Coinigy review – what is it and how does it work? Find out about one of the best trading platforms for cryptocurrency

Are you curious about new services that can help you with your trading? Watch our latest video of Coinigy review, to discover a service that’s easy to use and very useful in day-to-day trading.

Coinigy review – a simple, but effective guide

Hello everybody, this is John, from Diary of a Trader and I have another great, fantastic video to go over with you today.

Today, I want to go over, in this video, a service called, “Coinigy”. Now, you may or may not have heard of Coinigy, but it is a pretty interesting and a pretty fantastic service. It is essentially a mobile and a desktop platform for people who trade quite a bit, are pretty serious about their trading and have multiple exchanges. There are different charts, balances, API connections for everything that you would need to look at all these multiple markets, so instead of having a whole bunch of windows open for different exchanges and prices, it is all under one roof, right here. One of the nice things about it is that the charting is all the same here. So, they have connected with TradingView and TradingView’s charts for everything and I want you to just take a look on the left side of the screen here. These are all the various exchanges that you can take a look at. There are quite a few. If you’re a US resident, like myself, then some of these you are not able to go to and some of them you can, so here is Poloniex and if we select Poloniex, we can look at, you know, maybe the ETC/BTC pair, and that will bring up the chart, or if we like to trade on Binance and we want to look at the, for instance, the Cardano-Bitcoin pair, then we can do that. Now, what’s really interesting about this is that, this is probably one of my favorite features, is that the book over here has a great graphical representation and it’s a lot deeper and easier to read than even the advanced section on the Binance site. And I think that really puts into a lot of people who are more visual traders, or at least, who have a hard time reading a book that this is a little bit easier. You can also see the quantity and the amount at a certain price level. Sometimes, a lot better horizontally than vertically, but you can still, if you want to, you can still observe the book here. But, this is the other part that is really fantastic is, when you look down below, you see, you have the bids and the asks and you can see that they automatically detect where some sell wall and buy walls are at.

So, if we’re looking here at, it says walls at 14 Satoshis we can look down below and see if there is that wall that was identified, or more recently, here at 1333. We can see the quantity in Bitcoin that is held up there. Alright, this is a pretty awesome, and they actually delineate on the screen, here, as well, vertically, those price levels and amounts. It’s a very, very sophisticated and a very, very transparent way of looking at these markets. In fact, one of the more liquid markets, if we were to look at it, like for instance, Bitfinex, if we want to look at the Bitcoin pair, but they do XBT on there. It is XBT… You know what, I might have got that wrong. Sorry about that. BTS/USD. There we go. And we can see how… Reset the zoom.  We can see how much more liquid and active this market is here. If we’re looking at the book, we can see there are significant amounts of buy walls. For a lot of folks looking at Bitfinex, is a more effective way to kind of get a broader view. It does have a lot of substantial volume. It is sometimes questioned how authentic the amount of Tether is traded here, but nevertheless, we can see these order values and these book values pretty nicely compared to other sites, even their own exchange. But we’re really not limited to just looking at these markets. What’s really fantastic is, if I want to go back to Binance here, and I want to look at the Cardano-Bitcoin pair, for example, you know, if you connect your API and I’ll show you that here in a moment, but I have my Binance exchange attached here and, you know, it’s letting me know what kind of orders I can do and I can set an order, or I can do a marker or a right away with buy now and sell now. So if I’m looking at this, I see that ADA is trading here. If I want to sell some of my Cardano, I could say, well I want to sell, yeah, sure, maybe I’ll sell 5% of the Cardano that I have and I can hit Sell Now. They will ask me if I’m sure, yes, and there we can see there is the order history right there and it pops up as well that the sell order has been placed. And it will also alert me when I leave the page here if it got triggered or not.

Alright. Let’s take a look at some of the apps that they in have in here. Some of them are grayed out, because they are not quite finished with them, yet. If you just look on the bottom left here, you can see that this news just came out. That is actually one of the great features that they have, is the newswire. And that will pop up another site here and the news is fantastic, the newswire. When this pops up and it pops up frequently, a lot of the news sites like CoinDesk, CCN, even Forbes, sometimes, they will pop up here if they’re related to crypto currencies and we can get a nice frequent update throughout the day. So, I actually like to have this entire page pulled over to another one of my screens and I can get into seeing the news a lot quicker and faster than just trying to look for it at the end of the day or on my phone. It’s really nice to see those alerts pop up right away.

