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Pionex Review 2021 - The Best Free Crypto Trading Bots?
Easy To Use?
Welcome to my Pionex review. Please watch my full review video below. I also have various resources that will help you learn more about this company and get your bots up and running.
Click Below To Play Video…
September 2022 Update: Since filming this video I’ve continued to use Pionex trading bots. I’ve had particular success with the grid trading bots. I am continually updating my followers on my progress each month on my Youtube channel, so check out my monthly update videos here for the latest. Overall I am accumulating more and more BTC, although the value of this has dropped due to market conditions.
Grid Bot Setup Guide – https://www.pionex.com/blog/pionex-grid-bot/
Spot Futures Arbitrage Bot Setup Guide – https://www.pionex.com/blog/pionex-arbitrage-bot/
Leveraged Grid Bot Setup Guide – https://medium.com/pionex/new-trading-strategy-leveraged-grid-on-pionex-46bb117c7bbe
Margin Grid Bot Setup Guide – https://medium.com/pionex/new-trading-strategy-credit-grid-on-pionex-edb385702b96
Reverse Grid Bot Setup Guide – https://medium.com/pionex/new-trading-strategy-reverse-grid-on-pionex-68605955c1bd
Infinity Grid Bot Setup Guide – https://medium.com/pionex/pionex-infinity-grid-bot-9a14a75c80df
Trailing Take Profit Bot – https://medium.com/pionex/pionex-trailing-take-profit-bot-56fd00901d5e
The Difference Between Grid Trading & Infinity Grid Bots – https://medium.com/pionex/the-difference-between-grid-trading-and-infinity-grids-bot-fb3167eb92a2
Pionex Review 2022
Here’s a review on Pionex crypto bots, one of the best trading bots available today. In this article, I will be covering a few details about the company, how to set up these bots, and everything else about them.
If you’re worried that you might find difficulty with the setup process, don’t be. I’ll be giving you precise instructions on what to do to make it more manageable for even beginners who have only entered the world of crypto.
What is Pionex?
Pionex is a cryptocurrency exchange—an open, organised marketplace designed specifically for trading crypto and one that offers free automated trading bots.
Backed by BitUniverse, Pionex was one of 2020’s fastest-growing trading platforms in Asia and is trending to capture the same claim in 2022. It holds a US Money Services Business (MSB) license, with a Monetary Authority of Singapore (MAS) license pending. This license was certified by the FinCEN, the Financial Crimes Enforcement Network (the FinCEN regulates financial security).
Given this license and regulation level, you can tell that Pionex can compete amongst the best crypto exchange companies out there. You can use Pionex as an exchange alone to trade between different cryptocurrencies.
Pionex’s global CEO Daniel Seng-Cheng Yeo brings three decades of experience in the finance sector to the exchange. His CV includes service with Hong Kong SFC Securities, KGI Futures Ltd., Founder Futures Ltd., Goldman Sachs, and HSBC.
But the main thing I want to share about Pionex is their trading bots because they don’t only own the FinCEN license. They are the first exchange to acquire this license that uses trading bots, demonstrating impressive quality. And did I mention these trading bots are free to use?
With everything I mentioned up to this point, you can deposit even a small amount of funds and get your bots running almost instantly.
Pionex suits much smaller balances, although you’re free to deposit large sums. Given the quality of their bots and the regulated license, you can start trading safely.
Opening an Account
You can choose which bots to use based on the risk level you’re willing to take. Once you have opened Pionex in your browser, you may notice it looks similar to other exchanges.
Before you can do anything else, you will need to sign up for an account. So, once that’s done, you will be brought to the account overview page.
If you don’t see the account overview page, you can click on your account on the upper right side of the page and open “My Balance.” Here, you’ll see the bots that are currently running, your profits, and many more.
Now, what you need to do is deposit a certain sum. On the left side of the screen, under “Overview,” you will see “Deposit.”
Click on it, and you will be taken to the deposit page, where you can see that you can deposit US dollars. Tether or open the drop-down menu to choose between different currencies.
