If you are new to the cryptocurrency industry and want to use a trading bot that is beginner-friendly, you may have heard about the HAL trading bot. Formerly known as Napbots, the trading bot is designed in a manner that makes it ideal for new cryptocurrency traders.
But is HAL worth your time and money? To help you answer this question, here is a detailed HAL trading bot review that lets you learn more about the platform.
⌛ What is HAL and How Long Has It Been in Business?
HAL is an automated trading bot that lets you buy and sell cryptocurrency through preset strategies. It allows you to keep trading digital assets on your preferred exchange without having to manually perform or approve every trade.
HAL had originally been launched as Napbots in 2019, which is when the former started offering its clients the ability to automate their trades. But in September 2022, Napbots rebranded to HAL after being acquired by digital asset investment firm Coinshares.
Coinshares itself was founded in 2013. It has various investment approaches and products to its name such as the first regulated hedge fund powered by Bitcoin. But one of its most popular ventures came in the form of exchange traded products (ETPs) in the form of Bitcoin and Ethereum ETPs.
Before its acquisition, Napbots had received good reviews from cryptocurrency traders and industry experts. The exchanges that Napbots supported included Binance, FTX, Kraken, Bitfinex, Bitmex, Bitpanda Pro, Bitstamp, OKX, and Phemex. However, this has changed since HAL took over the platform.
The new name of the platform is literally inspired by one of the greatest villains of all time from 2001: A Space Odyssey. But apart from that PR miss, it is too early to say how the recent changes that have been made on the platform will turn out for the original Napbot’s user base.
💡 How Reputable is HAL?
HAL has only recently changed its name from Napbots to HAL. With that being said, the reputation that Napbots obtained over the past few years and the goodwill that Coinshares has generated for itself can work for the HAL trading bot.
The visual changes also speak in the HAL trading bot’s favor. These modifications include a simpler website and a more straightforward subscription plan. But the lack of easy-to-browse help articles in the former and the unavailability of a complete features list in the latter dampen the visual and interface improvements.
It is true to say that for all intents and purposes, the HAL trading bot is its own entity. But that entity is repurposing the solutions offered by a mildly-successful trading bot, which had its own niche following mainly in the form of beginner traders. That combined with its parent company’s outreach in the cryptocurrency community gives it an edge over other trading bots that are less than a month old.
This also works as a double-edged sword. While any HAL.trading bot review would look at the platform with Napbots’ history of credible operations, it would also question HAL’s current value proposition, given that it has all the resources at hand to make a big splash with this revamped launch.
At the time of writing, HAL is encouraging old users of Napbots to stay with the revamped platform and simply accept the terms and conditions to migrate to HAL. Since HAL is promising to offer more features at a competitive price point, this strategy might just work in the platform’s favor as well.
👌 Which Exchanges Does HAL Support?
HAL supports the following four exchanges.
Binance
Launched in 2017, Binance is the world’s top exchange by global trading volume. Operating out of the Cayman Islands, it is known for hosting a wide range of new and popular cryptocurrencies on its platform, while also offering extensive support through various trading features.
When combined with its competitive pricing and ease of use, Binance becomes a fast favorite for fresh and seasoned traders alike. While the exchange has had its share of controversies, it also fits the bill to become the ideal automated trading exchange for many.
FTX
FTX launched in 2019. Since the start of its operations, it has garnered a positive reputation for itself through the overall outreach of its operations. FTX hosts an array of cryptocurrencies and digital assets on its platform, which more often than not lands it into the Top 3 exchanges by global trading volume.
FTX offers a seamless and intuitive user interface (UI) that works wonders for new and experienced traders at the same time. This also makes it the go-to platform for many individuals.
Kraken
As the oldest exchange in HAL’s current list of connected platforms, Kraken holds its own with its overall time in the cryptocurrency industry. But it also has more to offer than the mere number of its years of operations. For instance, its selection of cryptocurrencies and financial assets is curated with the traders’ needs in mind.
Due to being in the business for so long, Kraken has many of its trading functionalities deriving from legacy systems. But it has also updated them to a more modern setting. This makes it a strong selection of a primary exchange.
