CoinRule Review: Automated Crypto Trading Bots Platform
Cryptocurrency traders can choose from a growing number of efficient, automated trading platforms that aim to simplify the entire process and allow anyone to make the most of their trading opportunities.
Coinrule is an emerging, easy to use automated trading solution aiming to be the “Lego tool-box” for both technical and non-technical traders. The platform opens up a world of new trading possibilities for crypto traders used to dealing with more limited trading interfaces, and Coinrule allows anyone to choose from a number of set strategies which can be back-tested before being deployed.
More experienced traders can construct their own unique strategies, and as a result, traders of all levels can actively engage in the always open crypto market and trade 24/7.
The platform supports popular exchanges including Binance, BitMEX, Coinbase Pro, and Kraken and can be accessed for free by using a Starter account.
Paid subscriptions range from $29.99 to $249.99 per month with the differing account tiers designed to cater to traders of differing experience and activity levels.
Overview
Coinrule was founded in March 2018 by current CEO Gabriele Musella, and COO Oleg Giberstein. It was incorporated in the UK and holds the company number 11265766, Coinrule also retains an office at Level 32, 1 Ropemaker St, Citypoint, London EC2 9AW in addition to its registered office address at Fisher Close Flat 6, 2 Fisher Close, London, England, SE16 5AE.
As a result, Coinrule can still be considered as an emerging trading solution and is in the process of developing its community and growing as a cryptocurrency trading solution.
The platform allows anyone to automate their trading in order to maximise their profits or accumulate coins and incorporates standard trading options such as regular market buy and sell orders, as well as stop-loss/take-profit orders, and re-buying orders.
Coinrule can be used from any supported web browser and connects to over 10 leading cryptocurrency exchanges via API key connections with Binance, BitMEX, Bitstamp, Bittrex, Coinbase Pro, Kraken, and Poloniex all being supported.
Anyone signing up is able to take advantage of the free Starter account with a demo exchange feature before deciding whether to opt for one of the paid subscription plans which start from $29.99 per month.
Key Features
- Functionality – Coinrule operates as a web-based solution and the team have opted for a clean, simplistic design that appeals to traders of all levels. The platform also allows anyone to deploy trading “rules” without needing to know or use any code.
- Technology – The platform works via API integrations with over 10 supported exchanges and the team highlight that all orders are sent to the market with minimum latency time. Orders normally take around 500 Milliseconds to reach the market, and Coinrule also makes use of SMS notifications, and data encryption to enhance its service.
- Range of Tools – The platform incorporates an easy to use, modular rule configuration system which works via simple If/Then prompts. Popular trading strategies such as stop-loss, take profit, and buy the dip/breakout can be used to make the most of contrarian, maximization, and accumulation methods.
- Range of Plans – The service can be used for free by signing up for a Starter account, while the Hobbyist plan costs $29.99 a month. The Pro plan costs $249.99 a month and provides access to 50 live/demo rules, and unlimited template strategies and integrated exchanges.
- Customer Support –The Help Center contains a number of useful guides and resources which are also supplemented by the official blog. The team also tackle common questions in their FAQ section, and can be contacted by live chat, email, or by connecting via Facebook or Twitter.
How to Get Started on CoinRule
To create an account, just click the “Sign Up” tab at the top right of the home page.
1) Create an Account
To register an account, you just need to enter an email address and create a password before agreeing to the Terms of Use. There is also the option to sign up using your Google or Facebook account.
After submitting your details, you will be sent a verification email which contains the code number you need to enter in order to complete the signup process.
2) Connect an Exchange
By clicking on the “Add Exchange” tab you can connect to your preferred exchanges via API keys.
When opting for Binance, you will be prompted to enter your API key details along with your secret key information.
From here you need to login to Binance in order to locate your API keys and this information can be found by clicking on “API Management” and then “Create API”.
You can then name the API key and click “Create New Key”, before confirming your 2FA code and completing the key creation process by following all the instructions in the confirmation email. You will then be able to see the API keys, and you should edit your API key restrictions in order to maximize your security settings.
