With the massive adoption of cryptocurrency trading, the usage of automated bots has also increased. Those who need passive income but don’t want to spend a large amount of their day trading digital assets are increasingly turning to these solutions to generate the revenue they need.
But with a plethora of crypto bots, it can be difficult for you to choose a solution that fits your needs the best. While some tools are expensive, others are not as functional. Where some are easy to use, others prove a challenge to operate. This is why it’s essential that you choose a trading bot after going through an extensive list of different solutions.
Coinrule is one such trading solution that promises to fulfill all your expectations. But is it able to do so? That’s the question we will be finding an answer to in the following review.
What is Coinrule and How Long Has It Been in Business?
Coinrule is an automated cryptocurrency bot that came to surface in December 2017. It focuses on trading rule creation, and makes it easier for traders to build their own strategies through an intuitive interface.
This larger focus on rule creation and marketing the solution with this feature front and center sets Coinrule apart from many other bots. But at its core, it lets you automate your trading like any other bot service.
This build-your-own-strategy approach is what makes the Coinrule team compare its solutions to a Lego tool-box for crypto trading. By putting together various rules through over 150 templates (available in premium package tier), you can make your own strategies that work exactly according to your needs and expectations.
How Reputable is Coinrule?
Despite coming to the forefront over 2 years ago, Coinrule is still not as big in the automated cryptocurrency bot segment as many of its more popular counterparts.
This is mostly due to Coinrule’s unconventional approach to presenting its automated trading services as more of a strategy building solution than a conventional bot.
But at the same time, this perspective of setting custom strategies has also helped the solution garner the attention of those traders who are looking for something different in the segment.
The Coinrule team promises to provide the latest solutions in trading to make the segment easier to use for everyone. But the lack of website updates such as those in the FAQ section leave a lot to be desired. With that being said, Coinrule still has over 5,000 followers on Twitter while also having quite a few users spread across the crypto segment over different social media platforms.
Which Exchanges Does Coinrule Support?
Coinrule supports some of the most popular exchanges for its trading solutions and connects with these platforms through their automatic programming interface (API).
At the time of writing, Coinrule promises to provide support for more than 12 exchanges. But it only lists a total of 10 exchanges on its website. These exchanges include:
- Coinbase Pro
Apart from this, Coinrule also provides a Demo Exchange, which allows you to test your strategies without putting your real funds on the line.
How Much Does Coinrule Cost?
Coinrule comes in different pricing tiers, with each tier enhancing the features of the previous offering in exchange for additional cost. The tiers are available at monthly or annual subscriptions, with the latter offering 20 percent discount on the usual price.
The platform also allows a free tier which comes without any charges. The details of these tiers are explained below.
This is the free tier that comes free of any charges.
It comes with 2 live rules, 2 demo rules, 7 template strategies and 1 connected exchange.
This tier comes at $39.99/month. This price can be reduced to $29.99/month by paying $359 for an annual subscription.
It comes with 7 live rules, 7 demo rules, 30 template strategies, and 2 connected exchanges.
This tier also gives you access to the additional feature of connecting with the Coinrule trader community.
This tier comes at $79.99/month. But if you choose to pay for the annual subscription at $719, it can make this price drop to $59.99/month instead.
It comes with 15 live rules, 15 demo rules, over 150 template strategies, and 3 connected exchanges.
Apart from the additional feature of the Hobbyist package, the Trader tier also gives you access to one-on-one training sessions by experts available at the platform.
This tier is the most expensive and most feature rich of all. It comes at a price of $299.99/month, or $2,999 billed annually. Going with the annual subscription allows you to enjoy a price tag of $249.99/month.
This tier boasts of 50 live rules, 50 demo rules, unlimited template strategies, and unlimited exchanges.
It also comes with the features of the previous tiers by providing access to the trader community and training sessions. But it promises to do one better by providing you with access to a so-called ultra-fast data socket that makes processing data faster than usual.
How Easy to Use is Coinrule?
Coinrule takes pride in its ease of use and comes in an intuitive user interface that allows freshman traders to benefit from the platform just as easily as expert traders can. Whether you are setting strategies or connecting to an exchange, the interface ensures that you are able to achieve your goals without any issues.
This is one of the prime features of Coinrule, which has made it strike a chord with many cryptocurrency traders who want to steer clear of difficult interfaces.
Apart from making the UI simple and painless, Coinrule also offers documentation for you to use its services easily. But while some parts of the documentation are exceptionally written, others are not as updated as they should be.
For instance, while Coinrule supports Bitfinex for its strategies, its tutorial section doesn’t have any details on how to connect to the exchange while offering the same information for other exchanges. The FAQ section still contains information from the earliest software version from 2017. These kind of inconsistencies can make it frustrating for traders to find the information that they are looking for.
What Settings are Available?
Coinrule provides a variety of settings to its users. You can choose from one of the available template settings or even mix-and-match different rules and strategies to put together your unique approach to trading.
Coinrule offers different rule templates for users to make the most out of their trading. These rule templates include but are not limited to contrarian, risk management, trend following and accumulation. This provides you with plenty of rules and settings to choose from at your own convenience.
What Kind of Security is Offered?
Coinrule promises to provide state of the art security to make sure that its users’ funds are safe in all cases.
Instead of asking for any withdrawal permissions or cryptocurrency account passwords, it only accesses your exchange accounts via API to buy and sell digital assets on the respective markets.
This ensures that your funds are safe while also allowing you to play around with different trading strategies.
How Good is Coinrule Customer Support?
Coinrule offers a direct customer support phone number for its customers, which sets it apart from many other automated crypto trading solutions that only work via live chat or ticket support. With that being said, it also offers live chat support through its website.
But as mentioned earlier, Coinrule leaves a lot to be desired when it comes to updated FAQs or guidelines on its site. The information available on the site remains outdated and is not updated in real time. This is an issue that challenges the quality of support offered by Coinrule.
How Profitable is Coinrule?
Coinrule stays in line with other automated trading solutions and does not state a certain amount, level or percentage of profitability that can be obtained through its services. This goes on to show that the platform isn’t making any false promises but keeping things as transparent as possible.
As a review conclusion: Coinrule remains somewhat different from conventional trading bot solutions. The best way to decide whether Coinrule is suitable for you is to use its free version, and see whether its features fulfill your expectations. From there, you can make an informed decision before paying for the service.