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Pionex Review 2024: Is It Right For You?
Swen Keller
- URL: https://www.pionex.com/
- Headquarter: Princeton, New Jersey
- Year Founded: 2019
- Platform App: Web, Mobile
- No. of Cryptos: 300+
- Fiats Available: USD, EUR, TWD, GBP, THB, CAD, KRW, IDR, MYR, VND, JPY, AUD, SEK, CHF, DKK, NOK, PLN, ZAR, HRK, HUF, RSD, CZK, BGN, SAR, QAR, KWD, BHD, and AED
- Withdraw Method: Bank card, cryptocurrency, and bank account
- Payment Method: Credit card, debit card, ACH transfer, and bank wire
Pionex Review: Our Opinion
Pionex is an exchange and trading bot service best for users looking to participate in automated crypto trading for free.
It isn’t for beginners as the platform may appear confusing to such users. Also, advanced users not interested in crypto trading bots may find Pionex limiting since the exchange doesn’t offer trading tools beyond the automated trading bots.
An Overview of Pionex
Pionex was founded in 2019 and is headquartered in Princeton, New Jersey.
It is one of the first cryptocurrency exchanges with a trading bot service that has an MSB license in the United States and Singapore.
The platform offers alongside its crypto exchange 14+ free trading bots that users can use to automate their trades. Pionex aggregates liquidity from Binance and Huobi.
Its global CEO Daniel Seng-Cheng Yeo has more than 30 years of experience in the financial industry.
The company has been reported to hire cryptocurrency trading bot developers from top Chinese firms like Cheetah Mobile, Alibaba, and Baidu. It also has an employee number of over 70 people.
Pros
- Supports automated trading
- Holds MSB license
- Large selection of cryptocurrencies
- Low trading fees
Cons
- Limited advanced trading tools
- Not Beginner-friendly
Pionex Review: Unique Features
Pionex Trading Bots
A major feature of the Pionex trading platform is its trading bots. Pionex trading bots enable active traders to automate their trading strategies.
Pionex offers 14+ free automated trading bots. Available Pionex trading bots include Leveraged Grid Bot, Dollar Cost Averaging Bot, Infinity Grid Bot, Smart Trade Bot, etc.
Let’s take a look at some of the available trading bots.
Pionex Grid Trading Bot
The Grid Trading Bot is an advanced trading program that allows users to automatically execute trades based on predetermined price ranges in the crypto market. Grid trading bots help to minimize the impact of human error in the volatile cryptic market.
The Grid Bot is also suitable for both beginners and advanced traders who are interested in short-term trades and long-term investments. And the bot adheres to a strict “buy low and sell high” strategy.
In addition, the Grid Trading Bot purchases a specified percentage of an asset at the current market price and places a sell order above it.
It will continue to execute the “buy low and sell high” strategy within the designated price range until there is a buildup of frequent grid profits.
If the market rises above the specified price range, the Grid Trading Bot will be temporarily suspended and will resume only when the price returns to the specified price range.
The Pionex Grid Trading Bot operates 24/7 which allows you to take advantage of market opportunities without your active involvement.
It supports a wide range of trading pairs and currencies, so you can create a bit that suits your investment strategy.
Also because the Grid Trading Bot executes a set strategy within a particular price range, it helps to eliminate erratic responses to market movements on the trader’s end.
Also, the Grid Trading Bot strategy is suitable for sideways trends and enables you to make consistent buys and sells even during market downturns.
Arbitrage Bot (Moderate Mode)
This is a low-risk financial bot that adopts a hedging strategy.
The Pionex Arbitrage Bot (Moderate Mode) is a financial management strategy that has a much higher rate of returns than savings. The annual rate of return is between 5% to 50%.
Rebalancing Bot
The Pionex Rebalancing Bot is perfect for traders who are optimistic about multiple coins at the same time and are willing to hold the coins for a long time to gain value.
Here is how the rebalancing bot works.
If you invest 1,000 USD and choose XRP and BTC, the rebalancing bot will allocate your position at a ratio of 1:1. This means the bot will buy 500 USD worth of XRP and 500 USD worth of BTC. Each coin is purchased according to the real-time price.
