The cryptocurrency market witnessed a spike due to the sudden surge in prices in 2017. This caused a large number of people to invest in cryptomarkets. But a lack of market awareness resulted in huge losses for these people.
As the crypto markets are subject to a high degree of volatility, it is impossible to fully exploit the change in market prices without being on your toes 24×7. This is where trading bots are useful. Once you create a strategy for your trading bot, it will perform transactions on your behalf.
Automated trading bots have been helping people extract huge benefits from the market volatility by increasing the frequency of trading. One such trading bot is Zignaly. Let us explore the various facets of Zignaly and understand the various ways in which it can help traders.
Zignaly: How Does it Work?
Zignaly is an automated crypto trading bot that has been launched recently and is currently in the beta phase of its testing. It takes its data from external signal providers, which allows users to make automatic trades. It works in conjunction with signal providers like TradingView which can be connected and used to obtain trading indicators. Apart from TradingView, you can also use a trading terminal developed in-house for setting your trading strategy.
If you want to begin trading with Zignaly, you need to set up an account by providing basic details like name, email ID and password. After registering your account, you will be prompted to choose an exchange of your choice via API connectivity. Currently, only Binance exchange is supported by the platform. However, the team behind Zignaly has announced that it will soon add other exchanges like Bittrex as well.
After selecting your exchange, you have to select your preferences. These preferences include the choice of your base currency, the Buy Price Deviation, Stop Loss, Trailing stop, minimum volume, max concurrent positions and so on which are essential to make live trading an enriching experience for you.
Currently, there are 21 signal providers which can be used as trading indicators on Zignaly and new providers will be added in the coming days. Some of these signals are free while others are paid.
Features of Zignaly
1) Cloud-Based Interface
Zignaly features an interface which is entirely cloud-based. This makes your entire experience hassle-free. If you face any problems, you can easily update the software from anywhere at any time of the day. It adds a lot to the convenience factor, as you can access your account from any platform, be it mobile or desktop. Any changes that you make get updated on the cloud and is reflected throughout.
Zignaly is gaining prominence primarily due to seamless interactions with platforms that provide crypto signals. This feature is quite handy for people who cannot keep a track of the market due to other commitments, yet have a penchant for investment. The platforms that provide signals analyze the market conditions and let you know that the conditions are favorable for maximizing your profits.
3) Trailing Stop Loss
Every trader is aware of how useful this trading strategy is. However, most crypto exchanges do not offer this feature. Thanks to the developers, trailing stop loss can be easily used on Zignaly.
It is basically a trading strategy which helps you maximize your profits and minimize your losses. When the price of a currency is going, it buys follows it up to the point there is a price reversal. As soon as the prices start falling after reversal, it begins selling your altcoins. This ensures that you enjoy the upside without facing losses on the downside of the cryptomarket.
4) No Limit on Trades
As an investor, if you are using a crypto exchange on Zignaly, you can trade any currency pair that is available on the exchange platform.
Every trading signal on Zignaly takes place through TradingView, which is one of the features that sets it apart from its competitors. TradingView is a trading bot that allows you to send your own trading signals using automatic indicators. You can also use the recommendations provided by the Cryptocurrency Signal Finder to obtain trading indicators.
Pricing Structure of Zignaly
Right now, being in the beta mode of its testing, it is charging a minimal price of $9 per month. However, it remains to be seen whether the price will remain the same or increase when new features are added. Some people have predicted that the price may rise once the advanced features become functional, but this may be contradictory to the claims of the team behind Zignaly.
The company claims that it will ‘freeze’ the prices at $9 a month for people who buy it at the initial stages of its adoption. This may be a good deal, if you are looking for a crypto bot and join early as various new features are in the pipeline.
Some of the features available for members are support for unlimited exchanges, unlimited number of currency pairs, the option to take unlimited positions and priority support. There are a few advanced features like Trailing Stop Loss, Autoclose, DCA ReBuy and so on which are exclusively accessible to the premium members.
Zignaly Review: The Verdict
Zignaly offers a great trading environment for its users. The platform is quite user-friendly and the interface design imparts a sleek look to it. It has also good security features as it does not provide any right of withdrawal to Zignaly.
All the transactions that you make and your digital assets get reflected on the exchange platform. The security is further enhanced by the fact that it is cloud-based. The signals work quite right as you have strong signal providers like Mining Hamster Signals, Crypto Quality Signals and so on.
The only downside to using Zignaly is that it is currently in the beta phase of its testing which limits its functionality and leaves it vulnerable to potential glitches. However, with many more features planned, the platform will only see further improvements as the growth of users on the platform has seen an average rise of 70% per month. In December 2018 alone, it had more than $2 million in trading volume. If you’re looking for a trading bot at affordable prices, Zignaly may be the one for you.
Jacob is the master-mind behind BitCongress. Over the years he has dug into the world of bitcoin and cryptocurrency and really nerded down on all the products and services. Beyond sitting in front of the computer and absorbing information on crypto, he really likes to play Zelda.