When looking for different solutions for automated crypto trading, it can be quite difficult for you to find something easy to use as a new trader. With a plethora of options, discovering the perfect fit is easier said than done.
That’s where Coinmatics comes into the picture. With its promise of making trading easier for new traders and profitable for seasoned cryptocurrency holders, Coinmatics stands out with quite some distinction.
To see whether the solution is worth your time and money, here’s a lowdown on everything that Coinmatics brings to the table.
⌛ What is Coinmatics and How Long Has It Been in Business?
Coinmatics is an automated cryptocurrency bot that lets you buy and sell digital assets on select exchanges. The software uses a variety of trading strategies to automate its operations and execute swift trading activities.
Coinmatics was established in 2018. The platform is based on the idea of executing trades through certain signals and indicators. This makes it similar to conventional trading bots in the crypto market. With that being said, Coinmatics does have a distinction that sets it apart from many other cryptocurrency bots.
This comes in the form of using custom strategies made by other Coinmatics users. This feature is dubbed as “copy trading” by Coinmatics and gets hailed as the platform’s crown jewel. With the help of this functionality, traders can easily copy the publicly-shared strategies of other users.
Interested users of the copy trading feature are not only able to see the total profit of each strategy but also have the ability to check its trading period as well as its total risk. These features make Coinmatics a sought-after platform for new traders, especially those who don’t feel ready to create their own strategies. For reference, Coinmatics terms such users as “Investors” on the platform.
On the other hand, traders who share their strategies in the copy trading platform can earn some profit based upon the usage frequency of their strategies. This gives seasoned traders a way to monetize their expertise. Coinmatics also has a special moniker for these users and labels them as “Traders” on its platform.
Coinmatics is a certified partner of Binance and OKEx. In addition to these two exchanges, it is also functional for trading on Bybit.
💡 How Reputable is Coinmatics?
Despite being established in 2018, Coinmatics does not have a vast user base at the moment. In April 2021, it passed the milestone of registering 20,000 users on its platform. While it is a big number, it is still short of many other popular trading services that have left their mark on the cryptocurrency sector.
This observation about Coinmatics’ user base also transcends to other aspects of the platform’s reputation. Despite being in operation for nearly 3 years, Coinmatics does not have a formidable presence in the crypto community.
While those who have used the platform seem to swear by its solutions, it often gets termed as a fine trading service for beginners only. For expert traders, the solution may leave a lot to be desired in order to pull off complex trades through automated mechanisms. This makes Coinmatics a polarizing solution for beginner users of cryptocurrencies and seasoned traders.
With that being said, a majority of users who have turned to Coinmatics in the past do not seem to have many problems with it. In fact, the copy trading mechanism serves as the platform’s saving grace for new crypto traders and allows them to get acquainted with the industry without going through a steep learning curve at first.
This makes Coinmatics a popular solution among beginners. Whereas, those expert traders who want to use an automated solution often end up using Coinmatics only to sell strategies instead of using the service as their primary trading option.
💰 How Much Does Coinmatics Cost?
Coinmatics has multiple pricing plans in place that allow you to choose between a free as well as a paid plan by the name of Premium. A combination of both plans is also available with the name of Premium Ref, which lets you use Premium features free of cost against set conditions.
Free Plan
The Free plan comes without any charges. It comprises the following features.
- Spot Copy Trading
- Analytical Tools
- Ticker Alerts
- Portfolio Tracker
Premium Plan
The Premium plan comes at $20/month. But if you choose to pay on a yearly basis, the monthly fee reduces to $15/month with a one-time payment of $180/year.
The Premium plan has all the features of the free plan. In addition to that, it also boasts of futures copy trading and prioritized copying.
Premium Ref Plan
The Premium Ref plan is tied to Coinmatics’ Binance partnership. If you follow the instructions and sign-up through Binance, you not only avail the plan for free but also benefit from a reduction in your Binance trading fee.
The fee for the paid plan is managed through your Coinmatics account balance, which is a deposit mechanism that allows you to pay for the premium plan as well as copy trading and Telegram signals.