The bot will monitor and adjust the position of each coin every 5 minutes according to the exchange rate fluctuation.
If XRP appreciates to 600 USD and BTC has not changed, the bot will sell 50 USD worth of XRP and buy 60 USD worth of BTC.
This is done constantly to maintain the 1:1 position ratio.
Using this rebalance arbitrage, you can earn more coins over time.
Pionex Martingale Bot
The Pionex Martingale Bot uses the traditional martingale strategy core idea of laddering-buy and selling at once.
The Martingale Bot buys an unequal amount of coins after every price drop with a fixed percentage.
The Martingale Bot is good for coins that have good liquidity and whose price will not drop to zero in the long term.
Also, the bot will make profits unless the price keeps going down after getting started.
To maximize profit with the Martingale Bot, choose top coins with a big market cap and start the strategy at the Not-High price timing.
Dollar Cost Averaging Bot (Composite Mode)
The DCA Bot’s composite mode allows you to diversify your portfolio by trading multiple coins at the same time.
It is suitable for traders who want to reduce their risk exposure across multiple cryptocurrencies.
The Pionex DCA bot is flexible and offers a range of parameters that you can customize to suit your trading strategy. Customizable parameters include signals, Investment, Take Profit ratio, and Price deviation.
Infinity Grid Bot
This is a Premium version of the Pionex Grid Bot. The Infinity Grid Bot helps you buy low and sell high 24/7.
With the Infinity Grid Bot, you do not need to worry about the price exceeding your grid price range, the bot makes sure that the total amount of the assets remains the same even while the price keeps rising.
Pionex Mobile App
The Pionex trading bot app lets you execute automated trading strategies on the go. And gives you access to all 16 trading bots available on the Pionex trading platform.
With the Pionex mobile app, you can buy crypto on trusted exchanges like Binance and Coinbase and transfer it to your Pionex account.
The Pionex trading platform aggregates liquidity from Binance and Huobi near the ticker price. Pionex trading fees are as low as 0.05%.
The Pionex mobile app has an intuitive interface suitable for both beginners and professional traders.
The mobile app also gives you access to a demo account where you can test your strategies.
Cryptocurrencies Available on Pionex
The Pionex trading platform supports 379 cryptocurrencies. Available cryptocurrencies include Bitcoin, Ethereum, Litecoin, Chainlink, Arbitrum, Tron, Pepe, Cardano, USD Coin, Shiba Inu, Avalanche, Enjin, ApeCoin, Solana, Stellar, Floki, Tether, Fantom, Compound Ethereum Classic, Aave, Hedera, Algorand, DyDx, etc.
Pionex Fees
Pionex Transaction Fees
The crypto exchange uses the Maker and Taker fee model to charge its trading fees for Spot, Leverage, and Futures.
Pionex breaks down its fee structure into tiers with the VIP tiers enjoying low trading fees.
Regular User
- Spot Trades: Pionex charges regular users 0.05% and 0.05% in maker and taker fees respectively.
- Leverage Tokens: Crypto traders are charged 0.1% for both maker and taker fees.
- Futures: Poinex charges 0.020% for maker fees and 0.050% for taker fees.
- VIP User Fees
Pionex separates its VIP levels into 8 classes (VIP1 to VIP8). Each level is dependent on the user’s rolling 30-day cumulative trading volume.
VIP levels are updated automatically every day at 04:00:00 (UTC) to the appropriate level. The VIP level can be increased if the transaction volume condition of the Futures contract or Spot trading is satisfied.
VIP 1
This VIP level is for users with a trade volume less than or equal to 15 Bitcoins.
- Spot Trade: Pionex charges regular users 0.045% and 0.050% in maker and taker fees respectively.
- Leverage Tokens: Traders are charged 0.090% for both maker and taker fees.
- Futures: Poinex charges 0.015% for maker fees and 0.045% for taker fees. This requires a trading volume of 1,000,000 USDT
VIP 2
This VIP level is for users with a trade volume less than or equal to 30 Bitcoins.
- Spot Trade: Pionex charges regular users 0.040% and 0.050% in maker and taker fees respectively.
