In this review, we will be looking at Mizar, a next-gen cryptocurrency trading platform with support for automated tools and bots. Specifically, this review will focus on how Mizar works, its features and products, the utility of the MZR token, pricing and whether the platform is safe to use. Additionally, we also provide a step-by-step guide on how to get started, create an account and connect it to your favourite crypto exchange.
About Mizar Smart Trading Platform
Typically, novice traders have difficulty coming up with profitable crypto trading strategies, and Mizar makes it easy to earn while learning. Beginners have the option to copy trades, strategies or even automated bot setups from their more experienced peers. Doing this makes it easier for anyone looking to reduce their risks while increasing their returns.
Mizar has been in existence since late 2021 and was designed to capitalize on the growing social trading phenomenon, particularly within the crypto space. In February 2022, the platform announced the closure of its seed funding round led by Nexo with participation from notable venture capitalists, including Huobi Ventures, KuCoin Ventures, Gate Labs, MEXC, Spark Digital Capital, Shima Capital, Stakely VC, and Evolve Capital. The funding round saw the platform raise $3 million.
Besides the social trading feature, Mizar also introduces a few extras for trading novices and experts alike, including crypto trading bots, paper trading and smart trading.
In brief, here’s what Mizar users get with an account on the platform:
- Copy trading – a hands-off approach to profitable trading where users have the option to copy trade setups from community members and official traders based on track records;
- Social trading – an ideal feature for novice traders who want to get insights into how to trade profitably, and efficiently using both manual and automated methods;
- Bot trading – cryptocurrency prices are highly volatile and using automated methods to open and close positions can prove to be crucial in achieving profitability. Mizar enables users to trade using dollar-cost averaging (DCA) and API bots, among others;
- Paper trading – Mizar users can test out their trading techniques and strategies in a risk-free environment that simulates actual market conditions with fake funds;
- Smart trading – it is now possible to manage disparate portfolios on various crypto exchanges from one central platform thanks to Mizar’s smart trading feature. Additionally, users can interact with TradingView charts to perform their technical analysis making the process more efficient and convenient.
Why do traders use Mizar?
As a new entrant into the bot trading cryptocurrency space, Mizar is challenging the status quo and upsetting the establishment. The core of its mission is to disrupt the current marketplace that is already growing with increasing digital asset popularity.
And as Mizar finds its place, these are some of the reasons why traders are choosing to create an account on the platform:
- Zero subscription fees – the biggest reason traders are gravitating towards Mizar is to avoid the punitive subscription fees charged by most of the platform’s competition. With Mizar, users only get to pay-per-use. This means that traders are charged based on their trading volume and realized monthly profits if they choose to engage in the copy trading practice;
- Access to over ten crypto exchanges – there are hundreds of cryptocurrency exchanges, but Mizar offers support to about ten leading platforms, which are Binance, Binance US, KuCoin, OKX, Bybit, Coinbase, Huobi, WooX, Crypto.com, and MEXC. Most traders find it easy to automate trades on these favourite platforms through API and DCA bots supported on Mizar;
- Intuitive user interface – Mizar offers users an intuitive user experience with a seamless onboarding process, easy bot creation and deployment, as well as a user-friendly interface to manage disparate portfolios on various external exchanges;
- Innovative product offering – Mizar users get to enjoy products such as DCA bot trading for investment risk management, copy trading to improve profit potential and smart trading to manage assets held on various exchanges from a single terminal. According to the platform’s roadmap, the team is looking to launch a few more innovative products that utilize technologies such as machine learning and AI (artificial intelligence);
- Social trading – tapping into the wide cryptocurrency community, Mizar is making it easy for new traders to start their crypto trading journeys as effortlessly as possible through the social and copy trading features. Traders can pick up a profitable strategy today and begin trading it with little to no tweaking necessary. Questions are easily answered, and discussions are held that lead to efficient learning and sharing of critical information;
- Advanced smart trading features – Mizar supports advanced trading features that include stop losses, trailing position exits, and take profit targets, among several others. It is possible to trade manually using these tools to create powerful bots to automatically execute trade setups, taking advantage of these advanced features.
