Coinigy Review

Keeping track of market prices and assets on multiple cryptocurrency exchanges can be tiring. That’s why Coinigy offers a centralized solution to streamline your trading experience. To assess its suitability for your trading needs, you need a thorough Coinigy review, and I'm here to provide you with one!

Essentially, this platform gathers exchange accounts, including popular options like Binance, Bybit, and Kraken. That way, users can see the price differences and monitor their performance from a single platform.

"With such capabilities, how much is Coinigy’s paid plan, and does it have an additional trading fee?”, you might ask. Let's explore these aspects and more in this Coinigy review.

Verdict at a glance: Coinigy's value depends on your trading needs. It offers features and insights to streamline trading, but consider its pricing and potential drawbacks like bugs, lack of social logins, and limited exchange options. 

What is Coinigy?

Coinigy is a multi-exchange execution platform. To get this Coinigy review right, remember it's not a trading bot with predefined strategies or a centralized exchange like Bybit or Binance. Coinigy is more like a trading terminal that connects to multiple exchanges.

This platform elevates your trading experience with automatic real-time portfolio monitoring, live data, technical analysis tools, and alerts. It’s available on both web and mobile apps, so you can ensure your exchange balances, trades, and alerts are always up-to-date, no matter where you are.

To return to its roots, Coinigy was founded in 2014 by seasoned traders Robert Borden and William Kehl in the dynamic startup scene of Milwaukee, Wisconsin.

Frustrated with the constant switching between exchanges at the time, like MountGax and GDAX (now Coinbase), they envisioned a centralized platform to consolidate portfolios and charts. What began as a personal project soon became a public platform as they recognized the market demand for such a tool. Coinigy was then made available to users worldwide.

Within two years, the platform had attracted around 80,000 users, with 25% of them subscribing to the paid plans for full market data and research access. I think the platform's support for 14 languages (at the time of this Coinigy review), combined with its global team, has contributed to making this tool accessible to a broader audience.

Coinigy Review: PROS

As you have a basic understanding of Coinigy, let’s dive into the benefits of using this cryptocurrency trading platform. In this part of the Coinigy review, I’ll explore the key features and advantages that may encourage you to try the tool.

Well-Rounded Security Measures

Security is essential in the world of cryptocurrency trading. So, it’s understandable if a question like “Is Coinigy safe?” arises when we discuss the overall reliability of this platform. Thankfully, Coinigy has taken steps to ensure user data is safe.

Coinigy doesn't store your crypto holdings directly – that’s why it doesn’t require know-your-customer (KYC) verification. Instead, it uses API technology to connect to exchanges and gather relevant data. This approach ensures your assets remain securely stored on your chosen exchanges.

The team claims that your API accounts are always encrypted and never shared in plain text, while API keys are never displayed unencrypted. Additionally, all communication between your device and Coinigy is secured with SSL encryption, safeguarding your data transmission.

Coinigy also supports two-factor authentication (2FA) with time-based one-time password authentication (TOTP), meaning you'll need to provide both your password and a unique code generated by a time-based authenticator app on your smartphone or other devices to log in and enable trading. When I hadn't set my 2FA, this platform sent an email to let me confirm whether the login came from my devices.

These measures add an extra layer of security to your account, making it more difficult for unauthorized individuals to access it.

Moreover, each successful and failed login attempt is logged and timestamped by a user agent and IP address. You can check this information on the “Activity Log” and “Active Sessions” under your profile. If an unknown device is detected, you can terminate the session by clicking “Kill session” on the rightmost column.

Repeated failed login attempts will lead to both account lockout and IP ban for an extended period, preventing your account from brute-force attacks.

Coinigy also uses heuristic algorithms to monitor accounts for unusual behavior and take immediate action, such as locking accounts and ending active sessions, if it detects suspicious activity.

Beyond safeguarding systems and accounts, this platform prioritizes employee security. This is good news because employee noncompliance with an organization's information security policy (ISP) can endanger both organizational resources and customer data.^[1]

To mitigate the risk, this multi-exchange execution platform mandates the use of hardware authentication devices for employees where applicable. Additionally, employee accounts are restricted to their specific areas of expertise, and sensitive information is never transmitted through insecure channels.

So, is Coinigy safe overall? While no platform is completely risk-free, Coinigy has implemented security measures to protect user data. Still, it's important for the users to practice good security habits. This includes using strong, unique passwords, enabling the provided two-factor authentication, and being cautious of phishing attempts.

Get Actionable Trading Insights

The previous section of my Coinigy review has answered the question, “Is Coinigy safe?”. To further evaluate this tool, now consider this standout feature: access to market insights from 43 crypto exchanges on one platform. Let’s uncover what kind of insights you can retrieve from this tool by exploring the “Markets” page. This is where you can see charts, trading history, and more.

