Bitpush Exclusive Interview: Why Pionex Believes They are the Best Centralized Exchange Option
Pionex, a cryptocurrency exchange opened in 2019, sets themselves apart from their competitors, like Binance and Coinbase, in many ways. Bitpush spoke with Jeremy Peng, Co-Founder and Product VP of parent company BitUniverse, about their built-in trading bots, extremely competitive fees, and robust, multi-layered security system.
Pionex was established in 2019, and has been operating safely since its release, with no hacks or exploits. They are well regulated and have a Money Service Businesses license from FinCEN, a United States regulatory agency.
They aggregate liquidity from Binance and Huobi, effectively acting more as a broker than a standalone exchange, meaning that users will not have to worry about a lack of liquidity or any differences in coin prices from the market price. The main feature that sets them apart from their competitors is their trading bots directly available on the exchange. Anyone who uses the platform can take advantage of one of 12 bots, each tailored to a specific case in the market. Some are useful for bullish scenarios, and others for relative price stability. And the best part about these bots is that they are completely free, which is unheard of in the trading bot market, so anyone can take advantage of the increased volatility in the market and make extra cryptocurrency gains.
“So [the increased volatility] does affect our Trading bots, but it’s making our Trading bots more profitable. So it’s a positive effect because Grid trading bot is designed to make profits from the volatility of the market.”
Since the bots are directly ingrained within the exchange, users can rest assured that even during times of high volatility, when the traditional API-based trading bots break, the Pionex bots will continue making money. The trading bots can help users earn anywhere from 15%-50% APR, or even higher if users want to take on more risk.
“So even if you are sleeping or if you are having a vacation, you can leave the bot there and they can help you to make it about 15 percent to 50 percent of APR. And there’s barely no risk. So you don’t need to worry about it.”
Not only are Pionex bots good for beginners with little money, but also for large whales in the cryptocurrency space due to their extremely competitive fees. Right now, Binance charges 0.5% for instant buy/sell orders. Pionex’s fees are orders of magnitude lower, at a mere 0.05% fee. To put this in perspective, this means a user would have to spend $2000 before paying $1 in fees, compared to $200 on Binance.
An exchange, especially a centralized exchange, is useless if their security does not guarantee that your funds are safe. Fortunately for Pionex users, there are multiple safeguards in place to ensure that your funds will never be lost. First, they use a blockchain security team to audit their project and ensure that there are no serious flaws. Second, the ten million dollars of funding they’ve received from Banyan Capital, Shunwei Capital, and ZhenFunds could be used as compensation for any hack on the platform. Finally, they hold the majority of their funds in Binance, which is one of the most secure platforms available. This means that Pionex is arguably safer than Binance since they also have their own security measures.
“It is also core to Pionex to solve the security problems. So we have several ways to keep our users safe, our funds safe.”
Even though Pionex already appears to have many advantages over their competitors, they are not satisfied with stagnation. Instead, they plan to release new features to make their exchange even more enticing for cryptocurrency traders and investors. One of these features is the release of Pionex Lite, which will offer a cleaner and simpler user interface and a regulated fiat on ramp, which will be perfect for beginners. They also plan to release Pionex version two, which will continue to develop their platform.
“I want to say there are some new things we are going to publish in the future, in the near future…we will bring a brand new UI and every function to make the app stronger so the users will like it.”
Pionex is well-positioned to be competitive in the cryptocurrency exchange sector. At the moment, their biggest weakness is a lack of marketing and brand recognition, but this is one of their areas of focus in 2021. Cryptocurrency investors may begin switching to Pionex to take advantage of their lower fees, enhanced security, and simple-to-use trading bots. They will certainly be a name to watch out for in the near future.
“Maybe you are using Binance and it’s good enough, but Pionex much better because you can’t use the Trading bots in Binance and also the commission fee is half lower than Binance. And also the security of Pionex is as safe as Binance because our money is also in Binance. So why not just choose a better Binance than just being in Binance?”
By Lincoln Murr