Coinigy Review
The world of cryptocurrency has exploded in popularity and there are so many exchanges on the market that it is hard to keep up. A lot of exchanges run the same service with the same coins, however there are many occasions where it makes sense to have more than one exchange account at any one time. How to manage this? Well, enter Coinigy. Coinigy is an all-in-one trading platform that allows you to trade on over 45 of the most popular exchanges from one account.
Developed in the US, Coinigy is a platform available on both desktop and mobile devices. You have the option of trialling the site for 30 days but after this period you will be expected to sign up to a subscription to access the features. In the free trial there is a restricted session length – which makes it feel necessary to subscribe sooner, as the potential of the site is so full that the time limit will frustrate you.
The site also allows you to police your own trades and add discipline to your investments. You can setup orders on the platform to “Take Profit” and “Stop-loss”.
The exchanges available through Coinigy number some of the most popular, managing the highest volume of cryptocurrency. The exchanges include: Bittrex, BTC China, BTC-e, Gemini, Kraken, Poloniex and more.
Pros
The site enjoys an impressive 99.9% uptime. This is largely thanks to being built on Google Datacentres.
Trade on more than 45 exchanges from your desktop or your phone from a single account. You can even trade directly from the charts from your favourite exchange. You can also access 75 indicators to help research your trade. This is the sort of technical analysis that allows you to make professional judgements on the best way to invest your money.
You can connect your Coinigy account to an impressive number of apps and third-party integrations – including Google Sheets, ArbMatrix, SocialScanner and more. The company is constantly working to add plug-ins and supported third-party apps.
Cons
There is only one subscription package available at a set monthly fee – that of the “ProTrader”. A single package is promoted as a sign of the simplicity of the site and the transparency of cost and services – although some would see this as a lack of choice and an inability to adapt the program to bespoke needs.
The short session length during the free trial quickly becomes annoying and you feel increasingly pressured to sign up to the subscription to get freedom to use the site as much as you need.
Payment Methods Accepted
Coinigy is slightly different in that it is not an exchange itself but a connection to lots of exchanges. Therefore, the payment to Coinigy is through a $15 per month subscription paid by direct debit. When trading you conform to the trading rules and payment methods of the site you are choosing to exchange with.
Supported Countries
The reach of Coinigy is global. However, rules for trading are governed by the sites that you connect your Coinigy account to. Also, by using the platform you have to agree to your information being held in countries other than your own – depending on the third-party apps you link to.
Privacy
Privacy is difficult with Coinigy. You probably are not going to want to use this platform if you value financial privacy. Your balance on any connected service can be viewed by the company, as can all your trading activity.
There is no verification demanded by Coinigy itself – however, you will have to go through the verification process for each of the exchanges you connect with. This is particularly true of those exchanges that deal with fiat currency.
Limits and Liquidity
The limits and liquidity of Coinigy are the limits and liquidity of the exchanges that you will be trading through. Coinigy is merely the portal to access these other services.
Speed
The speed of trades relies on the sites connected to Coinigy. Coinigy itself offers instant and continuous access to your connected exchanges. It speeds up the process in some ways, as it allows you to trade from the charts in the exchanges. It does not add any delay because you are being routed through the platform.
Reputation
Coinigy is much praised in the crypto-community for the efforts taken to make the site secure. This is important, as to trade using the site you need to share your API keys with the platform. This means if Coinigy gets hacked – your accounts – all of them – are vulnerable to attack to. For this reason, the site is fully SHA-256 encrypted. It is built with enterprise-grade security on a multi-tiered server architecture. There is no mention of cold storage, which might be a concern for some.
Generally, the reputation of the platform is excellent. It is a unique service that helps professional traders quickly and easily manage the portfolio. The site relies on the trust of these traders for the success of its business model – therefore it works hard to maintain this.
Fees
The site costs a set subscription fee of $15 a month for the pro-trader account.
Customer Support
There 24-hour, 7 day a week customer service support. This support is offered through live chat and calls and emails placed to a help desk.
Coinigy Alternatives
There are no real alternatives to Coinigy – in the sense that it brings exchanges together into one app. The option would be to maintain loyalty to one exchange. These exchanges include:
Binance
Binance is a cryptocurrency exchange that allows crypto-to-crypto trading. People are attracted to the exchange because of the impressive coin offerings and low trading fees.
Coinbase
Coinbase is best known as one of the most popular digital wallets. It is a digital currency exchange based in San Francisco – and trades in most of the major cryptocurrencies and the fiat currencies from 32 countries.
