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Coinigy Review – A Unique Arbitrage Feature Sets Coinigy Apart

Coinigy in Brief

The key differentiator that sets Coinigy apart from similar software products is ArbMatrix. With ArbMatrix, you can connect popular cryptocurrency exchanges and profit from the price differences between the exchanges.

In addition to exploiting arbitrage opportunities, Coinigy can be used as a general purpose cryptocurrency tracker. Coinigy gives you a quick look at how various assets are performing across multiple exchanges. Coinigy’s iOS and Android apps let you see where you stand when you’re out and about. In addition, you can set up price alerts, which let you know when the price of whatever asset you want to track has passed a critical threshold.

Pros

  • Earn profit on price differences between exchanges. Paid Coinigy users can use a tool called ArbMatrix to take advantage of interexchange arbitrage opportunities.
  • Good security record. Coinigy has never been hit by any publicized hacks.
  • Portfolio tracking. The Coinigy Marketwatch app lets you see how your crypto portfolio is performing across all your connected accounts.
  • News features. Coinigy’s Newswire app and the CryptoTicker Chrome plugin help you keep up with cryptocurrency news developments.
  • Google Sheets integration. Coinigy can output your exchange and wallet balances directly to Google Sheets.
  • Full-featured charts. If the crypto exchange you use doesn’t have the type of charts you want, you can integrate your account with Coinigy and view 75+ technical indicators.
  • 30-day free trial. The free trial lets you track crypto prices, connect accounts and initiate trades through multiple cryptocurrency exchanges.

Cons

  • Coinigy’s API-trading performance depends on the exchange’s performance. If a crypto exchange’s servers gets overloaded when Coinigy connects through the API, you may run into glitches or problems while trading.

What is Coinigy?

History

Coinigy’s origins story began in 2014 when IT professionals Robert Borden and William Kehl noticed a problem. There were not many quality automated trading tools for cryptocurrency investors. In addition, many of the crypto exchanges that were around at the time had poor chart features and clunky interfaces.

In an interview with Brave New Coin, Borden explained the problems with the cryptocurrency exchange market in 2014:

“Cryptocurrency trading was too varied and technical for the average user. Poor charting, analysis tools, and differences between exchanges left traders bewildered, and discouraged new investors, especially those with non-technical backgrounds.”

At first, Borden and Kehl used their software to help them with their own cryptocurrency trading needs. After a few months of development, they realized that beginner traders might be willing to pay to use a trading interface that was more intuitive than what the exchanges were offering at the time. Advanced traders also had needs that weren’t being addressed. They would likely be willing to pay to access a system that could take advantage of price imbalances between various cryptocurrency exchanges. These observations inspired the release of Coinigy– a software suite designed to meet the needs of both trader demographics.

Leadership and investors

  • Robert Borden – Co-founder, CEO. Borden managed and maintained IT systems for Madison, Wisconsin-based lighting manufacturer H&H Industries. Before that, he was the Director of IT Services at a market research firm called Market Probe.
  • William Kehl – Co-founder, President. Prior to co-founding Coinigy with Borden, Kehl was the Director of Web Operations at Voicemails Forever. He had the same position at Recordia– a provider of mission-critical telecommunications solutions to government, law enforcement, business and consumers.
  • Derek Urben – CFO and Director of Business Development. Urben was involved with Corporate Development and M&A at Briggs & Stratton, the world’s largest producer of gasoline engines for outdoor power equipment.

Shortly after Coinigy’s release in 2015, CoinDesk reported that Coinigy picked up $100,000 in private seed funding. The company used that investment to expand and improve its trading tools. The following year, Coinigy received an additional $400,000 during another round of seed funding.

Protecting customers’ coins

Legal and regulatory compliance

Because Coinigy relies on external exchanges and doesn’t process trades itself, it isn’t subject to the same regulations as money service businesses and cryptocurrency exchanges.

A knowledge base article provides some further details:

“Coinigy’s software is so isolated from the process [of trading] in fact, that we do not even need an exchange account ourselves in order to provide the services we provide. However, that does not mean we wish to hide in the shadows! We will be happy to fill out any paperwork required and provide all of our information including our US Federal Employer Identification Number.”

Network security

In addition to end-to-end SSL encryption and user request filters, Coinigy’s security team opted to use a multi-tier setup for its servers. This means that Coinigy’s presentation, application processing, and data management functions are physically separated. Moreover, each tier of Coinigy’s system is protected with complex passwords. This knowledge base article contains further details about Coinigy’s security system.

According to a recent tweet from Coinigy, the platform “has not been hacked nor have any API keys ever been leaked.”

Customer support

Coinigy’s detailed customer support database explains not only how to use Coinigy’s various features, but also how to analyze the technical charts. This knowledge base article explains the basics of interpreting Bollinger Bands, moving averages, support/resistance lines and other related information.

The first time you use a Coinigy feature, tutorials appear that explain the functions of buttons and other relevant parts of the interface. If you don’t want to read the tutorial messages, you can dismiss them.

Source: CoinIQ

Coinigy reputation

Discussions about Coinigy on Reddit seem to be generally positive. There are two complaint threads from a few months ago about buggy performance and problems with Chrome, but representatives from Coinigy responded to both complaints and tried to help. When crypto traders complain about crypto exchange interfaces on Reddit, Coinigy is often recommended as a solution.

How to Join Coinigy

Who can join?

