trading bot review

Coinrule Review- A Beginner-Friendly Crypto Trading Bot

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In this article, we will review Coinrule, A crypto trading bot build for beginners trying their hands in automated crypto trading.

What is Coinrule?

Coinrule is a smart-assistant that allows you to build a complete trading bot in just a few minutes. Build for beginners, the “if-this-then-that” logic of the platform makes usability a key competitive advantage over its competitors.

Read Coinrule reviews on CoinCodeCap

Key Takeaways

  • A beginner-friendly interface 
  • Best-in-class user experience
  • Flexible strategies based on the If-This-Then-That logic
  • Offers more than 130 trading strategies templates
  • Do not support Backtesting (Will release this feature in 2020)
  • Excellent real-time Customer Service and extensive guides to get started
  • Free plan available and multiple premium plans according to different needs

User Experience

Most of the platforms offering trading bot are designed for experienced traders. Coinrule’s approach is different, as the stated mission of the company is to allow everyone to “compete with professional algorithmic traders and hedge funds.”

The team has a mix of design and trading backgrounds, and that reflects into the usability of the product. There is no complicated jargon on the platform, and every step is carefully explained to help even beginners get started immediately by building a trading rule. 

A user-friendly interface allows the user to develop a strategy step-by-step according to a very intuitive “If-This-Then-That” logic. For example – If Bitcoin price drops, then Buy. If the price increases, then Sell.

Starting from scratch and adding one block at a time, your trading plan takes shape and can fulfill all possible crypto trading needs. 

Those that don’t have a clear trading strategy in mind can pick one out of the over 130 trading templates offered. The templates cover all the most common trading strategies.

Moreover, the dashboard offers an Aggregate Wallet showing the user balances on all the connected exchanges based on current market prices.

Strategies

There are unlimited options in terms of trading strategies that users can create with Coinrule. From Dollar-Cost Averaging to Trend-following and Contrarian rules, the only limit is the trader’s creativity. 

The trader can connect different blocks within each strategy to protect every order with a stop loss or selling in profit when the set conditions are met.

Another interesting option is to run the rules across multiple coins at the same time. For example, the trader can include in one rule for all the coins traded on the market or only those that he holds in his wallet. Thanks to this option, it’s possible to create strategies like a Global Portfolio Stop Loss or a Global Buy-the-Dip. It significantly increases the market opportunities that the bot can catch at any time.

No Backtesting support

The platform doesn’t feature Backtesting yet. The team states that they are currently working on this functionality and are planning to release it in 2020. Nevertheless, Coinrule features a built-in Demo exchange. The trader can run rules based on a virtual allocation to test in real-time how the strategy would have performed on the market. The Demo exchange uses prices that come directly from Binance to improve the reliability of the reported performances. 

Security

In the FAQ of the website, Coinrule states quite clearly its security measures. All the user API keys are encrypted with advanced protocols of security. The company stores the private keys on segregated data storage, which are also encrypted with AES-256. 

All the communication between the app, the backend, and the databases are encrypted using TLS 1.2 or higher. Cloudflare protection offers an additional layer of security against DDoS and other types of attacks.

On top of that, the user can connect the exchange wallet only using API Keys that don’t have withdrawal rights enabled. That means that there is no risk that the user funds held on the Exchange could be moved out from the Exchange by an attacker.  

Regarding the treatment of user data, Coinrule states in its Privacy Policy that it is compliant with European legislation for the adoption of the General Data Protection Regulation (GDPR). All the data collected is solely used to guarantee the best user experience and deliver the content and the functionalities of the platform.

Connected Exchanges 

As of the time of writing, Coinrule works with Coinbase Pro, Binance, Bitstamp, Binance US, Kraken, Bitpanda Global Exchange, HitBTC, Okex, Poloniex and more are added regularly.

Cost

Coinrule offers a free Starter plan with some limitations that can be active at the same time. Also, advanced features like technical indicators are only available on Premium plans.

The monthly cost of the upper-tier plans ranges between $29.99 to $249.99 for a Pro version of the platform. These costs are discounted for those choosing an annual subscription. Coinrule doesn’t apply any additional hidden fee on the trades.

Reputation And Customer Service

Coinrule is a UK-based company with its headquarters in London. The company is funded by Angel investors and MKB Bank, a leading financial institution in Hungary. The team is well-connected with a broad Crypto network and often takes part in crypto-related and fintech events.

In the past months, Coinrule announced several strategic partnerships with top-tier crypto companies, such as Bitpanda, Kaiko, and Daneel. 

On top of that, the team is easy to approach for its users. There are many different ways you can reach them, such as a real-time chat, email, Telegram, and other social networks.

Final Thoughts 

Coinrule offers the perfect platform for beginners trying to learn about automated trading for the first time. The user-friendly interface stands out among competitors and allows traders always to have a full understanding of what the bot is doing and what is the performance of their strategy. 

The If-this-then-that logic that backs the smart assistant is a genuinely unique approach that makes the whole flow seamlessly intuitive.

On the other hand, given the great flexibility that the platform offers, even the more advanced traders will find in Coinrule a useful tool to manage their crypto holdings in an automated and more efficient way. 

Let us know what you think about our Coinrule review in the comment section.

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