Pionex Exchange Review | The Best Exchange For Copy Trading?
Jack Moreau
Feb 2024
8 min read
Fact checked
Looking for an honest and thorough review of Pionex? Look no further! We've done the research so you don't have to! In this article we provide you with all the information you need to make an informed decision about whether or not this exchange is right for you. From its strengths to its weaknesses, we'll cover it all in an unbiased and approachable manner. So, if you're curious about Pionex and how it stacks up against its competitors, read on!
Pionex is a relatively new cryptocurrency exchange that was launched in 2019. Pionex is available to users in over 100 countries across Europe, North America and Asia and is estimated to have over 1 million users around the world.
Pionex exchange
With over 360 different trading pairs and many lesser-known altcoins available, the platform offers users a unique and diverse trading experience. One of the standout features of Pionex is its use of trading bots which automate trading strategies for users.
The platform also boasts over 500,000 app downloads with an average 4.2 star rating based on 10,000 reviews. With its advanced trading features, user-friendly interface and low trading fees, Pionex has quickly become a go-to option for many cryptocurrency traders.
Pionex app
Pionex KYC requirements
If you have already decided that you want to signup to Pionex, the good news is that the signup process is super easy.
All you need is an email address or phone number to get started. Having said that, you won't be able to use any of their services until you complete the level 1 KYC verification process.
KYC simply stands for "Know Your Customer" which basically means that Pionex wants to verify your identity to ensure compliance with regulations and to keep their platform safe.
Their level 1 verification requires users to state their country of residence and provide a phone number from that same country.
Pionex level 1 verification
For those that want access to higher trading and deposit limits, they will need to complete Pionex level 2 verification level. This final step requires users to upload a government ID and to go through a facial recognition to ensure that they are indeed the owners of that ID.
Pionex level 2 verification
Pionex Products & Services
Pionex is a cryptocurrency exchange that offers its users a whole array of trading services to it's users.
The exchange offers the well known spot and leverage trading as well as more unique products like their derivative product called Lotto.
With over 16 grid bots that allow users to automate different trading strategies, users can easily manage their trades without needing to be glued to their screens.
Pionex orderbook
One of the things that make Pionex stand out from other exchanges is their user-friendly platform. Both level 1 and level 2 verification processes are straightforward and the exchange provides plenty of informational guides to help new users understand how to get started.
For those who want to earn more on their assets, Pionex also offers staking for ETH with different durations. In terms of trading volume, Pionex is a top 10 exchanges with average daily spot trading volumes frequently reaching above $1 billion.
Pionex offers users several options to buy cryptocurrencies. Spot trading is available, which allows users to buy a wide range of cryptos.
Additionally, users can purchase cryptocurrencies with a card, but they will need to complete level 2 KYC first. Once they complete the KYC process, they can buy with third-party providers such as AlchemyPay, Banxa, Simplex, and Visa and Mastercard, with fees ranging from 2% to 5%.
Buy crypto with card on Pionex
Bank deposit is also an option on Pionex but only for EUR and via SEPA. Users will need to complete a bank transfer to Pionex IBAN in order to deposit the funds.
Pionex offers some of the lowest trading fees in the market with a maker and taker fee of 0.5% for spot trading.
However, for leveraged products, the fees double to 0.1%. They do not charge any fees for futures trading with a 0% fee for makers and 0.02% for takers.
Pionex spot and futures fees
This are incredibly competitive trading fees that beat the likes of Binance, Bybit and OKX. For traders who want to optimize for low trading fees, Pionex is definitely an exchange to consider.
Pionex Deposit Methods
Pionex offers limited support for fiat deposits compared to other exchanges. Bank deposits can only be conducted for EUR via SEPA while more fiat currencies are supported for those who want to buy crypto with card via third-party providers.
However, users can still make fiat deposits with EUR via SEPA which is completely free. Additionally, Pionex does not charge any fees for fiat deposits which further adds to their appeal for those looking to save money.
Overall, while Pionex's support for fiat deposits may be limited, their commitment to affordability and ease of use still makes them a worthwhile choice in the cryptocurrency exchange market.
How to withdraw from Pionex?
While withdrawing fiat currencies is not possible on Pionex, users can of course withdraw their cryptocurrencies at any time. The fees for cryptocurrency withdrawals vary depending on which blockchain you're using.
To withdraw Bitcoin, you'll be charged a fee of 0.0004 BTC and 0.0004 ETH for Ethereum. Withdrawing SOL will result in a fee of 0.01 SOL, while ERC-20 USDT comes with a 10 USDT fee. It's important to note that these fees may change over time, so be sure to double-check before withdrawing any currency.
Is Pionex Safe?
Pionex takes security very seriously and has never been hacked in its four years of operation.
In addition to offering proof of reserves that users can verify in their accounts, Pionex Exchange is a licensed Money Services Business (MSB) and registered with FinCEN. This means that investors from 48 US states can buy and sell cryptocurrencies on their platform.
Pionex proof of reserves
They also exploit bank-grade custody solutions to regulate the permissions to servers, middleware, and databases across all functional departments. With monitored balances and trends, Pionex keeps 98% of crypto assets on a highly secure cold storage with controlled access.
When it comes to account-level security features, Pionex offers a wide range of options such as email or mobile verification, 2FA and anti-phishing code, device management, security activity, and withdrawal whitelists.
And as a licensed cryptocurrency exchange service, Pionex has implemented a set of regulatory requirements for anti-money laundering and counter-terrorist financing (AML/CFT) to ensure that their platform is secure and trustworthy.
With over 1 million users in 100 different countries, it's clear that Pionex has gained some momentum with unique features and user-friendly interface.
The exchange offers more than 370 cryptocurrencies including many lesser-known altcoins at very low trading fees. Pionex is also one of the most active exchanges in the market with a daily spot trading volume of $1.5 billion.
One of the standout features of Pionex is the use of trading bots that allow users to automate their trading strategies with ease. Pionex also offers a range of unique products, such as their derivative product, Lotto, and staking options for ETH.
Pionex's commitment to security is also evident, with its never being hacked and the exchange being registered with FinCEN. Additionally, Pionex keeps 98% of crypto assets on a highly secure cold storage with controlled access.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
