Coinrule allows users to create trading bots with custom or preset rules. We explore its features, security, and more in our review.
Coinrule is a cryptocurrency trading smart assistant, created in 2018. It was developed in the United Kingdom, so operates in accordance with UK financial and commercial laws.
Users can make custom rules or choose from more than 150 existing rules instead, to automate trading strategies. But what else does Coinrule offer?
Coinrule is designed to be accessible to newcomers, with a simple interface, and includes flexible strategies built on the If-This-Then-That logic. More than 130 trading strategy templates are available to choose from.
Users should be aware that there are two types of order to consider when they try Coinrule: market orders and limit orders.
Market orders will be immediately filled when they reach an exchange’s order book, and don’t guarantee a certain price. Limit orders allow users to establish a minimum and maximum cost for purchasing and selling. They’re not immediately filled.
Coinrule also includes a demo platform, and users will be allocated a virtual portion of 10 BTC or 100 ETH. Traders can use this to experiment with strategies before they put them into effect in live exchanges, and adjust rules to achieve higher profits over time.
Rules on the demo platform can run in Binance paper trading, which means all coins available on Binance are suitable for strategy testing.
Pre-made trading strategy templates can be unlocked, depending on the user’s chosen plan. In-built parameters are included for each strategy template. The variety of templates includes trend following, take profit and re-buy, range trading, RSI-based strategies, and more. Coding skills are not required to set up strategies.
Technical indicators, such as the Relative Strength Index (RSI), present information on an asset. These can calculate the closing price of a certain asset within a defined period, to aid traders’ decisions.
Users may create trading strategies without limitation on Coinrule. They can connect multiple blocks inside every strategy to protect all orders with a stop loss or selling in profit when required conditions have been met.
Traders can run rules across numerous coins simultaneously, such as all coins being traded on the market or just those in their wallet.
Backtesting is also available. This incorporates historical data for testing trading strategies, and helps users to verify how strategies function under specific conditions.
How Does it Work?
Coinrule’s streamlined interface provides users with varied features and functions. Traders can make rules within a few minutes on Coinrule, due to the If-This-Then-That approach.
The first step is to pick an exchange, followed by a template (rather than building a trading strategy from the ground up). Parameters can be customized.
Next, the user should choose a condition to execute orders. This may involve setting it at a certain time interval or after an event has occurred. Finally, they will select those actions they want to trigger with an order’s execution. The rule can then be launched.
Traders also need to set triggers/conditions for executing actions when making bots. These are split into three areas: recurring orders sent at a defined time interval, checking for a condition before sending an order, or sending direct orders via the ‘launch’ button.
Additionally, users can experiment with operators, which represent logical connections between the various blocks within a rule. These include THEN, ANY TIME, WAIT, and DO NOT.
Coinrule supports Binance, Okex, Coinbase Pro, Bitstamp, HitBTC, Kraken, and other crypto exchanges.
Coinrule implements several security measures to safeguard users and the platform itself.
TLS 1.2 or above encrypts communication, and API keys are encrypted with advanced security protocol. Users have their own private keys, all of which are held in detached data storage and protected with AES-256 encryption.
Coinrule’s Cloudflare association may defend against cybersecurity threats (such as DDoS). Passwords are never stored in Coinrule’s database. Ukey1 serves as an authentication gateway partner, encrypting personal details and passwords via advanced algorithms.
Users may connect to an exchange wallet via their Coinrule account (through API keys without withdrawal permissions only). Purchases are processed through Stripe, and payment data is so confidential that not even Coinrule or Stripe have access.
How Much Does it Cost?
Coinrule is available for free with the Starter plan. This allows up to $3,000 monthly trade volume.
The Hobbyist plan is $29.99 per month and allows for up to $100,000 monthly trading volume.
The Trader plan costs $59.99 per month and allows for up to $1,000,000 monthly trading volume.
Finally, the Pro plan is $449.99 per month and allows for up to $5,000,000 monthly trading volume.