Cryptocurrency has emerged in recent years as a dominant force in the trading world. In response to this trend, many companies have been begun with the goal to make trading with cryptocurrency as easy as possible. What was once a foreign language to some is now accessible to anyone. This coinrule review will walk you through what the platform has to offer and help you decide if Coinrule is right for you.
With so many crypto trading platforms to choose from, it can be hard to make sense of what’s best for you. Luckily, The Stock Dork is here to help with just that.
Coinrule Review: Overview
Coinrule is an automated trading bot platform whose goal is to make cryptocurrency trading as easy as possible. They accomplish this goal through a series of user-friendly rule templates that investors can use to get their bots buying and selling in no time.
The company began in 2018 out of London with a financially knowledgeable staff. It has since taken on a series of advisors to steer the service and aid subscribers.
With a free-to-use starter plan, users can plug in at no risk before deciding if they want to invest in one of the platform’s three paid tiers.
Coinrule Free Onboarding Webinar Review
Coinrule has a regular completely free onboarding webinar tutorial to help equip new and prospective subscribers to understand the tools they need to succeed on the site. The webinar offers a brief introduction to the rules, templates, strategies, and methods of how to use these tools with trading bots.
There is no commitment or subscriber requirement to sign up for this tutorial. It is available to anyone interested in learning more about what Coinrule has to offer. This is just one of the tutorials Coinrule offers to educate users.
Coinrule Review: What’s Included with Coinrule?
There are a large number of features Coinrule offers to help users find their way in the cryptocurrency market. The service is designed with many beginner-friendly tools and multiple strategies even experienced traders can use to maximize profit.
Before we dive into rules, let’s take a look at the two order types (market orders and limit orders) that Coinrule currently supports.
Market orders allow for the use of a trading bot to fulfill an order that’s already been posted on a particular exchange’s order book. These orders depend on how liquid the market is and also on the size of the order.
Limit orders allow for buying or selling once a price reaches a specific high or a particular low set by the trader. These orders will not execute until one of those margins is met.
Creating a Rule
Creating a rule is like programming in a sense, but Coinrule makes this process easy even if traders have no experience with code. Rules create a scenario for how and when buying or selling will happen. They follow along the lines of “if something happens, then do this”.
For new traders, the automated trading platform has around 150 trading templates to choose from. These templates are also a more user-friendly way to get started quickly in cryptocurrency trading. Trading templates are adjustable, but it does take some understanding of conditions, triggers, and operators. The good news is that taking these actions is as simple as a trader clicking on the parameters they want to use.
Conditions and triggers are what automated trading bots use to execute actions. In simpler terms, this is the “if something happens” side of our rule. In this area, crypto traders will want to list everything they need to see happen before a trading bot buys or sells crypto.
Coinrule offers many template strategies to create conditions and triggers. These cryptocurrency trading strategies may seem daunting, but they are presented in a user-friendly interface. Even so, conditions and triggers can be as complex as most experienced traders want them to be.
Operators are where the magic finally happens. All the conditions have been met on the strategy built into the automated crypto trading bot, but now what? Coinrule features four operators that traders can use to execute trade orders.
The THEN operator will activate a strategy that meets the conditional criteria, and the automated crypto trading bot will execute whatever action it has been assigned to do. A strategy can have one or more actions once market conditions are met.
An ANY TIME operator can be linked to a THEN operator to implement a trading strategy further. Once an automated trading bot has been told to perform a trade with a THEN operator, the trading bot will then execute a linked ANY TIME operator any time the condition is met in the future. At least until the point the strategy template is changed.
A WAIT operator helps to avoid premature trades due to a market spike or dip. Once a certain condition is met, trading bots will wait for a set amount of time before performing an action to ensure the cryptocurrency trading price is stable.
Finally, the DO NOT operator can be incorporated into strategy templates where traders have coins on an exchange account that they do not currently want to sell. This would apply to cryptocurrency set aside for long-term investment or other such strategies.
Coinrule comes equipped with some 150 plus strategy templates to plan rules around. Templates cover a multitude of strategies, including price-based accumulation, rebalancing, stop loss, buy the dip, and more.
The team at Coinrule sends out daily emails with free trade signals. Traders can use these trade signals to help adjust their strategies and create new rules to capitalize on the latest happenings in the world of cryptocurrency.
Coinrule has an impressive list of supported exchanges you can connect to. Once you’ve set up your Coinrule service, use API keys from your exchange account to link them to Coinrule. After finding the API key from the exchange you want to link, you’ll need to load that API information into the Coinbase Dashboard. After you’ve connected exchanges to your Coinrule account with API keys, you’ll be off and running.
Here is a list of the exchanges that Coinrule currently supports:
- Binance US
- Bitpanda Pro
- Coinbase Pro
The Demo Exchange is a crypto trading simulation tool that users can use to play around with trading strategies before making any actual changes in the live exchange. It’s here that a trader can build demo trading rules and see how that trading strategy plays out in real-time.
The Demo Exchange uses Binance as the source for price information. There is no way to see how rules would have performed in the past, as the Demo Exchange only shows results in real-time. If one or more demo trading rules are playing out as expected, the trader can add them to one of their live rules.
Coinrule Refund Policy Review
Coinrule’s refund policy isn’t overtly clear, but since most platforms of this nature offer nothing at all, it’s worth noting that there is one.