😎 How Easy to Use is Coinmatics?
Thanks to its graphical user interface (GUI) and intuitive design, Coinmatics is quite easy to use. The ability to simply obtain strategies from other users and utilize them through copy trading adds yet another layer of simplicity to the platform.
Coinmatics is also developed as a web-based application, which means that you don’t have to install an external application to start trading through the solution. Instead, you can easily go to the website through any computer and sign-in from your account to check on your statistics as well as trading details. This also makes the solution a modern offering while also adding to the ease of use factor.
Coinmatics also has a well-written help section, where you can find answers to frequently asked questions as well as user guides. Both of these categories are helpful for the foundational and advanced setup of the program. Even if you have never used cryptocurrency bot software before, this categorization mechanism makes it easy for you to reap all the rewards of this offering.
If you are using the platform as an Investor or someone who wants to copy another user’s trading strategy, Coinmatics also makes sure that you are able to determine the difference between various strategies.
This approach includes showing different factors about available strategies on the Coinmatics platform. It also comprises labeling any new strategies that have been on the platform for less than 30 days as sandbox strategies. This adds another aspect of transparency and user-friendliness to the mix.
🛡️ What Kind of Security is Offered?
Coinmatics operates through a web-based platform that uses encrypted server/TLS security. This gives it the basic encryption that is followed by nearly all reputable websites regardless of their connections to trading.
In addition to this, Coinmatics also makes sure that it doesn’t ask you for the username or password to your exchange account. Instead, it uses application programming interface (API) keys to connect to your exchange account. Even then, it explicitly states that it doesn’t require withdrawal access from any exchange accounts of its users.
Coinmatics utilizes two-factor authentication for its users, which adds another layer of security to the mix. With two-factor authentication, your login attempts need to be verified by your phone. This reduces the chances of your account being overtaken by hackers or bad parties.
These functionalities make Coinmatics a secure platform that is on par with modern security mechanisms. Since these security offerings hold true for both Investors and Traders on Coinmatics’ solutions, they offer a certain peace of mind to you throughout your usage of the platform.
👨💻 How Good is Coinmatics Customer Support?
Coinmatics uses a comprehensive FAQ section and a guide section to lead you through the platform’s many sections and processes. This attention to helpful details in the knowledge base goes a long way towards strengthening the role of the platform’s proactive customer service. However, if you run into any issues, the platform also offers other modes of help.
This includes live chat, which is a way to connect to the platform’s representatives in real-time. However, the live chat option isn’t available 24/7. Instead, it is accessible during business hours 7 days a week.
Another way to connect with Coinmatics customer support is by leaving a request with the support team through its website or through its public email address. This means that you can expect to receive an answer within 24 hours.
This comprehensive approach to customer service helps Coinmatics stand apart from many other solutions that don’t offer live chat at all or do not have a comprehensive knowledge base in place.
💸 How Profitable is Coinmatics?
Coinmatics does offer a projection of past profit with its trading strategies, but all of these factors vary by strategy and end up being highly distinctive from each other. It’s because cryptocurrency trading strategies operate on a highly volatile market. Even if a past profit margin is shown against a strategy, you cannot bet your livelihood on these projections.
That is why, it is important to learn that even though Coinmatics highlights some strategies as being profitable in the past, that remains just an estimate of the future. With this in mind, you should make it a point to invest money that you can afford to lose and never put your essential savings or income on the line.
📢 Conclusion
Coinmatics is highly easy to use cryptocurrency trading solution that has some good strategies up its sleeve. This makes it excellent for new traders who want to learn the ropes while copying the tried-and-tested strategies of more experienced traders.
However, Coinmatics is not the one-stop trading tool that you might want to use as a seasoned trader yourself. Since the indicators and signals are not as complex, you may want to switch to something that offers you these solutions from the get-go.
The bottom line: If you want to use a simple crypto trading solution as a new trader, Coinmatics may not disappoint. But if you want to play with more complex strategies, another option may be better suited.