You can also select various blockchains like:
I recommend TRC20 and BEP20 because those will be a lot more affordable than the other options.
A Newbie but a Solid Contender
The recentness of Pionex’s launch means that the exchange is still in its proving-ground stages. However, the calibre of its leadership team, its posture on trading strategies, and its free, accessible automated tools position it to capture increasing percentages of the trading pool. I’ve personally been using them for almost 1 year now and their bots are very good quality and have been profitable for me.
At the end of January 2021, Steve Walters in Coinbureau reported a £21.38 million daily trade volume for Pionex. A February 2021 Bitcoin news post described the exchange as one of the biggest Binance brokers with around 100K users.
How Is Pionex Different From Other Exchanges?
The offering that sets Pionex apart from many other exchanges is its trading bots. It offers twelve different automated bots on its platform. We’ll dive into those below.
About Crypto Trading Bots
If you’re unfamiliar with cryptocurrency, automated bots are algorithmic trading programs that trade on behalf of the investor.
They enable you to make transactions automatically when specified circumstances are satisfied. These bots consider current prices and fluctuation levels, among other things. They make investing and crypto-trading more straightforward.
Bots are more efficient and make fewer mistakes, leaving little opportunity for emotion or passion, which is especially useful because the cryptocurrency industry is known for its wild price swings.
When you open the main exchange page, you will see all the available bots on the left side of your screen.
To check out what other Pionex bots do and under what conditions they could be utilized, you can hover your mouse over them, and a short description will appear.
Some of these bots may not be relevant or useful to you, so I will be discussing how to set up some of the most popularly used bots.
Essentially, there are three main types of Pionex trading bots: trend trading, arbitrage, and market-making.
These bots monitor the directions assets are moving and try to capture gains based on those movements. When traders use take-profit or stop-loss provisions, trend-trading bots help avoid losses and net out gains.
These bots monitor the market spread—that is, the difference between the selling price (the “ask”) and the buying price (the “bid”). When the difference results in a profit, the bot executes the trade.
These bots monitor activities across multiple markets simultaneously and take advantage of price differences for assets between the markets.
Why Use Crypto Trading Bots?
In his guide to using crypto trading bots, Declan Igoe states these five advantages of using bots:
- They allow for emotionless trading. Cryptocurrencies are volatile and require emotional energy and stamina in the trading arena. Trading bots keep human psychology out of the way.
- They trade rapidly. No human trader can compute and transact as fast as a bot.
- Bots provide simulation/testing environments for traders to learn, evaluate, and explore new strategies.
- Bots can minimize risk by making it easy to have a diversified portfolio.
- They support discipline in trading. Bots operate on rules that provide consistency and steady performance.
Pionex Trading Bot Reviews
Pionex offers a range of automated trading bots, but which is best? As the first cryptocurrency exchange to exclusively promote trading with bots, Pionex is establishing its place in the crypto trading industry.
Pionex dominates other exchanges in two ways:
- It offers trading bots—for free
- It doesn’t just offer one or two bots; it offers 12
In their recent and short history of automated crypto trading, bots have gained appeal but have also had their drawbacks. They’ve been complicated; that is, traders have needed at least some programming ability to change bot coding and to be able to monitor them. The bots have also required rental or purchase.
Between the need for some programming ability on the part of the trader and the cost to rent or buy them, bots have not been easily accessible tools for the trading masses.
Pionex changed that dynamic by providing built-in bots on its platform for free. The only cost involved is a trading fee when users execute trades. This is related to the trading transaction and not to the bot’s use.
Pionex Grid Trading Bot Reviews
First, a word about grid trading.
A grid trading strategy is one in which traders set up buy and sell orders within specified price ranges. Smaller price ranges can be set inside the larger ranges. Each small range is its own grid. A stack of several small price ranges, designed to increase the likelihood of triggered trades, is a stack of grids.
The more grids, or ranges, the trader sets, the more trades he or she will complete.
Grid trading is an established and profitable trading strategy. It is instrumental in the crypto environment to help offset volatility and manage risk. Sideways markets that have no clear direction are suitable environments to implement grid trading strategies. In these market environments, if the price stays within the grids, the bot will always buy or sell a small amount when the price goes down or up.