The policy on Coinrule’s site states that users who subscribe to a paid service tier can choose to cancel within seven days and are entitled to request a refund for the service. After those initial seven days, should someone wish to cancel their plan and request a refund, they may do so. However, it is up to the discretion of Coinrule whether or not to issue any sort of refund.
Worst case, subscribers can cancel their service in the middle of a billing cycle. The platform will remain active to users under the tier they are paying for until the end of that cycle.
Coinrule Review: How Much Does Coinrule Cost?
Coinrule pricing has a pretty standard format that enables more features and trading volume as you move to a higher tier. The site has an “Estimate Your Cost” slider that will recommend a tier based on how much you trade per month.
When it comes to pricing, Coinrule has a wide range of options to pick from. There is no additional fee for trades, so the subscription cost is all you can expect to pay. Unlike some trading platforms, there are no notable savings for a yearly subscription although they are available.
The Starter Tier is the free version and offers users the chance to test out Coinrule’s features for no cost. Users are limited to just two live rules, two demo rules, and only seven of the many template strategies available. The Starter Tier is also limited to just one connected exchange and a maximum of $3K in trade volume.
The Hobbyist Tier opens up the ceiling on trading options with up to seven live rules and seven demo rules to play with. Traders have access to 40 template strategies and can connect to up to two exchanges. The trading cap makes a massive leap to $100K per month.
In addition, advanced indicators and operators become available along with leverage strategies, live text notifications, and access to the Coinrule trading community.
The price for this service sits at $29.99 per month.
The Trader Tier improves upon the Hobbyist Tier, and then some. This tier allows for 15 live and demo rules, and each rule can tap into any of the strategy templates that Coinrule has to offer. Traders can now pull from up to three exchanges that the service supports with up to one million in monthly trade volume.
Besides all the other features that the Hobbyist Tier offers, this tier also includes one-on-one training sessions with the experts at Coinrule.
A one-month investment in this tier will set you back $59.99 per month.
The Pro plan is the ultimate collection of all that Coinrule can do. This tier lets users create up to 50 live and demo rules at any time. It’s here that traders gain access to unlimited template strategies and connected exchanges. There is still a monthly trade limit, but it’s $5 million.
Alongside everything else, the Pro Tier also comes with a dedicated server and ultra-fast trade executions so you don’t miss a beat.
A monthly subscription sits at $449.99, which may be out of reach for all but the most dedicated investors.
Is Coinrule Legit?
Since its inception in 2018, Coinrule has only continued to grow, adding new exchanges to increase users’ payment options. Coinrule has a lot of exposure and has backing from well-known investors, advisors, and banks.
They have a solid customer support team that aims to provide a pleasant user experience and offer insights on how to start with the trading platform. Their customer support team also has a live chat feature. Users can also reach them through social media.
Security is a big priority for the service. Each user has their own private key. These private keys have bank-level encryption and are kept safe on a server located in segregated data storage for maximum security. It is possible to connect exchanges using only API keys that have no withdrawal rights. Disabling withdrawal from account API’s adds one more layer of security to account data. API keys themselves are encrypted with an advanced security protocol.
Coinrule Review: Pros and Cons
Coinrule has a lot going for it, but there are a few downsides as well. Here’s a quick rundown of the best and worst of the trading service:
- Free starter tier
- Free daily trading signal emails
- Very easy to use interface
- Excellent real-time customer support team
- Robust security features to protect data
- 150 strategy templates to choose from
- Multiple operators
- Works with most crypto exchanges on the market
- Does not support backtesting
- Limited selection of technical indicators
- Provides little information on how a template performs
Is Coinrule Right for Me?
Coinrule is best for day and swing traders who are looking to check out the automatic trading scene. The straightforward user interface is unlikely to be a hindrance to even the newest user. With so many templates available, new users should be able to use Coinrule to quickly create a few rules and get trading fast. With an entry-level tier that has no fee, there’s no risk for seeing what the service has to offer.
Advanced traders should be able to find enough diversity and template strategies to plug in their exchanges with API keys and get right up to speed. The lack of advanced technical indicators may be a deterring factor for some top investment professionals.
Coinrule Reviews by Subscribers
Coinrule gets its fair share of positive reviews from subscribers. Here are just a few:
Coinrule is a great way to introduce rules-based automated trading for your crypto coin portfolio. I’m a novice trader, and their premade automated templates are beneficial. The staff is also amicable and fast to respond to help requests. Coinrule helped me save a lot of money during the most recent price drop as well.
– Notley, on Trustpilot
A great, simple tool for automating my trading strategies. Does what it says. Quick and easy to set up and then runs by itself. The Coinrule team is extremely passionate and innovative. Happy to answer all your questions and reliable! Highly recommend
– Luka, on Trustpilot
Final Review: Is Coinrule Worth It?
If you’re a newcomer who wants to get into the world of crypto bots and automated trading, Coinrule can be a great place to start. The free starter tier allows you to try without having to put any money towards software. The site also has security protocols in place to keep your investment data safe.
With over a dozen exchanges, including Binance, Coinbase Pro, and Bitfinex, you should be able to plug into your preferred exchange. From there, Coinrule is very user-friendly and makes it easy to create your first rule. Should you run into problems, Coinrule’s customer support team is there to help you.
When it comes to trading, Coinrule includes tools for more advanced investors as well. Advanced traders can take advantage of one of the higher tiers of service Coinrule offers to monitor and trade cryptocurrency.