In this review, we’ll be trying to decide whether its novel bot integration is enough to make Pionex a Cryptocurrency Exchange it’s worth recommending.
You normally need to hook up your trading platform to an exchange so that you can use its tools, but in a departure from the norm, Singaporean cryptocurrency exchange Pionex features a dozen built-in bots of its own, and it seems to be doing well on the back of that with around $30 million worth of volume each day.
Pionex is licensed by FinCEN’s MSB (Money Services Business) license in North America, which is the same licence under which the likes of Binance, Huobi, and other high-end exchanges trade. Pionex apparently became the first crypto exchange that offers built-in trading bots to be given the green light with such a license.
Pionex only charges a flat rate of 0.05% per trade, which we like because it means that you aren’t going to be surprised by any hidden charges.
As we mentioned, Pionex has a selection of 12 built-in bots to suit different trading strategies.
- GRID Bot (Grid Trading Bot): The GRID Bot is well suited to use in a volatile market. The idea with this one is that you set the range and it will get on with buying low and selling high within that range for you.
- Arbitrage Bot: This one is designed to deliver consistent gains with minimal risk, potentially earning you from 15-50% a year when used with a spot-futures strategy.
- Smart Trade Bot: The Smart Trade Bot takes profit and a number of condition orders to help you profit during a pullback.
- Infinity Grids Bot: The Infinity Grids Bot is similar to the GRID Bot but without the upper limit. It aims to help you always buy low and sell high, but the slice of the funds it works with is lower than that for the GRID Bot.
- Leveraged Grid Bot: Similar in practice to the GRID Bot, but with up to 3 times leverage you can earn triple the profits. We feel duty-bound to let you know that while leverage can magnify your profits it can also magnify your losses—to the kind of levels that can wipe you out!
- Margin Grid Bot: This one resembles the Leveraged Grid Bot. It differs in that the collateral doesn’t involve the Grid Bot, and it will let you select long or short options.
- Reverse Grid Bot: This bot simply tries to sell your bitcoin at a higher rate and buy it again at a lower rate.
- Leveraged Reverse Grid Bot: This bot functions in a similar way to the Reverse Grid Bot, but—as the name suggests—the addition of leverage means you can potentially earn more from your trades.
- DCA Bot (Dollar-cost averaging): Just set the period for your DCA plan and let it do its thing, thus saving you the trouble of doing it yourself.
- Trailing Take Profit Bot: This one works like a Trailing Stop that gets going after the initial Take Profit has been reached. It’s well-suited to scalping.
- TWAP Bot: TWAP lets you execute one big order by chopping it into lots of smaller orders over a set period of time. The advantage of this approach is that it avoids subjecting market prices to undue influence.
Setting up your account is swift and straightforward with Pionex. You’ll just need to give it your email or phone number, then choose a password.
For and Against
- Straightforward fees
- Comes with 12 bots integrated for automated trading
- Its liquidity engine aggregates the liquidity from Binance and Huobi.
- Regulated in Singapore and the US.
- You can’t customize trading strategies
The Pionex app is user-friendly and the platform delivers decent value with no monthly fees to worry about. You just pay to play at a very reasonable 0.05% a trade.
We think that Pionex might suit you if you’re happy to use it as a one-stop-shop, but you will need to come to your own conclusions as to whether the convenience of this is worth it considering that you’ll be missing out on using third-party tools that might do a better job.