Bitcoin is one of the most interesting asset classes within the world at the present moment. Many people are trying to find out what it is all about, and they are learning more about the world in the meantime. Hedge Funds, central banks, financial institutions, and fund managers of all sorts are looking at Bitcoin and a few other leading crypto assets. The retail trader and investor have led the way, and now more large institutions are looking at stepping into the sector to have a simple position in these markets.
People are conducting the research and looking to gain more value appreciation within the present decade while minimizing risks from the present world. But the truth is that trading, value allocation, and general investing are not easy. If you are a professional speculator, you understand this aspect, if you are a new investor and trader, you are starting to learn this as well. That is why people are turning to more tools, programs, and communities to find ways to minimize their risk and optimize for gain.
At the same time, valuable companies are staking their claims on these tokens’ value and are providing services to let people speculate, automate their crypto trading, and provide more ways to participate in this new digital asset market. That is where opportunities like Freqtrade come into the market and provide you with a way of assessing the market, streamlining speculation opportunities, and making progress in your journey.
Read this detailed Freqtrade review to know more about its features, pros, and cons, comparing to other cryptocurrency trading bots.
⌛ Time In Business
Freqtrade is an open-source project started in 2017. It is important to note that this is an open-source service provider. That means that this software will be open to the general community. It will be supported by developers within the community and the organization or the group of individuals that released the source code.
Further, open-source software falls under the copyright of the initial creator but the creator chooses to provide the software to the general community with the right to inspect, utilize, modify, and distribute as they see fit for whatever reason the user chooses.
Open-source software is not kept private to those who pay for it in many cases and it can be created and distributed publicly. That is why it is not hard to see why they were one of the first digital asset speculation projects on the market. Other private and paid projects required different types of setup and capital structure formation before distributing their products. Freqtrade merely had to create the source code, distribute it, and let the community play around with it as they pleased.
The open source project has been in business for quite some time and may continue to thrive as more people gravitate to the open source project world.
As the project established itself, one could see that it added conventional backtesting and live trading features that all digital asset speculative automatons possess. Freqtrade provides a variety of intriguing advanced settings and features, from strategy refinement with ML, a branch of artificial intelligence to position sizing, and a careful selection of digital assets that you seek to speculate with or do not want to speculate with overall. That means that you can automatically say no to specific assets and say yes to others so the bot will only work with the ones that you want.
It also works with large entities such as Binance and Bittrex as well. That means that you can take advantage of its features, its time in business, and have to pay nothing to the service to use it. Isn’t that fantastic?
TOP TRADING BOTS
💡 Reputation
Freqtrade has a stellar reputation in the community. If you look around on the internet and the worldwide web, you will notice that people do not have complaints about this service.
At the same time, the service does not automatically promote itself to everyone. It is not as widely known as other open-source projects or even paid projects.
But it can make sense, the creators of the project have different goals in mind. They are not in to make money as they provide the service free to the general community. In addition to that, you can see that Freqtrade does have a wide variety of reviews on several sites. They also have mentions on various forums that talk about their various features and their utility in the digital asset speculation sector.
Those who seek to get into digital asset speculation turn to open source applications like Freqtrade and others to ensure to take advantage of the opportunities within the crypto-asset sector. Those that seek to put in the work find that they can learn the package, understand how it can offer guess and check work, and work with various strategies.
Those who gravitate toward artificial intelligence and machine learning will ensure to find out how it can work with ML and if they require other packages. They dig further into how much ML can be present and if they have to couple it with other packages.
It is about learning and using Python packages and becoming better at using the machine to speculate. Those who gravitate to this product have a reputation for tinkering and genuinely diving into concepts like the RSI30 variable, the MFI15 variable, dataframes, and various strategies. They can even tinker with disk space, memory, and other aspects to get the best results within their trading journey.
But as you can see, these individuals want to push the boundaries and learn more about how to optimize each aspect of the computer, the machine, and every point in the speculation process to obtain fantastic results. They spend hours and hours and learn as much as possible all around to get the right returns.
