With everyone living a fast paced life, there is no time left to sit in front of a screen for an endless drool over the market prices. People have gotten to enjoying so many other aspects of their lives, that they wish to entrust the trading of their funds to a computer program, that will conduct the transactions automatically on their behalf.
Luckily, the cryptocurrency trading bots do just that and the popularity cryptocurrency trading bots has been growing tremendously over the years, so much so that there is a race among the bots for the top spot. Every day, there are new cryptocurrency trading bots being developed, that bring in additional features that no one had dreamed of putting in a bot before. Essentially, you are paying for someone to trade on your behalf, using all the strategies that you set as the configuration, day and night, while you sit back,relax and enjoy the profits.
One such trading bot making the rounds is Cryptotrader, in this cryptotrader review, we will check if the bot can help you generate profits with automated trading.
What Is CryptoTrader?
CryptoTrader is a platform that allows algorithmic trading for digital assets, such as Bitcoin and the altcoins like Ethereum, Litecoin, and many more. The entire platform is based out of a cloud, and users can enjoy services anywhere without the requirement of any specific hardware. The people interested in the trading bot can sign up on their website, and that will be the main access that will be provided to them in the form of a username and password.
People usually orient their bots before they start using it, depending on whether they wish to use it for short term gains or a long term gain. It is quite simple to use CryptoTrader – the user has to simply sign up on their website, select a plan that they will be using the bot with, and start implementing the strategies that they wish to conduct their trades on.
CryptoTrader Review: Features That Make CryptoTrader Interesting
Just like no two people in the world have the same character and personality, there are no two trading bots that are alike in all respects. There are small differences that set them apart. There are some features which are unique to only some cryptocurrency trading bots. Following this pattern, there are some features possessed by CryptoTrader that make it quite an interesting bot. Some of them are shared with the features of other bots, while some are unique to it.
1) Based Out Of A Cloud
As mentioned earlier, the CryptoTrader trading bot is based entirely out of the cloud. This means that the entire operations are conducted over the internet, and you do not need to meet any hardware or software requirements. All you require, is access to the World Wide Web and you can operate the bot through a web browser. This means that there is no specific requirement of a particular device.
However, for the best experience, it is still recommended that you operate and strategize your trading bot on a laptop or desktop, since you will be able to view all the things at once. You do not want to miss out on vital things just because you wanted to send a signal to your bot via your phone.
2) One Bot, Many Exchanges
Like many other bots, the CryptoTrader trading bot also features multiple exchanges on its panel. This means that the accounts that you have on the supported exchanges, can be linked with the bot, and the trading responsibilities can be handled by the bot.
The supported exchanges include major trading platforms such as Bitfinex, Kraken, Poloniex, BitStamp, Coinbase, Bittrex, KCoin, Huboi, and Binance. All these exchanges are particularly favourites of a majority of traders from around the world, some for their low transactional rates, while others for their attractive interface.
3) Not Sure Of A Strategy? Try It Out
The CryptoTrader trading bot provides an option for the backtesting of the strategies, to check if they will be profitable or not. This is done on the past positions of the various coin,s and implementing the strategy via backtesting can help show the results, which can be compared against the positions that the trade could have been closed at.
This plays a huge role at the time when users are testing out new strategies that they might have found through social networks or through the advice of the various cryptocurrency experts. This way, you do not have to trust the experts on their word, and can test out their advice before you take a risk with your investment.
4) Live Trading
The servers of CryptoTrader are as good as they get. This means the moment that there is a price change in any altcoin, it will be reflected on the screen in front of you. There are no delays and your portfolio will never suffer because of a lag in the bot’s servers. CryptoTrader could become your one stop for trading because of the seamless trades. You will not have to worry about the prices fluctuating mid-transactions when you are using CryptoTrader.
5) Beginner? No Issues
There is an entire marketplace where strategies can be bought or sold. For obvious reasons, the ones that are generating huge profits will be sold for quite a high price. You can experiment with the different tools that are provided in the bot, and devise a strategy of your own. You can then sell it on the marketplace and make a small sum in addition to the profits that the bot is making for you.
6) Not Connected? Receive SMS
You do not have to worry about the various things that you might miss out on because you were not connected to the internet, due to being out of coverage or running out of data. CryptoTrader has a basic functionality of reminding you of the various alerts that you should be notified on. This could include things like the start or stop of a trade. You can opt for receiving a text message from the platform on such alerts, as well as an email alert that will be sent to the account with which you have signed up.
7) Beginner Friendly
Since you have the option to buy strategies from the marketplace, there is no hardcore requirement of experience in trading required for operating the CryptoTrader trading bot. You can simply opt for one of the strategies that are widely used by many traders, and learn on the go. There are some strategies that are available for free, that will help you learn better about the process of trading with backtesting. This way, you can learn a lot without actually putting any of your investment at stake.
Is It Possible To Make Money Using CryptoTrader?
Theoretically speaking, it is entirely possible to generate high profits using the CryptoTrader trading bot. However, since it is all dependent on the strategy that you buy, the certainty remains merely a theory. There are some strategies that are available on the marketplace in the bot’s interface that will make you money, while others will be aimed at losing money. However, since the cryptocurrency market is volatile to the degree that making predictions is possible only on a qualitative value instead of a quantitative value, there is no guarantee that even the strategy that claims to bring in huge profits using the CryptoTrader trading bot, will be able to stand up to its word.
