In this guide, we will examine the deposit and withdrawal capabilities of Pionex, a cryptocurrency exchange with built-in trading bots. Step-by-step instructions on how to carry out deposits and withdrawals are provided throughout the course of the walkthrough.
Pionex is a unique cryptocurrency exchange based in Singapore that came to prominence in 2019 and has since managed to establish itself as a large and popular platform, supported by major investment companies and deep aggregated liquidity from some of the most prominent cryptocurrency exchanges in the space.
A notable characteristic of Pionex is its free integrated crypto trading bots, which presently stand at 16. The bots, which are designed to improve the efficiency and effectiveness from signup to trading, are an addition to Pionex’s offering and help facilitate the platform as a feature-packed solution for new crypto trading enthusiasts.
The 16 trading bots are accessible for no additional fee and also streamline the trading process itself, decreasing the required level of knowledge and minimizing the need for users to give up their traditional professions as a result of the large time commitment required on their behalf.
As an established broker, Pionex has over 100,000 monthly active customers, while handling $5 billion in trading volume every month within a fixed 0.05% maker-taker fee price model.
Note: To learn more about the cryptocurrency exchange itself, including its 16 built-in trading bots and other features, please read our comprehensive Pionex review.
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Depositing on Pionex
Pionex understands that its users have a wide range of requirements, one of which may be the desire to trade while on the move.
Due to the fact that Pionex has developed their platform, particularly for mobile usage, they have created a unique application that can be downloaded with both Android and iOS devices and used to deposit funds easily from anywhere while on the go.
- Pionex handles cryptocurrency deposits and accepts over 40 different digital currencies, including Bitcoin, Ethereum among others;
- There are now only a limited number of coins and tokens that may be deposited on the exchange, but it plans to gradually increase the number of currencies and tokens in the future;
- Depositing cryptocurrency on Pionex is entirely free of charge;
- The fee for using a credit card in Europe is 3.5%;
- Outside of Europe the fee for using a credit card is 4.5%.
Furthermore, it’s worth mentioning that you don’t need any assets in your name to get started with Pionex since they don’t have a minimum deposit requirement, a balance level, or a financing fee.
Once deposits have been processed, it may take up to an hour for them to show in your account, however, this is not uncommon in the industry.
Depositing step-by-step guide
There are two ways two deposit on Pionex:
Using a card: Making a deposit using your debit or credit card instead of Bitcoin requires the use of the Pionex Lite app, which is available for both Android and iOS devices. You may purchase cryptocurrency with that app using your credit card or debit card, and then transfer the crypto to the Pionex exchange.
The second option is moving cryptocurrency from another exchange to your Pionex account. Stable coins, rather than other cryptocurrencies, are typically often used when transferring assets to minimize price changes throughout the transfer process.
Below is a step-by-step guide to begin depositing into your account using Binance exchange as an example.
Step 2: After entering in your email address and password, click on [Deposit] on the next screen.
Step 3: Next, click the black triangle where it says select USDT (Tether) as in our example, but here you can change the digital asset to which use wish to deposit. For Tether, you will then select [TRC20 network] from the list of block blockchain and then click [COPY] to copy the address.
Step 4: Next, visit the Binance withdrawal page and choose the USDT and TRC20 networks from the drop-down menu.
Step 5: Click [Wallet] and select [Fiat and Spot]. Find USDT in the coin list and click [Withdraw.] Then paste the USDT (TRC20) address you copied in Pionex and select [TRC20] network. Finally, input the amount you want to send and click [Submit], then enter your password.
Note: If the address is wrong, your coins will be lost.
Step 6: Within two minutes of submission, the USDT will appear in your Pionex account.
Withdrawing on Pionex
You will not be able to withdraw fiat currency through Pionex; instead, you will only be able to withdraw cryptocurrency. It is necessary to move it to other exchanges and then cash it out utilizing such exchanges that let you convert it to fiat currency.
It’s worth highlighting that if you withdraw your cryptocurrency into an internal address inside the exchange, Pionex will not charge you any fees.
- The fee for withdrawing coins or tokens using Pionex is a fixed amount that varies depending on the cryptocurrency you are withdrawing.
- It’s also important to know that the provision of KYC information has the potential to result in increased withdrawal limits.
How to withdraw on Pionex step-by-step
Withdrawing cryptocurrency from Pionex is a simple and quick process. Once Pionex has received your instruction, they will begin processing your withdrawal immediately, and you will be able to track it. You should be able to finish your withdrawal within 5 minutes or less.
Step 1: Similar to depositing to begin a withdrawal, sign in or click your username from the home screen.
Step 2: Click [Withdraw] from the account menu on the left-hand side.
Step 3: Next, search the coin name you want to withdraw. For example, if you want to withdraw Bitcoin, then input BTC.
Step 4: Enter the address you want to transfer to in the [Address] box on the right side. There is also an Address book recording the addresses you have previously received from or used before.
Step 5: Next, add the quantity of the coin or token you want to transfer in the box below.
Step 6: Finally, click [SUBMIT] and enter your password, verification code, and Google 2FA code to complete the transfer.
Pionex security features
The Financial Crimes Enforcement Network (FinCEN) of the United States has given Pionex an MSB license (MSB Registration Number: 31000188348895), the same license that Binance, Huobi, and several prominent exchanges have applied.
The company’s security features include the option to use two-factor authentication by email, SMS, and Google Authenticator, among deep liquidity and strong financial backing by large-scale investment firms.
Furthermore, Pionex has been up and running without a security issue for over 1,000 days.
Note: For further information regarding security on Pionex, read our in-depth ‘Is Pionex Safe?‘ guide.
As a whole, Pionex stands out from the competition not only by offering 16 free automated crypto trading bot options but also by offering a plain and transparent price structure.
This guide covers the fundamentals of how to deposit and withdraw cryptocurrency using the platform. The convenience with which it can be done is one of the advantages of utilizing the exchange, which includes trading bots that are already built-in and can be used right away by beginners.
In the long run, individuals and companies may profit from the low trading fees across more than 40 cryptocurrencies, which are all handled safely and securely by the cryptocurrency exchange.
FAQs about Pionex
What is Pionex?
Pionex is a cryptocurrency exchange headquartered in Singapore that was launched in 2019, offering 16 free in-built automated crypto trading bots, allowing both beginner and experienced traders to trade around the clock.
Can I withdraw fiat currency on Pionex?
The withdrawal of fiat currency is not possible via Pionex; instead, you will only be able to withdraw cryptocurrencies from the exchange. It is important to transfer your funds to another exchange and then cash it out using exchanges that allow for the conversion of cryptocurrency to fiat money.
What are the trading fees on Pionex?
Pionex’s trading fees are competitive, with each maker or taker transaction costing only 0.05%. For those searching for a low-fee option, this is a viable option since there is no minimum order volume required.
Does Pionex charge fees for withdrawing crypto?
Pionex will not charge you any fees if you withdraw your cryptocurrency to an internal address inside the exchange; nevertheless, the cost for withdrawing coins or tokens through Pionex is a predetermined figure that changes based on the crypto you are withdrawing.