Other apps that they have, the ArbMatrix, we will get to the ArbMatrix in a second. The Google Sheets, this is a really nice option that you can have, where you can manage your exchange and wallet balances directly with Google Sheets. It is a very neat and organized format that they’ve come up with, if you’ve ever wanted to try to organize your crypto assets according to exchange and according to the balances existing and the trade history, this is a phenomenal tool that they have. The other we have is the CryptoTicker. This is an add on, for your browser. It’s for Chrome. So, it’ll keep the Ticker up there for you, it’s a widget. I don’t actually use this myself. There’s really no reason for it because I’m an active trader and I see it happening all the time. We also have SMS Alerts. Now, these are interesting, because this is the part, one of the things that I’m not a huge fan of, is that you’re entitled to $5 worth of credits each month and this is a monthly fee for using Coinigy. And I feel like if you are doing the yearly or the semi-annually or quarterly, I feel like you should not have to, you know, that should be added into the Premium of the service, because we’ll get into how much this costs, but it’s about $22 a month, and for some, that’s a substantial amount. And for a lot of others, even if it’s not substantial it may not be necessary for you, especially if you only trade cryptos every once in a while, or you are really not interested in a lot of the other services that are involved with Coinigy. See, there’s another news article that popped up, that’s a very awesome feature of this service.

So you have the SMS Alerts, Feature Requests, you can ask about some things, but this is probably the bread and butter awesome of what I like about this and it’s difficult to execute. So this is the ArbMatrix, so this is arbitrage, and arbitrage, if you’re unfamiliar with what it is, you’ve probably heard of it before, hedge funds are known for their arbitrage. Basically, you are buying and selling something on two different exchanges and you’re profiting on the difference. So, for instance, on GDAX, let’s look all the way over here. So GDAX says that I can buy Bitcoin at $6413 and I can sell it, on LAKE, for $7033.

Now, that looks great, but we really have to understand, “Well, why is there such a massive spread?” Well, this exchange LAKE, they have a huge… You get charged by it, it’s not profitable to make this change. You know, there’s EXMO here. You know, the volume is not very appropriate and we’re not limited to just the Bitcoin pairs. We can look all the way down here, for instance, Bittrex, we’ve got Bitcoin has a difference of 0.56 per coin, here, so some of these spreads are not very large, and in fact, the more this market matures and the more it gets active and the more that things are operating a lot like a Forex exchange, then we’re going to have less and less arbitrage opportunities between exchanges, because they’ll become naturally more connected, not centralized, that’s a bad word to use, but they will just be more interconnected and deviations in price will be… They won’t be very significant. But that doesn’t mean that they don’t exist. For instance, I was just looking today, because I like to do some swaps, every once in a while, with ADA. It’s one of my favorite pairs to trade. So Binance and Bittrex, this morning, they had almost a 0.78 spread. And it’s very cheap to trade. The fee to trade, to send Binance back and forth, is very fast and it’s very, very cheap. And so, it was actually affordable and I was able to execute it fast enough to trade some Binance on Bittrex and vice versa, so you can buy that 1324 on Binance and sell it at Bittrex, at 1333 and so that is a great example of this arbitrage opportunity. There’s others, for instance, a fast coin to send back and forth that is really cheap, is Steem, for example. So HITB, has got a pretty large spread there, between Binance and HITB, not a very large in between Binance and Bittrex or Poloniex.

And again, some of these exchanges you won’t be able to trade these on. We could see if Ethereum classic has any large differences? Not really, no. Alright, so that’s the ArbMatrix. You can sort them by spread. Spread percent, that’s actually a really nice way to organize things. One thing that they do, in case you find this confusing, is that on the left side, if you can read this, it says that from this exchange you buy it and then you sell it to this exchange up here. That’s what we’re reading and you can adjust the grid to be sorted in a certain way, or you can scale the grid. You have to click this a few times in order for it to come back to normal. There we go. And so, that’s the Arbitrage Matrix, it’s a pretty fascinating tool. This, by itself, is worth it, I think. I really, really enjoy this service, because nobody else has this. This is a fantastic, fantastic tool in your trading tool-belt. And that does it there for the apps.