To create an account and get a 30-day free trial of Coinigy, all you have to do is provide your email address. Once you’re in the system, you can use most of the core features for free. ‘

One key exception: only paid subscribers can use ArbMatrix– Coinigy’s arbitrage feature. Another thing that free users can’t do is customize your trade orders. Basic users can only place market orders, but paid users can set up limit orders. In addition, paid users can see more types of chart layouts and can add as many exchanges as they want.  

Verification

You don’t need to provide any AML (Anti Money Laundering) or KYC (Know Your Customer) data to Coinigy. However, if you connect cryptocurrency exchanges to Coinigy, you’ll have to provide whatever AML and KYC info those exchanges require. That usually means submitting a government-issued picture ID, but the requirements vary from exchange to exchange.

Getting Started

The first time you log into Coinigy, you’ll see the dashboard view depicted below.

Use the leftmost column to select a crypto exchange. Then, use the next column to select a trading pair. For example, if wanted to check BTC/USD markets on Bitstamp, all you would have to do is click BTS and then BTC/USD.

The Data tab on the right displays a live view of orders being placed and fulfilled in whatever exchange you selected. To place a trade through Coinigy, click the Trade tab.

Source: CoinIQ

This is what the Trade tab looks like:

Source: CoinIQ

Now, click Add API Account… and select the crypto exchange you want to connect to Coinigy. Next, create an API key on your exchange. Then, copy your API Key and your API Secret into the form.

Source: CoinIQ

Now, go back to dashboard view and select the exchange you just added. For example, if you added a Kraken account to Coinigy, find KRKN under the Market column on the left and then select a trading pair. You will now be able to place a trade through Coinigy via the Trade tab.

Source: CoinIQ

Follow the same process to connect all your other crypto exchange accounts to Coinigy.

What Can You Do With Coinigy?

Connect all your cryptocurrency exchanges

Coinigy supports the following cryptocurrency exchanges: Binance, Bitfinex, BitFlyer, BitMEX, Bitstamp, Bittrex, Bleutrade, C-Cex, CEX.IO, Coinbase Pro, Coinmate, Cryptopia, Exmo, Gemini, HitBTC, Huobi Pro, Indodax, Kraken, Kucoin, LakeBTC, Liqui.io, Livecoin, OKCoin Futures, OKEx, Poloniex, QuadrigaCX, Vaultoro and Yobit.

Once you connect your exchanges, you can do all your trading through Coinigy. This saves you the hassle of switching among multiple exchanges and logging in multiple times.

Identify and helps you profit from arbitrage opportunities

The ArbMatrix app within Coinigy helps you buy crypto from one exchange and sell to another for a profit.

This ArbMatrix view shows some opportunities for arbitrage in BTC/USD markets. This example shows that if you buy BTC from CBNK and sell it to OKEx, you could make a 6.784% profit.

Source: CoinIQ

Read cryptocurrency news

Coinigy’s Newswire app gives you a way to cut through the noise and find reliable cryptocurrency news. News stories appear on the left. When you click one, the article appears in an embedded window. The search box lets you search for specific topics. There doesn’t seem to be any way to add or remove news sources, though.

Source: CoinIQ

Trade on the go

In addition to the Coinigy web app, there are also apps for iOS and Android. Both apps have identical features. They let you initiate trades, set alerts, read crypto news stories and access technical charts.

The Android app’s interface consists of ten different menus: Options, Data, Actions, Tools, Advanced, Charts, Favorites, Portfolio, Alerts and More.

Source: CoinIQ

The Options menu gives you the ability to add technical indicators to the chart display. Options include Bollinger Bands, EMA and SMA. You can also switch between line and candlestick charts and/or add a depth chart.

Source: CoinIQ

In addition to analysis, you can place trades through the Coinigy app. Any exchange that you connect through the Coinigy website is available on the iOS and Android apps.

The Android app is still in beta and it currently has a 3.5-star rating. Some bad reviews related to issues with bugs seem to have lowered the overall score. The iOS Coinigy app has a 4.2-star rating and fewer complaints about bugs.

Subscriptions

Unlike crypto exchanges, Coinigy does not charge commission fees or any other type of trading fees. The way that Coinigy generates revenue is by selling subscriptions. It also sells historical pricing data to developers.

New Coinigy users can use most of its features during the initial 30-day free trial. There are, however, a few exceptions. Only paid subscribers can use ArbMatrix– a feature that lets you profit from price differences between different crypto exchanges. In addition, free users don’t have as many options when they place a trade order. Other restrictions on free users include reduced chart layouts types and API integration limits.

The standard Coinigy subscription is called Pro Trader, and it’s the best option for traders who aren’t developers. The base payment option is a $21.95 month-to-month plan. Those willing to pay for service in advance can receive discounts.

The most expensive plan is called API Developer Pro and it’s designed to meet the needs of programmers who build cryptocurrency trading tools.

Source: CoinIQ

Final Word

If you’ve ever thought about trying your hand at arbitrage trading, Coinigy is worth a try. Coinigy’s ArbMatrix reduces the work involved in identifying profitable arbitrage opportunities. Moreover, the fact that Coinigy can place trades on your behalf makes exploiting price differences among exchanges less of a hassle than it would normally be if you attempted to use a manual approach. Other features– like the iOS and Android apps, the built-in portfolio tracker and news feed– are convenient. However, free cryptocurrency trackers offer similar functionality.

Alex Munkachy

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