Pionex is a relatively new cryptocurrency trading platform, established in 2019. They stand out from the competition with extremely low trading fees of 0.05%, and automated trading, with 16 free trading bots that are integrated into the platform. Pionex is not recommended for newcomers to crypto who just want to buy and hold some Bitcoin, but rather for crypto traders that want to maximise their profits by using trading bots. Keep reading on to find out what Pionex does well, and whether you should use it in Australia.
What is Pionex?
Pionex is my #1 choice for anyone looking to trade crypto using automated bots. The whole platform has been built with automatic trading in mind, with extremely low fees (just 0.05%) and 16 different free bots that you can program to suit your requirements. There are many third-party bots on the market, that you need to pay for, and then link to a cryptocurrency exchange. Pionex makes it simple by removing the middleman. Right from their platform you can use bots, and you don't have to pay to use them, besides the regular trading fees.
All of Pionex's bots have a tutorial so that new users can understand how to use them. If you still need help after reading the tutorials, it is easy to contact Pionex's customer support via Live Chat, which is extremely helpful. Listed below are the best features of Pionex that make it such a popular trading platform.
- Over 120+ cryptocurrencies supported
- Very low trading fees of 0.05%
- 16 free in-built trading bots so you can automate your trading strategy
- Leverage trading supported
- Limit and market orders available for manual trading
- Responsive Live Chat customer support
- Mobile app so you can trade anywhere
- Very deep liquidity from Huobi and Binance
Australian alternatives to Pionex
Features
Perfect for Trading Bot beginners
If you have been investing in crypto for a while, but never tried using an automated trading bot, it can all seem a little daunting. Instead of paying money for third-party bots, and trying to figure out how to link them to your exchange, Pionex makes it simple. When you sign up for free to Pionex, you will immediately gain access to 16 free bots. They each have a helpful tutorial to explain how to use them, and it's a great way for trading bot beginners to get their feet wet.
Trading bot tutorials
For each of Pionex's 16 trading bots, you can click on Tutorial, which will take you to an informative read about the bot and what its usage is. This makes it easy for trading bot beginners to understand the nuances of each different bot, and choose the best one for their intended strategy.
Regular market trading
While Pionex's standout feature is the free trading bots, manually trading on the market is still available, and remains a popular option. You can place market orders or limit orders, based on your preference. Access over 120+ different cryptocurrencies, with low 0.05% fees per trade.
Trade with up to 3x leverage
Experienced crypto traders may be looking for an exchange that supports leverage trading, and Pionex offers some options for this. You can trade long or short with up to 3x leverage on popular coins such as BTC, ETH, DOT, and more. For the remainder of coins, you can go long or short with either 1x or 2x leverage. While leverage trading is a method of increasing potential gains, remember that it is very risky, and you can lose all your money. We do not recommend leverage trading for inexperienced traders that are just looking for a quick way to make profits.
Live Chat support
If you find yourself having some issues on Pionex, you can contact the support team via Live Chat or email. This is another reason why Pionex is an excellent choice for beginners to bot trading. If you use a third-party trading bot and link it to a big exchange like Binance, most likely you will not have any assistance if you get stuck.
Negatives about using Pionex
No fiat withdrawals
The major downside of Pionex is the lack of fiat withdrawal options. As a strictly cryptocurrency trading platform, you can only withdraw cryptocurrencies. When you want to cash out your profits, you can send the cryptocurrency to another exchange, such as Digital Surge, then sell it there, and withdraw AUD to your bank account.
Fees
Depositing cryptocurrency into Pionex is free of charge.
Credit card payments will cost you 4.5%.
Pionex's trading fees are very low, at just 0.05% per trade, whether you are a maker or taker.
Using any of the 16 trading bots is free of charge - you just need to pay the trading fees, which are 0.05% per trade.
Withdrawing fiat currency from Pionex is not supported. Withdrawing cryptocurrency will incur a fee that depends on the coin, which you can check by clicking here.
Security
Pionex is a secure cryptocurrency exchange. They have acquired a Money Services Business (MSB) license by FinCEN and they are backed by Gaorong Capital, Shunwei Capital and ZhenFund for more than 10,000,000 USD. Their funds are kept on Huobi and Binance's exchanges, so they can take advantage of the excellent security features of those large platforms, ensuring you can trade with peace of mind.
Pros and Cons of Pionex
Conclusion
Pionex is the perfect choice for anyone that is looking for automated bot trading. It offers 16 in-built bots that are free to use, along with useful tutorials for each one, so if you are a beginner you can still get started. Trading fees are just 0.05% and you do not need to pay extra for the use of the bots. If you prefer manually trading you can also do that, with the regular market and limit orders, and advanced users will enjoy going long or short with up to 3x leverage. Live Chat and email support are also on hand to provide assistance if necessary.
The important drawback to note, is the lack of fiat withdrawals. You cannot withdraw AUD after you have made some profits. Only cryptocurrency withdrawals are supported, but if you want to use Pionex and you want to cash out, it is easy to get around that. Simply set up a free account with Swyftx, transfer your crypto from Pionex to Swyftx, and you can sell it there for AUD and withdraw to your bank.
If you are after a more basic cryptocurrency exchange, that has fiat and withdrawal options, you can have a read of the best Australian crypto exchanges here. There are plenty of options for Aussies, and the table I have included below shows some information that you can compare.
Frequently Asked Questions
Yes, Pionex is an established cryptocurrency trading platform, and their 16 free in-built bots are legitimate. They are very popular around the world, and easy to use even for beginners.
Crypto trading bots can be a useful tool in maximising your profits, as they continue to trade while you are not watching the market. The great thing is that with Pionex, the bots are free, so you can try out the bots without having to spend money on a third-party program.
Yes, Pionex is available for Aussies to use. There are no restrictions placed on crypto traders from Australia.
Trading fees are only 0.05% per transaction on Pionex, and there is no additional fee to use a bot for automated trading.