The price of Bitcoin continues to command individuals’ attention across the globe as the new digital asset shows value in the face of global turmoil. Individuals who knew about Bitcoin since the start of its journey and held their Bitcoins were able to realize massive gains.
It is no wonder why different traders are getting excited about this world of cryptocurrency. They understand that there is massive value within this sector and want to trade it as it rises and falls and then shoots back up again.
At the same time, while large traders such as QCP Capital and smart individual traders may look into it, they want to make sure that they are trading it safely and securely. But they also want to trade it seamlessly, so what does that entail?
That will entail the use of tools or automated systems that they can use to save them time and money.
They may look at brands such as Bottrex to automate their trading strategies. There are various bot solutions out on the market today, but it is wise to look at each one to understand which one is best for you.
Let us review a Bottrex bot and see how it can play a role in your trading journey.
Time in Business
It seems that the company has been around for several years. We are able to see that they started becoming more active within the bitcoin community in the year 2018. They were able to start their growth within the bitcoin world by presenting on bitcointalk.org. The first post would appear in the latter half of 2018. This would spur a bit of discussion as a few people did show interest in the application.
It is important to note that Bottrex was able to drum up some conversation on the forum but was not able to do so with great fanfare. For instance, it was only able to command enough attention on the bitcointalk forum to raise a little interest. In many cases, brands are able to capture quite a bit of talk and generate several pages worth of traction on the forum. Unfortunately, this company was not able to do so, especially factoring for this time in business.
We can state that the firm has been in business for over 3 years.
Recall that the extent of popularity may not necessarily speak about the efficacy of the platform but it is essential to note so that you have a holistic understanding of the general platform. You can know how it is perceived in the marketplace and maybe factor that into your overall decision making process.
Reputation
This is where popularity comes into play. In any situation, the larger the sample size, the more data that you may be able to collect. That is important when making decisions on products and services so that you know how to choose the best product.
But if you only have a small bit of data then you cannot know as much as you would like to know about a specific firm or company.
Why?
There simply is not as much data around for you to process and make your decision on whether you should use the product or service.
That seems to be the case with Bottrex. For instance, you can only find a bit of comments and a few articles on the trading platform. That does not mean that the product is bad; it merely means that there may not be as much interest overall. The implication here is that if more interest were present in the product, there would be more coverage from traders and others.
One can find reviews on the Google Play Store that seem mixed. A few individuals note that the Bottrex app does not work. Again, this is restricted to the mobile app and maybe not to other versions of the product.
At the same time, users expect quality in technology as the world embraces technology to fulfill various demands. If a technology producer offers a product, it better have the right quality overall. At a baseline, it should work.
But we also notice that it has an average rating of 4/5 stars in over 50 reviews on feedback forums. You can see that we are dealing with the same problem over here.
The lack of popularity and traction does not provide us with the largest sample size to make the best inferences about the quality of the product. With that, we can state the reputation of the product is average. It is neither negative nor astoundingly positive.
The firm is still working to make updates to the bot and its products such as its android mobile applications.
Exchanges Supported
Bottrex supports over five exchanges and will likely add more in the future as they work to gain demand and build the right partnerships.
The firm ensures to support purchasing and divesting Bitcoin and other digital assets in over five entities that range from Binance to Kucoin. You can take advantage of highly liquid and respectable exchanges by using this application. Of course, they also include Huobi, Bitfinex, and even BitcoinTrade.
This means that you can use the application wherever you are and connect to exchanges that are quite popular. That is quite a benefit for this platform as it ensures more simplicity in your overall digital asset exchange journey.
Price
It seems that the Bottrex application is free to download on the Play Store.
You can pay several prices to take advantage of its services. These are the prices listed below:
Basic
Basic allows you to pay $10/month.
This provides you with the ability to use one bot, have 20 open orders, engage in over fifteen currencies, have two triggers, 15 min interval purchases, and external signals.
Advanced
The advanced pricing plan is $30/month.
It gives you access to three bots, forty open orders, forty currencies, five triggers, ten min intervals, and external signals.
Plus
Plus asks for $79/month.
You can gain access to six bots. A whopping 80 orders, 80 currencies, ten triggers, five min buying interval, external signals.
This is fair and standard pricing when looking at competitors within this sector.
Ease of Use
Bottrex exists to simplify your life. It does so by enabling you to input orders and plans and use your bot to continuously execute actions based on your strategies. It is an online application that will purchase Bitcoin and other digital assets and divest it according to specific strategies that you state. It will buy and sell on your behalf at the exchanges noted above that range from Binance to other one’s like Kucoin.
All you need is a pc, a bit of money, and access to the internet to take advantage of the bot. It will run and make decisions according to your configurations.
Exchanges provide a simple application programming interface that the app will use to make simple trades according to your desires. It will ask you to form an API key to start your speculative operations.
Does it have an overall ease of use across the board? Yes, it does seem as if it is easy to navigate and execute actions as you would on other similar applications.
Settings Available
The settings available include signals, intervals, sell by risk/reward, stop loss in the previous bottom, navigation menu, strategy form and a few others that can help to make your life a bit easier.
You can also take advantage of the EMA and SMA indicators that are present within the application.
Security
Your funds mean everything to you. That is why you are entering into the world of trading. You want to join Bitcoin and the larger crypto movement to increase your wealth and find ways to earn value on your initial principal.
That is a fantastic idea.
But you want to think about security so that you can have return on capital and the return of capital. One of these aspects is to worry about cyberattacks or other factors.
At the present moment, we are not aware of any attacks or issues that Bottrex bot has had when it comes to security. There have been no reports or updates by the general community or by the company that states that it has been a victim of attack in some form or fashion.
Customer Support
The firm uses Zendesk, a trustworthy customer service management platform. That shows that it is interested in helping customers. You can easily navigate to their site and submit a ticket.
That is an important aspect as you may want help as you navigate the overall situation.
The fact that they have a submit ticket option shows that they are quite interested in helping their users succeed in however they can.
They do have a telegram group as well.
A few of their pages appear in a Portuguese or Spanish language and so you will need to ensure to translate for the best results.
Profitability
Bitcoin goes up and it goes down. Yet over the long-term it has shown that holding it and trading with it has provided great returns.
2017 onward would show that Bitcoin was a strong contender within the world as well in more ways than one.
2020 and 2021 would help to turn the corner for many as large asset managers expressed their interest and desire to look further into the asset and hold it. Even corporations that would range from MicroStrategy to other firms helped to genuinely kick off the rally by allocating a part of their corporate funds to Bitcoin.
Institutional asset managers were spoken of for what seemed like centuries, and they would arrive in various ways in the 2020-2021 timeframe. Large names such as Bridgewater Associates, Miller Opportunity Trust, and others would state their interest or take actions to include Bitcoin as a part of their portfolio.
It is profitable to trade with Bottrex if you know what you are doing. Remember that Bottrex is a tool. It is not a brain. You must use your brain, set the right strategies and then let it operate on your decisions and actions.
The profitability depends on you and your overall decision making process.
Conclusion
Bottrex can be a good option if you like to test out different platforms in the marketplace. Are you interested in finding out if it is good for you? Then you might want to start with the basic package, try it out, and see if it fits your needs.
The bitcoin sector is growing at a rapid pace and applications such as Bottrex will ensure to provide you with some peace of mind with automation. Start experimenting with automated bots today to streamline your trading journeys.
It will be fun, you will learn about the nature of more professional speculation and can understand more about the right terms. These different terms, options, and settings will help you move in the right direction.
Recall that it may seem complex at first but it always pays off to start and learn how it can be a key part of your trading process.