In this guide, we will examine the security of Pionex, a cryptocurrency exchange with 16 free in-built crypto trading bots to optimize your trading and eliminate the need to monitor the market continually. In particular, we will analyze its two-factor authentication, security license, safety features, and track record, amongst other things.
About Pionex
Pionex, which has its headquarters in Singapore, is the world’s first cryptocurrency exchange to have built-in automated trading bots. The exchange originally opened in 2019 and has since evolved into a global cryptocurrency marketplace.
In addition, the platform provides its clients with the possibility to trade cryptocurrency using one of the 16 free trading bots, minimizing the need to continually watch the market and making it suitable for both novice and experienced traders.
Using this platform has a number of significant benefits, the most significant of which is the total absence of setup necessary, which means that you need little or no prior experience with trading with crypto bots to get the most benefit from them.
Note: To learn more about the cryptocurrency exchange itself, including its 16 free in-built trading bots as well as its other features please check out our in-depth Pionex review.
Pionex’s reputation in the industry
With more than 100,000 monthly active clients, Pionex is a well-established broker that handles $5 billion in trading volume every month.
The platform has established a solid reputation since its launch in 2019, with various certifications, guarantees, and financial backing providing a very strong foundation for Pionex’s operations.
Since Pionex keeps its funds on Binance and Huobi, it is able to benefit from the high level of security that these platforms provide. Whatsmore, Pionex is also able to aggregate liquidity from the two crypto exchanges near the ticker price.
Watch the video: Is Pionex safe?
What makes Pionex safe?
In particular, Pionex has been regulated in both Singapore and the United States since April 2020, providing traders with peace of mind. The MSB (Money Services Business) license held by the platform is the same license that Binance, Huobi, and several other prominent exchanges have obtained.
- Pionex has received a favorable rating of 4/5 on Trustpilot.com, based on more than 200 reviews;
- The exchange has a large following online with around 24,000 members in their official Telegram group and over 6,000 members of the Discord community are actively involved in the promotion of communication on the platform. The official Twitter profile has more than 25,000 followers;
- The fact that Pionex prioritizes simplicity of access, usefulness, and mass trading is evidence of the company’s commitment to its goal of encouraging more individuals to drive more traffic via its cryptocurrency exchange channels;
- Among the many features offered by Pionex is a user-friendly interface that is simple to traverse, as well as commands and important safety operations that are easily accessible from the main screen;
- Since its launch, the company has maintained an outstanding track record when it comes to security, with no breaches in over 980 days.
Key security measures
Pionex, in general, protects its users and the security of their funds on the exchange with four crucial security measures.
- Aggregated liquidity: At the ticker price, Pionex collects liquidity from cryptocurrency exchanges Binance and Huobi. Besides being one of the leading brokers for Binance, Pionex also serves as one of the most important market makers for Huobi.
- Financial backing: Among the investors in Pionex have been several Chinese corporate firms including Gaorong Capital, Shunwei Capital, and ZhenFund, with a combined investment of more than $10 million in the company.
- Fully licensed: In terms of security, Pionex has been granted an MSB license by the Financial Crimes Enforcement Network (FinCEN) of the United States (MSB Registration Number: 31000188348895). The fact that Pionex is the first cryptocurrency exchange with built-in trading bots that has been awarded a U.S. license should not be overlooked.
In addition, as part of its security measures, Pionex provides two-factor authentication with email and SMS authentication, KYC identity verification for deposits and withdrawals, and Google Authenticator compatibility, as outlined below.
- Password: Users must make an 8 – 16 letter encrypted password;
- Google Authenticator: Pionex suggests that you link your account with Google Authenticator since this will make your account more secure in the long term. In addition, when you withdraw from Pionex, you must link your account with Google Authenticator to complete the transaction;
- SMS Authentication: also known as SMS-based two-factor authentication (2FA) or SMS one-time password (OTP)—allows users to authenticate their identities using a text message-based code;
- Email Authentication: Email verification is the process of verifying and authenticating emails you’ve received to guarantee you are genuine. This is one of the two-factor authentication processes on the platform;
- Know your customer (KYC): Before completing a transaction, you must complete the LV.2 Know Your Customer (KYC). If you have not yet validated your KYC, please click on the “Verify” button and follow the instructions on the screen to complete the verification process. After the KYC information has been entered, the credit card transaction may be processed after the verification process has been finished.
Customer Support
Pionex provides a very high level of customer service, which makes them highly accountable to its customers. Several alternative methods are available for getting in touch with Pionex’s customer support personnel.
Social media: The Pionex team maintains a presence on many social media platforms, where you may learn more about the latest security updates and ask questions.
Email: You may reach out to Pionex’s employees through email at [email protected] if you need any further information.
Live Chat: To get in touch with Pionex’s customer service department, go to the broker’s home page and choose the “Support” option from the tab at the top of the page. Then, on the screen, choose the “Live chat” icon that appears at the bottom. A pop-up window will appear on your screen, enabling you to engage in a live chat.
Also available are live chat services, which are open from 08:00 to 21:30 (Asia/Taipei) Monday through Sunday.
Final Verdict
In general, we believe Pionex to be a safe exchange that can be used to buy, sell, and trade cryptocurrencies. Given that it is completely regulated in both Singapore and the United States, and that it has an MSB license, deep liquidity, solid financial backing, and the ability to use two-factor authentication by email, SMS, and Google Authenticator, among other things.
Customers may check the firm’s security track record by going to their website and checking the counter on the main page. The platform has now been in operation for more than 980 days without experiencing a security breach of any kind.
FAQs about Pionex security
Is Pionex safe?
Through the use of exchanges like Binance and Huobi, Pionex is able to take advantage of the high level of security that these platforms provide by retaining its funds there. It has also been awarded an MSB license by FinCEN, and it offers two-factor authentication, including email and SMS authentication, on top of Google Authenticator compatibility, among other features.
What are the fees on Pionex?
The trading fees at Pionex are very competitive, at just 0.05%, deducted from each maker or taker transaction, and there is no minimum order volume restriction, making it an excellent low-fee option for traders. there is a fixed fee associated with the withdrawal of various coins and tokens, an extensive list of which can be found on the official website.
Can I manually trade on Pionex?
While Pionex does enable manual trading through crypto-to-crypto conversions, its primary product is its range of automated trading bots.
How many trading bots are available on Pionex?
There are 16 automatic crypto trading bots accessible on the exchange, all of which are completely free to use. All of the bots are cloud-based, so you don’t have to leave your device on for them to run in the background.