Pionex’s Grid bot is a great basic bot for traders, especially those new to automation. The grid bot is at work all the time, securing small, stable profits even in a volatile market. If the price goes above or below the set range, the bot doesn’t work. It goes back to work when the price returns to the user’s set range.
In my review video (top of the page), I show how to set up these bots step by step. They have proven to be very good for me, and I use this grid trading bot more than any other bot. I set a very wide price for the grids, though (min and max prices that are very unlikely ever to be hit) and the maximum number of grids.
To set it up, click on “Create.” Then you’ll be presented with two options:
- Use AI Strategy
- Manual Setting
The AI strategy will allow the bot to act independently, while the manual setting will allow you to set the grids yourself.
When you choose the AI strategy option, just below it will be a slider where you can choose how much to invest. After setting your preferred investment, click on “create,” and you will be presented with a window. Click OK, then CONTINUE.
The manual setting option will offer different options to tweak. Once you click the manual setting, input your preferred upper and lower price.
Below that will be the number of grids you want to choose from. You can also see here the profit per grid and the total investment. Click “create,” and the bot will start trading for you.
It’s worth noting that there are a few risks to using the manual setting. One is that the price drops, and it does not come back. If that happens, you will be buying more without any grounds to sell. Personally, I stick to major cryptos (BTC and ETH in particular) paired with USDT to avoid the risk of price dropping and not recovering. Volatility is actually fine with these bots, in fact, volatility helps them enter more trades and therefore make more profits, but a cryptocurrency dropping in value and never recovering is a bad situation to be in and could result in total losses (it’s not the bot that would cause these losses but in fact the loss of value of the underlying token).
Martingale Crypto Trading Bot
The Martingale Bot is a grid bot, but it differs in how it executes trades. You’ll see on the Martingale Bot that it reads “DCA purchase, one-time sale.”
You may also select the AI strategy or the manual setting when clicking on the Martingale Bot. However, the Price Scale and Take Profit Ratio are the most critical factors to consider.
These variables affect the prices at which you participate and the prices at which the Martingale Bot trades. It’s crucial to understand since it influences the hazards you could face.
Unlike the Grid Bot, which uses grids to make bets, the Martingale Bot buys a modest amount at high prices and increases bets as prices fall.
When prices are higher, you don’t spend much; when they fall, you essentially keep adding to your stake in increasing sums. This bot is most suitable for long-term investors.
If you plan to get into other blockchains and want to hold onto your investments, using this bot will allow you to take advantage of buying more when prices drop.
Remember that setting the price scale could reduce and increase risk. You can set the price scale as you want to take more or less risk but have more potential upside.
The Rebalancing Bot essentially sets up a portfolio based on your choices and keeps the cryptos in the portfolio in the percentages you specify. This bot will allow you to get exposure to crypto and its growth. Simple as that.
To set it up, go to the Rebalancing Bot and click “create.” You can set it to “dual-coin mode” or “multi-coin mode.”
Dual-coin mode lets you choose from two indexes, while multi-coin mode lets you choose from multiple indexes. You can see the portfolios of different people and how much they are making here.
Infinity GRID Bot
This bot is a premium version of Pionex’s grid trading bot. Whereas the grid trading bot requires investors to set limits in numbers, the Infinity bot works with percentages and no upper limits. Users may set parameters themselves or use an AI advisor to suggest parameters. Suggested parameters are built on the previous 30 days’ back-tested market data. This is a good bot for users who think the market is going to go up since there are no upper limits.
Margin GRID Bot
This bot allows users to run it without using their coins. It designates a user’s coins as collateral against a loan, and the loan provides the funds for trading. Users can earn a profit from their trades without using their coins.
The Margin Grid bot also allows users to short-trade or go long without selling their coins.
