Exceeded

Score

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/10

Pionex

United States

|

2-5 years

MSB License|

Suspicious Overrun|

Medium potential risk

https://www.pionex.com/

Website

Rating Index
Contact
Pionex
service@pionex.com
https://www.pionex.com/
Influence
E

Licenses

FinCEN

FinCENExceeded

MSB License

WikiBit Risk Alerts

1
Previous Detection 2024-04-23

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000166323126), please be aware of the risk!

Website

Genealogy

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Trade Type

Keywords

Time Machine

White Paper

Related Software

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New Arrival

Company Name
Pionex
Regulatory Status
Exceeded
Company Abbreviation
Pionex
Platform registered country and region
United States
Phone of the company
--

User Reviews

More

7 ratings

Participate in evaluation
amirshariff24
The Pionex platform is legit safe and secure trading platform
2023-10-09 11:14
5
ikanlele
not bad at all
2023-09-07 23:21
9
Evolution07
Good customer support
2023-11-01 14:29
2
零撸党
The neworks always lags.
2021-05-08 16:22
0
Oru:Nara
the best crypto exchange with integrated trading bots. been trading with them since their first days ..
2023-04-19 13:57
0
1127348
I think any company is fine
2023-01-09 18:39
0
ari6025
not even 3 minutes widraw through the market exchange. indodax binance. 16 tricks of traders
2022-10-12 22:49
0
Features Details
⭐Company Name Pionex
⭐Registered in United States
⭐Founded in 2020
⭐Regulated by FinCEN ( Exceeded)
⭐Cryptocurrencies 100+
⭐Trading Fees Taker 0.05%, Maker 0.02%
⭐24-hour trading volume $219 million
⭐Customer Support Email, Twitter, Facebook

What is Pionex?

Established in 2019, Pionex serves as a cryptocurrency exchange. With a rich selection exceeding 100 cryptocurrencies, including Bitcoin, Ethereum, Tether, and Binance Coin, it remains a favored choice among traders. Notably, Pionex boasts a substantial 24-hour trading volume amounting to $219 million. The exchange enforces a uniform fee structure, levying 0.05% for takers and 0.02% for makers.

Pros and cons

竖起大拇指

Pionex excels in these aspects:

  • More than 100 cryptocurrencies are available for trading, giving wide options to pick from.

  • Allowing traders to amplify their trades by up to 10 times.

  • Trading platforms that can be accessed via both web and mobile apps, great flexibility.

不喜欢

Pionex lacks these aspects:

  • Lacking regulation, potentially raising security concerns for users.

  • Customer support response times are sluggish, requiring patience from users.

  • Specific features are reserved for verified users, potentially limiting accessibility for others.

  • Margin trading not open to users in the US, thanks to rules set by US regulators.

  • Not available in all countries.

Pros Cons
  • Over 100 cryptocurrencies
  • Not regulated, potential risks
  • Option to leverage trades up to 10 times
  • Limited customer support options
  • Trading platforms for both web and mobile devices
  • Slow customer service
  • Official website not accessible
  • Poor customer support
  • Not available in all countries

Regulation

Pionex is registered with Financial Crimes Enforcement Network (FinCEN) under regulation number 31000166323126 in the United States, its regulatory status, however, is marked as “ Exceeded”. Here FinCEN is a part of the US Treasury Department and its job is to gather and study info about money-related activities to fight against things like money laundering, supporting terrorism, and other financial wrongdoings.

regulation

Security and Storage

Pionex boasts that it offers several security measures to protect its users' funds, including:

  • Cold storage: Pionex stores the majority of its users' funds in cold storage, which means that the funds are offline and not connected to the internet. This makes it much more difficult for hackers to access the funds.

  • Two-factor authentication (2FA): Pionex requires users to enable 2FA in order to log in to their accounts. 2FA adds an extra layer of security by requiring users to enter a code from their phone in addition to their password.

  • IP address whitelisting: Pionex allows users to whitelist certain IP addresses so that they can only log in to their accounts from those IP addresses. This can help to prevent unauthorized access to accounts.

Trading Markets

Pionex is a cryptocurrency exchange and trading platform that differentiates itself through its use of trading bots and algorithmic strategies. Traders on Pionex can access a variety of trading products, primarily focusing on cryptocurrencies. The platform offers a range of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many altcoins. Users can trade these cryptocurrencies against each other or against stablecoins like USDT (Tether).

Trading Markets

Cryptocurrencies available

Over 100 Cryptocurrencies are available on Pionex exchange, covering popular ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others. Here is a list of the top 10 cryptocurrencies by market capitalization that are available on Pionex:

  • Bitcoin (BTC)

  • Ethereum (ETH)

  • Tether (USDT)

  • Binance Coin (BNB)

  • USD Coin (USDC)

  • XRP (XRP)

  • Cardano (ADA)

  • Terra (LUNA)

  • Solana (SOL)

  • Avalanche (AVAX)

Pionex is pretty fast at adding new coins. They usually list them within a few weeks after they're first offered. They also check out new coins before adding them to the exchange.

