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Cryptocurrency trading bots can be useful for beginners or experienced traders to enter into positions away from the screen. Using tailor-made strategies that follow precise rules, traders can extract profits from the market automatically without having to check the prices. As long as the strategy is profitable, individuals that use automated trading bots can enter and exit a trade to maximize their profit and loss results.
One of the better cryptocurrency trading bot platforms that features 18 in-built trading strategies and competitive fees is Pionex. The exchange allows users to automate a trading strategy on cryptocurrency assets or combine them with leverage using an easy-to-use platform. To determine if Pionex is the right option for you, this review will examine trading on the exchange as a whole, test out the automatic trading features of the platform and weigh up its pros and cons.
Pionex is a suitable platform for beginners and intermediate investors alike. The in-built trading bots are a game-changer that allows users to learn different strategies and put them to the test without having to monitor the markets 24/7. Moreover, Pionex, aggregates liquidity from the top exchanges such as Binance and Huobi, yet the platform charges 50% of their costs with a small 0.05% transaction fee.
There are several negatives with Pionex that should be considered, in particular for advanced algorithm traders in the crypto space. The disadvantages include the inability to import a custom bot, strategy or indicator, the trading bots being confined to a single strategy only and there is a lack of advanced order types when placing manual buy and sell trade.
- User-friendly cryptocurrency exchange that is simple to use
- Aggregates liquidity from top exchanges in the world
- Select from 18 built-in trading bots is useful for beginners
- Supports over 350 cryptocurrencies that can be bought or sold
- Competitive 0.05% trading fees for buy and sell transactions
- No ability to import a custom-built bot, trading strategy, indicator or script
- Minimum flexibility to customize the in-built trading bots to suit an individual strategy
- Does not include a demo account to test bot trading risk-free
- Limited advanced order types when placing a manual buy/sell trade
- No in-depth data or reports to back test the in-built trading bot performance
Who Is Pionex Best For?
Pionex is best for beginner to experienced traders that want to learn how to trade with automated bots. While there is no demo trading account to practice without risk, the platform allows the user to gain exposure to 18 types of common bots such as the grid and Martindale trading strategies. Although, the offered bot trading strategies on Pionex are not used by experienced or professional traders in the real world.
Therefore, the main innovative feature of Pionex may be of little value for serious and professional crypto traders. With that said, for those that have a solid understanding of technical trading, Pionex is one of the crypto platforms in the market.
Pionex Comparisons and Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|Up to 500 USDT in bonuses||Visit KuCoin||KuCoin Review|
|Depends on exchange connected||None|
|None available at this time||Visit Coinrule||Coinrule Review|
|None available at this time||Visit Cryptohopper||Cryptohopper Review|
What Is Pionex?
Pionex is a centralized platform for cryptocurrency trading that was established in 2019 and is headquartered in Singapore. Instead of providing its order books for willing buyers and sellers, Pionex aggregates liquidity from the top trading in the world exchanges such as Binance and Huobi Global. This allows the platform to obtain competitive rates for its trading pairs and list a wide range of supported assets for its users to buy and sell on the spot market.
|Markets||Spot & futures|
|Deposit Method||Credit card & cryptocurrency|
|Trading Pairs||BTC, ETH, USDT, BNB, BUSD, HUSD & USDC|
|Automated Bots||Grid, Martindale, DCA and 15 others|
|Mobile||Yes (Android and iOS)|
Is Pionex Regulated?
Pionex Exchange is a licensed Money Services Business (MSB) that is registered with the Financial Crimes Enforcement Network, also known as FinCEN. This allows traders from the United States including 48 states and territories to buy and sell on the spot exchange. However, due to strict regulations, individuals that reside in the US are not allowed to use the leverage trading products.
Top Features on Pionex
In-Built Automated Trading Bots
Pionex is a unique cryptocurrency platform that has in-built trading bots for its users to configure easily and quickly. There are 18 trading bots that can be used for free of popular strategies. As there is no demo trading account, traders will need to be mindful that real funds will be used when trading with the bots. An overview of the most popular trading bots on Pionex is described below.
- Grid trading. A popular strategy for range-bound cryptocurrency markets. The bot will automatically place a buy trade when prices reach the bottom of a defined rectangle (or grid) and sell when the price reaches the top of the grid. Pionex provides the option to manually set the grid or use their algorithm which will set the range based on the previous 7 days of historical data. This bot is a great tool for beginners, however, can incur losses in trending markets or high volatility.
