In this guide, we will focus on Pionex’s fees, examining the cost incurred when using the cryptocurrency exchange and its 16 built-in cloud-based cryptocurrency trading bots. In particular, we will look at the platforms, the pricing model, the high-volume trader account, as well as the fees for depositing and withdrawing both fiat and cryptocurrencies.
ABOUT PIONEX
Pionex is a Singapore-based cryptocurrency exchange that was established in 2019, offering 16 built-in free automated cryptocurrency trading bots, allowing novice and experienced traders to trade around the clock.
In addition to simplifying the trading process, having a cryptocurrency exchange that has its own operational cryptocurrency trading automation technologies helps users streamline the execution of cryptocurrency deals.
The burden that would otherwise need hours of laborious and monotonous work is offloaded and reduced to a few minutes of monitoring, if any, through the effective use of free cloud-based cryptobots.
INTRODUCTION TO PIONEX FEATURES
Pionex provides unskilled users with pre-designed bots so they can enter the market without having to go through the time-consuming process of creating their own bot first.
Everyone has the ability to manually visit cryptocurrency exchanges to complete a trade, but scanning the market on your own is by no means a simple task. Trading cryptocurrencies in person requires a significant amount of time and effort, as well as difficult calculations and predictions.
This is exactly why the vast majority of cryptocurrency transactions today are handled by automated systems, sometimes known as crypto bots. These require no work on the part of their human users other than initial setup, and are available around the clock, seven days a week.
Built-in cryptocurrency trading bots: the exchange has 16 different automated cryptocurrency trading bots;
Competitive trading fees: all bots are free, while exchange trading fees are fixed at 0.05% for the maker and taker;
Regulated: fully licensed and certified in both the US and Singapore by both the necessary authorities and the community, it is a solid addition to any enthusiastic day trader’s domain;
Liquidity: an innovative liquidity engine aggregates liquidity from Binance and Huobi.
EXPLANATION OF PIONEX FEES
The main attraction of Pionex cryptocurrency trading bots is the fact that they are completely free.
Furthermore, there are no monthly subscription fees, one-time expenses or hidden taxes that emerge from the shadows after a certain period of time. However, Pionex is a cryptocurrency exchange and therefore earns money through transaction fees.
Maker-taker fee model: Pionex charges one fee for transactions that “make” liquidity in the market, and another for transactions that “take” liquidity out of the market, as part of its maker-taker fee model;
Competitive fee: Currently, maker-taker costs at Pionex are set at 0.05% of the total transaction value;
Fee deduction: Once the transaction is completed, your fee is removed from the total remaining amount deposited into your account.
Specifically, the maker’s fee will be paid for any transaction you complete that is not immediately matched by an order on the books; conversely, the taker’s fee will be charged for any transaction you complete that is quickly matched by an existing order.
The platform’s maker-taker pricing structure ensures that your transactions will be completed with only 0.05% in fees, regardless of the number of trades you place.
Market Maker Programme
Consider applying to the Pionex Market Maker programme if you are a high volume trader. To be eligible for the Market Maker program, your account must have a minimum USDT deposit of $300,000.
The equivalent of $300,000 or more in another supported cryptocurrency such as Bitcoin will also make you eligible for the problem;
Market Maker has no maker fees, meaning that if you qualify, you will pay nothing and costs will remain at 0.05%;
Market Maker applications can only be submitted during the first ten days of each month;
A total account balance of at least $300,000 must be maintained on a regular basis once approved.
ACCOUNT DEPOSIT AND WITHDRAWAL LIMITS AND FEES
Deposits
Pionex supports cryptocurrency deposits and accepts more than 40 different digital cryptocurrencies, including Bitcoin and Ethereum.
However, the exchange states that it now only accepts a limited number of coins/tokens for deposit in the early edition, but that it plans to progressively expand this number in the future release.
Cryptocurrency: Depositing cryptocurrencies on Pionex is completely free.
Europe: The fee for using a credit card in Europe is 3.5%.
(Outside Europe): The fee for using a credit card outside Europe is 4.5%.
The fact that Pionex does not have a minimum deposit requirement, nor do they have a balance level or a funding fee, means that you simply do not need any assets in your name to get started.
Deposits can take up to an hour to appear in your account after they have been sent, although this is not unusual in the industry.
Withdrawals
If you withdraw your cryptocurrency to an internal address within the exchange, Pionex will not charge you a fee.
When withdrawing cryptocurrencies through Pionex, you will be charged a flat fee, which may vary depending on the cryptocurrency you are withdrawing.
It is also important to note that providing kyc information has the potential to increase withdrawal restrictions.
Visit this page for a full list of all cryptocurrencies, along with the costs associated with each withdrawal.
Note: Pionex does not allow fiat withdrawals.
PIONEX SECURITY
Pionex is fully regulated in both Singapore and the United States and has received an MSB license from the US Financial Crimes Enforcement Network (FinCEN) (MSB Registration Number: 31000188348895), the same license that Binance, Huobi and numerous leading exchanges have applied for.
Among other things, the company has high liquidity, strong financial backing and the ability to implement two-factor authentication via email, SMS and Google Authenticator as part of its security features.
Not to mention that Pionex has been operating securely for almost 1,000+ days.
FINAL THOUGHTS
Overall, Pionex stands out from the competition not only because of its 16 free automated crypto trading bot alternatives, but also because of its simple and transparent pricing model.
Individuals and organisations can eventually benefit from the low fees available on more than 40 cryptocurrencies, which are securely managed by the exchanges. To do this, the organisation uses a maker-taker pricing mechanism to keep all prices low.
Pionex’s fees are among the most competitively priced on the market, allowing users to save money on trading while using cryptocurrency trading bots. The 16 different cloud-based crypto bots available on Pionex Exchange are free to use and can be selected to suit your trading style.
Finally, for both new and experienced users of automated trading bots, there is no need to pay expensive membership fees for bot services.
PIONEX FREQUENTLY ASKED QUESTIONS
Are there any fees for depositing with Pionex?
When depositing cryptocurrencies at Pionex, there are no fees. However, when depositing via credit card in Europe, there is a 3.5% fee, and when depositing outside of Europe, the fee is set at 4.5%.
Is Pionex safe?
Yes, Pionex has been operating securely for almost 1,000+ days. The exchange has a variety of security features such as deep liquidity, strong financial backing and the ability to implement two-factor authentication by email, SMS and Google Authenticator. Not to mention that it is regulated by both the United States and Singapore.
What are the trading fees at Pionex?
Pionex’s trading costs are very affordable, with only 0.05% charged from each maker or taker transaction. In addition, there is no minimum order volume requirement, making it a good option for traders looking for a low fee alternative.
Are the automated crypto bots free on Pionex?
At Pionex Exchange, you can choose from 16 different varied cloud-based crypto bots, each of which is completely free and can be tailored to your trading style. In addition, there is no need to pay expensive membership fees for bot services, as it is completely free of charge.