With the popularity and diversity of cryptocurrency, investing in it would seem like a good idea to anyone. But without proper knowledge, this could lead to losses in thousands of dollars. And even with the right knowledge, it could mean hours of your day spent in front of a computer. The solution to all of this, is cryptocurrency trading bots.
Cryptocurrency trade bots are essentially programs that can be trained to trade in cryptocurrency for you. If you look for them, you’ll find loads of these programs. This article will be a CryptoTrader review.
Now, using cryptocurrency trading bots can be risky, as can anything with cryptocurrency. With a lot of scammers out there who could steal your money and bots with ineffective algorithms that would help you in no way whatsoever, this article stands to review a service that actually works.
So let’s get straight into it.
What is CryptoTrader?
Now before one can do a CryptoTrader review, many of you may be wondering what CryptoTrader is. CryptoTrader is a platform that uses algorithms to trade digital currency such as Bitcoin and even altcoins like Litecoin, Ethereum and so on.
It is a cloud based system. This means that users can access it from anywhere with no requirement for any sort of specific software. Users need only to sign up on their website and the Username and Password generated there will be their method of accessing the system.
CryptoTrader is run by Algocraft Ltd. And it allows users to make use of various automated trading strategies through their flexible scripting language. Their scripting language is based on CoffeeScript.
The platform has a wide array of tools that can prove extremely useful for cryptocurrency trading. They have tools such as their backtesting options. These allow traders to operate in real markets with no risks. When ready, it allows for traders to move onto automatization through the usage of live trading robots.
CryptoTrader supports 13 cryptocurrency exchanges like Binance, Huobi and Coinbase. It also operates as a subscription based service, that enables users to choose paid plans that suit their needs and trade objectives.
It is a relatively easy-to-use system with its minimalistic design. It is very suitable for both beginners as well as veteran traders. Upon signing up and selecting a plan with which they will be using their bots, users can start implementing their strategies. It really is that simple.
Features of CryptoTrader:
A very important component of a CryptoTrader review, is its features. CryptoTrader is feature rich and this is what makes it stand out from its competitors. With a variety of features it is ideal for both beginners and veteran traders.
First off, we have its functionality. CryptoTrader is a cloud based platform. This means that users can access it from anywhere and need no software installations whatsoever. Their automated trading run on a scalable VPS cloud. This makes it easy for users to access, as all they need is their account credentials. This allows users to even use the platform from their phones.
CryptoTrader has a wide range of tools. The platform provides a variety of testing tools, that allow users to backtest and live-test their trading strategies. Members can choose from a set of strategic templates like basic, multi-pair trading, and EMA crossover. They can also run tests to see how a trading bot would have functioned in other markets under a variety of different conditions.
Backtesting is a feature that allows users to test out strategies to check if they will be profitable or not. This allows users to test various new strategies and determine if they will lead to a profit. It lets them check the risks in real market conditions without incurring a loss. This allows for smart investments.
CryptoTrader is compatible with 13 exchanges, such as Binance, Bitstamp, Bittrex, CEX.io, Coinbase, Huboi, Kraken, Polniex, Quione and so on. The platform also has an API or Application Program Interface, that integrates with these exchanges and allows for developers to write fully featured trading algorithms. CryptoTrader can execute trading scripts in CoffeeScript on any pre-existing data and it allows anyone with some programming ability to make their own bots.
CryptoTrader also has a strategies marketplace, where users can either sell or buy trading strategies. Professional traders create the best ones available here.
CryptoTrader has great customer support. The team can be reached via the contact section on their home page. Their Twitter is also very active.
CryptoTrader bots support multiple exchanges on their panels. This allows trading responsibilities of different supported exchanges to be linked with the bot.
CryptoTrader servers are live. This means that there is no lag in the change of price that will be shown to you on your screen. It allows for seamless trade.
It is extremely beginner-friendly. With its strategies marketplace, even a beginner can get their hands on profit making strategies that work. You just need to opt for any of the widely used strategies and learn from them. Several strategies are free too, and these can help one learn a lot about trading.
It also features SMS and E-mail connectivity. This means that even if you are offline for whatever reason, CryptoTrader notifies you of the various alerts. This can include things like the start or the stop of a trade.
Pros and cons of CryptoTrader:
Just as a coin has two sides, everything has both pros and cons. So in this article that is a CryptoTrader review, I will now list out some of the pros and the cons of this platform.
Advantages of CryptoTrader
It is not without reason, that CryptoTrader is as popular as it is. It has lots of features and provides its users with a lot of benefits. Even with just a single use, one can see why it is so widely used.
Some of its advantages are:
There is no need for one to monitor their account: In this fast paced world, there is so much one would rather do than stare at the screen all day. With bots that take care of everything, this platform eliminates the need for supervision. Once the bot is given a strategy to run after backtesting it, the bot will do the needful. All the winning trades will be transferred straight into your account.
A very active user community: Over 8 million traders use the platform. This allows for one to have a lot of experienced traders from whom they can learn. The community is also very active on reddit, meaning that any queries can very easily be cleared. The bot also suggests the best strategies from its huge user base. This allows even beginners to earn great profits and find strategies as per their requirement.