- Leveraged grid. This automatic bot operates in the same way as grid trading however allows the trader to apply leverage to a position. Leverage is a double-edged sword that can increase potential profits as well as losses. BTC and ETH pairs have a maximum leverage amount of 5x.
- Smart trade. This bot is best-suited for break-out traders in a trending market. The strategy involves entering a price to trigger the bot which will follow the move until a maximum trailing stop price is reached. Traders can take advantage of a rising market with a trailing stop loss.
- Dollar-cost-averaging. One of the simplest trading strategies, the DCA bot allows the user to purchase a fixed amount in fiat currency at a regular interval. The timeframes range from 10 minutes up to 1 month. Read this guide which outlines how DCA works and its pros & cons.
- Martingale bot. This bot follows a laddering strategy that involves buying the dips to reduce the overall entry price. Users can configure the percentage decline for the bot to make automatic laddering purchases on dips. The bot aims to sell the entire position at a higher price that can be set to 0.5%, 1% or 2% targets. The bot is a good strategy during an up-trending market otherwise can result in significant drawdowns.
- Trailing sell. This bot is useful to lock in and maximize trading profits in a rapidly rising market. A trigger at a desirable profit level can be entered that will activate the bot to sell when the price retraces 5%, 10% and 15% from the peak using a specific amount. The bot can be beneficial for traders that are unsure when to sell after a massive move.
Supports Over 350 Cryptocurrency Pairs
While Pionex is best-known for its in-built automated trading bots, the platform is a cryptocurrency exchange that allows its users to place manual buy and sell trades. Pionex supports 353 cryptocurrencies at the time of writing with pairings against 7 base currencies such as BTC, ETH, USDT, BNB, BUSD, HUSD and USDC. Combined, there is a total of over 480 trading pairs to select from and trade giving maximum flexibility for traders and investors to diversify a crypto portfolio.
In-Depth Guides For Each Bot
For each of the in-built trading bots, users can open detailed guides that explain what the bot is, how it works with step-by-step instructions on how to configure the settings. There are simple explanations for each of the settings and including any advanced modes with screenshots and also frequently asked questions. There are even examples of how to use the bots which is useful for people that are new to using automated crypto bots.
Access To Leverage Trading
Traders on Pionex can amplify potential profits using the leveraged grid bots. For example, Bitcoin and Ethereum trading pairs can have up to 5x leverage. Other pairs have a reduced leverage amount up to 3x. While using leverage is not available to US residents, the ability to trade with leverage is a great feature to maximize potential gains using grid trading bots.
Competitive Trading Fees
Pionex is a low-fee crypto exchange with transaction fees at 0.05% per order without additional costs to use the in-built automated trading bots. Compared to other exchanges in the industry, the fees on Pionex are highly competitive and accessible to all traders without a minimum monthly volume requirement.
Funding & Limits
Pionex offers a crypto-to-crypto trading platform where users can deposit cryptocurrency to Pionex to fund an account and begin trading. There are 47 supported assets that can be transferred to a Pionex wallet which include Bitcoin, Ethereum, USDT and others. There are no maximum deposit limits on Pionex but the minimum deposit amount is 0.001 BTC, 0.01 ETH and 1 USDT.
Pionex has also partnered with a fiat gateway to buy crypto on the platform with a credit card. Level 2 verification is required to comply with KYC/AML requirements. However, for the added convenience it comes with higher fees and is not recommended. There is the option to deposit and trade with USD using bank transfers, although this uses a separate app called Pionex Lite.
Trading Volume & Spot Liquidity
Pionex is currently the 92nd largest cryptocurrency exchange in the world by traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported. At the time of writing, Pionex processes about $1.3 Billion in daily transaction volume, with Terra/USDT, BNB/BUSD, BTC/USDT and ETH/BUSD which makes up 18% of all transaction volume on the exchange.
While Pionex states it aggregates liquidity from Binance and Huobi Global, based on these figures the reported liquidity isn't great which means slippage can occur on orders. Users that don't use the automated bot features are better suited to alternate platforms with deeper liquidity to reduce slippage and spread costs.
