With novice and seasoned cryptocurrency traders flocking over to automated trading bots, one can’t help but wonder about the efficacy of this trading mechanism in the world of digital assets.
The simple answer: It’s not overhyped at all.
With the way that automated trading works, it can streamline your buying and selling operations, it can help you act faster with market movements, and it can maximize your chances for profit while you are at it. It achieves all of these feats while automating your trading activities, so you never have to choose between your day job and your cryptocurrency investment models.
However, with so many trading bots options now available in the market, it is pretty difficult to choose one that fits perfectly with your preferences. When you zero down on one trading bot, another one promises to outshine its offerings. When you hop on to the newer one, there’s yet another product waiting to be tested.
One of these solutions comes in the form of Apex Trader, a relatively new trading bot that promises to make automated trading more feature-rich for its users.
Does it fulfill that promise? Let’s take a thorough look to find out.
Time in Business: How Old is Apex Trader?
Apex Trader was launched in April 2018. Based out of Cambridge, England, the company has unfortunately not had the same luck in hitting it big as many of its counterparts – especially those that unveiled their operations around the same time.
With that being said, Apex Trader has been quite active in the recent past, where it has been sharing updates to its websites as well as its social media channels about its trading bot offerings.
Apex Trading deploys its services through a web-based platform with a point-and-click graphical user interface (GUI).
The platform’s remote operations makes it easier for users to access its services. As such, you don’t need a specific computer with the Apex application installed on it to manage and monitor your trading bot. You can login from any location or computer and check how your cryptocurrency investments are doing. This particular feature puts Apex Trader in line with modern crypto bots.
Apex Trader also offers many modern features that make it a strong product to use for different types of traders, especially those who have used trading bots before. Aspects such as different order types, indicators, and strategies further enhance its offerings, and make it a capable trading bot that is able to use market movements to your advantage.
Reputation: Is Apex Trader Well-known for Its Services?
Despite having roughly two years at its hands, Apex Trader has not done much to stand out from the sea of other cryptocurrency trading bots. Its fan following doesn’t boast of as much crowd as many other trading bots of the same age, and its presence over the web is also akin to keeping a low profile.
With that being said, the users that Apex Trader does have can’t stop singing praises of its operations. It also earns rave reviews from any critics who have used its offerings in real time. Our experience with the trading bot isn’t any different, since it remains quite an impressive trading bot solution with a much needed modern aesthetic and sought after classic features to boot.
The cryptocurrency bot does have its shortcomings in not being extremely user-friendly, but it does what it’s supposed to do for knowledgeable cryptocurrency users.
After moving forward with two years of operations, this positive reputation is one of Apex Trader’s strongest and most unique selling points. Through its Telegram and Discord channels, the platform is slowly gathering a community of users who seem pleased with its functionalities.
Exchanges Supported: What Institutions Can You Trade On
Apex Trader supports a limited number of cryptocurrency exchanges, with two-thirds of them being immensely popular.
This adds to the trading bot’s overall usability and makes it a sought after program for those who either already have their accounts in these crypto exchanges, or who will have no trouble trusting these institutions with their digital assets.
These exchanges include:
This mix of exchanges ensures that Apex Trader offers multiple options to its users in the U.S. as well as all over the world. While the list remains limited for now, the trading bot might add more options in the near future.
Price: How Much Does Apex Trader Cost?
Apex Trader offers its services through two different packages. It is quite interesting to see how it segments these distinctive packages by the type of trading they offer, and not by the number of features they boast of.
The first package is Apex, which is used for exchanges that offer spot trading. This includes Binance, KuCoin, and Kraken.
The second one is Mako, which can be utilized at exchanges that offer margin trading. So far, Mako only supports ByBit for this purpose.
It is quite interesting to see this distinction, since exchanges such as Kraken also support margin trading but are not promoted as being functional with Mako. This creates a disparity with the bot and its general support for spot and margin trading.
With that being said, the prices for both bots are outlined below.
- Apex Spot Trading Bot – £30 Per Month
- Mako Margin Trading Bot – £60 Per Month
While a side-by-side comparison is not readily available on the website, the platform does provide a free 7-day trial to all new users.
Ease of Use: Its Point-and-click Interface Makes Everything a Breeze
While Apex Trader offers a GUI with a point-and-click interface, it isn’t as user friendly as many other trading bots that put a great emphasis on being incredibly easy to use.
This means that even though you are able to utilize the platform without excessive coding, setting up strategies, indicators and other settings takes technical knowledge of digital assets as well as trading bots.
This isn’t anything that would put off an experienced trader. But it is definitely something that you should keep in mind if you have not used a trading bot before. While you could use the 7-day trial feature provided by the platform to test its offerings, it provides you with a steep learning curve if you don’t have the experience of utilizing trading bots with your crypto buying and selling activities.
