Cryptocurrency has become one of the most popular modes of trade. One can gain huge profits by trading cryptocurrencies. However, there are some problems related to cryptocurrency markets. Trading bots help the traders to solve these problems.
Trading bots are automated trading platforms that help create different trading strategies and implement them on your behalf. Cryptotrader is one of the most favored trading bots in the world. Here is a Cryptotrader review for you.
Since the market remains open throughout the day and night, you may miss out on various important details as it is not possible for anyone to be available 24*7. Another major problem is that the conditions of the market are continuously changing, so you have to change your strategies according to the conditions of the market.
What is Cryptotrader?
Cryptotrader is an automated trading platform that allows the user to make automated transactions. There are different trading bots present in the platform that will help you to develop different trading strategies depending upon your trading nature.
One of the most essential features of Cryptotrader is that it is a cloud-based platform that will allow you to make transactions on any device and at any time or place of your choice.
Cryptotrader supports algorithmic trading of digital assets such as Bitcoins and Altcoins. The scripting language of Cryptotrader is based on CoffeeScript. The trading bots are available for 24 hours a day, 7 days a week.
Have a look at this Cryptotrader review to know about the different features, advantages, and disadvantages of Cryptotrader.
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Cryptotrader Review: Features
Several crypto trading bots are available in the market. Each bot offers different features that make it unique in some way or the other. Similarly, Cryptotrader also comprises of such features, which make it one of a kind.
Some of the interesting features of Cryptotrader are mentioned in this Cryptotrader review.
1) Cloud-Based Platform
Cryptotrader trading bot uses a cloud-based platform, which allows you to make transactions at any place or at any time as per your choice. You can operate this trading bot from any device. The only thing you need is an internet connection. There are no specific hardware and software requirements to use this trading bot.
At the time of creating your account, you will be given a password and a username. You have to use this password and username to login to Cryptotrader’s website and can start making trading strategies immediately.
However, it is for your benefit to use a laptop or a desktop while creating the account as it will help you to view all the things at the same time. You may miss out on various important details while using a mobile phone.
2) Support numerous exchange platforms
One of the most interesting features of Cryptotrader is that it supports multiple exchanges on its panel. This will allow the bot to make transactions on your chosen exchange platform. The transactions will be done on your behalf.
The various major platforms supported by Cryptotrader are Kraken, Bitfinex, Poloniex, Binance, Bittrex, Huboi, BitStamp, K Coin, etc. These are the popular trading platforms as they offer low transactional rates and have easy interfaces.
3) Trial runs for your strategy
Another helpful feature of Cryptotrader is that you can backtest your strategies if you are not sure whether they are profitable or not. Backtesting is analyzing the past performances of the coins to determine whether you can gain profit or not by implementing your strategy. It allows us to understand the results by comparing those performances to the positions that the trade could have been closed at.
This feature is very much helpful for the beginners as they mostly depend on internet advice or they trade through a cryptocurrency broker. Using this feature will help them not to depend on anyone. Experts in this field can also use this feature to test their strategy so that they can avoid the risks.
4) Live trading
The servers of Crytotrader is one of the fastest in the cryptocurrency trading domain. Therefore, as soon as there is a change in the price of the altcoins, you will receive a message on your screen.
Many traders often suffer because of a lack of awareness about the variations in the altcoin prices. So to avoid this problem, Crytotrader offers this new feature to its users. You will not suffer due to any delay or lag in the bot’s servers. You will always be provided with live status and a seamless rate of transactions.
Cryptotrader is known for its user-friendly environment. It is one of the ideal platforms for trading built for beginners. If you are in doubt about strategy, then there is an option to check it in live conditions. You can easily create new strategies by using various tools that are available for modifying the trading bot.
Cryptotrader offers a marketplace for buying and selling various strategies. If you do not have any strong strategy, then you can easily buy a strategy that is popular among the traders. There are many free strategies with the provision for backtesting. This will help you to learn a lot without any prior investing.
