The idea of trading cryptocurrency can be very exciting. But the thought of having to constantly monitor the markets to stay on top of your trading strategy is less so.
That’s why some traders are turning to automatic trading tools. And Coinrule is one of the most robust of these tools available today. It helps traders stick to a cryptocurrency strategy without having to constantly stare at their computers.
Unlike many trading bots, you won’t need any coding experience to take advantage of what Coinrule has to offer. Ready to see how Coinrule can take your cryptocurrency trading to the next level? Here’s what you need to know.
- Create automated trading rules or choose from 150+ existing rules
- Backtest your strategies against historical data
- Works with 10+ popular exchanges
$0 to $499.99/mo (Billed Annually)
What Is Coinrule?
Coinrule was founded in 2017 with its headquarters in London. The team behind Coinrule are self-purported “blockchain and crypto enthusiasts who found that trading cryptocurrencies are unnecessarily complicated.”
With this problem front of mind, Coinrule set out to make trading cryptocurrencies less tedious. Essentially, this led to creating an automated trading platform that can integrate safely with a slew of exchanges.
The goal is to provide a convenient experience that allows you to set your cryptocurrency trading on autopilot. And the service seems to deliver on this lofty promise. In December 2020, the company raised over £500,000 ($700,000) on Seedrs which was more than 200% above its target.
What Does It Offer?
Here are the features that make Coinrule stand out.
User-Friendly Automated Trading
The cryptocurrency markets are extremely volatile. As an active trader, this can mean poring over the ever-changing charts for a move that will suit your trading strategy. But few people who have separate jobs can devote that kind of time to their trading activities.
Even if you have the time to spend keeping up the cryptocurrency market, it could still be worth it to let an automated tool handle the heavy lifting of technical analysis for you. Once you set up trading rules, Coinrule can monitor the market and make trades that fit into your strategy.
Although there are other ways to implement automated trading, Coinrule provides a user-friendly interface that makes the process easy. You won’t have to learn anything about coding to set up and implement your trading rules.
Built-In Trading Strategies
Whether you’re just starting out or an experienced trader, it can be nice to take advantage of a template trading strategy. Coinrule allows you to choose from over 150 rules to help you find the strategy that best fits your needs.
As you begin to build out an automated trading strategy, you can pause rules at any time. Plus, you’ll receive free daily emails with trading signals that could help you adjust your strategy to the market.
As with all investments, past performance is not an indicator of future success. However, it can be helpful to test out your trading rules on historical market data.
Coinrule gives you the opportunity to backtest many strategies on TradingView. All you have to do is select the coin you’ll be trading, the desired time frame, and the trading strategy. Then TradingView will show you how many trades the strategy opened and closed as well as the:
- Net profit it would have returned
- Percentage of profitability
- Maximum drawdown
- Profit factor
You can even add in trade commissions so that you can make sure that a trade would still be profitable after accounting for fee. Of course, the performance you see is not guaranteed for the future. But it may help you increase your confidence in the trading rules you create.
Trustworthy Exchanges Are Supported
Coinrule is not itself an exchange. Instead, the rules you implement with Coinrule will be sent out to the exchange you choose to do business with.
Importantly, Coinrule works with 10+ of the top cryptocurrency exchanges out there. These include:
You can integrate Coinrule seamlessly with any one of these platforms.
Are There Any Fees?
Coinrule offers four pricing tiers that are designed with different types of traders in mind. Here’s the breakdown.
Price per month (billed annually)
Number of live rules allowed
Number of demo rules allowed
Number of Template strategies allowed
Number of connected exchanges permitted
Live telegram +Text notifications
Access to Trader Community
One on one training sessions available
As you can see, the pricing structure for Coinrule varies dramatically based on your needs. And note that each of these plans are billed annually. So, for example, if you went with the Pro plan, you’d actually have to pay $5,399 up front.
Even the Hobbyist plan will set you back $359 which is not an insignificant chunk of change. If you’re on the fence about Coinrule, the Starter package is a good option because it’s absolutely free.
Keep in mind that Coinrule’s subscription costs are completely separate from whatever trade fees are charged the by the exchange(s) that you use. So if you decide to choose one of Coinrule’s paid tiers, you’ll be adding to your exchange costs, not replacing them.
How Does Coinrule Compare?
Coinrule isn’t the only automated crypto trading software company. TradeSanta and Cryptohopper are two its top competitors. All three company offers similar features but their pricing and the number of exchanges that they support will be different.
Check out this quick table to see how Coinrule compares:
How Do I Open An Account?
Ready to work with Coinrule? Here’s how to get started.
First, visit the Coinrule website and select the plan you want to work with – Starter, Hobbyist, Trader, or Pro. From there, you’ll be asked to create an account with your email and a password.
Once your account is set up, you’ll be able to start creating trading rules. Before you can implement the rules, you’ll need to connect Coinrule to one of the available exchanges.
Coinrule will take over the heavy lifting involved with your trading strategy at that point. But you’ll always have the option to switch up rules through your Coinrule account.
Is It Safe And Secure?
In the world of cryptocurrency, security is always a concern. But since Coinrule isn’t an exchange, it won’t have access to any of your private keys and never asks for withdrawal rights.
This means that you won’t need to worry about Coinrule losing any of your crypto due to loss or theft. Still, you’ll still want to make sure that whatever exchange you choose has high storage security standards.
Even though Coinrule doesn’t custody any of its members’ crypto, it still maintains high website security standards. The company uses two-factor authentication, payment protection, and military-grade encryption to keep your information safe.
How Do I Contact Coinrule?
Need to get in contact with Coinrule? Here are your options.
You can send a message through their website or email them at email@example.com. Their typical response time is a few hours. Or you can call 44 79 2665 1198.
Overall, customers seem very happy with Coinrule. The company has earned 4.5 out of 5 stars on Trustpilot. And 85% of users reported having an excellent experience.
Is It Worth It?
Coinrule can provide a service to cryptocurrency traders that simply don’t have the time or energy to develop and implement strategies. Since the service will implement your strategy for you, it’s a good way to remain an active trader without losing all of your time.
But the costs of Coinrule’s paid plans can add up quickly. And, remember, you’ll still be paying fees to your exchange for every trade that Coinrule executes on your behalf.
We recommend trying testing out Coinrule’s Starter (free) plan first to see how much it improves your trade profits per day, week, or month. That way you’ll have a better idea if Coinrule’s paid tiers could outweigh their costs before you dive in.
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