On the left sidebar (called “Toggle Markets”), you can select a market by the exchange and trading pair. Find a certain exchange by typing “[Currency]:” or “[Currency]:[Trading pair]” to specify the results of your preferred cryptocurrencies.

In this sidebar, you should also see the price change over a specific period. Adjust the timeframe as you need by clicking the third column header that indicates the time (e.g., 24H, 1W, and 1M). Further, personalize the information by clicking the second column header to display the current price or the Relative Strength Index (RSI) with a period of 7 or 14 for each cryptocurrency.

You can add a certain combination of exchange and trading pair to your "Favorite". The list is available across all your devices.

Once you’ve modified the filter on the left sidebar, the chart in the dashboard's center is immediately updated. You can change the main chart area to: 

• Candlestick chart. It’s a visual representation of price movements over a specific period, offering insights into price trends, reversals, and formations.
• Depth chart. Also known as a market depth chart or order book, it provides a visual representation of buy and sell orders at different price levels. This chart helps traders understand the supply and demand dynamics in a market
• Time & sales. It shows a chronological record of recent trades for a specific cryptocurrency pair.

The top left panel displays the cryptocurrency pair being traded, the current price, and its percentage change from the previous close. 

Additionally, it offers a dropdown menu for selecting various technical indicators to be displayed on the chart, as well as a toggle button to enable or disable automatic saving of chart settings. Other customizable options include adding drawing tools and changing the chart's color scheme. On the bottom left panel, you can select different timeframes for the chart (5y, 1y, 3m, 1m, 1w, 3d, 1d).

The features shown are different if you choose another type. The "Depth Chart", for example, shows the market prices, spread size, as well as green and red areas representing buy and sell orders.

Clicking the arrow in the upper right corner reveals the "Data & Trading" sidebar. The top part of this sidebar displays the 24-hour high and low numbers, current bid/ask, and volume for the active market. This sidebar also contains five tabs, namely:

• Time & Sales. It provides real-time information about recent trades, including columns for sell orders (asks), their prices, quantities, and total values.
• Trade. With your exchange API key added, this section will be activated, allowing you to place new buy or sell orders for the desired cryptocurrency pair.
• Alerts. This tab enables users to set up price alerts for a particular cryptocurrency pair. You can customize this by selecting alert conditions on the Presets menu or choosing a sound notification. Once an alert starts, you’ll receive an email, an in-browser notification, and a push message through the mobile app.

• Insights. This can be your go-to platform for research, providing insights into your trading pair, such as available supply, total circulation, events, and third-party signals.
• Notes. This section can be your personal trading journal for each crypto pair. You can keep important notes and format them the way you like, such as inserting media, bolding the text, and adding a table.

The last section of this Markets page is the "Balances, Open Orders & History" area below the chart. This displays streaming order book data, streaming trades list, and live bids. Once you’ve attached an API account and enabled trading, your balances and order history appear.

Overall, the "Markets" page provides traders with a detailed view of recent trading activity for the cryptocurrency pair, helping them make informed decisions.

If you find the default layout on the “Markets” page unsatisfactory, the "Boards" page offers a fully customizable dashboard. This customization feature ensures that you only see the data that's relevant to your trading style, eliminating distractions and improving your efficiency. You can also share this page on social media to share your trading insights and connect with like-minded traders.

Simply create a new board and select the insights you want to display, such as market charts, price trends, order forms, or news feeds. Drag and drop panels to arrange them according to your preferences and adjust their sizes as needed.

The content displayed on each panel is determined by your chosen settings. For instance, in the "Market Chart" panel, you can specify the panel size, exchange, trading pair, chart type, and time period.

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Overview for Multiple Exchanges

Once you connect your API keys, Coinigy automatically populates your asset information on the "Portfolio" page. Here, you can visualize the currency and exchange distribution in pie, line, and bar charts across different tabs. Hovering over the pie chart reveals the exact number of your assets rather than just the percentage.

Meanwhile, the "Balances" tab displays various columns: available and held currencies, totals, and all currencies in BTC value.

The left sidebar shows different exchanges, but you can uncheck the box to exclude one or some of the platforms from the charts.

Beyond the "Portfolio" page, delve into the "Orders" page for detailed transaction insights. This page tracks your order history, providing essential details like the exchange, order type, quantity, and price. That way, you can review your past trades and learn from your experiences.

The “Accounts” page is also a convenient place for your account overview that includes the exchange and margin accounts, allowing for efficient management and monitoring of assets. It provides essential information, such as price, change, volume, and high/low values for each cryptocurrency.