Trading With Pionex
The user interface on Pionex is simple to navigate, responsive on all devices and visually appealing. On the top menu, there are quick drop-down menus to access Pionex's primary features such as the trading desk, markets to deposit and withdraw funds and purchase crypto with a credit card.
As for the trading terminal, the charts and order windows are located in the middle with the order book on the left. The charting system is integrated with Tradingview which offers a range of tools, crypto indicators and chart patterns for manual trading. User's on Pionex can switch from manual trading to automated bots using the same trading terminal.
Pionex offers standard order types such as limit and market on the spot exchange. Clicking on a price does not auto-fill limit orders which could be added to increase the ease of use and minimize making errors when manually entering a price. Before a trade is executed, the trading fee is shown on the window which is a good feature.
Other notable features include:
- Light and dark mode
- 24hr live price ticker
- Full-screen charting mode
- Slider to adjust position size
- Instant-swap between coins
- Live support chat
- Tutorials and guides on each bot
Overall, the user interface is suitable for beginners and experienced traders that want to manually trade or use the selection of bots.
Pionex Trading Fees
Pionex uses a maker and taker fee structure for traders that provide liquidity to the exchange using limit orders or remove liquidity through market orders. The fees are 0.05% per transaction for makers and takers which is very competitive in the market. There are no additional fees for using the trading bots which are free to use (at no extra charge).
To compare Pionex's fees, the table below provides a comparison against some of the top spot exchanges in the world such as Binance, KuCoin, Huobi and Coinbase. Overall, the fees on Pionex offer great value-for-money for trading crypto-to-crypto and using automated bots.
|Exchange||Trading Fee (Maker / Taker)|
|Pionex||0.05% / 0.05%|
|Binance||0.1% / 0.1%|
|KuCoin||0.1% / 0.1%|
|Huobi||0.2% / 0.2%|
|Coinbase||0.5% / 0.5%|
There is limited information on the security of assets on Pionex. The website states that customer funds are held by its liquidity providers Binance and Huobi, which are respectable and secure exchanges in their rights. According to the terms of service, Pionex uses third-party digital asset wallet solution providers to custody its customer's assets. These providers are not responsible for lost funds if their systems fail. In short, users should be aware that if Pionex were to be compromised or hacked, any funds left on the exchange will not be compensated. To date, Pionex has never been hacked since it was established in 2019.
Pionex offers a live chatbot at the bottom of the screen that can be used to communicate with the customer support team. The team behind the chat was responsive and responded within 5 minutes. Although they were unable to provide a clear answer on the credit card fees applied by the external provider. There is also a support and FAQ section, however, their depth of information is limited compared to other exchange support areas.
In terms of feedback from existing customers, the reviews on reputable sites are overall positive with a 4.1/5 star rating. However, 20% of the comments are complaints about the customer service, missing deposits and unable to withdraw funds which are quite high.
Frequently Asked Questions
Pionex appears to be a stable and secure trading platform that is licenced with FinCEN. While there have not been any hacking incidents, there is limited information on the company behind the exchange and also take no responsibility for lost or stolen funds.
No, Pionex does not offer insurance on funds that are held by the exchange or its third-party digital wallet providers. Users are 100% responsible for the security of their assets while using Pionex's services.
Pionex does not offer a demo trading or practise mode which is a major disadvantage. Users that want to become familiar with the trading bots will need to use real crypto and will incur trading fees and realized profits & loss.
Final Verdict and Rating
Pionex is one of the first exchanges to offer in-built trading bots for the cryptocurrency market. Combined with its unique bots, competitive fees of 0.05% per trade, and easy-to-use charting, Pionex is a great option for beginners and experienced traders. The advantage of the platform is access to the suite of automated bots to simplify an investment strategy. However, there isn't a demo account so users will incur actual profit, loss, and fees while becoming familiar with the platform and the 18 in-built bots.
|Review Criteria||HedgewithCrypto Rating|
|Features||4 / 5|
|Supported Fiat and Deposit Methods||4 / 5|
|Supported Crypto & Trading Pairs||4/ 5|
|Fees||4.6 / 5|
|Ease of Use||4.8 / 5|
|Customer support||4.8 / 5|
|Security Measures||4.5 / 5|
|Mobile App||4.5 / 5|