As cryptocurrency is slowly gaining ground in popular culture, more people are attracted to trading in it. But mastering this trade is not an easy task and the amount of effort required to be competitive in this space pushes people to seek out alternative methods of trading in crypto.
The most sought-after alternatives for people who lack the necessary market-reading skills is to employ a trading robot to perform the bidding for them. They are extremely efficient, they do not suffer from „side effects“ of being human, such as having to go to sleep or be emotional, and can also make a profit on trades faster than the most skilled traders. Today we’ll look at close look at one of these bots, dubbed CryptoTrader.
Crypto Trader Review – Key Features
CryptoTrader is an bitcoin trading software which has been in the news since its launch in 2013. The bot can be downloaded from the cryptotrader.org domain and shouldn’t be confused with the scam that is Crypto-Trader(dot)co.
It’s an cloud-based trading bot, which offers an array of trading strategies and trading bots without needing you to download or store huge quantities in data on your local computer.
The pre-made strategies included with CryptoTrader come with riskier ones that are suitable for fast-paced trading in the short term in addition to more cautious ones that are better suited for those who prefer taking things slowly and enjoy steady gains over a longer amount of time.
It is worth checking out our reviews of the other cryptocurrency bots like Haasbotor Cryptohopper.
Users are also able to create their own trading strategies, and if they prove to be successful, rent them out or offer them to other people.
Team for development
The bot is believed to have been made from an unknown Bitcointalk user whose name is „pulsecat“. It isn’t known much about the bot, aside from the fact that certain aspects of it (especially its privacy policies) are powered by a firm called Algocraft Ltd., which is headquartered in Italy. The company’s social media accounts aren’t much of a presence, and the last tweet from it was made in the autumn of 2018. There appears to be an air of secrecy around the group that is behind the project. This could be a red flag for some.
But the platform has been in existence for a long time, and its creator is actively in the online world as advancement of the platform is in progress It’s certain that it’s not an untruth.
How To Use CryptoTrader?
The websitewhere you can download the bot has been made in a straightforward manner, with no information about the people responsible for CryptoTrader or the bot’s capabilities. The home page provides an overview of of the key features of the bot:
- Automated trading bots on Cloud:No download of software required since CryptoTrader operates native servers that serve as hosts for your trading bots.
- The support for the major Bitcoin exchanges The major cryptocurrency exchanges support both live trading and backtesting. The main page provides a list of Bitfinex, Bitstamp, Poloniex, Coinbase, Kraken, Bittrex, OKCoin, Binance and Huobia as platforms that are supported Additionally, that you can trade through CEX.IO, Quoine, Cryptsy and WEX.NZ as well as other cryptocurrency exchanges.
- Strategies Marketplace: The marketplace where trading strategies are available to purchase and traded
- Backtesting trading strategies for backtesting: Learn how your strategy could perform across the different market conditions with our backtesting tool.
- Instant email address alerts and SMS notifications:pretty self-explanatory, you’ll be alerted whenever your bot is performing an action , either through an email or via SMS.
Certain of these options are only available to certain levels of on-platform users. In that regard, going into the “ Plans“ section on the Cryptotrader website leads you to a webpage that provides a list of subscription plans that are currently available to purchase.
While you’re here, take a look through the Gunbot Review and Cryptohopper Bot review.
The plans are basically different in the features they provide, including backtesting, SMS or e-mail alerts live trading bots, short and margin trading access to various trading instruments, a trading account equity limits early access to the latest features and priority assistance. The costs offered by these accounts are shown by the currency of Bitcoin (BTC),Litecoin (LTC) in addition to Maker DAI (MKR), meaning that you purchase them using only cryptocurrency.
We were unable to verify additional details about your registration, because online registrations on the website are currently not available. If, however, you log into your account using an existing one and you have a full list of features that you paid to are available.
Trading Strategies
After logging into the platform, you can move into the „Strategy Market“ section of the website and browse through the wide array of both paid and free trading strategy. Strategies are designed by tech-savvy people using the open-source code for building strategies that is available to download from the site.
The strategies are automated via a flexible built-in scripting language based on Coffeescript (a javascript/ruby-Esque programming language that compiles into JavaScript).
Users can also take advantage of a useful backtest feature that lets them check out the functionality/success rate of a certain strategy by running it against historical crypto market data. Strategies are also evaluated on the „popularity“ rating, a number of live bots currently trading using a specific strategy with real money.
Is Cryptotrader Legit?
A strategy that receives a score of 50% will be hired twice as often as strategies that has an 100 percent rating according to CryptoTrader documentation. You can also find many reviews from the community of the strategies that are available on CryptoTrader and we found the one below along with the one below as well. Reading through them will demonstrate that the rate of success of CryptoTrader strategies vary greatly.
Additional Things To Consider
If you browse the site on the website, you’ll discover another „Help“ section which contains an FAQ, APIdocumentation as well as TALib’s documentation as well as terms and conditions for use, privacy guidelines as well as an intriguing affiliate program. In the FAQ states that no previous programming knowledge is needed to utilize the pre-created CryptoTrader strategies.
Plans & Pricing
It will also inform you that the bot is connected to the exchange via an API that isn’t equipped with access to funds for withdrawal This is an vital security measure since it stops the bot from taking your money. It also implies that the bot will not keep any of your money on any type or native account.
Community and Affiliate Program
CryptoTrader also has the Affiliate program that allows its existing customers sign up new clients through affiliate hyperlinks. When somebody signs up for the service using your affiliate link, you’ll earn an additional 10% of the cost of subscription for the new subscriber. There is also a community forum where users can discuss on-platform trading strategies and get technical support/instructions.
Conclusion – CryptoTrader Bot Review
Like it’s always been the case when dealing with bots for trading You’ll certainly make some money however, in the same way you’ll be losing some. CryptoTrader does not appear to be perfect and can result in users losing money. At simultaneously, others will employ a winning strategy at the right time , and get to the top of the list. The whole process is accessible to beginners since it allows them to start trading with crypto bots without having a lot of expertise in this area.
Naturally the more you’re aware regarding trading as well as the cryptocurrency economy, you’ll perform better. You may even get a taste of creating your own strategies and bots in the event that you’ve got a background in programming. In the end, whether you’re seeking to dip your feet into trading bots for the first time, or a seasoned veteran who wants to explore other platforms CryptoTrader offers the resources that will meet your needs.
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