I Tried Bitcoin Trading Bot Pionex for 100 days
In the quest for new income streams, I recently embarked on a 100-day experiment with a crypto trading bot, investing $1,000 into the Pionex platform. The allure of passive income and the promise of simplicity drew me in, and today, I'm here to share my honest, no-BS review of the experience, revealing the profits, losses, and whether this could be a viable side hustle for you.
Discovering Pionex: A Simple Approach to Trading Bots A few years ago, I stumbled upon the concept of trading bots but found the setup process daunting and time-consuming. Pionex caught my attention due to its claimed proficiency in both bullish and bearish markets, making it an appealing option for the dynamic crypto landscape. Unlike other platforms, Pionex seemed remarkably straightforward, even for someone without prior bot experience.
Before diving into my strategies and results, it's essential to clarify that this review is unsponsored, and I used my own funds to ensure an unbiased evaluation.
Putting Pionex to the Test: Strategies and Results After three months of experimenting with various bots, the results were mixed. While some bots yielded profits, others incurred losses. In total, I made $15.8, resulting in an average API of about 6.3% on the initial $1,000 investment.
The Fine Print: Comparing Bot Returns to Holding Crypto However, a deeper analysis revealed that, during the experiment, Bitcoin's value increased by over 16%. If I had simply held the cryptocurrency without using the trading bot, I would have earned an additional $144 in profit. This prompts a crucial question: is the convenience of the trading bot worth potentially missing out on significant market upswings?
The Real Winner: The Platform Itself While the trading bots did limit downside risks during market downturns, it became apparent that the real winner was the Pionex platform. With fees adding up to over $5 for 225 trades per bot in three months, it's evident that the platform benefits more from increased trading activity.
The Withdrawal Process: Smooth, but with a Catch Withdrawing funds from Pionex was a relatively smooth process. However, there's a catch – if you want to use your checking account, you must upload a bank statement for verification. Unwilling to do so, I opted to transfer my crypto, incurring about $14 in fees for the process.
The Verdict: A Cautionary Tale In conclusion, after three months of testing, I decided to stop and cancel all my trading bots. While they helped limit downside risks, the potential gains from holding onto the crypto seemed more appealing. The platform's real winner appeared to be its fee structure, incentivizing users to trade frequently.
Your Turn: Share Your Pionex Experience If you've had your own experience with Pionex or any other trading bot, share your thoughts in the comments below. Additionally, if there's another platform or bot you'd like us to test, let us know. Remember, this review is based on my unique hands-off approach, and your experience may differ. If this review was helpful, don't forget to like and share the video. Until next time, this is Kevin, your financial tutor, signing off. Peace.