How Mizar Works
Mizar represents the next generation of trading platforms with multiple features and products. Key among its services is the provision of a trading interface that enables automated trading in a non-custodial manner, allowing users to manage their portfolios on external exchanges from the Mizar platform. The following products and features allow it to deliver this service.
Products
The platform already offers about three main products, which are:
- DCA Bots – these are automated trading software designed to make entries into positions as the price of an asset goes against the trader’s expectations. The strategy behind these bots is based on the idea of scaling and averaging down the entry price instead of timing the tops or bottoms;
- Copy trading – Mizar enables its users to securely invest in curated trading strategies, from official as well as regular experienced traders. The experts will develop a profitable strategy, package it as a product and offer it to other users in the Mizar marketplace in the form of a subscription. Other users will thus invest based on the strategy and share a small part of their returns at the end of a specified period;
- Smart trading – Mizar users are able to manage their portfolios on up to ten different crypto exchanges, including Binance, Coinbase and Huobi, from a centralized interface that is both user-friendly and intuitive even for beginners;
It’s worth noting that Mizar does not charge users for accessing these products. It is a subscription-free service whereby the traders only pay based on the trading volume and the positive returns generated by copied strategies.
Paying based on the trading volume is typical for how most cryptocurrency exchanges price their services, making Mizar’s pricing easy to understand and calculate usage costs.
Features
Mizar offers several features ideal for making investment decisions and improving trading performance. Here are some of them:
- Paper trading – Mizar offers a simulated real trading environment to test out trading techniques and strategies based on the popular Binance platform without the risk of losing real assets. The exchange provides the deepest liquidity and supports a wide range of digital assets making it more accommodating to the majority of Mizar users’ needs;
- Strategy marketplace – traders that come up with profitable strategies can list them on the marketplace for other users to audit and potentially adopt. Strategies are listed with their performance metrics, making it easy to filter based on possible returns and choose whichever profit score a trader deems fit for their risk/reward goals;
- Advanced trading tools – Mizar makes crypto bot trading easy and approachable to a wide audience by providing the best and most advanced tools, including the popular TradingView charting platform, various order types such as stop losses, trailing stops, multiple take profit targets, among others;
- Spot and futures trading – Mizar allows automated trades based on spot prices and also supports futures markets depending on the exchange you are using to trade.
MZR Token
The MZR token is the platform’s native token that powers the ecosystem. Its main role is to reduce trading fees for traders, but it also serves as an incentive for user engagement within the Mizar platform.
The token, which has a supply cap of 10 billion, has been created on the Ethereum platform and complies with ERC-20 token standards making it easily accessible across Ethereum platforms such as wallets and decentralized exchanges.
It is not yet possible to buy or hold the MZR token as of December 8th, 2022. The following are some of the uses of the token once it launches to the public;
- Fee discounts – the biggest utility the token has is to reduce trading fees by up to 95% depending on the amount staked by the user while also claiming up to a 50% discount on performance fees for trades copied;
- Governance – token holders will be able to participate in the improvement of the platform through on-chain voting thereby ensuring that only invested individuals will affect the future of the service;
- Staking – Mizar users can stake their MZR tokens for reduced fees and additional passive income. Additionally, they get to enjoy exclusive early access to advanced trading tools, features, analytics, and airdrops as and when they are launched;
- Fee payment – Mizar will allow users to pay their trading and performance fees in the MZR token giving it more utility;
- Referral commission – the MZR token will be used as an incentive to encourage current users to introduce their peers to the platform for a commission that could be as high as 45% of the new user’s trading fees.
The token could have several more uses as the project progresses and allows holders to participate in the on-chain governance.
