Coinrule review: automated crypto trading bot for everyone

Overview

“Buy low, sell high” is the oldest piece of advice in every investing book and applies to the cryptocurrency trading sphere, too.

In real trading, however, this rule is extremely difficult to obey. There are just too many types of available assets, each of them behaving differently in the market; their price movements are often erratic and cannot be fully anticipated; more complex trading techniques – like margin trading, for example, provide a trader a possibility to trade asset derivatives such as futures by betting on an asset’s price, either rising or falling and recognizing what is low and what is high is frequently unclear.

Such circumstances may be overwhelming, even for experienced traders, and scary for beginners. There are just too many pieces of relevant information that have to be taken into account when reaching trading-related decisions.

That is where trading bots step in. Coinrule is among the most prominent ones in the crypto community, allowing its users to create and automatically execute trading strategies (rules) that have been devised by the user themselves or by using any of 150+ predefined trading templates. By reading this Coinrule review, you will have an opportunity to get familiar with the benefits of automated crypto trading.

Coinrule: history and idea

According to its co-founders Gabriele Musella (CEO) and Oleg Giberstein (COO), their goal to be achieved by Coinrule was to “give access to advanced trading tools in a fun, simple, and educational interface“, understandable even to absolute novices. Coinrule was designed as a Lego toolbox for creating trading strategies, implementing, and tracking their performance in real-time.

Founded in 2018, this automated trading system has attracted over 130,000 subscribers so far. With offices around the world, Coinrule today produces revenues of US$ 140,000 a month on a US$10 to $15 million monthly trade volume.

What is Coinrule and what is it used for?

Coinrule is one of the widely used automated trading platforms – a trading bot that enables both beginners and experienced traders to maximize profits from trading crypto assets, mostly digital currencies.

A crypto trader that selects Coinrule can use it for trading activities 24/7, employing various strategies for gaining net profit.

Performing the Coinrule review, we must stress that it is a crypto trading bot that uses computer programming to automatically create buy and sell orders and submit them to multiple exchanges.

The programming behind it automatically generates orders based on a predefined set of rules using a trading strategy created independently by the user or with the help of ready-made, easy-to-use templates.

Simply put, all the user has to do is open a Coinrule account, select a subscription plan, create their own set of trading rules and let the bot do the work for them.

Coinrule is faster and far more efficient than any human can ever be, thus saving users from the burdensome babysitting of their investments on cryptocurrency exchanges.

How Coinrule works

Trading bots execute trading commands on a user’s exchange account on behalf of the user by using so-called APIs (Application Programming Interfaces). The role of an API is to connect two independent pieces of software (in this case, the bot with some of the most popular exchanges), enabling them to interact.

The most heavily used centralized exchange, Binance, offers API integration to its users. Through the API, the users can execute trades and withdraw their funds without logging in directly to their Binance accounts. Coinrule is able to request permissions to execute trades on behalf of its customer.

Coinrule uses the conditional statements IFTTT (IF This Then That) model that allows a user the ability to execute trading-related instructions once specified conditions are met.

When conditions are met, the Coinrule bot proceeds to the execution of a predetermined action. In the opposite case – if conditions are not met, the action will not be performed.

User interface and experience

There is another reason why Coinrule stands out from other trading bots – its superior user interface.

This automated trading platform has a smooth UI with a minimalist design that is quite straightforward and easy to adopt even by a total beginner.

On the left-hand navigation side, there are three main options:

• Rules. This is the default page when you log in to this automated trading service. In this section, you will have an overview of all the IFTTT – your own automated trading rules you have created to perform your crypto trading on supported exchanges. Here, you can also adjust your trading strategies by enabling/pausing particular rules.
• Exchanges. The page shows centralized exchanges to which you can connect your Coinrule account, as well as the balances on them.
• Settings. This page gives you access to user-defined preferences.

Coinrule mobile app

Coinrule has not yet made a mobile app that would complement the web service. This may be the biggest (and probably the only serious) objection to the company that runs the platform.

Setting up a trading strategy (even if you have no idea what it should look like)

One of the best things about Coinrule is that you can start using it even if you have no idea what your trading strategy should look like.

We have mentioned in this Coinrule review that the bot will do all the work for you, but you must first tell it what your trading aspirations are. Those aspirations are in fact rules that reflect and define your trading strategy.

You can select any of the 150+ trading strategy templates available.

Creating rules and trading strategies can be done either by setting up mentioned If/Then parameters or by selecting one of the predefined trading templates.

How to start trading

Demo exchange

Coinrule offers an easy-to-use paper trading platform allowing users to try out their trading strategies before implementing them in the real environment. This demo account uses real-time data from the Binance paper trading interface, which supports all the Binance trading pairs. Trading cryptocurrencies on a demo exchange that Coinrule offers is a fine method of testing your skills, even if you find yourself to be an experienced trader or you are a certified financial planner.

Signing up for service

Signing Up for an account on Coinrule is simple and straightforward. You will need an email address and a strong password. Optionally, you could sign up using your Google or Facebook accounts.

Once you submit your details, Coinrule will send a verification code to your email address. You will need this code to verify your account and log in for the first time.

Linking Coinrule account to exchange

The next step after signing up is to link an exchange account. You can find the list of all supported exchanges you can connect to on the Exchanges page. With a starter plan, you can connect up to one exchange.

The pieces of information you will need for connecting your account to exchange are the API key and its companion secret key.

Trading platforms display their API management pages in different sections of their respective website. On any of those sections, you will be required to create a new API key.

After setting up the API keys, the exchange will provide you with two keys – the API and the secret key. Copy them and return to the Coinrule interface. Click on the Connect button and that would be it.

List of supported crypto exchanges

Two ways to create rules

Continuing with our Coinrule review, let’s see first which are the two key options for creating rules. The first one is to use a template from the Template Library or create a rule from scratch.

Novices will appreciate the vast selection of a library of ready-made templates to choose from.

A rule can go like this: IF Bitcoin’s price reaches $20,000, THEN Buy $1,000 of BTC from my USD wallet.

Is Coinrule safe?

Coinrule actually does not use any exchange services directly. It means it does not have the access to your passwords on supported exchanges. And although Coinrule has no control over the funds themselves, it uses a 2-factor authentication (2FA) system that provides secure payments and top-notch system access security.

Coinrule also does not collect payments or personal information. Instead, it routes all payments through Stripe.

These features, together with robust internal security measures against external hacker attacks make Coinrule a safe automated crypto trading platform.

Pricing and available plans for paid subscriptions

There are 4 plans available, each providing user with a certain number of available features:

Coinrule alternatives

Are there decent alternatives to Coinrule?

Some decent alternatives are, for example, Bitsgap or 3Commas. Both of them have their own unique selling propositions and should be taken into consideration when choosing the right crypto trading bots for your trading strategies.

Bitsgap stands out by its extremely short adoption curve, a rich selection of predefined trading bots, and arbitrage opportunities.

3Commas excels in an easy-to-use interface, manual and automated trading options, and the existence of a fully functional mobile app.

Wrap-Up

Coinrule is certainly able to meet the expectations of many crypto traders, both amateur and professional. The lack of a mobile app is a serious omission that can be used by other vendors as their competitive advantage.