Pionex was created on 24 June, 2019 in Singapore by Daniel Seng-Cheng YEO, a finance industry expert focused primarily on automated trading.
Automated trading can also be termed as a mechanical trading system that allows the automatic execution of trades once certain specific rules for both trade entries and exits are established.
Due to the extreme volatility associated with cryptocurrencies and the entire decentralized finance (DeFi) sector, Pionex has created 16 free built-in trading bots to help the trading efforts of sophisticated (those with knowledge and experience) and unsophisticated (those without knowledge of fundamental and technical analysis) traders and investors.
Just because the platform was built with automated trading in mind does not mean that it does not support manual trading. Pionex supports manual trading, but this comes with limits and market orders.
Performing the same function as a regular cryptocurrency exchange, traders can buy and sell cryptocurrencies against the stablecoin United States Dollar Tether (USDT).
Pionex has low trading fees
Many cryptocurrency exchanges are competing for the same number of crypto investors. This is why this trading platform has one of the lowest fees in the space.
Trading fees stand at 0.05% for both makers and takers in the spot market. This means that buying, let’s say, ApeCoin (APE), which was trading for $5.13, as of writing on 14 January, 2023, with $100 will give 19 APEs while you pay less than $1 in fees.
This explains why the exchange records more than 100 million trades daily, processes more than $5 billion in monthly trading volume, and is accessed by potential traders from 100 countries and regions.
To compete with exchanges specializing in crypto trading bots and others such as Binance, OKX, Gemini, Kraken, Bitget, Huobi, JPEX, and others, Pionex supports approximately 379 coins and tokens.
Popular cryptocurrencies on the platform include, but are not limited to, Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Cardano (ADA), Algorand (ALGO), Cronos (CRO), and Fantom (FTM).
It is bad news for any trader to run into problems with liquidity, speed of processing transactions (execution), or verification when customer service cannot be reached instantly.
Within minutes, traders can reach customer service personnel through email support or via live chat through texting.
Aside from being customer-service friendly, Pionex can also be accessed on Google Play and Apple Stores for smartphone users whose devices run Android and iOS.
Despite the positives, the platform lacks a demo account for novices to practice trading with virtual funds. Many crypto exchanges have this feature which can be invaluable to the fortunes of traders in the long term.
How to set up a Pionex account
Setting up an account with Pionex is just like creating an account with many centralized exchanges. You must provide legal details of your full name, home and email addresses, and phone number. This will be essential in the next phase of the account creation process.
You must adhere to a verification process where details of information earlier input will need to be uploaded to confirm that the person sitting behind the smartphone or personal computer is a human being. Once verification is complete, you can fund your account and start trading.
Conclusion: Is Pionex exchange safe?
Pionex is safe to use because it has some of the most credible partners in the crypto game, including Circle, the issuer of the USDC stablecoin, the largest crypto exchange Binance, Simplex, CoinLedger, and Alchemy Pay.
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