As such, you will see that the bot even has several people that will be on Udemy or other teaching places that let you learn all about it and find ways to utilize it to your best ability. The general reputation for the Freqtrade is that it has general indicators as inputs for algorithmic speculation. More individuals seek to obtain machines where they can bypass indicators and feed raw data to obtain more genuine patterns.
👌 Exchanges
The entity works with leading exchanges like Binance and Bittrex. Those are the only two entities that it worked with in the past. But it works with FTX, and Kraken at the present moment. A few individuals may wonder why they only work with a few entities but the truth is that they are likely to work with more over time. Is the limited level of entities present on this platform for connection, an issue right now? No, it is not an issue as these two entities provide more exposure to a wide variety of asset classes to demographics of all kinds.
For instance, you can take advantage of the Binance entity if you live in many parts of the world. Furthermore, you can also access Bittrex in many areas as well.
These are two well-respected entities in the digital asset sector and they have been around for quite some time. Both of them are seeking to innovate and provide their account holders with various features, tools, and abilities to increase their return and gain access to this new emerging market class.
💰 Price
The Freqtrade bot is completely free. One of the benefits of this machine is that it is completely free for you and the general community. The authors of this machine did it because they wanted to provide an option to help streamline the process of speculation and provide more avenues of exploration.
One can see that this application will have zero costs. The only costs you will incur are those that you see on your connected exchanges. For instance, you will connect this machine to exchange and you will have to pay the fees for asset transfer, trade, and other fees imposed by the entity itself.
As for the bot, it ensures to stay free for the community and it seems as if the creators will continue to keep it open, free, and accessible overall for the entire community. The community leaders have kept it open for over four years and it seems like they will continue that trend of helping cryptocurrency traders and digital asset investors explore more avenues in digital trading. They are encouraging individuals to learn more about the various aspects of digital assets as they progress in their digital asset journey.
Remember that technology is deflationary in nature. The technology and tools themselves are supposed to take costs out of the picture. Organizations who provide similar tools spend more money on graphics, community development, marketing, and other aspects and so can you charge you for similar quality.
The price of the good, in this case, does not dictate the overall quality of the good and the benefits you receive from it.
😎 Ease of Use
The overall ease of use will depend on your level of expertise. For instance, did you know that more coders, programmers, and technologists gravitate to the open-source community?
They gravitate to the open-source community because they can tinker and learn more about various aspects of the industry. Indeed, they can learn by doing and participating in various ways. That means that they have a penchant to challenge themselves.
But even more so, it means that they have a strong foundation of coding and programming skills in general that they can build upon by working with these applications and tinkering around in them.
When it comes to ease of use you must realize that open source applications, in general, may not be as easy to use for starter individuals. Further, you might find that you can get frustrated in the several steps involved in setting up and operating more aspects of the bot.
They will provide you with various instructions for each part of the process. That means that if you do not generally explore new applications, and don’t have experience with more sparse GUI-type products, you will have more simplicity. But remember that it will take more work than normal as they do not pre-setup the automaton for you. For some people that is part of the fun of these items. They get to be involved in more ways than one from the start.
You can notice that Freqtrade has options for manual installation, script installation, and Conda installation. There is an option for docker images for installation as well. One can see that there is Linux, MacoOS, Windows, and even Raspberry.
They will provide you with basics, with knowledge of terminology, fee handling, box execution logic, backtesting. As you can see, you can deal with the bones and components of the automation and understand the market interaction even more in-depth. Of course, you can learn quite a few other aspects along the way as well.
⚙️ Settings
What are the settings you can take advantage of with this tool? What does Freqtrade offer to you? It offers configuration flexibility for you to tinker with the code as you will and add more data and other aspects to the program.
This sort of flexibility is what many people appreciate as they seek to become experts in their fields of trading. For instance, the more you understand how to configure your bot, the more you can make streamlined actions, get better, and improve your overall value in your portfolio.
