As cryptocurrency slowly creeps into the mainstream, more and more individuals are becoming interested in trading it. However, mastering this activity a complicated ordeal; the sheer amount of work it takes to become even slightly competitive in the space drives people towards alternative ways of crypto trading.
One of the most popular workarounds for those that lack the required market reading skills is using a crypto trading bot to do their bidding for them. These bots can be very effective; they don’t suffer from “side effects” of being human like having to sleep or getting emotional and are also capable of pouncing on a trade much faster than even the most experienced of traders. Today we’ll be taking a closer look at one of those bots, called CryptoTrader.
CryptoTrader is a cryptocurrency trading bot that has been making the rounds for a while; launched in 2013, it served its customers during the past 5 years or so (even used to support trading on MtGox). 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 is a cloud-based trading bot, offering a wide variety of trading bots and strategies without asking you to download and store massive amounts of data locally.
Premade strategies that come with CryptoTrader include both more risky ones suitable for aggressive short-term trading, as well as more conservative ones that are more suitable for those who prefer to take things slow and acquire stable gains across a longer period of time.
Users can also create their own personalized trading strategies and if they turn out to be successful, rent them out/sell them to others.
How To Use CryptoTrader
The website where you can download this bot from is designed in a relatively simple manner, without many details regarding the people behind CryptoTrader or the bot itself. The home page gives you an overview of some of the bots key features:
- Automated trading bots in the cloud: No software installation required as CryptoTrader runs native servers which host your bots.
- Support for all major Bitcoin exchanges: All major crypto-currency exchanges are supported for both backtesting and live trading. The main page lists Bitfinex, Bitstamp, Poloniex, Coinbase, Kraken, Bittrex, OKCoin, Binance and Huobi as supported platforms; additionally you’ll find you can trade on CEX.IO, Quoine, Cryptsy, WEX.NZ and other exchanges.
- Strategies Marketplace: The place where trading strategies can be bought and sold
- Backtesting trading strategies: See how your strategy would work over different market condition by using our backtesting tool
- Instant Email alerts & SMS notifications: pretty self-explanatory, you’ll get notified whenever your bot performs an action either via an e-mail or an SMS.
Some of these features are available only to certain tiers of on-platform users. On that topic, navigating to the “Plans” section of the Cryptotrader website takes you to a page which lists out the subscription plans currently available for purchase.
The plans basically differ in features they offer including backtesting, e-mail/SMS alerts, live trading bots, margin trading/short positions, access to multiple trading instruments, trading account equity limit, early access to new features and priority support. The prices of these plans are listed out in Bitcoin (BTC), Litecoin (LTC) and Maker DAI (MKR), which implies you can pay for them only with cryptocurrency.
We couldn’t verify more registration details personally, as on-website registrations are currently closed. However if you log in using an existing account, the full set of features you subscribed to is still operational.
Once you’re logged in, you can shift over to the “Strategy Market” section of the platform and navigate through a wide variety of free and paid trading strategies. The strategies are developed by tech-savvy individuals with the help of the open-source strategy-building code available for download on the website.
Users can also take advantage of a useful backtest feature which lets them check out the functionality/success rate of a certain strategy by running it against historical market data. Strategies can additionally be judged by their “popularity” rating, a number of live bots that are currently trading with a particular strategy using real money.
Is Cryptotrader Legit?
A strategy with a rating of 50% is being rented twice less often than a strategy with 100% rating, explains CryptoTrader documentation. Additionally, you can find numerous community reviews of the strategies available on CryptoTrader; we came across this one and this one, and reading through them will show you that success rates of CryptoTrader strategies can vary significantly.
Additional Things To Consider
Plans & Pricing
You’ll also be informed there that the bot connects to an exchange through an API that doesn’t have fund withdrawal permissions; this is a very important security measure as it prevents the bot from stealing your funds. This also means that the bot won’t be storing any of your funds on any sort of native wallet.
Community and Affiliate Program
CryptoTrader also offers an affiliate program which lets its current users recruit new ones via affiliate links. Each time someone signs up for the service via your link, you’ll be given a 10% kickback from the new subscriber’s subscription fee. There is also a community forum where users can discuss on-platform trading strategies and get technical support/instructions.
As it’s always the case with trading bots, you’ll definitely win some, but at the same time you’ll lose some. CryptoTrader isn’t flawless and will result in some people losing money; at the same time some will apply a winning strategy at the right time and eventually end up in the green. The whole thing is relatively beginner friendly as it lets you jump into crypto bot trading without having to possess much technical knowledge on the matter.
Naturally, the more you know about trading and crypto economy you’ll do better; you might even develop a taste for creating your own bots and strategies if you have a programming background. Ultimately, whether you are someone looking to dip their toes into bot trading for the first time or some seasoned veteran of the space looking to branch out onto new platforms, CryptoTrader has the tools required to satisfy your needs.
- Ease of use
- Cloud based - no installing needed
- Exchange Support
- Anonymous Team