Coinigy offers extensive customization options to tailor the platform to your preferences. One of its most popular features is the ability to change the overall theme between classic (gradation), dark, and light modes, as well as customize button and panel placement.

Activating advanced mode lets you further personalize the platform by customizing body text colors, button colors, sidebar transparency, font stacks, and more. Additionally, this mode unlocks even more theme options.

Beyond the visual aspects, adjust your notification sounds and pick the platforms where alerts are displayed.

Pro Tools for Advanced Monitoring

While the "Markets" and "Portfolio" pages are valuable features, the Coinigy Market Scanner might be a standout component that deserves special attention in this review.

If the BitDegree crypto price tracker lets you compare cryptocurrencies and exchanges, this feature allows you to compare prices for a specific asset across multiple platforms. Simply enter the currency in the search bar, and a table displays relevant information such as the exchange, last traded price, percentage change, trading volume, and high/low prices.

Another Pro tool that’s worth mentioning in this Coinigy review is ArbMatrix. It aims to help users spot arbitrage opportunities by presenting exchanges where they can purchase an asset and then transfer those funds to another exchange with a higher market price. Arbitrage opportunities enable you to capitalize on price differentials by buying an asset, transferring it to another exchange, and selling it at a higher price.^[2]

To accurately use this page for arbitrage, first, select the cryptocurrency pair you want to trade (e.g., BTC/USD). Then, locate the exchange where you currently hold funds in the left column. Once you've identified your market, scan the row to the right for potential arbitrage opportunities.

The darker the green highlight, the greater the potential profit. Conversely, a darker red indicates a higher potential loss if you were to trade from your exchange to that one.

Remember to consider the spread, which is the difference between the bid price on your exchange and the ask price on the other exchange. The inverse spread (difference between your ask and the other exchange's bid) is often more relevant for most users.

While the arbitrage opportunities may seem promising, it's important to consider factors like exchange fees and transfer times, which can vary depending on the cryptocurrency and exchange operations. So, proceed with caution and careful calculations!

Besides the Coinigy Market Scanner and ArbMatrix, the platform recently launched "Returns Radar", which lets you track the historical performance of any cryptocurrency. It shows monthly and quarterly returns to help you identify trends and patterns.

Coinigy has also introduced a new feature that grants traders and researchers access to ten years of historical data from defunct exchanges and delisted cryptocurrencies called “The Crypt”. This aims to connect the past and present in the crypto ecosystem, providing insights from early exchanges like BTC-e, Cryptopia, and Mt. Gox.

Did you know?

Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

Yes! Show me the Comparison Chart

Coinigy Review: CONS

While Coinigy offers numerous advantages, it's important to consider some potential drawbacks before making a decision. I’ve compiled two limitations of this platform based on my own experience and some other user Coinigy reviews.

Technical Glitches

While Coinigy generally offers a smooth user experience, I encountered a minor issue where the "Markets" page unexpectedly became blank upon signing up. Theoretically, you should be able to see most of the trading insights on that page, even though you don’t enter API keys yet.

So, how big is Coinigy’s effort to solve this kind of issue? Thankfully, my case was a temporary glitch that was resolved through support in less than an hour. You can also conveniently report a bug by clicking the ladybug icon on the lower bar of the platform or selecting the “Submit a ticket” menu within the “?” button on the top bar.

Some user Coinigy reviews also report bugs that happened on the mobile app – the chart button and alerts didn’t work, changing indicators was hard, or the layout froze a couple of times when the users tried to select an exchange. Others found that the exchanges are slow to update, which means they couldn't get accurate and up-to-date data for quick and informed decisions.

Coinigy claims that its support team is ready to help anytime, as it's available around the clock and across platforms ranging from social channels like Instagram and Facebook to content blogs on Reddit and Medium. If you want to figure it out yourself, you can access the help center by clicking the “?” button and selecting “Knowledge Base”.

Despite Coinigy’s claims of extensive support, minor issues reported by the users are worth noting as a potential inconvenience.

No Social Account Sign-Up Options

At the time of writing my Coinigy review, the platform only offers email-password registration, which might be less secure and convenient for some users who prefer the streamlined process of Google or social account sign-up.

Social logins often provide an additional security layer, as many prompt for two-factor authentication with each login. These also often eliminate the need for excessive credentials, simplifying the registration process and reducing the burden of remembering additional passwords.

Furthermore, this feature actually benefits developers and businesses when implemented. It helps streamline user verification while offering more reliable access to user data for personalization.

