WHAT IS COINIGY?
Coinigy, which is headquartered in Wisconsin in the United States, was founded in 2014 by the current CEO, Robert Borden and the President, William Kehl, and it is an all-encompassing cryptocurrency trading platform.
The trading platform was firstly used by its founders for their own purposes but they both later agreed that it could be offered as a trading service to users who showed interest in purchasing their technology as opposed to using other exchanges.
The initial idea was that it would enable advanced traders to observe the difference between Coinigy and other cryptocurrency trading platforms, but the platform received very few positive ratings during the years as there were numerous glitches on it.
HOW DOES COINIGY WORK?
Firstly, Coinigy is a cryptocurrency exchange platform that requires a monthly subscription fee of $18.66 when using its services.
The purpose behind Coinigy is to provide a simplified approach towards tracking and trading a wide variety of coins which can be found on multiple other exchanges.
By incorporating a range of features, Coinigy removes the complexity often associated with the managing of cryptocurrency portfolios through a combination of a variety of tools which can be found on other exchanges into one user-friendly platform.
Coinigy offers comprehensive charting along with price alerts, the integration of apps, and the ability to trade from various exchange account by linking them through API, which forms part of the service that Coinigy offers.
This takes away the need to log into individual accounts on multiple exchanges in order to manage and monitor holdings on these exchanges.
Coinigy makes provision for both beginner and experienced traders and the aim behind its operation model is to provide a one-stop-solution for active cryptocurrency traders.
Coinigy does not hold funds in on-site storage on the platform which provides additional security for client funds as platforms that use centralized models are often vulnerable to cyber-attacks.
IS COINIGY REGULATED AND SAFE?
Coinigy, as with most cryptocurrency trading platforms and exchanges is not regulated, meaning that traders put their trust in the platform when trades are executed.
One of Coinigy’s safest features is the fact that it is decentralized and does not hold client funds in an on-site storage, which makes it harder for hackers to target the platform as there is not one entry point that presents vulnerability as with centralized platforms.
Coinigy has a ‘Know Your Client’, or KYC, and Anti-Money Laundering, or AML, policy, and procedures along with the monitoring or tallying of transactions in case of fraudulent activity which presents itself.
When trading through Coinigy, traders use their individual API key for existing exchange accounts to gain access to them through the Coinigy trading platforms and these keys are not kept nor used by Coinigy, only by the traders who hold them.
All user data on Coinigy is encrypted with AES-246bit encryption and any user data which is sensitive is never returned to the client. All requests through Coinigy is verified through secure SSL.
In addition, Coinigy also makes use of multi-tiered server architecture which has complex credentials and further strengthens the integrity of the server. Other ways in which Coinigy ensures security include:
- User requests are filtered and checked for XSS, CSRF, Clickjacking, and session impersonation attacks.
- Parameterized queries to the database are the only ones used.
- Coinigy passwords can be up to 40 characters and passwords must be unique, complex, and contain a variation of alphanumeric characters along with symbols.
- Two-Factor Authentication, or 2FA, is used through Google Authenticator.
Traders need to take great care when trading cryptocurrencies through cryptocurrency exchanges and trading platform as the lack of regulation may compromise client funds as they cannot be secured.
In addition to this, should there be an event, cryptocurrency trading platforms cannot guarantee the provision of compensation should there be any damage or loss that derives from cyberattacks or any other event which is out of the trader and platform’s control.
When evaluating cryptocurrency trading platforms, traders need to evaluate the level of client fund security that these platforms offer and to what extent as cryptocurrency trading platforms may frequently fall victim to cyberattack attempts.
WHAT COUNTRIES DOES COINIGY SUPPORT?
There are no restrictions mentioned pertaining to countries. Coinigy supports trade on over 45 exchanges across cryptocurrency networks.
COINIGY PLATFORM DASHBOARD
The Coinigy dashboard closely mirrors that of trading platforms used in conventional trading with a chart taking up most of the dashboard with a candlestick chart style. The dashboard has a black background, which contrasts well with the colour scheme of charts.
The cryptocurrency trading options are to the left of the chart window categorized under Markets and Balances.
The top toolbar of the dashboard features sections dedicated to apps, markets, alerts, accounts, balances, and orders.