Mizar Fees and Pricing
When it comes to fees and pricing, here are a few points to keep in mind about the Mizar smart trading platform:
- It is a subscription-free platform meaning that users are not subjected to monthly or annual plans with an expiry date whether or not the traders use the service;
- There are two types of fees that are paid on the platform – performance and trading volume fees. The former is applied to copy trading activities while the latter is used on independent trading activities similar to how traders pay on exchanges;
- Mizar allows traders to make fee-free transactions up to a value of $10,000 every month, a feature that is ideal for novice traders. Additionally, all new accounts are credited with free 5BUSD coins to their M-Wallets that can be used for payment of trading fees further reducing costs;
- Mizar users can claim fee discounts to a maximum of 95% depending on how many MZR tokens they hold (stake) and their STAR levels. These STARs help identify the tier to which each user belongs thereby defining the perks they get to enjoy. For instance, if a user holds a large stake of the MZR tokens, they will be assigned a higher-ranked STAR and thus can claim higher discounts and earn more in terms of referral rewards.
Note
How to Get Started with Mizar Smart Trading
Getting started on Mizar is straightforward. Head to the Mizar home page and locate the signup button on the top right-hand corner, as shown below.
Click on the button to proceed. In the next screen, choose your sign-up method, which could be using the simple Google signup process or a custom email address outside Google.
In our case, we have opted to use the non-Google option, but you can use either option.
Provide a valid email address in the next step. It is important to provide an email address you have access to, as Mizar will send a confirmation message to your inbox with a signup link.
Prove you are not a robot by solving the reCAPTCHA puzzle, then tap or click the large [SIGN UP] button.
Check your inbox for a link to continue the signup process.
Once you click on the link in your inbox, you will be redirected to a page where you will set up your account password.
Provide a strong password, then click on the create account button. Next, log into your new Mizar account. Congratulations, you now have a Mizar smart trading account!
How to Connect Mizar to your Exchange Account
Log into your Mizar account and select the [Exchanges] tab on the top navigation.
Next, select the [+Add Exchange] button.
Mizar will display all available exchanges to which you can connect your account. So far, the platform supports leading exchanges such as Binance, KuCoin, ByBit, Huobi, WOO X, Crypto.com, OKX and Coinbase PRO. Additionally, Binance’s paper trading interface is already connected to Mizar by default to allow simulated trading without having to connect to the exchange.
Make your selection, then click on the [NEXT] button at the bottom of the page.
In the next screen, you will be required to provide the API keys generated on your exchange platform. There is a set of two keys – a public and a private key.
Provide both keys, then click on the [NEXT] button at the bottom of the page and the [CONNECT] button on the confirmation screen. You have now successfully connected your exchange to Mizar and will be able to start trading.
Note
Is Mizar Trading Platform Safe?
One of the main concerns for most cryptocurrency investors is the safety of platforms, given that there have been many exit scams and rug pulls over the years. Mizar is a safe platform, and here are some of the reasons for that:
- It’s non-custodial – which means that the platform does not hold any of its customers’ assets. This is crucial to note since asset storage is one of the leading attractions for online hackers. Mizar works by connecting to exchange platforms and managing portfolios remotely, thereby reducing the chances of getting hacked;
- Adheres to KYC/AML (know your customer/anti-money laundering) provisions – When users sign up for a Mizar account, they are required to provide an email username and password. Additionally, according to documentation, the sale of the MZR tokens during the upcoming IDO will be compliant with the KYC regulations ensuring that it adheres to financial and security laws;
- The team behind the project maintains an open profile – users and prospective traders can easily research and get background info on the team members, which provides comfort on the legitimacy of the project;
- The project has attracted investments from notable VC firms – typically, venture capitalists go the extra mile in ascertaining the viability of a startup. In the February 2022 seed funding round, the project raised $3 million from several notable investors, including Nexo, Huobi Ventures, KuCoin Ventures, Gate Labs, MEXC, and Spark Digital Capital. Knowing that other big investors have their money on the line gives retail investors the extra assurance of the soundness of the investment;
- Website security – the Mizar website employs protective mechanisms to prevent online hackers. These measures include SSL/TLS Encryption for encrypting website traffic, web app firewall and DDOS attack protection. All these measures are implemented to ensure that information shared between users and the platform is secure and that common attacks such as DDOS do not impede access to the platform;
- Mizar maintains an active social media presence – it is easy to contact support or engage with other community members on the platform’s social media pages on Discord, Telegram and Twitter;
- Two-factor authentication (2FA) – users have the option to further safeguard their accounts by activating 2FA settings and enabling the platform to send a confirmation code to their emails every time they access their accounts.