Other Services

Pionex offers a range of additional services and products beyond its cryptocurrency trading platform, enhancing its appeal to a diverse user base.

1. PionexGPT: PionexGPT is a service that allows users to generate their own trading strategies using artificial intelligence (AI). This feature empowers traders to customize and optimize their approaches based on market conditions, providing a more personalized and automated trading experience.

2. Lotto: Pionex's Lotto feature offers users the opportunity to potentially earn up to 100x returns with just 1 USDT. This lottery-style offering adds an element of excitement to the platform, providing users with an alternative way to engage with their funds and potentially achieve significant returns.

3. Structured Loan: Pionex provides a Structured Loan service that allows users to access funds without requiring additional margin. This service offers ultra-low interest rates, providing users with a convenient and cost-effective option for leveraging their assets.

4. API: Pionex's API (Application Programming Interface) feature enables users to integrate and interact with the platform programmatically. This opens up unlimited opportunities for advanced traders, algorithmic trading enthusiasts, and developers to create and execute custom trading strategies using automated scripts.

How to open an account?

The registration process for Pionex can be broken down into six steps:

1. Visit the Pionex website and click on the “Sign Up” button. This will take you to the registration page.

2. Fill in the required information, including your email address and a secure password. Make sure to choose a strong password that consists of a combination of letters, numbers, and symbols.

3. Agree to the terms and conditions of Pionex by checking the box. It is important to read and understand the terms before proceeding.

4. Complete the verification process by clicking on the verification link sent to your email address. This step is necessary to verify your account and activate it.

5. Once your account is activated, you can proceed to set up additional security measures such as two-factor authentication (2FA). This adds an extra layer of security to your account.

6. After completing the necessary steps, you will have successfully registered on Pionex. You can now access and navigate the platform to start trading and exploring the available features and services.

How to Buy Cryptos?

To buy cryptocurrencies on Pionex, users can follow a straightforward process whether using the website or the mobile app:

1. Create a Free Pionex Account:

  • Register a Pionex account by visiting the official website or downloading the app from your preferred app store.

  • Complete the registration process, providing necessary information.

2. Pass the KYC Verification:

  • After registering, undergo Know Your Customer (KYC) verification to comply with regulatory requirements. This step typically involves providing identification documents.

3. Choose Your Preferred Way to Buy Cryptos:

  • Pionex offers various methods for purchasing cryptocurrencies, including credit card, debit card, bank wire, and ACH transfer. Choose the method that suits your preferences and location

How to Buy Cryptos?

Fees

Pionex's trading fees are very competitive. The exchange charges a flat fee of 0.05% for takers and 0.02% for makers.

  • Taker fees: Takers are traders who buy or sell cryptocurrencies at the current market price. Pionex charges a taker fee of 0.05%.

  • Maker fees: Makers are traders who add liquidity to the market by placing buy or sell orders that are not immediately filled. Pionex charges a maker fee of 0.02%.

Pionex also offers a volume-based rebate program for takers. Traders who trade more than 100,000 USDT in a month will receive a rebate of 0.02% on their taker fees. This means that traders who trade a lot on Pionex can actually pay negative trading fees.

Trading type Trading fee
Taker 0.05%
Maker 0.02%
Volume-based rebate Traders who trade more than 100,000 USDT in a month will receive a rebate of 0.02% on their taker fees.

Deposit & Withdrawal

  • Deposit and withdrawal methods: Pionex supports deposits in a variety of cryptocurrencies, including Bitcoin, Ethereum, Tether, and Binance Coin. The exchange also supports deposits in fiat currencies, such as USD, EUR, and GBP.

  • Processing time: Deposits in cryptocurrencies are typically processed instantly. Deposits in fiat currencies typically take a few business days to process. Withdrawals in cryptocurrencies typically take a few minutes to process. Withdrawals in fiat currencies typically take a few business days to process.

  • Fees: There are no fees for depositing cryptocurrencies on Pionex. There is a 1% fee for depositing fiat currencies on Pionex. There is a 0.05% fee for withdrawing cryptocurrencies on Pionex. There is a 1% fee for withdrawing fiat currencies on Pionex.

