Coinigy Review – Is it really worth its price?
One thing you learn fast when you step into the altcoin game is that you will see yourself registering in multiple exchanges. Here a promising coin, there an excellent opportunity – but most likely you will find all those coins scattered on various exchanges. Ok – registering here and there is not a problem, but keeping the overview over all your wallets and running trades is a pain. Even more, the quality of the UX, the charts, and processes of these exchanges vary very much, and you have to find into each of them. Some provide essential or profound tools for technical analysis, some are not, and you can be happy to have candlestick charts at all. Coinigy is here to solve that problem, and in this Coinigy review, we want to have a look if the subscription-based website is kicking it.
Let's review Coinigy which seems to be quite a progressive approach to solving this problem. Coinigy is a platform that has evolved with the power of private seed funding – and they made a battleship out of the gathered funds. The service that is offered by coinigy can be chopped into three major areas: The exchange part, the trading part, and the integrated app store. All of these features can be tested in a free 30 Day trial, that comes with a sweet bonus, which we will elaborate at the end of this review.
Coinigy Review: The Exchange Cockpit
This cockpit is the essence of Coinigy. Imagine there is one well-designed interface that lets you instantly trade on more than 45 exchanges like Bittrex, Cex.Io, Poloniex, HitBTC, Kraken, Bitfinex, Bitmex, Binance (soon to come) and all the others. The trick is to use the APIs that the exchanges offer to connect your account to your Coinigy account directly. This is much work to set up but rewards you in the long run with a one-of-a-kind trading cockpit. You will have some great charts there on Coinigy, as they make use of an industry leader: TradingView provides them! These charts are excellent, and even many seasoned FX traders switched over to Tradingview due to its capabilities. While for Bittrex there is a good Chrome Extension, which will parse you Tradingview Charts directly to their platform, you have the significant advantage with Coinigy that you get all the trading possibilities from most of the exchanges.
Everyone that has tried to trade on Bittrex on a mobile device knows the hassle pretty good – their mobile view is GARBAGE. Coinigy is ready for mobile devices, so once you connected your API, you can enjoy the pleasure of mobile trading there. Coinigy is run on the Google Datacenters, so it runs smooth and stable.
A nice feature is the app store they have integrated which gives you the opportunity to run several 3rd party apps on your charts – however, it is not yet used in a groundbreaking way, but we can see it could deliver well in the future.
The Extras of Coinigy
Besides the better charts you get with Coinigy, there are serval extras you will receive with your subscription. The most important one you get, however, is the ability to setup Take Profit and Stop-loss orders – in the world of Crypto this is priceless, as it is a very much needed feature for disciplined trading and only Binance offers that right now. When we tested Coinigy with the free trial, we searched for this option and have not been able to find it, so the support told us, that this feature is locked to subscribing members. Furtherly features of Coinigy are:
- Arbitrage Scanner
This tool is designed to find gaps in the prices between several exchanges. When the SIA hype was on, it has shown to us two exchanges with a considerable arbitrage in the price of this coin. If you had bought on the exchange with the low price and transferred the coins to the one with the higher price, you could have made some instant profits. However, it is difficult to make gains with arbitrage trading, as the transaction times are often long between exchanges, the prices can move fast and also exchanges like to lock wallets if opportunities like this happen.
- Crypto Ticker as Chrome Extension
- SMS Price Alerts
- A neat Google Sheets integration, for spreadsheet powered traders
- Newswire Module
- Marketwatch for Portfolio & market trends
There are several features in the making. We can't wait to see them released:
- A Chart Scanner, which searches for technical setups across the pairings
- A Social Scanner, which scans social networks for current trading sentiments
- A Block Explorer
The Verdict of our Coinigy Review
Coinigy is a beautifully designed platform – no doubt. It has a great look and feels and makes sense if you are an active day trader, having stakes in many altcoins on many different exchanges. Coinigy has three significant advantages:
- The connection of all your exchange accounts on one platform
- The option to set stop-loss AND take profit limit orders. This is where almost all the exchanges suck, and it is a fundamental feature.
- The charts and trading tools, which are provided by Tradingview
If you are an active day trader, it makes sense to have one cockpit for all exchanges – great value. If you are making investments in your coins, you won't need it and it is too expensive for what it delivers. Having in mind, that you can get Tradingview charts for free directly in Bittrex, the value of what you get for the price of $20 / month just doesn't kick it. You have to ask yourself if the importance of having all exchanges in one place, the option of having stop-loss AND take profit limit orders at the same time, a good portfolio manager and a price alerts feature are worth this price for you.
However, there is a lovely bonus for newbies, which is why we suggest subscribing to the free 30-day trial. Once you signup you will get a cute video course by email that teaches you the basics of technical analysis (RSI, Fibonacci, Moving Averages, etc.) for free – very neat and handy. If you are interested in trying Coinigy out, you can signup here for their free 30-day trial.