Cryptocurrency trading has recently been the go-to hustle to make some extra cash. Ever since the 2017 bull run, more and more people have flocked towards crypto trading to create a secondary source of income.
As more and more people look towards cryptocurrency trading to make some extra cash, one might think that it would get easier to make winning bets in the crypto world. However, technology too saw some major improvements, and many people substituted human trading with intelligent trading bots.
These trading bots place bets on your behalf using the strategy that you created. The best part about trading bots is that you can turn them on and that’s it. These bots execute trades even when you are not sitting in front of the computer.
This means that you will never miss out on another trading opportunity. There are many trading bots out there, and choosing the right one amongst them is very hard. Let us now have a look at the Gekko trading bot which is one of the most loved trading bots out there.
What is the Gekko Trading Bot?
Gekko is an open-source Bitcoin trading bot platform. This means that anyone from around the world can start using the Gekko trading bot without having to pay a single dime from their wallet.
Users can simply download the Gekko software and configure the settings to their liking. Once you are satisfied with the strategy that you created, you can add your exchange’s API key, and the bot starts to execute trades whenever there is an opportunity.
Unlike most of the other bots out there, Gekko offers its users complete control over its customizations. This means that you can create your strategy to work with your bot.
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You will be able to analyze the market trends and change the strategy that has been configured with your bot. As the crypto market never sleeps, having a bot run while you are away from the computer will ensure that you will never lose any great trading opportunities.
As the Gekko trading bot is completely open-source, you will be able to find numerous experts sharing their configurations with the world. Thus, making it easy for you to choose a great bot configuration to run.
On top of all this, the bot can be used on 16 different cryptocurrency exchanges including BitFinex, Bitstamp, and Binance. All these features make the Gekko trading bot one of the best bots out there.
Can you make money with the Gekko trading bot?
The highlight of the Gekko trading bot is the level of customization that you can achieve on it. Once you have the right formula for the configuration, your bot will execute trades whenever it sees an opportunity.
However, cooking up the right configuration is the hard part. While there are several different configurations out there, the one that satisfies all your needs might not exist. This means that you will need to create it from the ground up.
This might be exactly what an expert needs. However, for a novice, creating the perfect configuration might be very hard. Without the right configuration, it is very easy to lose money while trading using the Gekko trading bot.
Once you have the right configuration, the bot functions very well and will bring you an additional source of income. This means that you will be able to make money using the Gekko trading bot only after you have the right configuration.
While the Gekko trading bot does enable users to make money, the whole process of setting it up is very time-consuming. Additionally, the bot functions only when your computer is turned on.
You can use cloud computing technology and host the bot on the cloud. However, this would incur additional charges and might have an impact on the overall profit gained by using the bot.
Why is Cryptohopper Better Alternative?
While the Gekko trading bot does offer some great features to its users, it cannot keep up with the premium features offered by some of the paid trading bots. One such example is the Crypto hopper trading bot.
One of the most notable differences between the two is that the crypto hopper trading bot is more user-friendly. All you need to do is provide your account’s API key to the bot and subscribe to one of the trading strategies and the bot starts executing the trade.
The trading strategies are created by experts and analysts based on market conditions. This means that you can be assured of amazing gains from the same.
Additionally, the Crypto hopper trading bot runs 24/7 on a cloud-based system. So, you will be able to stay away from your computer and yet not miss out on another trading opportunity. This bot also supports trading in about 75 different cryptocurrencies. Thus, making it a great option for traders.
The feature of trailing stop loss on this bot also means that there is very very little loss while trading. Thus, making it a great trading bot for everyone to use.
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Gekko Trading Bot Pricing
While the Gekko trading bot is free to use a bot, Crypto hopper is a paid trading bot. The Crypto hopper trading bot’s subscription starts from as low as $19 per month for the most basic subscription and goes up to $99 per month for the premium subscription.
Crypto hopper does offer a 7 day trial period that people can use to test the bot. Only after you are satisfied with the bot’s performance, you can upgrade to a paid subscription model.
Gekko Trading Bot Review: Worth Trying?
The Gekko trading bot is a great bot to use once you have formulated the right strategy. Apart from the bot being free, the customizations that it allows its users to do is what brings more people towards this trading bot.
However, this is also the reason why new crypto traders are drawn away from this bot. Getting the right configuration takes a lot of practice, and new users find it very hard to achieve this. Thus, user-friendly bots such as Crypto hoppers are slowly becoming more popular these days. If you are on the lookout for a new trading bot, give the Crypto hopper a try and only subscribe once you are satisfied by its performance.