You can now complete the API integration process by returning to the Coinrule Dashboard and entering the required information.
3) Create Your Rules
Creating strategies on Coinrule is pretty straightforward and you can get started by clicking on the “Create Rule” tab located at the top right of the Dashboard. You can then create easy to setup trading strategies based on “If/Then” parameters which allow you to quickly get going and take advantage of any market movements.
You first need to select an exchange, define the event (e.g. 15% BTC price decrease), and then enter in your buy/sell order. You can also click on the “Timer” tab to configure how you would like to schedule your trades.
Here, the Demo account displays a market buy order for $2500 worth of BTC to be deployed twice should the price of Bitcoin drop by 15%.
A tab at the top right of the page summarizes the rule’s key conditions, and you can double check everything is in order before clicking the “Launch” tab.
You can also opt for a ready-made strategy from the template library, and when you select your preferred strategy, all the details will be automatically entered into the correct sections, and you can simply adjust the settings in order to configure the strategy exactly as you like.
Here with the “Buy The Dips + Stop Loss/Take Profit” Template, the strategy is automatically setup to make purchases in the event that any coin on your integrated exchange account drops by 10%.
It will also then sell the same coin once it has increased by 5% to take profit, while the stop loss feature will also trigger a sale in the event that the price drops by 3%.
The template has also been configured to automatically start immediately, and execute once a day with a maximum total of 10 executions.
Once again, the tab at the top right of the page summarizes all the key conditions, and you can configure the template as you like, and even add further conditions before clicking the “Launch” tab.
Coinrule Pricing
The platform can be used free of charge for an undefined time period, although, the Starter account option is restricted to only 1 Connected Exchange, 2 Demo/Live Rules, and 7 Template Strategies.
The Hobbyist plan costs $29.99 per month (billed as $359 annually) and provides access to 2 Connected Exchanges, 7 Demo/Live Rules, and 30 Template Strategies. Each paid plan also includes access to Advanced Indicators and the Trader Community.
More active traders can also choose from either of the Trader or Pro packages which contain even more features and the Pro package provides access to Unlimited Connected Exchanges, 50 Demo/Live Rules, and Unlimited Template Strategies.
It also allows anyone signing up to take part in one-to-one training sessions, and benefit from an ultra-fast data socket and costs $249.99 a month, billed as $2,999 annually.
Payments are processed by Stripe and you will be required to enter your credit card details to make a one off purchase for one year’s worth of service.
Supported Exchanges
Coinrule currently supports over ten popular cryptocurrency exchanges which can be linked via API integration. These include:
- Bitfinex
- Binance
- Binance US
- BitMEX
- Bitpanda Pro
- Bitstamp
- Bittrex
- Coinbase Pro
- HitBTC
- Kraken
- Liquid
- Poloniex
Is Coinrule Safe?
The team declare that each user has their own dedicated private key which has been generated separately, and these private keys are in turn stored on detached data storage which is encrypted with AES-256. Coinrule also only stores encrypted forms of all API keys using 256bit AES encryption, and the team also use data encryption in transit so all communication between their website <-> application backend <-> database/cache nodes is encrypted using TLS 1.2 or higher.
Coinrule also uses Ukey1 as a secure authentication gateway partner, and as a result the team do not store passwords in their database. Ukey1 also encrypts all personal data and passwords are hashed using advanced algorithms, while the website is further secured by using Cloudflare CDN as to protect against DDoS types of attacks.
In addition, the Coinrule team are transparent in nature, and the key information about themselves and their corporate setup has been made publically available. This helps to develop trust, as users can easily identify exactly who is behind the project, which isn’t always the case with crypto projects. The trading platform was also incorporated in the UK, and operates in accordance with the laws of the United Kingdom within the jurisdiction of England and Wales, meaning that users are protected by the extensive financial and commercial laws within the region.
With regards to payments, Coinrule processes your purchases by using Stripe, and transactions are marked as a Merchant-Initiated Transaction (MIT) by Stripe. As a result, all your payment details are confidentially secured, and neither Coinrule nor Stripe actually have access to your financial data. These factors help Coinrule quite a bit as the platform has only been operating since 2018, and if you run into any issues, you can contact the team directly or just speak to your credit card provider to rectify the situation.