- Leverage Tokens: Traders are charged 0.080% for both maker and taker fees.
- Futures: Poinex charges 0.010% for maker fees and 0.045% for taker fees. This requires a trading volume of 5,000,000 USDT
VIP 3
This VIP level is for users with a trade volume less than or equal to 75 Bitcoins.
- Spot Trade: Pionex charges regular users 0.035% and 0.050% in maker and taker fees respectively.
- Leverage Tokens: Traders are charged 0.070% for both maker and taker fees.
- Futures: Poinex charges 0.010% for maker fees and 0.040% for taker fees. This requires a trading volume of 10,000,000 USDT
VIP 4
This VIP level is for users with a trade volume less than or equal to 120 Bitcoins.
- Spot Trade: Pionex charges regular users 0.030% and 0.050% in maker and taker fees respectively.
- Leverage Tokens: Traders are charged 0.060% for both maker and taker fees.
- Futures: Poinex charges 0.005% for maker fees and 0.040% for taker fees. This requires a trading volume of 60,000,000 USDT
VIP 5
This VIP level is for users with a trade volume less than or equal to 180 Bitcoins.
- Spot Trade: Pionex charges regular users 0.025% and 0.050% in maker and taker fees respectively.
- Leverage Tokens: Traders are charged 0.050% for both maker and taker fees.
- Futures: Poinex charges 0.005% for maker fees and 0.035% for taker fees. This requires a trading volume of 100,000,000 USDT
VIP 6
This VIP level is for users with a trade volume less than or equal to 300 Bitcoins.
- Spot Trade: Pionex charges regular users 0.020% and 0.050% in maker and taker fees respectively.
- Leverage Tokens: Traders are charged 0.050% for both maker and taker fees.
- Futures: Poinex charges 0.000% for maker fees and 0.035% for taker fees. This requires a trading volume of 250,000,000 USDT
VIP 7
This VIP level is for users with a trade volume less than or equal to 750 Bitcoins.
- Spot Trade: Pionex charges regular users 0.015% and 0.050% in maker and taker fees respectively.
- Leverage Tokens: Traders are charged 0.050% for both maker and taker fees.
- Futures: Poinex charges 0.000% for maker fees and 0.030% for taker fees. This requires a trading volume of 500,000,000 USDT
VIP 8
This VIP level is for users with a trade volume less than or equal to 1500 Bitcoins.
- Spot Trade: Pionex charges regular users 0.010% and 0.050% in maker and taker fees respectively.
- Leverage Tokens: Traders are charged 0.050% for both maker and taker fees.
- Futures: Poinex charges 0.000% for maker fees and 0.025% for taker fees. This requires a trading volume of 1,000,000,000 USDT
Cryptocurrency Withdrawal
Pionex charges different fees for its crypto withdrawals based on the asset being withdrawn.
For example, it charges a 0.004 BTC fee for Bitcoin withdrawals and up to 10 USDT for USDT withdrawals.
This is different from network fees charged by the blockchain validators and miners.
Pionex Payment Methods
Pionex supports 4 payment methods to buy cryptocurrency on your exchange, which include your bank debit card, ACH transfer, wire transfer, and credit card.
Credit Card or Debit Card
You can buy cryptocurrency on Poinex exchange using your credit card or Apple Pay anywhere you sign up. However, if you are a United States citizen, you can use your debit card to buy cryptocurrency on Pionex.
To do so, log into your account and head to your Buy Crypto with Credit Card page.
Next, choose one of the 3 licensed financial institutions displayed.
Input the amount of crypto you want to purchase and enter your credit card details then finalize the order.
You’ll get your crypto instantly after transaction verification.
You can use your debit card to buy crypto as well following the same steps (only for United States citizens)
Bank Wire and ACH Transfer (Only for United States Citizens)
If you open your Pionex exchange account in the United States, you can buy crypto with a bank wire or ACH transfer.
Using ACH you can purchase crypto without any transaction fees from Poinex.
To do so, log into your Pionex account and then head to the USD Deposit page.
Enter your bank account details under the ACH transfer section.