Leveraged GRID Bot
The leveraged grid bot works identically to the grid bot, although it is designed for users with some automated trading experience. It boosts/leverages grid profits in markets that are trending upward. The parameters that must be set include the lower limit, upper limit, grid amount, margin (pledged funds), available margin/loan (funds the user gets), borrowable fund, daily interest, and estimated liquidation price.
Reverse GRID Bot
Another of their free trading bots, the reverse grid bot is designed to yield profits in a falling market. This automated trading strategy can be described as “sell now, buy later.” Users select a trading pair, set upper and lower price range limits, set a number of grids and spacing types, and choose the amount they want to invest.
Leveraged Reverse GRID Bot
Leveraged Reverse GRID bot is the Reverse GRID bot on steroids for users who want to really amp up their trading results. Trades can be leveraged by 1.2x, 1.5x, 2x, and 3x for mega results.
Trailing Take Profit Bot
The Trailing Take Profit bot helps users always sell close to the top of a pump. It avoids the scenario where an investor sells an asset and then wishes they hadn’t because the price keeps rising after they sold. Pionex offers two types of this bot, the “I have Coin” option and “I Don’t Have Coin.”
DCA, or Dollar-Cost Averaging, is considered the simplest trading strategy. Users set a dollar amount that they wish to invest, and they make that dollar-amount purchase at regular, set intervals. The asset price is not a factor in the purchase.
Pionex’s DCA bot lets users make purchases at 10-minute, hourly, daily, weekly, or monthly intervals.
Arbitrage Bot/Spot-Futures Arbitrage Bot
I’ve used this bot quite extensively and although it’s safe to use, the returns were not great for me, especially during the bear market of 2022. I closed my in the end due to low profits and switched to grid trading. In bull markets, they are a nice safe way of making steady profits, although I’d always stick to the major currencies (BTC ETH etc).
Essentially, the arbitrage bot is creating money. It’s entirely trustworthy, and you can count on getting what you want. Buying and selling do not need you to make a directional bet or assume significant market risk.
It acts as an intermediary between the spot and futures markets. A financing rate exists in the futures market.
Long purchasers wager on the price rising. Normally, long purchasers must pay a financing rate to short-sellers (typically approximately 0.1 percent) if prices rise. If you are a short-seller in the futures market, you will obtain that financing rate.
Going short on a future has the disadvantage of being a directional bet. And you will lose money when prices rise, which is predicted to happen over time.
So, how can we receive that cash while remaining neutral if prices fall? The arbitrage bot automatically trades short in the futures market while going long in the spot market.
Additionally, the spot market is settled in cash. So, take a particular amount and purchase the identical amount in crypto while simultaneously going short in the futures market (at the same price). You will be Net neutral in terms of market exposure.
Because you have a limited future, you are now receiving support from others. There is no market danger, but there is a small risk while trading in a system.
You’re using other people’s money to go short while maintaining the same position in the spot market.
Here’s a suggestion:
Use leverage to extend your position without incurring any risks while trading futures. Generally, futures allow you to improve your leverage, which means you may put less money into shorting futures and have more money to put into long positions. You will receive more financing since your position is larger.
The leverage section may be found under advanced settings in the Pionex Arbitrage Bot menu. You have the option of choosing between 1 and 3 times leverage.
Because it’s like the intermediate ground, two times leverage is advised. The more your leverage, the stronger your position.
Smart Trade Bot
Pionex designed this bot to allow users to minimize account risk while still netting profits and capitalizing on market trends.
Trailing Sell Bot
This bot places a trailing stop on orders to limit potential losses.
Trailing Buy Bot
The Trailing Buy bot adds to a user’s position while the price is falling, then stops buying when the price reverses and heads higher.
Time-weighted average price, or TWAP, is the average price of an asset over a defined period. The TWAP bot lets users buy or sell large lots of crypto as multiple small orders.
About Pionex Assets and Fees
Pionex offers the lowest trading fees of 0.05%. Those who qualify for Pionex’s market maker programs (anyone with over 150,000 USDT or equivalent in other crypto deposited at Pionex) enjoy 0% maker trading fees.
Pionex supports manual trading in addition to automated bot trading. The platform offers 120 different cryptocurrencies and hundreds of trading pairs.
