Cryptocurrency bots have gained unprecedented traction in the past few years. Much of it is with thanks to people from all walks of life, who are interested in making their way to crypto trading.
With various options available in the market, it is difficult to choose a solution that fits your needs. Yet, some of these services prove their dominance over others and stand out of the crowd. Gunbot is one such trading bot that we will review today.
Time in Business
Launched in December 2016 then released in early 2017, Gunbot is an automated trading bot for cryptocurrencies. It is a prominent solution in the digital asset market that is especially helpful to those who view trading seriously.
Based out of London, Gunbot uses a mix of signals, strategies, and indicators to analyze the crypto market on a trader’s preferred exchange. It then automatically buys and sells cryptocurrency according to the traders’ preferences.
The controls used here could either use preset strategies that are shared by other users, or customized strategies that are set by each trader individually.
Gunbot stands out from the crowd of other trading bots by how it doesn’t charge its users on a monthly basis but sells lifetime licenses. The service manages these licenses over the Ethereum blockchain, which also allows professional traders to sell their licenses in case they stop using the program.
With its conventional interface and advanced trading mechanisms, Gunbot has made a name for itself as one of the most popular bots in the Bitcoin and cryptocurrency sector.
Since it is quite complex to use for novice traders, the service is especially popular among those who are either experienced with daytrading or want to learn it as more than a casual skill.
Given that it uses a more sophisticated interface than other automated trading services which are aimed at traders of all skill levels, Gunbot often gets branded as a difficult to use software by novice users. At the same time, it comes as a highly recommended bot by those who trade crypto on a professional level.
At the time of writing this review, Gunbot supports a total of 10 cryptocurrency exchanges:
- Coinbase Pro
- Huobi Global
With that being said, it is prudent to mention that not all exchanges on the support list enable all features. It is essential that traders are aware of each exchange’s support mechanisms before making a decision.
Spot Trading Only
- Coinbase Pro
Margin Trading Only
- Bitmex Testnet
Spot, Margin With TradingView Alerts
- Huobi Global
At the time of writing, the official website highlights Cobinhood as a supported exchange, but the supported features page doesn’t include the exchange.
Gunbot operates on a license ownership mechanism. Traders could buy lifetime licenses through Bitcoin and enjoy future software upgrades for free. This sets this solution apart from other trading bots that usually charge their users on a monthly or yearly basis.
Gunbot also plans to launch an arbitrage solution, but it is not available for sale yet.
Trial offers are not available, but a live demo can be seen for the product.
Gunbot Can Be Bought Through Different Websites
At the time of writing, Gunbot licenses are sold through multiple avenues. What makes this interesting is that most of these avenues come directly from the platform itself.
Apart from direct sales, Gunbot also sells its licenses through resellers. As official partners of the platform, these resellers operate their own websites and outreach mechanisms to make sales.
This means that if you are out to buy a Gunbot license, you could find yourself dealing with different rates depending on which platform you are looking at.
The Packages Remain the Same for the Most Part
For a general idea, Gunbot packages from its official website price the product from 0.04 BTC to 0.25 BTC. According to the official site, the software comes in four different licenses that could be purchased from resellers.
All licenses carry basic features such as availability of all supported exchanges, unlimited pairs and unlimited trades over lifetime usage.
Backtesting and TradingView alerts are only available on specific packages.
Available for 0.04 BTC, the Gunbot Starter license comes with its restrictions. It comes with one active API slot.
This license doesn’t offer margin trading. The offered strategies include emotionless, gain and BBTA trading.
Available at 0.10 BTC, the Gunbot Standard package includes margin trading. It comes with one active API slot.
It comes with all available methods, confirming indicators, additional trailing, and reversal trading. Dollar Cost Averaging (DCA) is also included.
Available at 0.15 BTC, the Gunbot Pro license includes all of the features listed in Standard. It adds to that offering by providing 3 active API slots.
To enhance the offer, this license also includes backtesting.
Available at 0.25 BTC, the Gunbot Ultimate license does what it promises through its name. It has all of the aforementioned features with 5 active API slots.
This license has backtesting in it. This is the only package that includes TradingView alerts.
Apart from these licenses, traders could buy add-ons for TradingView, and backtesting. On certain platforms, they could also purchase add-ons for Premium Support.
Traders Have to Manage Licenses Via Blockchain Tokens
According to the purchased license, users are granted the platform’s native ERC-20 tokens by the name of GUNTHY.
They are managed through the GUNTHY wallet, which allows users to manage and transfer their licenses.
Certain amount of GUNTHY tokens outline the type of license held by the trader. These tokens are only disbursed upon license purchases and used to verify ownership.
For instance, if someone is provided with 400 GUNTHY against the Starter license, they have to hold them in their GUNTHY wallet at all times. While complicated, this verification mechanism ensures that all traders using the platform are using legitimate access mechanisms.
Ease of Use
Gunbot is one of the most complex trading bots available in the market. With that being said, it does come with a pleasing user-interface (UI) that would prove comfortable for experienced traders.
The bot is available as a downloading application, which needs to be installed and setup properly. This adds another requirement for users to setup the software at their end.
Gunbot uses a host of different settings and orders which are outlined in a detailed manner on its Wiki page or knowledge base.
These order types and settings include but are not limited to margin, spot, DCA, and reversal trading.
Apart from this, Gunbot has a variety of signals and settings to choose from. Traders could set complex strategies using mechanisms including but not limited to stop loss or take profit.
Despite being very popular, Gunbot is not secure by default. Traders need to implement additional measures to bring their account security up to par.
It’s because Gunbot is not a web interface but a downloadable application. Available for Windows, Mac, and Linux, the application needs to be installed on a native computer before it could be used.
Due to this, users need to enable SSL/TLS themselves. They might also need to use a separate virtual private server (VPS).
This makes the platform riskier for those who don’t know how to use these complex settings. It’s important that you are aware of this before using this solution.
With over 10,000 users, Gunbot has a large community to serve. That is why its customer support remains quite active.
Apart from a detailed knowledge base, the service also offers support through its Telegram channel. Those who have purchased Premium Support add-ons could reach customer support specialists as well.
Gunbot does not outline how much profit could be made through the software. But those who have used it sing its praises. That is, after they have learned to use it.
The approach to not define profitability seems in line with the industry standard. But overall, trader comments on Gunbot allude to the platform’s viability.
Seeing that Gunbot comes at a hefty price tag and a complex UI, it is essential that you keep the learning curve duration in mind.
Overall, bot remains a good option for serious traders. But it needs large investment in terms of money and time.