Navigating the world of crypto trading can be overwhelming. With crypto’s volatile markets, new coins appearing, and the ever-present fear of missing out, it’s easy to feel unsure of the best trading strategy to adopt. Even experienced traders like us have to dedicate hours to watching and analyzing the market before we’re confident of making a profit.
That’s where automated trading bots like Coinmatics can help. These bots simplify crypto trading by using pre-set strategies to make trades on your behalf. Some platforms have a reputation for being unwieldy to use, but the developers behind Coinmatics set out to design a user-friendly interface and trading experience. But does the platform deliver what the devs aimed for?
In this article, we’ll dive into Coinmatics to explore its features, ease of use, and overall effectiveness. We’ll discuss setup, strategy selection, and performance tracking, helping you decide if Coinmatics is the right tool to simplify your crypto trading journey.
User-Friendliness
Coinmatics is headquartered in the British Virgin Islands. Since its launch, it’s reached a peak annual trading volume of USD 2.3 billion, so it’s safe to say that the platform has gained significant traction.
Let’s take a closer look at the core elements of Coinmatics to assess how easy it is to use, from setup to strategy implementation and monitoring.
How easy is setting up and linking accounts?
Getting ourselves started with Coinmatics was surprisingly straightforward. We were pleased to find that setting ourselves up to trade involved very few technical hurdles, and we were up and running in no time. The platform provides clear step-by-step instructions for connecting your crypto exchange (Binance, Bybit, etc.) using API keys. If you’re unfamiliar with generating API keys, Coinmatics has detailed guides for each supported exchange.
Although setting up took us just a few minutes, exchange-side API key generation and permissions settings can sometimes add time depending on your familiarity with your exchange. Overall, we found Coinmatics’ account linking to be smooth and accessible, and thought it would be so even for those with limited technical experience.
Pre-built strategies vs. customized
Coinmatics caters to both novice and experienced traders with its strategy selections. The platform offers a library of pre-built strategies to copy trade, suitable for different trading styles and risk tolerances. These pre-built options are conveniently categorized and searchable, making it easy to find a strategy aligned with your goals. Each pre-built strategy comes with a clear and concise description explaining the underlying logic, potential benefits, and drawbacks without getting bogged down in technical jargon.
To copy trade, you first need to create a Coinmatics account and connect it to your exchange account by adding an API key. Once that is done, choose any trader’s strategy to follow by clicking “Subscribe,” and you can track your gains in your account. Coinmatics allows both automatic and manual modes when copy trading. In the automatic mode, the platform trades for you. In manual mode, the service provides you with signals from cryptocurrency traders via Telegram, and you trade on the exchange on your own.
For those of you who want more control of your trading strategy, Coinmatics allows customization of existing strategies or building your own from scratch. The platform provides a user-friendly interface for customizing parameters within pre-built strategies. This lets you adjust risk levels, investment amounts, and other factors to suit your preferences. Building a strategy from scratch involves selecting entry and exit conditions from a menu of options. Coinmatics offers tooltips and explanations for each parameter, making it easier to understand the impact of your choices. However, navigating the full suite of customization options might require some familiarity with technical trading concepts.
Is the information on the dashboard clear and actionable?
Coinmatics’ dashboard is mission control for monitoring your trading activity. We found the interface clean and well-organized, providing a good at-a-glance overview of our active bots. Key metrics like total profit/loss, current positions, and individual bot performance were prominently displayed, and we found it straightforward to find more granular details on individual trades.
The platform offers customizable charts and historical data to help visualize your bots’ performance over time, especially useful for spotting trends or optimization opportunities. While the visualizations are comprehensive, we found that those less familiar with technical trading charts might sometimes wish for slightly simpler, interpretive insights. Overall, the dashboard clearly displays actionable data, and while some trading knowledge is helpful, that shouldn’t prevent less experienced users from using the information to their advantage.
Performance tracking
Beyond the visualizations on the dashboard, the platform provides performance reports on your account or specific bots over a customizable time period. These reports break down key metrics like total profit/loss, winning/losing trade percentages, and overall return on investment.
We noticed that Coinmatics goes a step further than similar platforms by offering insights and analytics sections, which we found helpful. The platform highlights patterns in your trading results and even suggests adjustments to improve profitability. While some of these insights are useful, even for beginners, others require the user to have some prior trading knowledge to gain the most benefit.
Coinmatics performance tracking features are solid, but we felt there was room for deeper analysis and insights, especially for less experienced traders.
Testing the Platform
To assess Coinmatics’ user-friendliness further, we tested the platform using one of its bots. We put the bot through its paces by setting up a simple but effective strategy using a small amount of capital. We monitored the user experience, ease of tracking, and the results of an automated approach.
Strategy: Dollar-cost averaging (DCA)
Asset: Bitcoin (BTC)
Investment: USD 50 equivalent
Time period: One week
Setup
Setting up our DCA bot was quick and intuitive; we simply selected “DCA” from the pre-built strategies, and the platform guided us through a setup form. It took less than five minutes to have our bot up and running.
- Linked exchange: Binance (already connected)
- Trading pair: BTC/USDT
- Investment: USD 50
- Schedule: Invest USD 10 every 24 hours
Results
Over the week, it was straightforward to monitor our DCA bot. The dashboard clearly showed each purchase triggered by the schedule, adjusting buy levels according to current BTC prices. While market volatility led to some minor fluctuations in our unrealized profit/loss, the overall trend was moderately positive towards the end of the week. Coinmatics simplified what would have been a more complicated process if we had executed the same strategy manually.
Key takeaways
- Ease of use: Setting up a basic DCA strategy was stress-free.
- Transparency: The dashboard provided a clear view of all trading activity.
- No magic wand: Even with DCA, market volatility impacted short-term results.
Although we made a small profit, remember that crypto markets are unpredictable. Ours was a short-term test with a small amount and does not guarantee you will achieve the same results.
What Is Coinmatic’s Pricing?
Coinmatics offers a tiered pricing structure with a free plan and paid subscriptions:
- Free Plan: This plan allows you to try the platform with the following features:
- Access to spot trading strategies
- Analytical tools and portfolio tracker
- Setting up custom ticker alerts that send instant notifications to your Telegram when specific price conditions are met
- A maximum copy trading amount of 1000 USDT
- Lite Plan (USD 15/month): Subscribing to the Lite plan offers the same benefits as the free tier with an increased copy trading limit of 10000 USDT, plus futures copy trading.
- Premium Plan (USD 30/month): The Premium plan is Coinmatics’ most comprehensive subscription. It unlocks the full potential of the platform, including:
- Prioritized copying
- Auto alignment, coin b6qw22222222lack list, stop loss
- Testing a pre-built or customized automated trading strategy without risking real money
- Unlimited copy trading amount
Conclusion
We found Coinmatics to be a user-friendly platform with a good range of automated crypto trading. Setting up a trading bot was straightforward, and the selection of pre-built strategies caters to various experience levels. While some areas could benefit from deeper insights for beginners, the dashboard and performance tracking tools are valuable.
The platform’s tiered pricing and free strategy trials allow you to explore its potential before committing. Whether Coinmatics is right for you depends on your trading goals, but if you’re looking to streamline your crypto trading, Coinmatics is certainly worth considering as part of your toolkit.