There are numerous technical indicators which can be selected and applied to the chart window along with a wide variety of drawing and analytical tools to enhance the trading experience of the trader.
Below the chart window, traders can find various options pertaining to time frames in which charts can be viewed namely five years, a year, three months, a month, a week, three days, and a day.
IS COINIGY EASY TO USE?
At first, the trading platform may seem intimidating to beginner traders who have no prior experience or have had exposure to any other trading platforms, although, Coinigy provides a beginner’s guide that can be used by traders to familiarize themselves with the platform.
Coinigy does not provide a native wallet but accommodates the use of all trading accounts, different wallets, and exchanges into one platform.
Traders will have to use their own wallet when signing up and making use of Coinigy’s services. In choosing a wallet, traders will have to research, evaluate, and compare different wallets to find the one that suits their needs and objectives.
There are various wallets offered and choosing the right one comes down to personal preference along with what the wallet accommodates. Traders will need to ensure that the wallet is compatible for use with a variety of cryptocurrencies to avoid any issues.
Traders will also need to evaluate the security features of different wallets as they can become the target of cyberattacks and it may lead to substantial loss of funds.
COINIGY MOBILE APP
Coinigy offers the use of its proprietary mobile app which is one of the most comprehensive Bitcoin and cryptocurrency trading application that also features advanced portfolio management tools.
With the mobile app, traders have full access to all their exchange accounts and can interact with them without having to log out. Coinigy also offers advanced charting features which can be used in-app.
The app can be downloaded and used on mobile devices that run on either Android or iOS software.
Leverage is a useful tool that is provided by brokers to traders in allowing them to open larger positions despite their initial deposit. Coinigy, in its unique operations and services, does not offer traders with leverage on cryptocurrencies.
This is often the case with most cryptocurrency platforms as trading is executed directly between buyers and sellers of cryptocurrency and exchanges are done on the spot at a predetermined price, making the option of leverage null and void.
In addition, although useful, leverage involves a great deal of risk when used incorrectly as it may lead to substantial losses that can exceed the initial deposit of the trader.
Coinigy works according to a subscription service and traders have two options when signing up with the trading platform, namely:
- Pro Trader – which involves a subscription of $18.66 per month and provides traders with an array of features such as unlimited, no-added-fee trading, 24/7 portfolio management, mobile app access, and more.
- API Developer Pro – which requires a monthly subscription fee of $99.99 which offers similar features to Pro Trader but with an array more.
Apart from the subscription fees, there are no additional fees indicated as trading through Coinigy does not attract any transaction costs as these are covered by the subscription fees paid when signing up to use Coinigy’s services.
DEPOSIT AND WITHDRAWAL
There is no substantial information pertaining to the deposit and withdrawal procedures or fees when using Coinigy to trade through other exchanges and whether deposits or withdrawals can be made through the platform to and from other accounts to a wallet.
The only information available is that the subscription fee to use Coinigy to trade on other exchanges can be paid either through Credit/Debit Card, PayPal or through transferring Cryptocurrency.
HOW TO OPEN AN ACCOUNT AND START TRADING
To start using Coinigy, traders can follow these steps:
- Create an account on Coinigy by navigating to the website and selecting the ‘Sign up’ banner on the homepage.
- The trader will receive an email on the address they provided with an embedded link that they must click on in order to allow email address confirmation and verification.
- The trader can log into Coinigy using their email address and user-selected password.
- To link exchange accounts, the trader can select ‘Accounts’ at the top of the page and this will allow the trader to choose from a variety of exchanges.
- When the trader has found their exchange, they can connect the account with the trading platform by using their individual, unique API.
- This process can be followed until the trader has linked all their exchange accounts to the Coinigy platform.
- Coinigy does not provide a wallet and traders will need to elect and track their wallet address by adding the public address key to start the process of linking it to Coinigy’s trading platform.
- To start trading cryptocurrencies, the trader can navigate to the Coinigy dashboard to begin charting and tracking of over 4,000 different trading pairs and coins spread across over 45 compatible exchanges.
WHAT CRYPTOCURRENCIES DOES COINIGY SUPPORT?
The cryptocurrencies supported will depend on the compatible exchanges. Coinigy itself supports the tracking and trading of over 4,000 different trading pairs and coins over 45 different exchanges.