Nevertheless, there is a chance of creating a successful portfolio if you are trading with CryptoTrader. The strategies that you will implement will be after you have conducted the backtesting using them, assuring that in similar market scenarios, the strategy is able to generate profits. This will require having an in-depth knowledge of the working of the cryptocurrency market. You have to be able to recognize market conditions and also understand the meaning and inference of the various tools used for technical analysis. On the basis of the analysis of the market, you can implement various strategies that you have previously found to be profitable, thereby generating profits.
If you have a knack for programming as well, you can create your own strategies and bots. This comes with a risk, since you will need to have quite intensive knowledge about the market for which you are building the bot. If not, you can simply choose one from the marketplace.
Advantages And Disadvantages Of CryptoTrader
Just the same way that a coin has two sides, there are two sides to the CryptoTrader trading bot as well. There are some pros and cons that bring the trading bot to life. We have mentioned a few of them below, that can help you make an informed decision on choosing the bot as your new favourite for trading.
Pros of Cryptotrader Bot
There is a reason why the CryptoTrader trading bot has become one of the most revered trading bots that are available today. This is because of the long list of features and benefits that are most enjoyed by its users today. After using the bot for a single day, you will be able to feel the difference between CryptoTrader and other cryptocurrency trading bots.
1. There is a whole community of traders: With more than 8 million traders on the platform, you can pick the brains of the best of the bunch. There are people who have had trading experience from Wall Street, and have shifted to using this trading bot simply because they were able to make more profits from this bot. The bot also picks out strategies from all the traders on the platform, and suggests the best ones that will suit your trading nature.
2. No Need to Monitor the Account: Everything on the bot is automated and you do not have to worry about anything. All you have to do is select the strategy that you will be wanting your bot to use, and the take the passenger seat while the bot drives the car towards automated trading. Once you have conducted the backtesting to determine whether you wish to use the strategy or not, all you have to do is click on the Run button in the strategy, and the bot will take over your trading. When you start using the bot, you will notice that all the winning trades will be transferred directly to your account, without any requirement of you putting up a withdrawal.
3. Multiple Trading Options: With the various plans that are available under the subscriptions of CryptoTrader, users have an option to trade multiple coins with multiple APIs of different accounts, with higher end subscriptions.
4. The Best Option for Beginners: All the features make CryptoTrader one of the best trading bots in the world. Any person who starts out with this bot, has the potential to earn in thousands of dollars, if the right strategy is implemented.
Cons of Cryptotrader
The algorithm behind the CryptoTrader trading bot is excellent, and the whole thing is not a scam to gather money and vanish off the face of the earth. CryptoTrader is one of the few genuine cryptocurrency trading bots available in the world. The disadvantages that the bot has are mainly related to the market as a whole.
1. Market Volatility: It is common knowledge that the cryptocurrency trading market is one of the most volatile markets in the world. Prices are changing by the second and the charts go up and down multiple times in a day. This is why it is difficult to select one winning strategy and implement it all the time. Going with one strategy for all time will definitely lead to a loss of investment.
2. Requirement of Programming: Devising your own strategy means that you need to have an in-depth knowledge of the code that will be required to make the strategy. Every person who has an idea about a particular strategy cannot transform that idea into a code, thereby making it difficult to make the bot trade with a personalized strategy. There are some traders in the world who are quite apt at trading, and know the various tools and their workings well but are unable to code them into a bot.
Cryptotrader Pricing Plans
CryptoTrader accepts payment through Bitcoin and this payment has to be made on a monthly basis. The amount will vary according to the plan that you have chosen, and each of the plans has its own set limits.
There is the Basic plan which is the smallest plan that you can subscribe to. It costs 0.0048 BTC per month for the subscription and it includes Backtesting, Email Alerts, and one trading bot. The account equity limit is set at $1000 in this plan.
The upgrade over the Basic plan is the Regular plan, which costs 0.0067 BTC per month. The upgrade that this plan receives is mainly in the increase of the account equity from $1000 to $5000, and three trading bots.
The upgrade over the Regular plan is the Pro plan, which costs 0.0124 BTC per month. The upgrade that this plan receives is mainly in the increase of the account equity from $5000 to $20000, an option of Margin trading and short positions, an access to multiple trading instruments, an early access to new features and five trading bots.
Above the Pro Plan is the VIP plan, which costs 0.0236 BTC per month. You will enjoy an unlimited account equity under this plan and also, the number of bots that you can trade with will increase to ten. Another thing that comes from this plan onwards is Priority Support.
Finally, if you feel as if you require more trading bots, you can always upgrade to the Premium subscription, which will cost you 0.588 BTC every month. In this plan, you have the option to trade with twenty five trading bots at the same time.
CryptoTrader Review: Tested And Proven
CryptoTrader has been in the market for a long time, and it has not reeked of a scam ever since it was launched. The company has built trust with the people around the world by offering them genuine services. They did not promise things that they could not provide which would have led to disappointment.
Rather, they kept the operations small until they could provide with further support to their users. If you are a trader and are looking to free up some time by using the automated trading bots, CryptoTrader is just as far as you will have to look to find the best one in the market.