Multiple trading options: With the variety of plans available under the different subscriptions of CryptoTrader, users have an option to trade with multiple APIs of different accounts with multiple coins.
Great for beginners: With all its amazing features, CryptoTrader is perfect for new users. With its minimalistic appearance, easy-to-use strategies and bots, the possibilities are endless.
Disadvantages of CryptoTrader
The disadvantages of CryptoTrader are not directly related to the bot or the algorithms. CryptoTrader is an amazing trading bot and definitely is not a scam of any sort. The disadvantages it bears can mostly be attributed to the market as a whole.
Market volatility: Cryptocurrency is a very volatile investment market. Prices can increase or decrease in the blink of an eye. This makes it rather difficult to select a winning strategy. So if a user repeats the same strategy continuously, they are bound to incur losses.
Requirement of some programming knowledge: Not everyone can code. Devising your own strategy does require the user to have an in-depth knowledge on the coding required to make strategies. Since not every person with ideas for a strategy can convert this strategy into a code, it can prove to be a problem for some users. There definitely exist traders with great skill in trading and strategizing, who find themselves limited by their inability to code and this can be an obstacle for several individuals.
Can we really make money with CryptoTrader?
Now, a CryptoTrader review would be incomplete if this question was left unanswered. Ideally, the answer is yes, but there are a lot of factors that affect this answer.
CryptoTrader is a platform that is extremely good at what it does. But there is a lot that can go wrong with cryptocurrency trading.
With the right strategies, one can use CryptoTrader to make huge profits. It is a dependable system and it is definitely not a scam. But one must know how to employ the most efficient strategies at the most appropriate times. With this knowledge, it is possible to make huge profits.
Whereas, if a user is not well aware of how to use the strategies in an efficient manner, or fails to understand how the market works, they may end up incurring losses.
Hence, even though the system is amazing and provides the user with a great number of services, improper usage can lead to losses.
To avoid this, users must be well aware of the trends in the market. This is something that can be studied. With some programming ability, users can really boost their strategies with the help of CryptoTrader. This in turn can help boost profits.
A strategy may at one point gain huge profits, but this does not guarantee that these profits will always exist with the same strategy. This is because of the volatility of the market. Users need to adapt their strategies based on the condition of the market.
The backend feature, allows strategies to be tested vigorously. If a user employs this well, they can reap greater profits.
So ultimately, one can earn vast amounts of money through CryptoTrader but only if they know how to properly use the system. Lack of knowledge can cause an individual to incur losses.
Subscription plans on CryptoTrader are paid for via Bitcoin, Litecoin or Maker DAI.
CryptoTrader has 5 subscription plans. They are as follows: Basic+, Regular, Pro, VIP and premium.
With Basic+, users have access to backtesting and E-mail alerts. They get 1 live trading bot and have a trading account equity limit of $1000. This plan starts at 0.0018 BTC per month.
With the Regular plan, users have access to Backtesting and Email Alerts. They get 3 live trading bots and have a trading account equity limit of $5000. This plan starts at 0.0025 BTC per month.
With the Pro plan, users have access to backtesting, E-mail Alerts and SMS alerts. They get 5 live trading bots, have margin trading/ short positions, access to multiple trading instruments, have early access to new features and have a trading account equity limit of $20000. This plan starts at 0.0045 BTC per month.
With the VIP plan, users have access to backtesting, E-mail Alerts and SMS alerts. They get 10 live trading bots, have margin trading/ short positions, access to multiple trading instruments, have early access to new features and have no trading account equity limit and have priority support. This plan starts at 0.0086 BTC per month.
Finally, with the Premium plan, users have access to backtesting, E-mail Alerts and SMS alerts. They get 25 live trading bots, have margin trading/ short positions, access to multiple trading instruments, have early access to new features, no trading account equity limit and have priority support. This plan starts at 0.0214 BTC per month.
To summarize, though there exist several services online that allow one to trade cryptocurrency with the application of bots online, CryptoTrader is one of the better options one can find.
One will find an incredible number of bots that will scam users in one way or the other, but users can rest assured that CryptoTrader is a genuine service that works brilliantly.
With its cloud based platform that allows its users to access it from anywhere, bots capable of multiple exchanges, features like backtesting, live trading capabilities, SMS and E-mail connectivity, and its beginner friendly interface and features, CryptoTrader is a platform that is great for both beginners and veteran traders.
Yes, it does depend heavily on the market which is rather volatile, and some programming knowledge is required, but overall it is a great platform.
With an understanding of how cryptocurrency trading functions, some coding ability and some knowledge on how the market works, it is definitely possible for one to rake in profits using this platform. Even without much coding ability, users can use strategies that have been previously created and gain vast profits.
All that being said, CryptoTrader provides a great platform for beginners. With features that make it easy to trade, an interface that is easy to navigate and tools that make it easy to make decisions, this platform can be a godsend.
Cryptocurrency trading does, however, carry huge risks and users must understand the risks involved in this trade before venturing into it. New traders must make themselves aware of how the market works and how the strategies can be used to optimize profits. Improper knowledge can lead to damaging trades irrespective of the platform used.
With a little caution and the right usage of all the amazing features that CryptoTrader has to offer, one can easily have a relatively enjoyable user experience, lock in profits and learn quite a lot about cryptocurrency trading.