However, is Coinigy safe even without the sign-up option? As it has 2FA, activity log, and other security measures, I think this platform can be considered secure. You can also save your credentials on a password manager for a quicker login process.

Although the registration process in Coinigy is quite straightforward, having social logins can be considered to offer more safety and convenience.

Limited Crypto Exchanges

While Coinigy offers a centralized platform for managing multiple cryptocurrency exchanges, its current coverage of 43 platforms might be limited for some traders. There are a couple of thousand cryptocurrency exchanges in existence, and each has its unique features, fees, and market dynamics.

The decision of whether Coinigy's exchange coverage is adequate actually depends on your individual trading needs and preferences. If you primarily focus on major exchanges and popular cryptocurrencies, Coinigy's coverage might be sufficient.

However, if you're interested in exploring less-known exchanges or trading specific regional markets, you may need to consider other platforms that offer broader coverage.

It's important to note that the number of supported exchanges can change over time. Coinigy may add or remove exchanges based on various factors, such as market trends, user demand, and technical considerations. Therefore, it's always a good idea to check Coinigy's website for the most up-to-date information on supported exchanges.

Coinigy Pricing Plans

With features discussed in this Coinigy review so far, you might wonder, “How much is Coinigy?”. 

This platform only divides its pricing plans into two: a free “Starter” plan and a “Pro Trader” that starts at $18.66 per month if you pay annually. For those who want to get hands-on experience before committing to a long-term subscription, consider paying month-to-month, which costs $21.95. Thankfully, it has no added trading fees if you execute transactions on the platform.

The free plan is only for its seven-day pro version trial, which includes unlimited accounts, 24/7 automatic portfolio monitoring, and web and mobile app access.

The Pro tools I mentioned earlier in this Coinigy review, such as ArbMatrix and Coinigy Market Scanner, are only available on the paid "Pro Trader" plan. It also includes unlimited API accounts, broader options of chart layouts, advanced order type, and unlimited session length.

With this price structure, is Coinigy worth it? I might say that it depends on your needs and budget. 

For casual traders who don't have a large portfolio or complex trading strategies, Coinigy may not be the best option. You can simply trade on your preferred crypto exchange directly, especially if you choose a platform like Binance that offers a price alert feature and charts to help you analyze market data and execute trades effectively.

Meanwhile, Coinigy may be worth the cost for active, serious traders who value a centralized platform for managing multiple exchange accounts and accessing real-time market data or need advanced features and tools to optimize their trading strategies.

Still, is Coinigy worth it to try? If you're curious, simply sign up for the seven-day free trial to experience its features firsthand and see if it aligns with your trading needs.

For developers who want to integrate Coinigy's features into their own applications, Coinigy offers an “API Developer Pro” that costs $99.99 per month. The plan covers the enterprise CryptoFeed API access, multiple SDK options, and priority support.

How to Set Up a Coinigy Account?

If you’re ready to dive into the crypto world with this platform after considering all aspects mentioned in this Coinigy review, let’s get started by creating your account. I’ll walk you through the step-by-step process of setting up a Coinigy account.

Step 1: Go to Coinigy’s official website and click the “Sign up” button in the upper right corner.

Step 2: Enter your email address and create a strong password on the provided form. Check the box to agree to the terms and conditions, and optionally select the newsletter subscription. Then, click "Register" to proceed.

Step 3: Upon registration, you'll be directed to the "Markets" page, where an in-page tutorial will guide you through its features. Follow the guidance to familiarize yourself with the page's features and options.

Your Coinigy account is now active, and you can begin your seven-day free trial. To maximize its capabilities, add your API keys on the "Accounts" page.

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Conclusions

So, is Coinigy worth it after considering all the aspects I've mentioned? The answer definitely depends on your needs and trading style. From my Coinigy review above, we all know that this platform offers a range of features to streamline trading insights and portfolio overviews, from charting tools to Coinigy Market Scanner that compares prices from different crypto exchanges.

All of these tools help prevent you from juggling different crypto exchanges and creating complex spreadsheets.

Still, before deciding if Coinigy is worth the cost, consider its pricing plans and potential drawbacks. The platform starts at $18.66 per month, offering all features but may have limitations like bugs and the lack of social logins.

To determine if it's right for you, I recommend trying the seven-day free trial. Alternatively, if you're a casual trader, popular platforms like Binance and Bybit might already meet your needs, offering trading insights and features without the additional cost of Coinigy.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. M. N. Alraja, U. J. Butt, M. Abbod: ‘Information Security Policies Compliance in a Global Setting: An Employee’s Perspective’;

2. T. Crépellière, M. Pelster, S. Zeisberger: 'Arbitrage in the Market for Cryptocurrencies'.