Bitfinex
Bitfinex was launched in 2012. Operating from the British Virgin Islands, it remains a popular exchange that holds a significant trading volume. In fact, its trading volume often lands it within Top 10 exchanges by global trading volume.
While Bitfinex has a large collection of cryptocurrencies to boot, it doesn’t have the same level of credibility as the other exchanges on this list. Instead, it has been ridden with controversies in the past few years. With that being said, it is an alternative option for a variety of traders.
During the HAL bot review, it becomes clear that while the platform has quite a limited selection of exchanges, those exchanges remain quite robust and interesting in their value proposition.
💰 How Much Does HAL Cost?
Before HAL acquired Napbots, it had multiple subscription plans that started from €16/month and went all the way up to €83/month. But after the platform’s rebranding, it now offers a single plan at €19.90/month.
At the time of writing, perhaps the biggest problem that HAL has with this plan is how it doesn’t define all the features that are provided with it. Instead, it simply mentions that you get $100,000 of trading volume against the €19.90/month plan, along with the ability to use more than 14 strategies with nearly 45 cryptocurrencies.
Besides the unavailability of popular cryptocurrencies such as ETH, another glaring issue that stands out here is that the details for strategies and features are not mentioned on a dedicated pricing page.
In place of this information, you are asked to sign up for the trial offer, which lets you trade on your exchange using the full slew of HAL’s services for 14 days. After signing up for the trial using your email address (no credit card is required at first), you can see automated strategies that let you trade your cryptocurrencies by using methods that are advised by experts, according to HAL.
You can allocate funds to each of these strategies and also set them up with the click of a button. However, there is little to no room for strategy customization and letting traders tweak their strategies the way that they want to trade.
In €19.90/month, where many other automated trading bots offer users the ability to make their own strategies, this particular stance by HAL leaves a lot to be desired. It makes it clear that the platform is mainly catering to cryptocurrency beginners instead of serious traders while giving the latter a limited set of options to be able to enjoy the product with their favorite exchange.
This is not particularly a bad thing, especially if you are just trying to find your footing as a fresh cryptocurrency trader. But if you are a seasoned trader who wants more control over how your cryptocurrency is bought and sold, your experience with HAL may not be so satisfactory.
As a result, during this section of the HAL.trading bot review, the bot may come out on top for new traders but remains a compromised choice for those who have a little more experience with buying and selling cryptocurrency.
😎 How Easy to Use is HAL?
HAL’s overall design has gotten revamped with its transformation from Napbots. This leads the current platform to a modern look and an intuitive UI. When put together, this makes the HAL trading bot easy to use and a breeze to get through.
The limitations of customization features works as a blessing in disguise for HAL, which can now boast of being highly user-friendly. Even if you have little to no experience in cryptocurrency trading, signing up for the bot and selecting preset strategies is no more difficult than posting on your social media.
The feature to allocate a certain amount of funds to each strategy makes things easier, while the ability to pause one bot and run another also gives you more flexibility in your trading.
All of the functionalities that are available remain quite easy to use and do not make things more difficult for anyone. Even if you have never traded cryptocurrency before, the learning curve here is small and breezy. This earns the HAL trading bot quite some points during a close review in terms of ease of use.
With that being said, the help section isn’t as well-populated as it should be. The FAQs remain all over the place and even links to basic questions such as connecting HAL to an exchange remain broken with no redirects to the actual answer.
There is a Learn page on the HAL website that guides you to different blog posts. These blog posts explain various features and trading mechanisms that are related to trading strategies that you can use through HAL. While these articles are helpful, their categorization and distribution require more attention from the HAL team.
These walkthroughs and guides for using the platform are also not as descriptive or helpful as they should be. This means that while you can benefit from the platform’s easy design and interface, you will have a hard time finding help if you are stuck during a process. This can make HAL a misadventure for those who do not know how to operate a cryptocurrency trading bot, to begin with.
The lack of adaptability for your own strategies also sticks out like a sore thumb, especially when you compare the unavailability of these features with other automated trading bots. This makes the HAL trading bot lose against many other competitors that are made for both new and experienced traders.
🛡️ What Kind of Security is Offered?
HAL operates through a cloud-based server that doesn’t require you to download the application to your computer. This saves you from the hassle of downloading and updating the software every now and then, while also keeping you more secure with constant updates and security measures that are deployed directly to the cloud itself.