Once you gain some experience, you can make custom strategies and implement them. You can also sell your strategies if you want to earn some extra money.
6) Offline Support
You do not have to worry if there is a lack of network coverage or if you are running out of data because Cryptotrader features an impressive SMS support services, which will provide you with all the alerts that will help in trading. This includes advanced services such as starting or stopping a trade as well. If you want, you can also choose to stop receiving these notifications.
Advantages of Cryptotrader
There are several advantages of using this Cryptotrader. Some of the advantages of Cryptotrader are:
1) Community of traders
There are more than 8 million traders on this trading platform. There are many experienced traders on this platform, who have knowledge about both stock markets and cryptocurrency trading. The bot picks strategies from the different traders on the platform and will suggest you the strategies as per your trading nature.
2) No need for constant monitoring
Cryptotrader is an automated trading platform. The bots will do transactions on your behalf. The only thing you have to do is to select a strategy, and the bots will function according to your selected strategy.
In this platform, you do not have to put up the withdrawal requests as the winning trades will be directly transferred to your account. Once the backtesting is done, click the Run button and the bots will start working as per the strategy.
3) Many trading options
Cryptotrader offers different plans depending upon your trading nature. You can trade multiple coins by using multiple APIs of different accounts depending upon the nature of the subscription you choose.
4) Ideal trading platform for beginners
If you want to enter the world of cryptocurrency, then Cryptotrader is the most suitable platform for you. This is the best platform for beginners. By implementing the correct strategy, you can gain enough profits.
Disadvantages of Cryptotrader
Cryptotrader is one of the best trading platforms in the market. However, there are some disadvantages to this trading bot. They are:
1) Market volatility
Cryptocurrency trading market is known for its volatility. There is a continuous change in the price of the coins. Therefore, sticking to one strategy will not help you gain profits every time. You have to constantly change your strategy according to the trends of the market.
2) Requires programming language
The main problem of this trading platform is that you must have detailed knowledge about coding language. You have to transform your own strategy into codes. Besides having knowledge about trading, you should also know about programming.
Can we really make money with Cryptotrader?
The main objective of using any trading platform is to make money. You can use Cryptotrader to make profits. There is a 100% chance of earning profits, but it entirely depends upon the strategy that you implement. Cryptotrader comprises of a marketplace, where you can buy different strategies according to your choice.
However, there are many good strategies available on the platform, you will also come across various bad strategies. Therefore, it is always preferable to use backtesting before implementing the strategies.
Another important note to keep in your mind is that the cryptocurrency trading market is a volatile market, therefore, you have to continuously change your strategies to cope up with the changes in the market. Before implementing any strategy, you should have thorough knowledge about the market so that you can analyse the market and use your strategies accordingly.
Users, having knowledge about coding, can also make their own strategies. You can also predict future market conditions by using different analytical tools.
Cryptotrader offers four plans depending upon the features available. You have to pay on a monthly basis, and the payment has to be done in the form of Bitcoins. The price of the Basic+ plan is 0.0048 BTC. It offers backtesting, email alerts, and one trading bot. However, there is a restriction. The equity is limited to $1000.
The Regular+ plan costs 0.0067 BTC. It provides all the features of the basic plan, but the equity limit is restricted to $5000. The third plan is the Pro plan, which is available at a price of 0.0124 BTC per month. You will be provided with different features such as margin trading, short positions, access to multiple trading instruments, five trading bots and priority access to new features. The equity limit is restricted to $20,000.
The next package present in the platform is the VIP plan. Its cost is 0.00236 BTC. You will be granted 10 trading bots and unlimited equity. Another package is the premium plan, which is priced at 0.588 BTC per month. In this package, you will be provided with 25 trading bots.
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Cryptotrader has a great reputation as a crypto trading platform. It provides a wide array of features that make trading a lot easier for the traders. If you are a novice in this field, then this is one of the best platforms for you. Go through this Cryptotrader review before buying a plan here.