What is Strategy Customization?
Take advantage of strategy customization within Freqtrade. That means that you can add more strategies, implement new indicators as you see fit, and implement trading parameters so that you have more control over what you are doing and can handle a variety of scenarios.
The application will provide you with the basics so that you understand the terminology, general documentation and processes present within it. You can download certain files, develop your strategy, and even understand how to form the strategy.
From buy signal rules to sell signal rules and even setting minimal ROI for your trades, there is an opportunity that is present within this program. Of course, you can also notice that stop-loss, timeframe, metadata, storing information, additional data, helper functions are settings available within the system too,
The whitelisting and blacklisting of products are also a key setting or feature that is a critical part of your strategy customization.
HyperOpt
This is short for hyperparameter optimization. You can install hyperopt dependencies, use docker, prepare hyperopting, and find ways to increase your overall value by fine-tuning how you move around.
General Settings
Take advantage of data analysis, utility sub commands, edge positioning, advanced strategy, sandbox testing for further learning and optimization.
You can notice that they also have a contributors guide, a cheat sheet, a general slew of frequently asked questions, and other aspects that help you learn more and get more comfortable with the system.
The system will require you to have a cloud Linux instance of over 2GB RAM, 1GB disk space, 2vCPU. Further, it will ask for Docker, python 3.7+ git, or others for further optimization.
Yes, you can set up multiple bots through the application and they do have a guide for you to set it up as well. It might take a little bit of work but it can certainly be worthwhile overall. With multiple automations you can take advantage of the overall opportunities present within it and act accordingly. You can learn more and try more strategies with different bots while getting optimizing and getting more out of each of these actions.
🛡️ Security
The general community trusts the Freqtrade product. They do know that it is up to them to ensure that they set up the right API access point and connect their exchange accounts in a safe manner. At the same time, they will practice caution in other ways. For instance, they will transfer portions of their profits to hardware wallets and minimize the chance of hacks. What else do they do in regard to safety and security? They also will ensure to watch over their accounts and see if there is any erratic behavior.
But people have no issues with the safety of the application and have not reported anything on thefts, or stolen funds, or any other malicious activity after they used this product. That shows that the product is generally safe and secure inherently.
You can feel free to use the product and not worry that they will secretly steal your digital assets and run away with them, never to be heard from again. The creators of the application have not had any negative aspersions and the application itself is reputable within the general community.
Remember that you are in control and take more actions to protect yourself and your assets from potential threats and issues that may rise up.
💸 Profitability
The idea of profitability is one that is present in the minds of many different traders on the market. They do not jump into the markets to merely trade, they want to increase their value and enjoy a higher quality of life. At the present moment, there is no magic bullet. Individuals will have to ensure to step up their actions, activity, and thinking process to earn in the markets.
One different aspect you can take advantage of is the fact that you can get better with these bot trading tools. As you learn about the parameters, about the markets, and about yourself, you can streamline your process with automatons and become better.
That means that as you get better, your profitability can rise. At the same time, the market is fickle. It can stay in one spot, turn against you, or go in your direction. It is up to you to learn about the market, move along with it, and bet against it when it is not moving in the right way or when it seems to be overbought.
It is not easy to earn in the digital asset markets but it is a worthwhile endeavor that can pay many different valuable dividends. Remember to think about your level of skills, enhance your trades, and position yourself accordingly as you enter the markets. They can be very rewarding or they can take a lot of value away from you if you are not careful.
It is even more important to be careful if you find that you are using more leverage to obtain returns. As the more leverage you use, the more quickly you can become liquidated if the position and the markets change and turn against you.
Remember to stay sharp as you progress into the markets for the best results. Never ever think that it is easy and that everything will be fine and work in your favor. If you get complacent in the markets, it can crush you. But if you keep on watching regularly, and calmly make decisions based on reality and adjust your positions accordingly with these machines, they can help you in more ways than one.