Trading bots help to make life simple. The world of automated trading is comprised of new and older solutions. CryptoTrader falls in the latter category, offering services to new and professional crypto users.
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Launched in November 2013, CryptoTrader is one of the oldest bot solutions in the cryptocurrency sector.
The platform automates trading functions for its users and allows them to make trades even when they are away from their computer screens. To achieve this objective, the platform uses preset and customizable strategies.
Based upon a number of factors such as market trend analysis and indicators, the service executes trades according to these strategies. This way, traders are able to benefit from market gains even if they are not available to execute trades manually.
CryptoTrader also allows users to backtest their strategies before they start making live deals with actual funds. As a result, traders are able to save their money from being spent on strategies that wouldn’t provide any results.
The platform also comes with a strategy marketplace, where traders could rent new strategies from other successful traders. They could also offer their own strategies for others to make use of them.
While CryptoTrader is more than half a decade old, it is not as reputable as some other trading bots. The internet is rife with people calling the platform an unreliable source, with complaints ranging from fallacies in pricing to lack of profits.
Given the ratio of comments shared over the web, it is safe to say that the platform has received more than its fair share of negative reviews in its almost 6 years of service. Most of these reviews have come forth in the last two years, which is when cryptocurrency trading and relevant bots actually started to gain immense traction.
But even then, a few choice critics have given CryptoTrader the benefit of the doubt and provided it with a high rating.
The unbalanced ratio of negative vs. positive comments does ring alarm bells. This cryptocurrency sector is currently full of speculation bots, a rare breed have garnered the kind of negative attention as CryptoTrader. Be cautious when you give this service a shot.
CryptoTrader supports a number of popular exchanges for automated speculation and backtesting. But the speculation bot does not provide its full range of services for all cryptocurrencies available on each exchange. For instance, the platform only supports automated trading for certain pairs.
With that being said, here is a list of crypto exchanges supported by the bot platform.
CryptoTrader offers different pricing tiers to traders. These packages mostly differ in terms of the total amount traded through the software, as well as the number of bots that can be used. But other factors are also at play.
The platform does not offer a free trial. You must register with the speculation tool even if you just want to give its services a try.
This particular restriction makes CryptoTrader less accessible for most traders. It’s because other solutions offer free trials to demonstrate their services prior to charging their users. But this one goes a different route.
To add to these restrictions, CryptoTrader is not accepting any new sign-ups at the moment. There’s a wait list when there’s more capacity, you can try it out.
With that being said, CryptoTrader has the following packages listed on its website. Payments are accepted in currencies such as the leading digital asset, bitcoin and a few others like LTC and the decentralized stable coin DAI. But these details are subject to change when it resumes its operations.
All plans offer backtesting services. The offered SMS alert services are not available for U.S. numbers.
Offered from 0.0016 BTC/month, this plan comes with a monthly volume limit of $1000. It comes with 1 trading bot. It also has email alerts.
But this plan excludes interesting abilities such as going against the market, using forms of leverage and other appetizing features. It also does not have any priority support.
This package starts from 0.0023 BTC/month and has a monthly volume limit of $5000.
It offers 3 bots. This plan also has email alerts.
The plan does not have margin trading or short positions. It is restricted in terms of instruments as well. It also does not include priority support.
This plan starts from 0.0042 BTC/month and has a limit of $20,000.
With more than 3 tools, trading on margin, ability to short the market, and various speculative instruments, this is where CryptoTrader starts paying attention to actual trading bot services that are a standard offering for its competitors.
Have access to a variety of alerts ranging from email to text. But the plan still does not offer priority support.
This package starts from 0.0079 BTC/month and has zero limits on the trading amount.
It comes with 10 bots on board. It also provides access to margin trading, short positions, and multiple instruments.
It comes with email and SMS alerts, as well as early access to new features. Finally, this plan does include priority support.
This tier starts from 0.0196 BTC/month and has no limit.
As the most advanced and priciest package, it has everything that CryptoTrader has to offer.
This plan includes 25 bots, margin, short positions, and multiple trading instruments. It also promises early access to new program features. With email and SMS alerts, the package also offers priority support.
Ease Of Use
CryptoTrader has a traditional trading bot interface that is highly reminiscent of conventional market programs. This makes the user-interface to be highly familiar for experienced traders, but it still doesn’t make it any easy to operate.
CryptoTrader offers leverage and shorting the market is present, in addition to indicators according to its support for each package. But the level of services provided by the platform still falls short of what is being offered by other bot providers at the moment.
The complete list of settings against each package and cryptocurrency is only available post sign up.
CryptoTrader utilizes VPS cloud server technology to bolster its operations and simplify the experience for the end user.
The platform also does not need withdrawal access to any exchange APIs. This also adds another level of security.
But the lack of two-factor authentication (2FA) shows a glaring need of a feature that has become standard for trading bots.
CryptoTrader only provides priority support for two of its priciest packages. This puts a dent in customer service for any traders who sign up for the remaining three pricing tiers.
The platform also lacks a comprehensive knowledge base, as such, traders might find themselves in situations where they have more questions than available answers at hand.
CryptoTrader does not promise any profitability percentage. But even while having the platform’s other flaws in mind, this particular stance is certainly standard with trading tools due to cryptocurrency volatility.
Overall, CryptoTrader is a very pricey yet difficult platform to work with. Many solutions are present in the market for a better value, which makes it a nonsensical decision to go with a tool that offers far less for a higher price tag.