Pros and Cons of using the Mizar Trading Platform
Pros
- Mizar offers a subscription-free service;
- The platform is not only user-friendly but also intuitive for beginners to interact with;
- Users have access to some of the leading cryptocurrency exchanges such as Binance, Coinbase, KuCoin and Huobi;
- The platform is non-custodial, reducing the risk of getting hacked and losing your assets;
- There is the support of thousands of cryptocurrencies on the ten exchanges to which users can currently connect;
- Mizar is available to a majority of traders worldwide;
- Traders have the option of claiming up to 95% fee discounts;
- It will be possible to partake in the governance of Mizar once the MZR token is launched;
- Users are able to trade both spot and futures markets depending on their chosen exchanges;
- Mizar offers social and copy trading features making it easy for novice traders to start their trading journeys profitably.
Cons
- Mizar is a recent platform competing against more established rivals, and some of its services are yet to launch;
- Large retail and instructional traders tend to prefer fixed pricing models such as subscription methods that allow them to reduce their trading costs. The pay-per-use model employed by Mizar is thus less ideal for these traders but the platform offers a way for them to reduce their fees by claiming the higher STAR level discounts of up to 95% and more referral rewards.
Mizar Customer Support
Mizar maintains several avenues through which the community members can engage, discuss, seek help and research interesting topics. These platforms include
- Mizar Help Desk;
- Whitepaper/Documentation;
- Medium blog;
- Website blog;
- Website contact page;
- Live Support chat;
Social media platforms:
- Twitter – https://twitter.com/mizar_com
- Discord – https://discord.gg/gM4mAYMeWG
- Telegram – https://t.me/mizar_com
Final thoughts
As the cryptocurrency space grows in popularity, so does its appeal to traders seeking opportunities in volatile markets. And just like how prevalent bot trading has become a mainstay within the conventional markets, it is also promising to become crucial within the digital assets markets.
Mizar has launched an innovative service that seeks to accommodate all needs of bot traders, including decentralized portfolio management, pay-per-use pricing, access to high liquidity exchanges, and social trading, among several others. Both novice and expert traders will find it easy to use the platform for its features as well as how intuitive it is.
As the Mizar team readies to roll out more features as scheduled within the roadmap, the platform is poised to become a serious contender within the bot trading crypto market.
Risk Disclosure and Disclaimer: The information provided in this review should not be regarded as investment advice. Cryptocurrency assets experience high market volatility and therefore buying, selling, and trading them exposes you to significant financial risks.
Frequently Asked Questions on Mizar Trading Platform
What is Mizar?
Mizar is a next-gen crypto trading platform that supports the use of bots on third-party exchanges.
What is the difference between social and copy trading?
Social trading is a new-age trading technique in which traders come together in groups to share insights, discuss and collaborate to improve their trading techniques. Copy trading happens when one trader shares a strategy, and another duplicates it on their account to match the results of trading from the idea originator.
What are MZR tokens, and how are they used?
MZR tokens are ERC-20 tokens native to the Mizar smart trading platform that helps to power the ecosystem. The tokens serve various functions, including as a mechanism to claim fee discounts, governance, staking and referral commission payouts.
Which exchanges are supported on Mizar smart trading?
So far, Mizar has enabled support for ten leading cryptocurrency exchanges which are Binance, Binance US, OKX, KuCoin, Coinbase, Crypto.com, WOO X, ByBit, Huobi and MEXC.
What is smart trading?
Smart trading, as used in Mizar, refers to managing disparate portfolios from various connected exchanges from a single terminal. Additionally, it involves using various advanced trading tools, all available on the Mizar platform, including TradingView charting software, paper trading, bot setup and deployment and getting access to performance metrics all in one place.