Here is a table showing Pionex's deposit and withdrawal methods, processing times, and fees:

Method Cryptocurrency Fiat currency Processing time Fee
Deposit BTC USD, EUR, GBP Instant Free
Deposit ETH USD, EUR, GBP Instant Free
Deposit USDT USD, EUR, GBP Instant Free
Deposit BNB USD, EUR, GBP Instant Free
Withdrawal BTC USD, EUR, GBP Few minutes 0.05%
Withdrawal ETH USD, EUR, GBP Few minutes 0.05%
Withdrawal USDT USD, EUR, GBP Few minutes 0.05%
Withdrawal BNB USD, EUR, GBP Few minutes 0.05%

Customer Support

Pionex has a customer support team in place to help users with their questions and concerns, however, the hours of availability for customer support may differ.

Is Pionex a Good Exchange for You?

Pionex offers a diverse set of features catering to specific trader profiles. Algorithmic traders can leverage the PionexGPT feature for AI-driven strategies, while risk-tolerant traders may find appeal in the unregulated environment, though caution is advised. Beginners in cryptocurrency trading benefit from the platform's user-friendly interface, along with services like structured loans and straightforward buying options. The exchange's suitability depends on individual preferences and risk tolerance, making Pionex a versatile option for algorithmic enthusiasts, those comfortable with risk, and newcomers seeking a straightforward entry into the cryptocurrency market.

1. Algorithmic Traders: Pionex caters to algorithmic traders with its PionexGPT feature, allowing users to generate and implement their own trading strategies using AI.

2. Risk-Tolerant Traders: The exchange may appeal to those willing to take on risks, given its unregulated nature. Users should carefully consider their risk tolerance before engaging.

3. Beginners in Cryptocurrency Trading: Pionex provides a user-friendly platform, making it suitable for those new to cryptocurrency trading. The structured loan service and simplified buying options may attract beginners.

Has Pionex experienced any controversy?

Pionex has not experienced any major controversies to date. However, there have been a minor concerns raised about the exchange, the exchange not regulated in as many countries as Binance or Coinbase. This means that Pionex is not subject to the same level of scrutiny and oversight as these other exchanges.

User Reviews

Daniel Williams

28 July, 2023

“Alright, let's talk about Pionex! First things first, the security measures on this platform are top-notch. They've got all the necessary protocols in place to keep your funds safe and sound. No need to lose sleep over hackers or unauthorized access! Customer support? Ah, they've got your back. Pionex offers excellent customer support, ready to assist you with any questions or issues you might have. Their team is responsive and helpful, so you'll never feel stranded. As for trading fees, Pionex keeps things competitive. They won't eat up all your profits with excessive fees. Plus, they offer various order types to suit your trading style. Whether you're into market orders, limit orders, or stop-loss orders, you can find the right fit for you. And let's not forget about privacy and data protection. Pionex takes it seriously. They've implemented robust measures to safeguard your personal information. Your privacy is in good hands here.”

James Miller

4 May, 2023

“ So, let's discuss liquidity. This seems to be an ongoing issue on Pionex. The lack of liquidity for certain cryptocurrencies can lead to significant difficulties in buying or selling at the desired price. It can be quite frustrating, especially when time-sensitive trades are involved. A lack of liquidity hampers the overall trading experience and may hinder your ability to make profitable trades.”

Compare Pionex with other exchanges

Exchange Trading fees Regulation Cryptocurrency Amount
lable
Taker: 0.05%, Maker: 0.02% FinCEN ( Exceeded) 100+
image.png
Taker: 0.10%, Maker: 0.04% Regulated by NMLS, MAS/FinCEN 500+
image.png
Up to 0.40% maker fee and up to 0.60% for taker fee Regulated by NMLS, FCA, NYSDFS, SEC, FINTRAC 200+

Conclusion

In conclusion, Pionex is a virtual currency exchange that offers a user-friendly interface, a tiered fee structure that rewards higher trading volumes, and a wide range of cryptocurrencies for trading, which may appeal to both beginner and experienced traders. However, there have been reports of slower access speeds during peak trading periods and concerns about the complexity of the trading process, particularly for beginners. Users should carefully consider their own trading needs and preferences and conduct thorough research to ensure a positive trading experience on the platform.

FAQs

Q: What are the trading fees on Pionex?

A: Pionex implements a tiered fee structure based on a user's monthly trading volume, ranging from 0.05% to 0.2% per trade.

Q: Are there any deposit and withdrawal fees on Pionex?

A: Pionex does not charge any additional fees for cryptocurrency deposits, but network fees may apply for transferring cryptocurrencies from external wallets.

Q: How long does it take to process deposits and withdrawals on Pionex?

A: The processing time for deposits and withdrawals on Pionex can vary depending on factors such as the specific cryptocurrency, network congestion, and blockchain confirmations.

Q: Are there educational resources and tools available on Pionex?

A: Yes, Pionex offers trading guides, video tutorials, and webinars to help users enhance their trading knowledge and skills.

Q: Who would find Pionex suitable as a trading platform?

A: Pionex may be suitable for beginner and experienced traders, diversification seekers, security-conscious traders, research-oriented traders, and multilingual traders.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.