As is always the case when using automated trading platforms and/or software, the most solid approaches always involve maximizing your own personal security in order to protect yourself from any attacks or serious issues. Simple measures such as keeping your login/personal information private will go some way to securing your account, while restricting your exchange account API and disabling withdrawals from within your account will protect you from the most serious security breaches.
When using Coinrule, you are not required to transfer any funds over, and the platform doesn’t have direct access to your crypto holdings. This is true for the the majority of trading bots or portfolio management tools as everything is done via an Application Programming Interface (API) which allows Coinrule to interface with its supported exchanges and collect price and account balance data as well as place buy and sell orders.
The team can improve their security by incorporating 2FA authentication and notifying users of account activity via email/SMS. A mobile app will also allow users to keep track of their accounts while on the go, however, the platform is generally quite solid although Coinrule is still developing its online presence as well as trading community.
How Beginner Friendly is Coinrule?
To be honest, Coinrule is one of the most easy to use automated crypto trading platforms out there. While all trading platforms require some learning and take some time to get used to, Coinrule has been designed with less technical traders in mind, and the clean and simple interface make it easy to keep on top of whatever you are doing.
Rules can be created using “If/Then” parameters which are simple to understand and allow you to quickly get going, while the modular setup allows you to easily make changes and adjustments in order to configure any rule you create or template strategy that you would like to tweak.
The team behind the platform designed it to be a “Lego tool-box” for cryptocurrency trading strategies and automated trading, and rules can be created quickly and back-tested before being launched. As a result, Coinrule should definitely suit less technical traders while still incorporating features that appeal to more technical traders.
These include the ability to intricately create and configure strategies, and readymade templates can be configured to include additional conditions and triggers or to act in a much simpler manner if desired.
The platform also provides access to advanced TA tools and you can set up trading strategies based around RSI or moving averages approaches or follow much broader accumulation, contrarian, or take profit methods. However, the team can expand their service in the future to include more features such as trailing stop losses, additional technical indicators, and a mobile app.
Anyone signing up to a Trader or Pro plan can receive one to one trading lessons, and the team also provide resources which help to explain how to use the platform and how the various aspects of engaging in automated crypto trading.
The online community is still growing and Coinrule will do well to build a thriving Telegram group that allows traders of all levels to discuss their experiences. Anyone interested in using the platform can always sign up for a free Starter account and test it out in order to figure out if opting for a paid subscription will be beneficial.
Conclusion
Coinrule is a somewhat under the radar crypto trading platform which stands out due to its simplicity and ease of use. The “Lego” tool kit ideology has been well implemented as the platform’s clean and simple user interface and modular strategy configuration features make creating, tweaking, and testing strategies a relatively straightforward process for even less experienced traders.
The platform also offers good exchange support and integrates with a range of leading crypto exchanges such as Binance, Coinbase Pro, Kraken, and BitMEX which should appeal to most traders as these exchanges provide good liquidity levels, and a wide range of coins to trade.
However, as easy as it is to use, Coinrule still has room to improve as more advanced users may be interested in deploying a wider range of TA based strategies than the RSI and Moving Averages strategies currently on offer.
Also anyone looking to manually configure their own bots to perform more complex actions may be better served by a more extensive platform, and experienced traders may also be looking to sell their successful strategies, and interact with other users via an internal marketplace, and Coinrule currently doesn’t provide these features.
All in all, Coinrule is an interesting option for anyone looking to quickly get started in the world of automated crypto trading, and the platform is still emerging and developing in terms of it visibility, reputation, and online community.
Anyone who is already active on any of the supported exchanges can always give Coinrule a try in order to improve on the limited trading options many of those exchanges currently offer. As ever, it’s a good idea to try out a free account and get a feel for the platform in order to see if one of the paid subscription plans will suit your particular needs and prove to be beneficial in the long run.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Eugene Kem, @Khareem Sudlow