The cryptocurrency market has grown at an exponential pace and it now resembles a regular securities trading market in more than one way.
That is one of the many reasons why day trading has become a huge part of the cryptocurrency sector. And when it comes to day trading, it is not a secret that associated entities use bots on a frequent basis.
As automated programs that perform a set of pre-determined functions, trading bots help users in bidding farewell to the pressure of rapid transactions. Built with efficiency and profitability in mind, these solutions actually perform data-driven trades to prevent the daytraders from missing out on market trends even when they are away from their screens.
Keeping this in mind, it is no surprise to see that the automation market has really taken off in the cryptocurrency sector. Thanks to this phenomenon, there are many solutions available at the moment. But only a few are considered as being really beneficial by their users. Zignaly is one such trading bot that we are going to review today.
Time in Business
Simply put, Zignaly is a crypto bot, terminal and signals platform. Launched in early 2018, it has become one of the most popular trading bot providers in the cryptocurrency market.
In just over a year of its launch, the platform has grown by unprecedented margins. Much of that is due to its automated robot service. The bot service focuses on basic and advanced trading mechanisms and works on pre-set strategies to get the most benefits out of market trends.
Zignaly provides its services through the cloud. This ensures that anyone could access their features from anywhere, even if they don’t have their primary computer on hand. With it, the platform also provides users with access to unlimited cryptocurrencies that are available on its supported exchange.
With multiple signals and order types, the robot makes sure that day traders could take a break from their screens while ensuring that the market analysis and resulting trades would turn out to their expectations.
Since this is the core function of an efficient trading bot, this simple yet fruitful approach has made Zignaly a highly recommended name among cryptocurrency users.
Reputation
Zignaly is one of the most recommended trading bots in the cryptocurrency community. From Reddit to BitcoinTalk, those who have utilized the tool seem to be a fan of it.
This phenomenon isn’t only restricted to individuals who have utilized the platform by themselves. Critics who have reviewed the tool professionally also seem to be of the opinion that Zignaly has what it takes to be the primary service of even the most professional day traders.
Apart from this, Zignaly does something that perhaps no other trading bot does for its customers. It publishes live metrics information for the sake of transparency. In these metrics, the platform ensures that it has provided all the important details such as the monthly revenue as well as its burn and churn rates.
Instead of hiding behind difficult numbers, the details are laid out in easy to understand graphs. Since this level of transparency is not typically common, it gives Zignaly a significant boost in reputation.
All of this has given Zignaly a level of credibility that is hard to come by. It is especially profound for a solution that is based upon difficult algorithms and sky-high expectations by those who are putting their money on the line by using it.
Exchanges Supported
Despite its impressive reviews and the perception by the cryptocurrency community, Zignaly only operates on one exchange, namely Binance.
While it plans to add more exchanges to its roster, those entities are still far from being supported by any of Zignaly’s products. At the time of writing, the platform is in the process of adding exchanges such as Bittrex, Poloniex, and KuCoin. But no timeline has been provided by the exchange on the actual inclusion of these platforms.
This means that those who want to make use of Zignaly’s services could only do so over Binance at the moment. Given that Binance is one of the biggest cryptocurrency exchanges in the world, this does not create any problem for many customers. Most people with the inclination and means to use cryptocurrency could easily turn to Binance, and setup their account before they have it connected with Zingaly’s trading bot services.
At the same time, considering that Binance is to stop serving U.S. cryptocurrency traders soon in favor of a yet-to-be-formed, regulation-compliant exchange service, those in the U.S. would be unable to use Zignaly’s services if the platform does not add support for more exchanges.
This creates quite a dilemma for those who live in the U.S. or hold an American passport since the day is not too far off in the future when they would be unable to use Binance’s International trading services. As a result, they would also be deprived of Zignaly’s offerings. If anything, this creates more pressure to add support for more exchanges as soon as possible.
Price
While the platform now contains multiple products, its chief offering remains its trading bot. And all of those services, including the robot, are provided in a beta plan that costs $15.99/month. Like most other crypto bots, Zignaly does not charge any fees on any transactions itself. But you would still need to pay the exchange’s fees.
The plan comes with a 30-day trial for which no credit card is required. Among access to unlimited cryptocurrencies, pairs, and positions, the package also boasts of priority support. It also promises to include access to all supported exchanges once Zignaly moves forward with adding more exchanges to its roster.
