft a specialized bot that will execute the coded strategy in the supported crypto exchanges.
As Zignaly provides only the means to create a bot, the strategy itself and the way the bot approaches the market is solely the responsibility of users and their skillset.
The second option allows users to “copy” an eminent, well-known, and/or successful trader of their choice. Every move they make on the market will be enacted by your “bot” automatically, with you only having to pay a monthly fee set before in the contract.
This option requires significantly less expertise than making your own bot, but you’re essentially tied to whatever your selected trader does.
Alternatively, there’s an option to hop on a profit sharing endeavour by investing in top-performing traders. This way you’re sharing in the upside and spending only a portion of the profits as a fee.
At least that’s how the official story goes. Let’s go into a more detailed analysis – on our own.
Ease of Use vs. Performance
At first glance, it really does seem that Zignaly’s offer accommodates both veterans and beginners. However, there’s more to this than meets the eyes at first glance.
It is obvious that the profit-sharing and trader copy modes benefit crypto trade novices the most.
Users do not have to know the mechanics of employed strategies nor the details of the approach that the expert trader uses. Invest your cash and keep your fingers crossed is all that you need to do here. The negative side?
Well, you don’t have any direct control over your investment, as you’ve essentially forfeited command.
Those with a little bit of expertise on their hand probably won’t find that much use here. Skilled eyes can spot a potential fault in the logic or the code and try to modify it, or even find a place for improvement in their own special case and unique market position.
Due to being unable to modify anything if they don’t build their own bot, experienced day traders are likely to use the bot builder right?
Well, not necessarily. Zignaly’s bot builder relies on pre-configured features and cookie-cutter indicators that diminish customizability in the long run.
It is a positive factor that Zignaly offers signals and live metrics for better forecasting and a smaller error margin, but the number of features provided remains limited and that’s what casts a shadow over their usefulness for advanced traders.
Most of Zignaly’s settings and features don’t stick out from similar basic offers across the crypto bot market.
A blend of basic features spiked with some advanced bits to keep things afloat, Zignaly supports all crypto coins that circulate in its supported crypto exchanges, as well as direct multi-target connection with various signals.
Users can also set up a TradingView account that they can link back to Zignaly’s crypto trading bot.
Copy trading is performance-based, which sounds fair as you don’t have to bear the whole burden of potential financial failure and pay the fees only in the case you actually make some profit.
There’s no minimum amount of crypto involved and you can start as low as you want.
So basically, Zignaly’s offer boils down to mostly basic bot features coupled with copying other traders’ strategies and joint investment with shared profits.
Opt for one or try some of all three, but expect to hit the ceiling pretty soon as you devote time and grow your skills over time.
Having supported only Binance until very recently, Zignaly suffered from a lack of access to other lucrative deals out there.
This situation has improved a bit since Zignaly now supports Binance, KuCoin, BitMEX, VCC Exchange, and FTX.
Pricing of Zignaly is interesting, as it doesn’t involve any monthly subscriptions. They have only one plan for crypto bots, and it is free.
Zignaly does not limit the number of exchange accounts, coin pairs, and positions; even customer support is the same priority for everyone.
Third-party services, however, still get charged for. Strategies made by other people, as well as crypto exchange fees, also require you to invest your funds.
And, of course, any loss on the market will go out of your pocket, but that’s something we have to make peace with, right?
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.
In spite of a somewhat rudimentary offer, Zignaly heavily invests into security. As a cloud-based crypto trading tool, most of the responsibility for security falls on their shoulders.
First of all, Zignaly does not directly access your funds, instead relying on API keys and their partnership with the Binance Broker program.
In other words, you shouldn’t be afraid of breaches into your crypto wallets, at least not from Zignaly’s part.
API keys use RSA encryption before being stored within Zignaly’s memory, and the database is held offline, without direct public access.
Additionally, Zignaly has implemented 2FA (two-factor authentication), which requires your direct approval whenever there’s a transfer of funds from your wallet.
Community & Reputation
Let’s mention Zignaly’s community first. Zignaly has a relatively large community online, with its Telegram group having more than 23,000 members. The team frequently communicates with the audience via Twitter and other social media.
Also, their support group remains available for everyone in spite of Zignaly allowing quick and free registration. This is commendable, nicely done!
However, for this reason or that, their reputation is abysmally low. On Trustpilot.com, for example, Zignaly has barely managed to achieve the average score of 2.7/5, which is very poor.
Lots of people have lamented about lost funds, hiccups, crashes, and lockouts, and that has left a pretty dirty spot on their reputation.
When it comes down to choosing between the official pitch and reviews of fellow users and customers, we always listen to the latter. It tends to save us both nerves and money.
Even if there were no red alarms regarding failing features and an unstable platform mentioned in many reviews online, Zignaly’s offer honestly doesn’t have anything special that makes it stand above the sea of similar digital crypto trading products.
And there are crypto trading automation tools that stand out with their quality and performance. You don’t have to dig too deep: two prime candidates for this position include Bitsgap and Quadency.
With better optimization of features, more accessibility to rookies, and more options for seasoned veterans, and generally a richer offer, Bitsgap, and Quadency essentially remove Zignaly from the bigger picture.
Now that you’ve heard our opinion on the matter, feel free to check the official websites of these two and see for yourself.
Finally, regardless of your choice of action, we wish you good luck in trading!