The server that HAL is hosted on is also HTTPS/TLS secured. This means that the password that you enter to log into the website is secured through encryption and doesn’t remain as easy to crack by bad actors. This further adds to the security features of the platform and gives you the peace of mind that you need while transacting your funds through it.
HAL also doesn’t require you to share the login details and password for your cryptocurrency exchange in order to connect to it. Instead, it calls for you to use your application programming interface (API) key to connect with your exchange. This ensures that you can connect your bot to the exchange but don’t have to compromise your exchange account’s login details in the process.
These basic details come together to provide you with industry-standard security for your cryptocurrency trading bot account at HAL. For further security, HAL recommends that you should also enable two-factor authentication (2FA) for your exchange account in order to beef up its protection.
Overall, this part of the HAL review makes the trading bot platform pass the basic security features test. With that being said, you should always remain vigilant while trading your funds using any third-party software.
👨💻 How Good is HAL Customer Support?
When HAL operated as Napbots, its customer service solutions consisted of a help center, a blog, and a ticketing system. After acquiring Napbots, HAL has kept those modes of contact in place to help customers find the assistance that they need regarding their products. It has also revamped the live chat interface that is available to customers within the web-based bot application.
But it is clear that HAL needs a lot of work in that department, especially when it comes to making its customers self-sufficient in operating its solutions. For instance, the Help Center or FAQ section needs a major overhaul in order to be of more assistance to users of the application.
In addition to this, the Learn or blog segment also requires to be segmented in a way that lets users find exactly what they need. By turning this scattered information into a series of learning materials, HAL can truly help its users know more about trading as well as using its software. Since HAL has only just acquired Napbots, you can give it the benefit of the doubt in hopes that the platform would turn this around for the better.
When HAL was Napbots, its user reviews did not mention many issues with customer support. This meant that the beginner-friendly trading bot fared quite well among the audience that it found for itself in the cryptocurrency community. Now that HAL has taken over the name and operation of Napbots, it remains to be seen if the platform maintains this level of service.
So far, this section of the HAL bot review gives the bot points for having multiple modes of contact, but also takes away from its reliability due to a less-than-impressive FAQ and help section.
💸 How Profitable is HAL?
HAL doesn’t claim to make a certain amount of profit for its users. This means that even though it mentions that its strategies are created and curated by experts who know how to make profitable trades, there is no telling how these strategies will turn out for specific users. This practice actually provides significant credibility to HAL’s name and makes it a trading platform that is putting transparency front and center.
It is because cryptocurrency trading is a highly volatile approach that could either provide you with major gains or significant losses. Sometimes, it even maintains a fine line between both outcomes and walks between these results. But no one can truly predict how much profit you can earn through cryptocurrency trading of any kind.
Since HAL provides you with a 14-day free trial without requiring your credit card number, you can use these mechanisms to test out the bot for yourself with a small amount of funds. This gives you a firsthand experience of how beneficial the bot can be in your specific case in given market conditions.
✅ Is HAL Legit or Scam?
HAL is a legitimate trading platform that is operated by Coinshares, a U.K. company that has been operating since 2013. This makes it a credible trading platform that is not functioning as a scam.
While HAL’s trading platform is only viable for new traders, it does provide services that actually buy and sell cryptocurrency instead of taking your money away for nothing. You can also make use of the 14-day trial offered by the bot in order to get a hands-on experience of its services.
📢 Conclusion
By taking a closer look at the HAL trading bot review, it can be safely said that the platform is beginner-friendly in its interface, but needs more work in order to truly become the go-to tool for new traders. For advanced traders, it may not be a suitable platform due to its limitations on customizing strategies as well as the types of cryptocurrencies that it can trade.
The unavailability of HAL’s value proposition with a list of all of its features also stands out as a huge problem. This makes you unaware of the slew of services that you are actually paying for and if they are even worth your monthly subscription fee according to your own assessment.
If you want to try what the bot can do for you, you can use its solutions during its 14-day trial period. However, similar to any other cryptocurrency tool, make sure that you are being careful and only use those funds for trading that you can afford to lose. This helps you secure your essential finances in the face of the unpredictable cryptocurrency market.