Today I am going to launch two of the most popular Pionex bots and I will let them work for the whole month to check the profit that this automated tool can generate. Pionex attracted my attention because it allows you to run 12 different bot strategies for free. You will still need to pay the trading fees though, but the usage of bots is free of charge.
Pionex sets a 0.05% maker and taker trading fees. If we compare these to Binance, then you will have to pay 0.075% when using BNB to cover the fees. It looks like Pionex has everything it needs to become the best solution for automated trading with free bots and lower fees. The only question we have to answer is what profit Pionex bots can actually generate? Let’s find out!
Depositing Funds to Pionex Bot
Comparing to other bot services that I was able to test so far, Pionex does not allow to connect any external exchanges via API. It operates as a Binance broker and you have to deposit your funds directly to Pionex account in order to use their bot algorithms.
There are lots of different coins available for deposit and withdrawal, including the popular ones: Bitcoin, Ethereum, Tether, Dogecoin and Litecoin among the others. I decided to choose Bitcoin to top-up my account, but the best option would be Tether. Why? Because the bots I am testing today can only be launched with Tether.
Here is the Bitcoin address that I need to send my Bitcoin to:
I decided to deposit 0.03 BTC, which I will be using for this Pionex testing.
Once the transaction was confirmed by the network, the balance became visible in my Pionex account.
I was not able to start any bots with Bitcoins, so I have exchanged BTC for USDT and I will be analyzing my results using USDT balance numbers.
TOP TRADING BOTS
Launching Spot-Futures Arbitrage Bot
The first bot I decided to launch is using a Spot-Futures Arbitrage strategy. As described on the Pionex website, this is a low-risk algorithm that holds the same amount of positions on the futures and spot markets. This allows the bot to make some sort of arbitrage and fund your account every 8 hours.
Below you can see the setup screen. You can choose the currency to trade, in my case I will use BTC. According to the forecast, the bot will be able to make a +12.35% profit in 30 days.
You can also set the balance for the trading, in my case, it will be 547.9 USDT. There are also two advanced settings, which I will just leave as they are. Everything is ready, so I can start the bot now!
Launching Pionex Grid Trading Bot
The second bot I am going to set up will work with a grid strategy. I have already tested the same strategy with Bitsgap bot and it was able to show pretty nice results. The grid strategy creates multiple buys and sells orders inside the trading range. The goal of this strategy is to buy coins for a lower price and sell them back for a higher price.
I am going to use an AI strategy, which is forecasting to bring 149.32% of annualized return based on the 7 day backtest.
Pionex defines the price range and the number of the grids on its own, so the only thing I need to do is to select the trading balance.
Now my whole balance is divided between these two bots and I will give them 30 days to work with no intervention from my side.
Pionex Bot Profit in One Month
This is the most interesting part of the whole experiment. What profit Pionex could make in one month? Frankly speaking, the results are really disappointing.
Spot-Futures Arbitrage bot was running for 33 days and has lost 2.713 USDT during this period. This result is not anyhow correlated with the forecast we saw on the setup screen.
The Grid bot was able to make +1.57% in profit, which is 8.6 USDT. Again, less than predicted on the setup screen menu.
The final balance of my account is 1101.77 USDT and the starting balance for this Pionex test was 1095.53, meaning that two bots together were able to make around 6 USDT in profit.
Why the results are that bad? I am not sure. Were the market conditions a reason for such a low profit? Perhaps yes, but here is the price of Bitcoin for the experiment period:
As you can see the price of Bitcoin was pretty much stable, not that volatile and it stayed inside the Grid trading range for almost all the time. This is the perfect situation for the grid strategy, so I have no clue why the Pionex bot was not able to generate any decent profit on such suitable conditions.
Withdrawing Funds from Pionex
The experiment is over and now it is time to get my Bitcoins back from the Pionex account. To withdraw BTC I had to trade my USDT back to Bitcoin and then request a withdrawal.
It was confirmed pretty fast and appeared in my wallet with no issues:
Pionex Bot Final Verdict
I have a few contradictory feelings regarding the Pionex platform. The bots here are free of charge and very easy to launch, but the profit they generated for me this month is miserable. Another negative aspect of working with Pionex is the necessity to deposit and withdraw funds, paying the network commissions that could sometimes be high.
As mentioned before, I have tested the grid strategy with a paid plan of Bitsgap and I was able to make +13% of profit in one month with pretty much the same market conditions. With Bitsgap, I also save money on the fees because it connects directly to my Binance account.
While Pionex is free to use, you can try to deposit some funds and play around with their bots, maybe you will be luckier than me in terms of profit. Right now, I will switch to testing other bot solutions. One day I may return to Pionex to try out their other advanced bots, as there are 12 different strategies available.