Coinrule is an automated cryptocurrency trading platform, a crypto bot that is designed to fit the needs of, primarily, newcomers into the world of automated crypto trading. The platform is designed to be a Lego tool-box for crypto trading strategies, for new and experienced traders as well. We will be discussing Coinrule popular solutions, liability, strengths, weaknesses, and much more, during this review.
Who is behind Coinrule
Coinrule Ltd is a limited liability company incorporated under the laws of the United Kingdom and Wales. The registered office is in London. This is one of the rare crypto platforms that hasn’t settled in one of the popular tax haven countries. Terms of using their platform are governed by and construed under the laws of the United Kingdom within the jurisdiction of England and Wales. Coinrule has come to life in Dec 2017.
- Gabriel Musella, CEO
- Oleg Giberstein, COO
- Zdeněk Höfler, CTO
Coinrule head team is young, highly educated, and have help from four fantastic advisors:
- Tibor Turner, Executive Director, Markets MKB Bank
- Robin Bade, CEO Europe, Mirum WPP
- Andrea Baronchelli, Reader of Mathematics, City University – UCL Blockchain Centre
- Richard Lagrand, Programme Director, Startupbootcamp
Unlike some platforms, Coinrule keeps the transparency of their leadership team on a high level. Currently, Coinrule has less than 10 employees, but their business experience combined with high education gave them an equal position, if not higher, to all the competition platforms teams.
Coinrule is, just like all other leading bitcoin bots, except Margin (formerly Leonardo) a cloud based bot.
To be honest, this is one of the simplest and user-friendly UI’s I have ever seen and is accessible from all the standard browsers. The official logo is catchy and has become recognizable through the financial world.
No useless content on the homepage, except a bit annoying “Join the fundraiser” pop-up window. The platform uses no complicated trading jargon, just clean and simple options, easy to understand even for first-time users. The use of the if-this-then-that parameters is understandable to almost anyone, as well as the strategy types (Divide and Conquer, Maximise Profits, De-risk Fund, Surf the Moonshot, Buy the Dip).
More experienced users will create their unique strategies in no-time. Orders need cca. 500 Milliseconds to reach the market. You can view your balances across all exchanges in a single-window solution. Advanced technical analysis tools are accessible, but there is a lack of additional technical indicators and features like trailing stop losses.
Free Demo and Starter accounts are available for exploring all the possibilities Coinrule has to offer.
Coinrule doesn’t yet have a mobile app, and that’s something they must consider developing in the future. The market changes can be extremely quick and unpredictable, and users need to have fast access to the platform at all times.
The list of the exchanges supported by the Coinrule is quite impressive, with most of the top cryptocurrency exchange platforms included.
- Binance US
- Bitpanda Pro
- Coinbase Pro
The platform is technically free to use, but the free plan has some serious limitations when compared to the paid subscription plans.
The general strategy of the Coinrule is to limit small or beginner traders to the smaller subscription, while providing more advanced options and benefits to the bigger, more active traders.
The monthly paid plans range between $39.99 to $249.99 for a Pro version of the platform. All the costs are discounted if you go for a yearly subscription purchase.
All the plans are billed from your credit card, and the payment is processed with Stripe. By choosing the annual plan instead of a one-month subscription, you can save up to 20% in the long run. Coinrule doesn’t charge any other fee to the users. Some competition platforms, like CryptoTrader or Haasbot, charge their subscription in Bitcoins. Others, like Quadency, offer free subscription up to 6 months.
How to start trading
The process is simple, with three basic steps:
The sign-up tab is on the top right corner, you just need to click on the field. Only email and a strong password are required, or you can merge it with your Google, LinkedIn, or Facebook account. After that, you just wait for the email containing the verification code.
Add desired exchange
Choose one of the (currently) 12 exchanges offered on the “Add exchange” tab. The API key is required, along with the secret key information. When connected to your desired exchange, locate your API keys on the “API management “ tab. Name your API key and use an option called “Create New Key”. The next step is to confirm your 2PA and complete your key creation, following the confirmation email instructions. Choose desired API restriction from 5 offered options, and two IP address restrictions, to maximize your security. Return to the coinrule.io to confirm and end the API integration process.
Create your own rules
Click on the “Create rules” option to start creating. All the strategies are based on the if-then parameters, and creating them is quite a simple process.
Select the desired exchange you want to trade in, and start adding parameters to your strategy, in following your preferences and market movement. For instance:
- IF ETH has a price increase by 12 % from the current market price
- SELL all the ETH from my ETH wallet
- EXECUTE start immediately
You can check the key conditions of the created rule before actually launching it, and enter eventual changes. You can also choose one of the pre-made strategy options from the excessive template library, and eventually adjust their settings to your desire. Some of the popular templates are:
- Golden Cross trading
- Range trading
- Portfolio take profit and re-buy
- Accumulate with a take profit
There are over 150 templates available at the Pro plan.
If you are not sure yet how this works, use the Demo account to test your newly created strategies without the risk of losing your funds. The Demo account resembles the current market conditions on the Binance exchange.
Is Coinrule safe to use?
Each Coinrule user has a separately generated dedicated private key. All the keys are stored inside the data storage encrypted with the AES-256 ( Rijndael) standard. Encryption is also used for storing API keys and all the platform’s information transits, using the TLS 1.2 or higher security standards.
Only API keys without withdrawal rights are enabled. The Ukey1 secure login service is in charge of the secure authentification of users, as well as personal data and passwords encrypting. As protection against DDoS attacks, Coinrule uses the services of the Cloudflare CDN. Also, Coinrule gives maximum attention to the General Data Protection Regulation (GDPR), given the fact that the platform is under the laws of the United Kingdom (jurisdiction of England and Wales) and not some exotic island state.
With all that advanced security measures, the downside is the simple lack of 2FA authentification when entering your account.
Coinrule platform has an extensive network of partnerships with renowned companies in the crypto-trading and high-tech world. Partnerships with Kraken, Alan Turing Institute, Fintech Alliance, and more, just strengthen the Coinrule trustworthiness, and the partner network will spread even more, with new, strong names like Liquid coming to the Coinrule family.
Coinrule customer support
Coinrule help center is literary packed with helpful materials, from articles about how to use the platform to trading tips and strategies, as well as their FAQ section. The blog section is also up-to-date, with their Head of Trading Ruben Cisternino writing most of the articles.
You can contact the support via live chat, email, Facebook, Telegram, or Twitter. Also, a direct support phone line is included, and that’s an option that many of the competition bot platforms don’t offer. The Coinrule community still has time to grow.
List of prohibited countries
Instead of the classic list, Coinrule prohibits the access to its platform to any country or territory embargoed by the United Kingdom, the United States of America or the European Union. That’s also applicable to citizens and residents of that territories, or any other individual, entity, or group listed on the United Nations Security Council Consolidated List.
Coinrule platform offers an interesting alternative to popular crypto bots, especially for new traders.
Other than that, Coinrule doesn’t affiliate any cryptocurrency, doesn’t promise profit if using its service. It remains true to the original vision, a simple and helpful bot trading platform. It’s not yet positioned on the top of the market, but by improving the platform and adding new features, it is certainly inching towards that goal every day.