This makes Zignaly’s offering quite simple as compared to other platforms that offer multiple pricing plans. With that, the price point at which it provides access to all services also remains quite impressive. It is especially profound since other trading bot services often start their offering at that cost, only to provide a restriction-laden product to the traders. But Zignaly remains free of that – at least for now.
For the aforementioned price, Zignaly provides its users with access to all of its platform features, including order types, positions and its library of signals. Advanced options such as trailing stop, stop-loss, take-profit, and auto close are also offered within the same price in order to enhance users’ day to day trading operations. Traders could also split their take profit targets and easily check their results per position.
It is prudent to note that while Zignaly provides free access to its library of supporting trade signals, the signals themselves are not free. Any signals that come with a paid license by the developer still need to be bought by the traders, since they come directly from the signal provider and not from Zignaly itself (you may think of this as buying an app from the App Store).
While this creates another layer of costs to the overall price point of the platform, this remains understandable. This is especially clear when you take the time to appreciate the breadth of services that Zignaly is providing under its current price point.
Ease of Use
Zignaly has a clean and crisp user-interface (UI) which remains aesthetically pleasing yet highly functional.
Whether you are a new cryptocurrency user or a seasoned daytrader, the platform remains easy to use and very simple to get acclimated with.
Along with a sidebar that provides multiple options for basic and advanced settings, you can get visual cues through graphs to understand the performance of your selected cryptocurrency markets.
The options to configure different positions, apply signals, and setup strategies are very easy to execute within the UI. This makes Zignaly’s platform quite appealing to those day traders who don’t want to waste a vast amount of time in setting up a tool they could use to their advantage.
As mentioned above, the tool is also setup in the cloud, which cuts out installation times that would otherwise be encountered with other trading bot platforms. This adds another layer of convenience to Zignaly’s services.
Settings Available
Zignaly offers a mix of basic and advanced settings for its trading bots. Apart from setting the investments, the signals and the pairs, traders could also select advanced options in terms of positions and orders.
These options include but are not limited to setting up a TradingView account with Zignaly in order to setup your advanced strategies at once. With that, you could also enjoy options such as DCA-rebuys targets.
Zignaly also provides a very detailed knowledge base for even its most advanced options and settings, so that those who want to make use of those functionalities could benefit from them after learning about them thoroughly.
This mix of easy to apply pre-set signals and strategies along with the ability to configure advanced options makes Zignaly an ideal solution for new and seasoned traders alike.
Security
Being in line with other trading bots and platforms, Zignaly doesn’t have direct access to customers’ funds. Instead, it only executes its operations through the exchange that the daytrader is using.
Since the platform is only supporting Binance now, it connects with the exchange using its API.
Zignaly asks customers not to provide it with withdrawal permissions through the API. As such, it doesn’t have direct access to customers’ funds. This ensures safety and keeps the funds away from the hands of malicious parties.
Customer Support
Zignaly has one of the most comprehensive knowledge base among the trading bots currently available in the cryptocurrency sector. Everything is defined in a searchable database that tells users exactly what they need to know.
But in case a day trader has more questions, they are free to ask them through the platform’s Discord group. Those who have signed up with the tool could also enjoy priority customer support directly from the platform’s founders themselves, which yet again stands Zignaly apart from other providers in the same segment.
So far, Zignaly seems to be doing great in the customer support front, where no major complaints have been recorded against the company on the web.
Profitability
Zignaly’s profitability ratio isn’t defined on the website explicitly. This is in line with industry standards since it prevents the platform from misleading customers or creating any hopes through false advertising.
The user reviews that are available on websites such as Reddit and BitcoinTalk are nothing but positive. Most of the people who started using Zignaly have given positive reviews to the trading bot and its ability to turn out profits for them.
Through the details shared by the platform, it is evident that the traders who have used the services have come back repeatedly.
Conclusion
At the time of writing the review, Zignaly has posted a total trading volume of over $43 million in the last 30 days. It also created close to 350,000 positions in March 2019. And it reported a collective balance among all users to be over 1,000 Bitcoin as of April 1, 2019.
This level of transparency and the numbers that are revealed by it make Zignaly quite a great option for those who need an explicit promise of credibility – if not profitability.
All in all, Zignaly remains a mightily impressive platform that seems to deliver what it promises.