Now, we can go to markets. That’s the first page that we default to. And we can see that my sell did not get triggered yet, that’s okay.  But markets, again, we can observe any number of exchanges and we can buy and sell them, but only if we have our APIs connected. Additionally, we have alerts, here, on the market. We can set a certain price. For instance, let’s say I want to know if we go past 1350. You know, I want an alert there, and it will give you a series of options for sounds. Pretty classic, I really like that, so I’m going to set that alert and I tell you what, some of these alerts when they go off, the sounds that they’ve selected for you to use are pretty loud, so they’re very nice. But what’s really fantastic over here is that they have all-time high, monthly high, the weekly high, weekly low, all-time low. They have these settings here that are just fantastic. So you don’t have to actually search for them yourselves. I mean, the folks who have built this, they must be traders themselves, because they have thought of a great many things to really speed up the process of being a trader, and just really simplifying the process of all these price levels and finding the important ones. Economy, this is another phenomenal feature is that you know, all of the social media, so ANN Thread, Twitter, Facebook, LinkedIn, Google, Forum, Wallet, their website, you can click on their white paper, the Block Explorer. I don’t know if they actually have this app running or not. It just brings that up, so, new market discovered.

QTUM. See, this is another news thing, QTUM has been listed on Poloniex. So the QTUM and Etherium trading pairs on Poloniex. Again, this is a phenomenal tool. And so this says Mining Reward, Confirmations. We don’t know any of that yet, but we could find one that we do know of. So, I’m trying to think of one, off the top of my head, maybe XMR. If we could use that, that is Monero. Confirmation time, one to two minutes, algorithm CryptoNight consensus type proof of work, POW, proof or work. Another that we could take a look at is maybe TRX. Actually, they don’t have any information there. Steem. Not a lot of information.

And we can also write notes. Now, these are actually really fantastic and if we want to, we can save those notes and whenever we come back here, we can see the notes that are there, and it’s just a really amazing service that they have. As far as, on the order book here, we can change colors, we can put alerts, we can set an order. It’s just a really fantastic way to look at the entire cryptosphere. You have all of these exchanges sitting right here, along with the news popping out at you. It’s just a phenomenal service.

Now, we could also manage our alerts. If we wanted to, we can check the alerts based on the exchange. So, we are setting an alert for Binance, and that’s set, but we can also set them for various exchanges to get their price alerts. And balances will tell you, you know, it will give you the balance on whatever exchange you’re on, it will tell you, Held means that these are resting orders waiting to execute for sells, or you know, existing sell orders. You can go to Chart View. And you get a really beautiful graphic of what you have available and then what the exchange distribution is, okay? Very awesome platform.

Settings, API accounts, your favorites, two-factor authentication, that is a big “duh”. You should definitely do the two-factor authentication to log in here and then your preferences. You can adjust how you want to get alerts, either by email, text; you have the news bulletin, Blockchain updates, definitely probably want that checked, I don’t know why that wasn’t. And, yeah, it’s just a phenomenal service and program.

Now, let’s talk about the cost. How much does this cost? You know, we’ve got a couple of options that we’re talking about when we want to discuss the cost of a service like this. So, we have three options here. We have the free, which is just the trial and then we have the Pro Trader which has everything else that we looked at and what we went over. What it doesn’t offer is the Enterprise API access, and they are really, really institutional grade data feed and that is just, you know, that is probably not something a normal crypto trader investor is going to need. But if that is something that you’re interested in, you know, that is the fee, $100 a month for that data package premium.

So, that does it for me, folks, for this video. I hope you found this video helpful and useful. Please reach out to us if you have any questions and we’ll be happy to answer them. Again, thank you, and I hope you guys have a great rest of your trading day and I look forward to speaking with you in our future videos. Bye-bye.