If you look at the universe of crypto applications dedicated to trading and tracking a crypto portfolio, you will notice several top players at once. Each application has its own strengths, but also its disadvantages. So, fully covering one user’s needs, they often forget about the rest.
For example, Cryptohopper and 3Commas (Which review you can also see on the SafeTrading official website) are good at automating trading, but pay less attention to manual trading. Other players such as Blockfolio and Coinstats have focused on portfolio tracking, but hardly have any trading functionality.
Some apps – as you’ll learn in this Coinigy review – offer the ability to trade on multiple exchanges, but obviously haven’t updated their interface and set of trading tools for a long time. In some applications, it is very convenient to trade (Cryptowatch) or work with charting and technical indicators (TabTrader), but their full functionality is available only on one platform, and they do not support portfolio tracking.
SafeTrading believes that there is one major flaw in most multi-exchange trading applications. They offer very few trading tools in addition to those already available on cryptocurrency exchanges.
This situation often arises due to the imperfect architecture of the application, which allowed the initial product to be launched as quickly as possible, but was not created for further full-scale development. Nevertheless, it often seems that the development team simply ran out of strength and energy to come up with something new and offer customers functionality that is not yet on the market.
Most applications of this type appeared quite early and have already managed to create not only a brilliant reputation for themselves, but also a solid user base. However, what was perceived with a bang in 2017 does not look very modern in 2020 – or not?
Check our Coinigy review to decide its usage for yourself.
What is Coinigy?
Long before the buzz of 2017, when bitcoin thundered all over the world, programmer Robert Borden and private investor William Kehl from Milwaukee began work on their cryptocurrency bot for arbitrage trading.
At that time – and this was 2013 – the difference in the price of bitcoin on the existing trading platforms was significant, and a certain number of enterprising traders were already engaged in manual cryptocurrency arbitrage. However, Borden and Kehl were among the first to automate this process, and this brought them popularity.
In 2015, they created a crypto portfolio tracker and trading terminal called Coinigy, where you could track all your crypto wallets and trade on multiple exchanges.
In continuation of the original idea, the product included tools for arbitrage trading, as well as crypto news that could be useful to the trader when making decisions.
This application was a breakthrough for its time, and the crypto community was confident that the Coinigy team would only add further.
But time passed, and no serious progress was observed. However, in the end, in addition to the main web version, Coinigy also released an application for iOS and Android.
The Coinigy mobile application is quite capricious and is more suitable simply for tracking a crypto portfolio than for active trading, especially since the ability to trade from a phone is only available on Android. On the other hand, the web version of Coinigy can be used for trading, charting and internal tools such as:
As for the order types, the Coinigy trading terminal offers limit and stop-limit orders, and stop-limit orders are synthetic and are processed on Coinigy servers. At the same time, there are no more advanced order types on the platform, such as trailing stop, take profit and stop loss. Also, which is even stranger for a trading application, there are no basic market and stop-market orders.
The platform cannot boast of automation either. At Coinigy, you can only find visual tools for finding potential arbitrage trades, which, in principle, are actually not actually implemented manually.
The app monitors 43 exchanges, including:
But only 11 of them can be traded.
The main functionality of Coinigy
When it comes to trading, Coinigy mostly only offers spot trading – say the specialist of SafeTrading. However, if you have Poloniex or Bitfinex, you can also connect margin trading. In beta (V2), futures trading on Binance Futures is partially available. However, it’s worth remembering that all of this functionality doesn’t work on iOS.
Orders can be placed in base or quota currency (for example, I want to buy 0.025 BTC or spend $ 500 to buy bitcoin). Such a feature is very pleasant, and it is often expected from such applications.
Placing an order on the exchange takes seconds, and when the order is executed, the entry appears in the “Orders” tab.
The mobile version has a built-in calculator for converting one currency to another, historical data with trades, bids and asks on supported exchanges, an order book, recent trades in real time, a notebook and alerts about price changes. However, notifications do not always work on the phone.
On the app store, prices for Coinigy paid subscriptions start at $ 19.99 per month and go up to $ 186 per year, but new subscribers are offered a free version for 30 days.
When the personal account appears
When a personal account appears, it turns out that there are many more options for a paid subscription. For example, if you buy a subscription on a monthly basis, then a month will cost $ 21.95; if quarterly, then $ 20.99; if for six months at once, then for each month you will have to pay $ 19.77; if for a year – then $ 18.67. For the developer package – $ 99.99. On the positive side, you can pay for your subscription by credit card or PayPal.
Coinigy official page
There are only three types of subscriptions on Coinigy’s site: Starter Account or Free Plan, Pro Trader ($ 18.66), and API Developer Pro ($ 99.99).
What’s missing in the free version
In the free version of the application, you can trade using only a limit order – unless, of course, we are talking about iOS. You cannot trade with Coinigy on iOS.