Key Takeaways
- Pionex is safe and trusted. The exchange offers security features like two-factor authentication, address whitelisting, and Proof of Reserves audits.
- All centralized exchanges have risks. Protect yourself by enabling security features and keeping long-term holdings in a hardware wallet.
What is Pionex?
Pionex is a Singapore-based exchange founded in 2019. It’s best known for its built-in trading bots and flat 0.05% spot fee. The international platform supports 300+ cryptocurrencies.
Due to regulatory restrictions, the global version of the platform is not available to US-based investors. Pionex.US is available to US users, offering fewer coins and fewer features.
What security features does Pionex have?
Let’s walk through some of Pionex’s security features:
- Cold storage and custody controls: The majority of Pionex’s assets are kept in cold storage offline to prevent hacks.
- Account protections: Users can enable two-factor authentication, address whitelisting, and login alerts.
- Proof of Reserves audits: Pionex publishes verified reports showing customer assets are fully backed.
- Bug bounty and monitoring: Pionex uses a bug bounty to reward security researchers who discover vulnerabilities and runs continuous monitoring for threats.
Has Pionex ever been hacked?
There are no public reports of Pionex losing customer funds to a hack.
Is Pionex FDIC insured?
Crypto on Pionex is not FDIC insured. Generally, cryptocurrency is not subject to FDIC protection.
What legal and regulatory issues has Pionex faced?
Pionex.US operates as a Money Services Business (MSB) in the U.S.
In May 2025, it reached a consent order with regulators in four states due to weaknesses in recordkeeping and information security. Pionex agreed to fix these issues and continues to operate in the US.
Is Pionex legal in the U.S.?
Pionex is available to US-based customers through Pionex.US, which operates under a Delaware entity and holds an MSB license.
Pionex.US has fewer features than its global counterpart, and is not available in Alaska, New York, and Hawaii.
Why should I use Pionex?
Pionex is a great choice if you’re interested in low-cost trading bots.
What are the risks of using Pionex?
Custodial risk: Like any centralized exchange, funds could be lost if Pionex is hacked or goes bankrupt.
Account-level threats: Always be wary of potential hacks or scams, such as phishing and malware.
To reduce risks, enable 2FA, whitelist addresses, and store long-term holdings in a hardware wallet.
Does Pionex report to the IRS?
Yes. Pionex.US requires Know Your Customer (KYC) verification and will issue Form 1099-DA to report capital gains and losses to the IRS starting in 2026.
Looking for an easy way to file your crypto taxes? Crypto tax software like CoinLedger can connect Pionex and hundreds of other wallets and exchanges, helping you generate a complete crypto tax report in minutes.
Conclusion
Pionex is considered a safe exchange. Like with all cryptocurrency platforms, it’s your responsibility to keep your password safe and watch out for phishing and malware threats.
Frequently asked questions
- Can we trust Pionex?
- What’s the difference between Pionex and Pionex.US?
- Has Pionex ever been hacked?
- Is it safe to give my ID to Pionex?
- Is Pionex shutting down?
.png)
How we reviewed this article
All CoinLedger articles go through a rigorous review process before publication. Learn more about the CoinLedger Editorial Process.
%20(1).png)
CoinLedger has strict sourcing guidelines for our content. Our content is based on direct interviews with tax experts, guidance from tax agencies, and articles from reputable news outlets.