Use the Pionex trading platform as a web-based app or download the app on Android or iOS. Updates and new features are released to a mobile app first and a web-based app second. The Pionex app is well-adjusted to mobile use, and you can track strategy statistics, among other things.
Support is available via email or Telegram.
Pros and Cons
Pros: Pionex provides simple access to automated cryptocurrency trading. Users can register, make a deposit, and set up a GRID trading bot very quickly. The low trading fees (0.05%) apply to both manual and automated trading. Pionex bots are reliable and can yield stable, consistent profits. Plus, they’re completely FREE to use, which is a big plus.
Cons: Fewer grid numbers are available than on other trading platforms (150 compared to 500). However, this number is set to increase. There are some data update delays that can cause slippages. No neutral/bidirectional bot is available. Not designed for making large profits quickly. There is also no support for custom trading strategies which can be a turning point for some crypto traders. Fiat currency withdrawals and deposits are unavailable.
Frequently Asked Questions
Are bots allowed for trading?
There are no rules prohibiting bots in many trading countries across the world. As a result, traders may utilize them on the most common trading platforms.
However, some brokers have strict regulations against the use of bots or outright ban them. Trading bots are thus permissible in terms of rules.
You need to select a broker who does not have any restrictions. Fortunately, they are supported by all major trading platforms, which is why their authenticity is frequently questioned.
There are dozens of examples of organizations and people selling bots but failing to provide the promised results. The majority of scam victims do not recover their losses.
Additionally, the merchants frequently offer money-back promises, but they never follow through on them, and in many cases, they close long before the fraud is discovered.
What is a cryptocurrency bot?
Cryptocurrency trading bots are automated trading algorithms that buy and sell several cryptocurrencies to profit. The tale is now over. It’s important to realize that not all bots are profitable; the vast majority aren’t.
How do trading bots work?
Bots usually operate across a network. Also, bots that can speak with one another will use internet-based services such as instant messaging, Twitterbot interfaces, or Internet Relay Chat (IRC).
How many trading bots are best to have?
The number of automated trading bots you wish to have on your account will depend on your trading style.
Is Pionex Safe?
Yes. From personal experience, I can tell you that this platform is safe to use, although crypto assets are of course very volatile and losses can still be made when using their trading bots. They use Binance and Huobi for their trading and these are both very reputable brokers.
How Much Does Pionex Cost?
It is free to create an account with Pionex, and the bots are also free to use. A small fee (0.05%) of profits is taken as a platform fee.
How To Withdraw From Pionex?
If you have a profit balance or want to close your bots and withdraw you can do so easily by sending your funds to any compatible wallet.
What Is The Minimum Deposit?
You can get started with Pionex for only $50. You can also deposit any currency and convert it once it’s in your account according to the currency pairs and bots you wish to use.
How To Make Money With Pionex Trading Bots?
These automated traded bots once set up will constantly be working to lock in profits and grow your account. This doesn’t mean you can’t lose money (volatility risk etc are still important to consider) but as long as you set up the bots properly and on good quality crypto pairs then they should run seamlessly for you.
Is Pionex Suitable For Beginners?
Yes, Pionex is suitable for absolute beginners, although everyone should take the time to learn how to properly set up the bots. Watch the tutorial video at the top of this page to get started.
Is The Grid Trading Bot Profitable?
I have been running the grid trading bot with great success for several years now. You need to be careful to set wide grids and always use good crypto pairs, but the bot itself is profitable and works very well.
Which Trading Bot Is Best?
Pionex has a number of trading bots on offer. As you can see from this review, there is no “best” crypto trading bot, but once you understand each one you can decide which one is best for you. Because all the bots are free you can also test different ones with small a amount of funds to see which one is best for your needs.
Pionex has carved out its niche as the go-to crypto trading platform because of its raft of free, built-in, easy-use trading bots and low trade fees. Accessible to new users, it is also beneficial for established traders looking for stable and steady returns. I’ve been using them for several months now and have been very happy with the results, even in a bear market!
This is a review for Pionex.com