Coygo Review: Worth It or Not?

Coygo is straightforward and friendly for novice users and robust enough to meet the needs of more experienced traders. The platform has near-zero latency, so it is able to offer fast access to trade stats and your order book. You can set and run bots to find and execute trading opportunities within milliseconds to compete favorably with high-frequency traders. 

About Coygo

Coygo is a platform that provides tools that traders can use to automate their crypto trading activities. As such, it gives you access to pre-built bot strategies, such as swing trading, triangular arbitrage, grid trading, etc., which search for trading opportunities and execute trades accordingly. 

How it works

The bot places buy and sell orders in the crypto market based on your chosen strategy. A new feature, Coygo Forge, has even been incorporated to help you code your own strategy with JavaScript.

How to get started with Coygo

The process of getting started with the platform is described as follows:

1. Register an account with Coygo
2. Choose your preferred strategy and name your bot
3. Configure the bot’s parameters to identify what fits your trading preferences. 
4. Run your bot. It is possible to activate the Test Mode if you want the system to simulate trades with ‘fake’ money
5. You can now launch the bot to run on real-time market data where it will determine when to open and manage orders for you

How much does Coygo cost?

The cost of purchasing Coygo depends on the package you choose to work with. The price of the Pro plan is $17/month or $155 if paid yearly. A free trial that lasts for 5 days is included in the plan. The Casual pack is much cheaper as you will only be required to pay $5/week or $1/day to use it. A 2-day and a 1-day free trial are featured in this plan.  

Fees and commissions

The presentation doesn’t provide any information about fees or commissions charged on trades or profits. However, your exchange may require you to pay some trading fees, which the bot will take into account to ensure you select a ‘minimum % overvalued’ that includes those fees. 

What exchanges does Coygo integrate with?

Coygo is designed to work with the following exchanges:

• Coinbase
• Coinbase Pro
• Poloniex
• Bittrex
• Gemini
• Bitfinex
• Binance
• bitFlyer
• Binance. US
• Bitstamp
• Kraken
• KuCoin

Security and reliability

The bot does not store your exchange account credentials on its servers. Rather, these credentials are kept safely on your hard drive. For this reason, Coygo will never access your funds or even withdraw them. 

What languages does Coygo support in their product?

English is the only supported language. 

What kind of support options does Coygo offer?

Customer support is provided through video tutorials, blog articles, and FAQs. There’s no email, live chat, or phone support. 

The core team

The team behind this bot consists of the following professionals:

• Evan Francis (CEO)
• Dorian Kersch (ICO)
• Ellery Addington-White (CTO)

Evan and Dorian have a history of mining Bitcoin and have a passion for designing and creating user-focused products. Ellery has experience in launching and securing financial software with millions of active users. 

Strategy: market-making

This strategy tries to make profits from the bid-ask spread. In essence, the bot submits a single limit buy order at or close to the current ask rate. A new order will then be submitted at or close to the new bid rate when either order is filled. Other strategies supported include arbitrage, swing trading, grid, RSI, and more. 

Coygo review: backtesting

Coygo doesn’t support backtesting. Instead, we have a paper trading feature that allows you to run your strategy in test mode without real money. This way, you can learn how the different configurations play out before deploying them into the real market. 

Trading performance

The vendor does not highlight the trading results of this system. We don’t know what outcomes it produces in the live market. 

Coygo: user experience

Coygo is pretty much easy to navigate. The strategies are already preconfigured, so you can work with them as they are or make a few adjustments. Blog articles and video guides are also provided to help you set up the bots effortlessly. 

Should you use Coygo?

You can leverage the many strategies and tools the platform offers to earn profits in the crypto space. Nonetheless, you have to be careful because the bot’s performance in the real market is unknown.