When mentioning cryptocurrency grid trading, the first platform that likely comes to mind is Pionex. What kind of company is Pionex exactly? Could it be a scam? We can generally assess the safety of Pionex from three aspects:
- Introduction to the Security of Pionex:
- Does Pionex have the appropriate licenses?
- Online Reputation:
- What are the reviews and ratings of Pionex on reddit and other online platforms? The online reputation of a company can give us a glimpse into its reliability and credibility.
- Ease of Deposit and Withdrawal:
- This point is especially crucial as a characteristic of scams is that deposits are allowed, but withdrawals are impossible. However, Pionex allows for smooth withdrawals.
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Introduction to Pionex
Pionex is based in Singapore and is a company specializing in quantitative trading. Pionex offers a wide variety of cryptocurrency trading bots, presumably engaging in what is known as algorithmic trading. Notable strategies deployed by Pionex include grid trading, the Martingale strategy, and “coin hoarding treasure”. Additionally, options like structured finance, term arbitrage, and interest-raising deposits are available, helping those new to the crypto sphere lower the entry barriers and achieve 7×24 uninterrupted cryptocurrency investment trading.
Pionex is supported by resources from the BitUniverse company and undergoes security audits of its code to ensure the safe trading of its users. BitUniverse initially started with cryptocurrency asset management and exchange API integration and has been beloved by the cryptocurrency community for its outstanding product quality. Over time, BitUniverse noticed that many exchanges on the market had issues with trade depth and liquidity, which might not be suitable for high-frequency traders. Therefore, they incubated Pionex, an aggregated exchange, to address this issue.
This introduces Pionex as a solution that aggregates the strengths of multiple exchanges to provide users with better trading depth and liquidity, thus enabling more effective high-frequency trading strategies for users, while ensuring secure and seamless trading experiences.
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Is Pionex Secure?
We will explore the security of Pionex through three dimensions: 1. Regulatory Licensing 2. Backing Investors 3. Third-party Independent Audits
Pionex is Regulated with a Proper License
The biggest worry for everyone is whether the exchange might vanish. Is there any chance that Pionex will scam your money?
Pionex is a company registered in Singapore and is, therefore, regulated by the Monetary Authority of Singapore (MAS). Additionally, Pionex has obtained the MSB (Money Services Business) license issued by the US FinCEN, providing a certain degree of security assurance.
So, if you ask me if Pionex is secure, I believe it is relatively secure compared to other exchanges. However, having a license means a lower possibility of a scam, it does not mean it won’t go bankrupt! I suggest investing 5% of your disposable investment amount in cryptocurrencies and regularly withdrawing profits for peace of mind.
Investors Behind Pionex
At its inception, Pionex secured funding from Gaorong Capital, Shunwei Capital, and ZhenFund.
- Gaorong Capital: Founded in 2014, in less than five years, its fund size has exceeded 15 billion RMB, investing in well-known enterprises like Pinduoduo and Huya.
- Shunwei Capital: Founded in 2011 by Lei Jun and Xu Dalai, Shunwei Capital, named after “acting in accord”, currently has a fund size exceeding 20 billion RMB. Lei Jun is the founder and CEO of Xiaomi Group.
- ZhenFund: Founded in 2011 by Xu Xiaoping, Wang Qiang, and Sequoia Capital China, investing in well-known companies like Xiaohongshu and Lami Talk.
Pionex has Completed Third-party Independent Audits
Pionex’s Mainstream Asset Reserve Ratios are All Above 100%
Two independent audit institutions, Elite Partners and Moore, audited the reserves of BTC, ETH, USD, and stablecoins in Pionex, with reserve ratios all above 100%.
Over 80.57% of Pionex’s Assets are High Quality
In Pionex’s assets, smaller coins have a low proportion, and they do not issue their own assets. FTX went bankrupt because it used its issued coins as assets.High-quality assets (BTC, ETH, USD, and stablecoins) account for over 80% of total assets, showing high liquidity and healthiness.
Merkle Tree has Passed Audit Inspection
Both audit institutions verified the authenticity and effectiveness of the Merkle Tree published by Pionex through independent inspection algorithms and random sampling methods.
Pionex has regulatory licensing, is backed by renowned investment groups, and has completed third-party audits. From these three perspectives, the security of Pionex is considered reliable.
Pionex Account Opening Tutorial
Opening an account with Pionex is extremely simple. You can either register directly on the web version or download the Pionex app and follow the instructions on the official page step by step:
1. Register
You can choose to register an account using your phone number or Email. I chose to use Email.
2. Verification
Next, you will need to slide the puzzle on the screen to verify that you are not a robot, and then receive a verification code to complete the verification.
You can enter the referral code 0oR1FanBRNC to receive a 20% discount on transaction fees, saving money on fees means earning more!
If you forget to fill in the referral code, it’s no problem, you can supplement it under the following conditions:
- Registration time has not exceeded 14 days, and you haven’t used any quantitative tools (manual trading is not limited by this)
- If you have already used quantitative tools (manual trading is not limited by this), you can only supplement within 3 days.
3. Account Completion, KYC, and 2FA
After completing the registration, you will need to undergo KYC (Know Your Customer) verification. This step is taken to prevent money laundering, fraud, or other illicit activities, so one account is bound to one individual.
Moreover, you need to link to the Google Authenticator, which is to secure your account and prevent it from being stolen by criminals. If you have linked to the Authenticator (also known as 2FA), even if criminals forcibly crack your account password, without the 6-digit verification code from the GOOGLE Authenticator, they cannot log in.