To help you through the learning process, Apex Trader does have a FAQ section. However, even after providing a few screenshots on select topics and being quite helpful on those segments, this particular division leaves a lot to be desired as a comprehensive resource. As such, it doesn’t cover every feature or functionality that Apex Trader has to offer, and leaves users to play a guessing game with some program features.
Settings Available: The Platform Comes With Various Settings and Strategies
Apex Trader offers a variety of settings, indicators and strategies to its users. This makes it quite comprehensive as a trading bot and gives you plenty of options to tweak your buying and selling mechanisms.
You Can Set Different Strategies
You can create a variety of different, highly customizable strategies for the following areas.
- Auto Dollar Cost Averaging (DCA)
- Auto Reverse Trading (ART)
You Can Use Different Indicators
You can also use popular and even obscure indicators on the platform.
These include but are not limited to the following.
- On Balance Volume (OBV)
- Moving Average Convergence/Divergence (MACD)
- Momentum (MOM)
- Relative Strength Index (RSI)
- Stochastic Relative Strength Index (SRSI)
- Ultimate Oscillator (UO)
- Wavetrend (WT)
- Stochastic (STOCH)
- Standard Deviation (STD)
- Rate of Change (ROC)
You Can Set Different Signals
Apex Trader also supports TradingView signals, which add another layer of functionality to your trading mechanism. As a result, you can benefit from plenty of opportunities through your everyday trading activities.
There are Plenty of Basic and Advanced Options to Play With
The platform allows you to open positions through various mechanisms and lets you make intricate strategies that are a perfect fit to your trading style.
It also allows you to paper trade in real time through its Test Mode, and lets you buy and sell cryptocurrencies on exchanges through its Live Mode.
The Platform Lacks Basic Backtesting
Even with all the features that it has on your disposal, Apex Trader doesn’t let you backtest your strategies. Since backtesting is something that tells you exactly how much profit you could have made according to past market conditions, its unavailability on the platform comes off as a huge fallacy for the cryptocurrency trading bot.
Apex Trader does acknowledge this and mentions that it offers paper trading in its place, which allows you to test-trade in real time without using any money. The platform makes the case that paper trading is more efficacious than backtesting. But this reasoning doesn’t make a strong argument.
It’s because paper trading and backtesting both have their own advantages. Many other trading bots offer both backtesting and paper trading simultaneously, and don’t have issues with either of those mechanisms. This is something that might create a worrisome situation for you in case you like playing with strategies and want to use backtesting data to strengthen them.
Mako Margin Trading Adds More Functionalities
While the aforementioned features apply on the Apex spot trading bot, the Mako margin trading bot offers some other functionalities to enhance its offerings.
This includes but is not limited to the integration of stop loss, layers, entry protection, and position tab.
With that being said, the usage of these different bots under the same offering create a lot of room for confusion, especially for new cryptocurrency traders.
Security: Apex Trader is Web-based and Offers Two-factor Authentication
Both the sport trading Apex and the margin trading Mako bot are web-based. Since these bots don’t need to be installed on your device or access any data beyond your browser cookies, they come with enhanced security from the get go.
The Apex Trader bots are also hosted on a secure server. This adds another layer of security to the platform and ensures that your data isn’t being exchanged without being encrypted first. With that being said, the main website itself isn’t hosted on a secure server. But this doesn’t create any issues since you are practically sharing no information on the informational homepage.
Apex Trader also follows industry standards of two-factor authentication (2FA). Through this mechanism, you can ensure that no one can login into your Apex Trader account without getting verification from your phone through its authenticator apps. It keeps your funds safe and your trading activity secure from prying eyes.
Apex Trader also ensures not to ask for withdrawal permission from your application programming interface (API) keys. Instead, it only requires your permission to access your exchange account. This ensures that your funds are not flowing out of your exchange and you are able to rest assured in their security at all times.
Customer Support: The Platform is Easier to Reach for Customers
Apex Trading offers customer support through its website through a ticketing mechanism as well as via email. It also has its social media channels set up as points of contact, especially its Telegram and Discord handles.
But this doesn’t cover the fact that the platform doesn’t have readily available support in terms of live chat or phone. While phone support is still not offered by many trading bots, live chat is quite a norm. This is why, its absence creates a question on Apex Trading’s capability to provide robust customer support.
Profitability: Final Income Isn’t Set in Stone
Apex Trader doesn’t offer any surefire guarantees about the effectiveness of its trading bots. But that’s the very thing which actually adds to its credibility. It’s because this approach is something that is followed by all reliable trading bot solutions, since cryptocurrency trading is highly volatile and isn’t something that can be predicted by any algorithm.
This transparency puts Apex Trader in line with renowned players of the industry. While the platform’s complexity and lack of critical features such as backtesting raise some questions on its overall value proposition, it still remains as a worthy enough platform for moderately experienced traders. Overall, Apex Trader is a solution that you need to give at least a single try.