CAN YOU ‘SHORT’ CRYPTOCURRENCIES AT COINIGY?
This information is not available on the Coinigy website or on previous reviews that have been done on the Coinigy trading platform.
Coinigy allows traders to trade on more than 45 different exchanges and this option will have to be verified with the exchanges that the traders has an account with.
Coinigy customer support can be contacted either telephonically or by making use of the online request form.
The Coinigy website features a comprehensive and extensive FAQ section which covers a variety of topics and there is a live/instant chat function on the Coinigy website which can be utilized should immediate assistance be needed.
COINIGY AT A GLANCE
|Crypto Trading Platform Name||Coinigy|
|Contact Number||+1 414 301 2289|
|E-Mail Address||None – online request form only|
|Maximum Leverage||Leverage is not offered|
|Minimum Deposit||Subscription fee of either $18.66 or $99.99 depending on which package the trader takes|
|Deposit Options||Credit/Debit Card, PayPal, cryptocurrency – when paying the subscription fee|
|Withdrawal Options||None provided|
|Platform Type||Cryptocurrency exchange|
|Platform Languages||English – no other languages indicated|
|OS Compatibility||Web browsers, Android, and iOS|
|Customer Support Languages||English – no other languages indicated|
|Customer Service Hours||24 hours, seven days per week|
PROS AND CONS
WHAT ARE THE BENEFITS OF USING COINIGY?
Coinigy stands out from amidst its competitors due to the following benefits:
- The trading platform provided by Coinigy is web based and makes provision for an intuitive interface along with UI design which attracts different traders of varying skill levels.
- The Coinigy platform allows for the consistent management of portfolios along with providing powerful and advanced charting and trading on different accounts through API integration.
- The Coinigy mobile app also allows traders to manage their accounts on Android and iOS devices.
- Coinigy offers a range of tools consisting of over 70 technical indicators that are supported through real time API, allowing traders to benefit from live data feeds.
- Coinigy also offers high frequency trading tools, numerous web, desktop and mobile apps and plugins.
- Coinigy supports trade execution on over 45 exchanges one all-inclusive trading platform. Traders can easily manage and monitor their trading accounts and engage in charting which is comprehensive and advanced.
- Coinigy is hosted worldwide on the datacentres provided by Google in addition to making use of the framework provided by SocketCluster and other micro services.
- Through Coinigy’s trading platform, traders have instant access to real-time APIs along with historical data and live data which is powered by Coinigy’s CryptoFeed.
- Coinigy is in line with KYC and AML processes and procedures and features AES 256-bit encryption on requests along with the monitoring of transactions and the provision of several other security features.
- Coinigy Customer Support features a comprehensive FAQ section, an online request form, telephone number and live/instant chat function which can be used should traders have queries or issues.
What is Coinigy’s costs?
Coinigy requires monthly subscription fees of $18.66 for the use of Pro Trader, and $99.99 for the use of API Developer Pro.
What is Coinigy’s Maximum Trades/Orders:
There are no maximum orders when buying/selling or trading cryptocurrencies.
What is the minimum deposit amount on Coinigy?
$18.66 per month when subscribing to Pro Trader.
What mediums can be used for deposits into a live account?
Subscriptions can be paid by using Credit/Debit Cards, PayPal, or cryptocurrency.
What are the withdrawal fees on Coinigy?
This is not applicable to Coinigy. Traders may be liable for withdrawal fees waived by the exchanges with which they hold accounts.
What is the minimum deposit for Coinigy?
$18.66 per month when subscribing to Pro Trader.
How do I make a deposit in Coinigy?
- Navigate to the ‘subscription renew’ page.
- Select either ‘continue with Credit Card or Paypal’ or ‘Cryptocurrency’.
- Fill in the contact information and click ‘Next’.
- Enter the Credit Card/PayPal/Cryptocurrency information and select ‘Next’.
What deposit methods/options are available at Coinigy?
Credit/Debit Cards, PayPal, or Cryptocurrency.
What documents are required to deposit money into a Coinigy account?
There is a ‘Know Your Client’ procedure which will have to be completed.
How long does it take to make a withdrawal?
This will depend on the withdrawal process of the exchange that the trader holds an account. Some withdrawals, such as Credit/Debit Card and some e-payments, may be instant whereas Bank Wire Transfer may take up to several days.