Congratulations on taking the first step! Next, you can deposit funds into Pionex and start your cryptocurrency trading journey 💎
How to Deposit and Withdraw on Pionex:
Pionex Deposit Method 1: C2C Purchasing
- Operation: Select C2C Purchasing. You can input how much fiat currency you want to spend to deposit cryptocurrency.
- Payment Method: Bank account transfers are available. Verification is required for the first purchase.
Pionex Deposit Method 2: Third-Party Purchasing
- Operation: This method involves purchasing quickly through card payments, GOOGLE PAY, or APPLE PAY.
- Advantage: Extremely fast and the entire process can be completed quickly.
- Disadvantage: The exchange rate is usually the worst among all methods.
Pionex Deposit Method 3: Currency Deposit
- Operation: This method is to transfer cryptocurrency from other exchanges to Pionex. It may involve more preparatory work for beginners and be more complicated, but the advantage is a better exchange rate.
- Process: Use your local cryptocurrency exchange, link your bank account, transfer funds from the bank to the exchange, purchase cryptocurrency with fiat money within the exchange, and then transfer the cryptocurrency from that exchange to Pionex.
Pionex Withdrawal Method
To convert cryptocurrency back into fiat currency, essentially, you do the reverse of C2C or exchange transfers.
This means, in C2C, your role changes to the seller, where you sell your cryptocurrency to the buyer in exchange for fiat currency.
Or, you can do exchange transfers, where you transfer from Pionex to another exchange, then sell the cryptocurrency for fiat currency, and finally transfer it back into your bank account.
These are the ways to withdraw and cash out.
Pionex Transaction Fees
Regarding the transaction fees on Pionex, the following is illustrated using Non-VIP as an example, but as trading volume increases, the fee tier can also become more favorable.
- Spot Trading Fees: Maker at 0.05%, Taker at 0.05%
- Leveraged Token Fees: Maker at 0.1%, Taker at 0.1%
- Futures Contract Fees: Maker at 0.02%, Taker at 0.05%
Maker means placing a limit order, and Taker means placing a market order.
Grid Trading Setup Tutorial on Pionex
Setting up grid trading on Pionex is extremely simple.
Step 1: Open the App and Select “Trade”
- After opening the app, select “Trade” in the middle at the bottom.
- In the top section, choose “Quantitative Trading.”
Step 2: Select a Trading Pair
- Choose the trading pair you prefer, e.g., in this example, I chose ETH/USDT. I recommend choosing BTC/USDT for those prioritizing security. Consider other pairs after adequate research.
- Then, select “Create a Bot” in the bottom right corner.
- Navigate: Trade > Quantitative Trading > Select Trading Pair > Create Bot.
Step 3: Choose the Type of Bot
- Next, you will see options for Grid Trading Bot, Martingale Bot, and Coin Staking; select the first option “Grid Trading Bot”.
- If you’re interested in other trading bots, you can refer to Pionex’s tutorials to decide which service you want to use.
Step 4: Configure the Bot
- Next, an AI strategy will automatically pop up on the screen. The AI will suggest intelligent parameters. For short-term operations, select 7 days, 30 days for medium-term, and 180 days for long-term. Of course, you can also set parameters manually, but for beginners, I recommend using the AI strategy.
- Below, you can use the slider to decide how much capital you want to invest in this grid trading bot.
Summary
Setting up grid trading on Pionex is very user-friendly. With the selection of trading pairs, the type of bots, and the configuration aided by AI, even beginners can easily set up and start grid trading on the platform. Keep in mind to choose your trading pairs and configurations wisely and according to your risk tolerance and trading strategy.
Pionex Red Packet
Pionex has an interesting feature where you can send red packets to your friends or followers.
How to Send a Red Packet
- You can find “Account” in the bottom right corner of the APP screen.
- After clicking on it, you will see a row of options in the middle of the screen: Top-up, Buy Crypto with Fiat, Withdraw, Red Packet, and Transfer. Choose “Red Packet,” and you will see the following screen.
- Choose “Send Red Packet” in the middle. You can choose either “Random Amount” or “Fixed Amount.” I usually prefer to send red packets with random amounts because each packet will be different, and it’s fun to watch everyone open them. Of course, you can also choose a fixed amount, where every red packet will have the same amount.
- After setting the number and amount, press the button to stuff it into the red packet, and then it can be sent out.
How to Receive a Red Packet
- If you are on the receiving end, see if the sender gives you a link or a red packet passphrase.
- For a link, just click on it directly.
- For a red packet passphrase, copy the string of code and paste it on the same screen to claim the red packet sent by your friend.
This feature is really interesting, be sure to try it out quickly!
This allows users to share cryptocurrencies with their friends and followers in an engaging manner, adding a social and fun aspect to the user experience on the platform. Whether you are sending or receiving, it’s a unique way to interact and share the excitement of cryptocurrency trading with others.
My View
Having a legitimate license equates to credibility. Online reviews reflect users’ trust and preference for the exchange. Deposit and withdrawal processes are vital; if one can only deposit but not withdraw, then it’s most likely a scam!
Pionex meets all three criteria. Pionex’s various quantitative trading robots are also very convenient and user-friendly; you can choose according to your needs. If you want to use the grid trading feature, I can assure you that Pionex’s function is superior to Binance.
With Binance, once you start grid trading, you can’t make other changes; you can’t adjust your position on the same trading pair.
But Pionex can! Moreover, Pionex’s settings are more detailed than Binance. The parameters can be set very finely. Such settings offer greater operational flexibility for the average person. So, I recommend that if you want to do grid trading, use Pionex.
My Pionex referral code is 0oR1FanBRNC, which offers a 20% discount on trading fees 🌱.
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