I found the platform to be well designed, organized and very useful, presenting a large amount of data in an easy to understand manner. If you look at the image below you can see the following features from left-to-right:
- Each exchange that’s available and the relevant trading pairs for that exchange. This is Bitstamp with the USD/BTC pair selected. If you move from “Markets” to “Balances” it will show how many coins are held at the exchange.
- The TradingView price chart and any indicators that have been selected. This chart just shows volume.
- The order book for the selected pair at the selected exchange.
- The list of recent trades at that exchange and the price trend.
- In the bottom right corner (not shown), occasional news updates are displayed.
It is possible to collapse the side panels containing the exchange and pairs on the left and the order book on the right. This expands the chart, allowing you to focus just on price action and any indicators you might be using. Also take note of the four colored blocks at the top of the chart. The first one that looks like a cube displays blockchain data about the cryptocurrency you have selected. The next one that looks like a megaphone lets you set price alerts. And the green and red arrows are to place buy and sell orders on the selected exchange quickly and easily.
If you’ve used the TradingView charts previously you’ll know that they are chock full of predefined technical indicators and studies that can be applied to your chart. All of them are accessible through the various icons at the top and to the left of the chart, and in total there are 75 indicators provided. The only downside is that Coinigy doesn’t support custom coded indicators.
Finally, take note of the top menu bar, which allows you to access a number of other screens and features:
- The “Apps” dropdown gives you access to ten additional features, including blockchain explorers, the ArbMatrix, a chart scanner, news feeds, SMS alerts and more.
- The “Markets” tab is where you access all your charting, and is probably where you’ll spend most of your time.
- “Alerts” lets you set and view price or trading alerts for specific exchanges and markets. Alerts may be received via SMS, email or both.
- “Accounts” is one of the most powerful features in Coinigy since its where you can use the API keys from your various exchanges to link them to Coinigy and enable trading across all your supported exchange accounts.
- “Balances” shows the total value of any coins being held at each of the exchanges you’ve linked in Coinigy.
- “Orders” allows you to place new orders or review historical ones at all the exchanges you have linked to your Coinigy account.
Is Coinigy Private?
Even though Coinigy doesn’t ask for any personal information to verify accounts, many of the exchanges they support do demand identity verification. This is certainly true for any that support deposits, withdrawals and purchases in fiat currencies. It’s even conceivable that an exchange could work with Coinigy to reveal an individual’s entire cryptocurrency portfolio, or at least the parts that have been shared with Coinigy.
Those who place a premium on their financial privacy or trading anonymity will want to avoid Coinigy. Just the fact that all your balances on linked accounts and trading history is available to Coinigy should be enough to throw up a red flag.
Is Coinigy Secure?
Coinigy has developed serious security features, and in the four years of its existence it has never suffered a breach or major hack.
That aside, you do need to share your API keys with Coinigy to link accounts, and if there ever was a breach at the platform, or if it would turn evil, all your accounts could be hijacked using the API access. The same is true if anyone ever gets a hold of your Coinigy login details. So if you do use Coinigy be sure to keep your login details as safe and secure as private keys!
You can setup most of the exchange APIs to either block withdrawals completely, or at least require 2FA conformation. I highly recommend you take these steps to minimize the possibility of any funds being stolen from your Coinigy account.
Is the Coinigy Subscription a Good Value?
You can see the fees charged by Coinigy below, which decrease as your subscription term increases.
If you’re a large volume trader these fees are certainly reasonable, especially if you use arbitrage strategies and can benefit from access to ArbMatrix. In fact, one month should easily be paid for by just one successful trade. And of course there’s the convenience factor to be considered as well. You’ll likely save time too, and that’s certainly worth something.
All in all, I don’t think the price of a Coinigy subscription is expensive at all.
What’s the Internet Buzz over Coinigy
As I do with all my reviews I took some time browsing through popular forums to see what the general public consensus of Coinigy is, and I found that most people feel that Coinigy is useful and affordable, although some said there could be more features. Overall the sentiment was quite positive, although there were some recommendations for those only interested in charting to switch to TradingView, since Coinigy uses the TradingView charts anyway.
Coinigy Review: Conclusion
While security and privacy may be a concern for some, overall the Coinigyplatform is a great idea if you’re an active trader across multiple exchanges that are supported by Coinigy. I wouldn’t say it’s necessary, but at $21.95 a month or less it’s a good value, and the time savings and convenience makes it worth it for some. Keep in mind that many of the features offered by Coinigy are available elsewhere for free, and if you’re mostly interested in the charts you’ll be better off just getting a TradingView subscription.
Active traders with accounts across multiple exchanges will almost certainly find Coinigy to be both useful and a good value.