With the consistent increase in cryptocurrency users, mechanisms such as automated trading have gained more traction than ever before.
This has caused new crypto bots to come to the forefront, with some of them introducing new algorithms, new functions, and even new pricing methods to boot.
One such platform is ApiTrade, which allows its users to perform highly automated trades with minimal input. To enhance its value proposition, it does so with its own spin on common fee mechanisms.
How Long Has ApiTrade Been in Business?
As a platform offering high-frequency automated trading, ApiTrade made its first major appearance on the cryptocurrency scene in April 2018 through a forum post at BitcoinTalk.
Created by a team of Russian developers, the platform claims to be based out of the United States. It has users mainly from the U.S., but it also boasts of followers from other countries including Russia.
Ever since its launch, the bot has continued its operations to offer automated trading facilities across a few cryptocurrency exchanges. It trades crypto assets for its users using several algorithms. It also offers features such as arbitrage trading to compare cryptocurrency pricing from different markets.
ApiTrade is a web-based cryptocurrency bot that operates through a highly-automated approach to low-risk trading.
Instead of working as a conventional tool, ApiTrade has most of its trading mechanisms automated from the very start with features such as pre-selected trading pairs. It does offer customization options to those who need them, but they are only available to a limited extent.
Another factor that sets ApiTrade apart from other bots is its pricing and fee mechanism. Instead of charging a monthly subscription or lifetime license fee, the platform takes 50 percent of all profits generated through its supported trades. This way, the trading bot makes it possible for users to make their subscription payments after they have made any profit.
Overall, ApiTrade with its machine-learning algorithms provides its users with an offering that is quite different from its counterparts. It also comes with a 7-day money-back guarantee, which allows traders to ask for a refund on fees if the service does not work according to their expectations.
How Reputable is ApiTrade?
Despite having made its debut well over a year ago, ApiTrade has a limited community and followers to call it’s own. The main reasons behind it are the bot’s highly automated mechanisms, as well as its unconventional approach to trading.
The platform uses machine-learning mechanisms to perform its trades while giving its users different algorithms to choose from. But the customization is limited to only a handful of settings, which makes ApiTrade one of those rare platforms that perform trading mostly on their own discretion with minimal user input.
As mentioned above, traders don’t have to make any upfront investments or pay for subscription fees while using ApiTrade’s services. Instead, they pay a 50 percent cut on profits generated on trades.
These mechanisms also translate to a very limited number of cryptocurrency users. Since a 50 percent charge on profits is quite a high amount, it is one of the biggest reasons why ApiTrade doesn’t have a large following within the cryptocurrency community. The lack of conventional modification is another reason that falls under this umbrella.
With that being said, the platform does boast of Telegram and Discord channels. But even those channels boast of limited user availability, even if the small community is readily available for other users.
Apart from this, ApiTrade generates mixed reviews from critics and professional traders. Some regard it highly for its simplicity, while others mention its lack of service features.
What Exchanges Does ApiTrade Support?
ApiTrade supports several cryptocurrency exchanges through its automated system. But it does so in different modalities.
Overall, the platform supports no less than 25 exchanges for its pricing detail mechanisms.
For auto-trading and arbitrage, ApiTrade supports Binance, Huobi, and KuCoin.
What Does ApiTrade Charge Its Users?
As defined above, ApiTrade charges a 50 percent cut on profits generated from its trades. The platform uses this mechanism to give users the peace of mind that they do not have to pay anything in terms of fees until they have generated a profit.
But at the same time, this means that users are bound to lose a large chunk of their profitable trades. This is highly in contrast to other trading bots, which either go by a monthly fee or a lifetime license.
How Easy to Use is ApiTrade?
Since ApiTrade comes with a limitation of customization options, it has a certain simplicity to it. An intuitive interface that’s quite easy on the eyes only adds to its ease-of-use.
Traders can easily switch between different trading algorithms on the exchange. They can even switch to manual trading to avail options such as blacklisting cryptocurrencies they don’t want to trade in. But as mentioned above, the customization options leave a lot to be desired.
With that being said, the lack of personalization does come with an easy to use web application, which makes ApiTrade a good fit for those traders who do not want to get into many technicalities but still aspire to profit off of cryptocurrency trading.
What Kind of Settings Are Available?
As mentioned above, ApiTrade doesn’t offer a plethora of settings. Instead, it offers preset algorithms that deal with automated as well as arbitrage trading.
Users could select from options such as Chains and Waves, with each of them providing detailed strategies for trading that are automatically applied to traders’ cryptocurrency balance.
The platform keeps updating these algorithms with different titles every now and then, while providing users with the ability to choose between them.
But if you are looking for traditional order types or very detailed customization, then you will be disappointed by what ApiTrade’s interface has to offer.
How Secure is ApiTrade?
ApiTrade operates on a secure server HTTPS domain. This makes sure that your data is encrypted and safe from being seen by malicious parties.
The platform also provides standard two-factor authentication (2FA) for its login mechanisms, even through platforms such as Telegram. It also doesn’t ask for withdrawal access through exchange account APIs.
All of this comes together to provide a pretty standard offering in terms of security that is on par with most other trading bots.
How is the Customer Service on ApiTrade?
ApiTrade lacks a detailed knowledge base, which can make it difficult for new users to find much needed information on the platform. But it does offer support through various mechanisms such as Discord and Telegram.
The platform mostly operates on a ticket-based resolution system, where its team gets back to its customers within a few hours time. Overall, this is also a standard offering in terms of crypto bots.
How is the Profitability of ApiTrade?
Much like other cryptocurrency bots, ApiTrade steers clear from making any explicit guarantees in terms of profits. With that being said, the platform does claim that it can make profits of 0.5% per day.
With that being said, some traders who have used the bot hold mixed reviews over the web about it. So far, the claims of ApiTrade’s profitability only remain true on its official website – without any guarantees.
ApiTrade is an unconventional solution that offers high-frequency trading through its automated solutions. But it asks for a lot of trust while providing very little reasons to do so.
If you want to make use of a trading bot solution that works with minimal input, then trying ApiTrade with a small amount and a separate exchange account would not hurt. But if you are looking for a bot where you can control your order types and other mechanisms, it would be best to look for other options.