Use a United States bank to transfer your funds to the account that shows on the ACH transfer page on the Poinex exchange.
USD will reflect instantly in your Pionex account and you can buy crypto with it.
Pionex Security
Pionex is a Money Services Business licensed by FinCEN.
Pionex complies with Anti-Money Laundering (AML) and Counter Terrorism Financial (CTF) Regulations.
The platform implements Customer Due Diligence measures and requires personal information to authenticate and verify a user’s identity.
Pionex has a strict KYC policy.
During sign-up, customers are required to provide the following: full name, home address, email address, phone number, nationality, date and place of birth, government-issued identification, country of residence, tax identification number, a liveliness video, or photograph, source of funds, and the purpose of the transaction. In some cases, additional information and documents may be required.
Until the information requested is provided promptly and to Pionex’s satisfaction, you will not be able to open an account.
Pionex leverages the security of reputable crypto exchanges.
The cryptocurrency in users’ Pionex wallets is stored on Binance and Huobi Global. That said, both platforms have been hacked before.
Users’ accounts are protected with email verification, a personal passcode, two-factor authentication (Google Authenticator and SMS authentication), and a withdrawal whitelist.
Pionex Staking Rewards
Pionex allows you to stake Ethereum for up to 3.37% APY in returns.
It doesn’t directly support staking on any other coin.
Pionex Supported Countries
Pionex is available in over 100 countries.
Pionex services are not available to residents of any jurisdiction where Pionex services are contrary to existing laws and regulations.
Restricted regions include Afghanistan, North Korea, Cuba, Syria, Ontario Canada, and Iran.
Opening a Pionex Exchange and Trading Bot Account
To open a Poinex exchange and trading bot account go to https://www.pionex.com.
Next, tap on the Sign Up button at the center of the screen.
Choose to sign up either with your email or mobile number.
You’ll need to verify your email by entering the code sent to you.
Alternatively, you can tap on the Sign Up with Google or Apple button to create your account instantly.
That’s all! You’ve created your Poinex exchange and trading bot account.
Trading Experience on Pionex
Pionex is a crypto exchange and trading bot service that gives users access to over 14 pre-built trading bots with set trading strategies that can be customized.
It generally is useful for executing automated trading bot trades on Futures and Spot via the Spot Futures arbitrage Bot.
You can also create a Poinex trading bot for the following strategies:
- Grid trading bot
- DCA trading bot
- Spot Futures Arbitrage Bot
- Rebalancing trading bot
Pionex also allows you to create advanced crypto trading bots like the leveraged grid bot, Margin grid bot, and reverse bot.
Aside from the crypto trading bots, Pionex allows you to buy crypto manually via its advanced Spot trading center and instant buy.
In general, Pionex offers an advanced trading experience best for crypto trading bot enthusiasts and experienced traders who don’t mind limited trading tools beyond free trading bots.
Pionex Customer Support
Pionex offers customer support via email at service@pionex.com.
You can also get help from the Pionex Telegram group.
Pionex also has a blog and a FAQ page where users can check for answers to common problems.
Customer Satisfaction about Pionex
Customer reviews on third-party review platforms indicate that the Pionex support team offers poor customer service.
There are several complaints of customers not getting any response from the support team after several days and attempts.
Does the Exchange Offer Education?
No, Pionex does not offer education.
Is Pionex Right for You?
Pionex is right for users looking to execute automated trades.
Final Thoughts
Pionex is an automated trading bot platform and exchange best for bot enthusiasts. The exchange aggregates liquidity from Binance and Huobi.
It isn’t for beginners or advanced users looking to execute manual trades with advanced trading tools.
Our extensive analysis of the Crypto Exchanges doesn’t stop here. You can also read about our OKX review as an alternative to Pionex or you can check out our list of best centralized exchanges for a broader choice.
FAQ
Most frequent questions and answers
Crypto trading is generally risky and if you’re using a Pionex trading bot, your risk may double if you don’t know what you’re doing.
No, Pionex is not banned in the US.
Pionex trading bots are as good as the trading strategy they use to trade.
The amount you can make depends on the trading strategy used. There are no certain percentages.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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