Why Does Coinigy Suck In 50 Words
The fee to use the platform can be considered quite steep by some users: $21.95 per month (however, if you purchase a quarterly or yearly subscription, you will get a discount of up to 15% per month). If you simply want to simply trade cryptocurrencies, you can open an account with one, two, or even more exchanges and you won’t have to pay any subscription.
Why Coinigy Doesn’t Suck In 50 Words
If you need to compare prices from tens of exchanges and even do some arbitrage trading, the subscription fee is fair and Coinigy is a must-have tool. We could even say that Coinigy is one big exchange because after all, you will benefit from all the crypto assets available on their 45+ supported exchanges – all under one roof.
Is Coinigy A Scam?
There is no sign of Coinigy being a scam in any way and they have been going strong since 2014 without any major incidents. That being said, there’s an important security issue that you have to be aware of: once you enter your API keys from one or 10 exchanges, you will be able to trade on all those exchanges from Coinigy’s platform and this means that whoever gets a hold of your Coinigy credentials (user and password) will be able to trade your funds on ALL your connected exchanges. Bottom line: keep your account credentials safe because you could get scammed even if Coinigy is not a scam.
Should I Open an Account with Coinigy?
Coinigy is an all-in-one platform for trading digital currencies across more than 45 crypto exchanges through API keys. The website is owned and operated by Coinigy, Inc., which is a U.S.-based company that acts in compliance with the laws of the United States and meets the regulatory requirements there.
In a ruthless and volatile crypto market, everyone needs to find their competitive edge and then exploit it as much as possible. What Coinigy does is act as the best multi-exchange possible. By combining over 45 different exchanges, it offers so many options that it is hard to deny the amount of value-added.
There are a lot of things to love about Coinigy. First, there’s the fact that it comes with a desktop application that is also available for mobile (Android only). The company is delivering a level of convenience that is not often experienced, and that is what keeps some of the top traders coming back. At a point, comfort breeds competence.
You will see many crypto-traders recommend this platform because of the ease of use. Being simple could be a bad thing in some cases, but here it is just a sign that all the needs of the user have been integrated into one platform that is well-designed. The layout of the trading platform went through some changes in early/mid-2019 and some users expressed their disappointment with the new look but if the platform is functional, I believe that looks are secondary.
The exchange has a lot of momentum. In 2014 it was launched with access to 15 exchanges, and now it has more than 45 available. Many would-be scared off by the monthly fee, but if you look at it as an investment, it becomes much easier to justify. After all, aggregating many exchanges into one is supposed to give you more trading opportunities and a better view of the market, which should bring you more profit but you can test it for yourself and see if this is really the case because Coinigy offers a free trial of 30 days.
Overall, Coinigy is the perfect tool for someone trying to take their trading to the next level. By having access to all these different cryptocurrency exchanges, you create much more of an opportunity to make money for yourself but it’s not for everyone. If you don’t need to trade hundreds of digital assets across more than 45 exchanges and if you don’t want to delve into crypto arbitrage, just open an account with a major exchange and you’re all set, without having to pay a monthly fee.
The Company is based at 310 E Buffalo Street, Suite 120, Milwaukee, WI (Zipcode 53202), United States. Support is available on US phone number +1.414.301.2289.
Coinigy Online Presence And Reputation
Overall Coinigy enjoys a good reputation and has a transparent business model. Some users dislike the new layout of the platform but at the time of writing, this layout is still in beta so it’s uncertain what features will make it to the full version. We have also found some complaints on Reddit regarding the API functionality but those were isolated cases and Coinigy representatives were quick to help with the matter.
Coinigy Special Features
Besides allowing to use of more than 70 technical indicators, Coinigy offers a great arbitrage tool called ArbMatrix, which allows traders to spot arbitrage opportunities across exchanges. Once spotted, the tool will also offer information about the profit that can be made on that arbitrage trade, but keep in mind that arbitrage is a rather risky procedure, with many influencing factors, such as exchange volume, fees and price change.
Coinigy Overall Ratings
User Friendliness 15/20
This trading platform is definitely not for the complete newbie but considering that it aggregates 45+ exchanges, it’s way easier to use it than learning to use all the platforms of the other exchanges. The website is only available in English, mobile version of the platform is available for Android and U.S. clients are not specifically restricted from using the service (however, to use Coinigy you need an active account(s) at other exchanges and most of them don’t allow U.S. clients).
Range Of Markets And Volume 18/20
Depending on how many exchanges you integrate, you could trade thousands of pairs of cryptocurrencies, so the range of tradable markets is huge. The same goes for volume: it is directly dependant on the exchanges you integrate, but with so many giant exchanges connected, you shouldn’t experience any hiccups unless the exchanges themselves lack volume.
The first 30 days are free but once those are up, you will need to choose a subscription plan. The cost ranges from $21.95 (if you pay on a month-to-month basis) to $18.67 (if you pay one whole year upfront). Keep in mind that the exchanges you trade on will also charge you their normal trading fee as if you were trading on their platform.
Deposits And Withdrawals 15/20
When trading through Coinigy, your funds are never on their platform and are not controlled by them. You will have to deposit to the exchange(s) you plan on using, following their deposit protocol and the same goes for withdrawals. As for Coinigy’s subscription fee, that can be paid via Credit Card, PayPal, or with cryptocurrency.
Coinigy Extras 17/20
ArbMatrix (a complex tool for arbitrage trading) and several other tools such as technical indicators, Chart Scanner, Market Watch, News Wire, SMS alerts, and more. Overall a great collection of features.