It is a fast-moving world, and many events are taking place over the past few decades. Bitcoin rose up from an obscure asset to becoming a world-renowned cryptocurrency. It would bring up a whole host of other digital assets with it as well.
There are various reasons as to why people sought to store value in the leading digital asset, bitcoin. As such, it was no surprise that bitcoin would rise from over the span of a couple of years from $1,000 to $10,000 and then to $50,000 and higher over time.
Therefore, more individuals are interested in trading, getting involved in cryptocurrency, and storing value. They can either concentrate value in it or they can diversify over time.
It is in this situation more professional traders and investors are looking at ways to automate their actions, streamline it, and simplify their lives in more ways than one. That is where an application like Hummingbot comes into the picture and presents value.
The next component that one would want to know is if it is reliable, if it is effective, and if it is trustworthy. Read this Hummingbot review to know more about this bot service, its features, and security.
Time in Business
The firm and the Hummingbot application have been around in business for several years. It came about in 2019 and has been present on various people’s desktops since that time. It is known as a software client that enables users to form and craft their respective trading automations. These automatons are algorithmic speculation bots that provide market-making, liquidity mining, and arbitrage.
The bot is useful for centralized and other crypto asset facilitation entities. This open-source software client can provide ways for individuals to create and execute high-frequency market-forming bots. One can also use it on several digital asset trade entities. People appreciate Hummingbot because it can provide a significant advantage overall to those that use it.
Market Making – Operate an automaton that gives liquidity to these digital asset exchange spaces by taking and making orders. This automation lets individuals provide these provisions at a smaller scale, and obtain value by participating in the process.
Liquidity Mining- The project is in line with various higher-level entities to participate and enable liquidity and earn by doing so within the space. If they provide a specific portion of liquidity, they can earn and succeed. The more liquidity they can give, the more tokens they can earn.
Arbitrage- Arbitrage is present when an individual purchases assets in one place and then sells at a higher price on another entity. Yes, arbitrage is still possible.
The product came about on April 04, 2019, and continues to stay relevant within the digital space today. From intriguing features like CLI access to customization and overall smooth execution, it is one that many use regularly.
TOP TRADING BOTS
Reputation
You can find that Hummingbot has positive reviews across the board. It does what it says it will do and does not disappoint at all. Those who use it find that it provides simplicity and adds unique value to their trading exercises. Individuals have not seen any hacks or other factors that would make them have complaints with the application.
Hummingbot has a fantastic user experience but it might be best if one is more of an expert to use this application without any difficulty. The reputation of this application or product is rather stellar.
Exchanges Supported
You can find prominent exchanges that range from Coinbase Pro to Binance and other entities such as Kraken, Liquid, and even Bittrex. Further, Huobi, KuCoin, and Radar Relay are also connected to this application. You can also find that they will have more entities that come with the application as it progresses.
If you have accounts with these entities and seek to connect them to this bot application, it is quite possible to do so with an API.
These exchanges bring centralization and decentralization to the table. Further, these entities come with top brand names and are heavy hitters in the industry. Many people appreciate these various entities and love them for what they offer.
So Hummingbot does not mince its offerings and partners with a wide variety of liquid entities so you can participate and have minimal issues with liquidity.
Price
People appreciate this software because it is free to use. Yes, it is open source and has a great reputation. As such, if you download it from the official website, then you know that you are obtaining it at the right place. Therefore, it will not have any issues such as viruses or other malicious factors you must worry about.
Many individuals appreciate that this application is straightforward, open-source, and free to use. It lets them access the crypto markets, participate, and streamline their bot operations without any difficulty.
Ease of Use
The truth is that it is not very easy to use Hummingbot if you do not have experience in the command line interface. It is quite easy to set up it, though. That installation process will only take around 9 minutes or so. But you must ensure to get up to speed with command lines if you want to navigate it with ease and take full use of the functionalities that it can present to you.
The first step is to access it, download it, and install the client. That should take 4 minutes or so. Then you want to configure your bots, then you want to run them for a while. The latter part will take around eight minutes.
One will see config files and the CLI. It is not as visual as people are used to in the present era. The more instances you have, the more difficult it is.
Other aspects such as customization in some areas may require you to re-implement the strategy for the best results. But other aspects are simple, once you get used to the process from risk management to inventory management, and performance to price validation.
Settings
The application will give you pre-built strategies, scripts, and simple ways to create more features that make sense for you. It comes with a developer-friendly code base that speaks volumes and provides significant help in many different situations.
You can set your strategies, parameters, and forget about the infrastructure and other technical aspects to the developers behind Hummingbot.
The firm and application offer a community of people that you can work with, learn, trade, and even build over time. You will only want to build if you are interested in creating further features by yourself instead of using pre-built ones.
As noted, you can have market-making, arbitrage, cross-exchange marketing, and even aim arbitrage. One compelling aspect of this application is that you can participate in the decentralized finance movement. The more you can get involved with that space, the more potential opportunities you might be able to seize.
You can learn about governance, trade strategies, and be a part of a growing group of developers when you join their discord.
Security
Hummingbot application has been seen as secure. It has not had any bad remarks. People see it as a secure and simple trading bot. It does not ask for access to your funds and people have not complained about missing their assets once they connected the application to their accounts.
Those individuals who made the product did so to ensure that they provide people with another option to participate in the digital asset markets in a streamlined and straightforward way.
If it had any issues, we would be aware of it. But it seems that it is a fairly secure platform from what we have seen in other Hummingbot reviews, the general worldwide web, and forums that talk about it overall.
Customer support
If you want to gain access to their customer support, merely join the discord channel. Someone will help you out. Remember that it is an open source application, so you can expect to have other people who can help. But at the same time, no one is earning money from the application or being paid to provide customer service.
As such, you must understand that you should have your own resources if you find that you need help with something. The developers are not obligated to provide customer service. At the same time, they do offer some support through their discord channel.
Profitability
Profitability is present if you are taking the right actions in line with the markets. Remember that the bot does not think for you, but it does automate your requests and takes actions based on your decision inputs. If the market sentiment moves in one’s favor, then one can earn quite a large amount. If the market sentiment moves against one, then the value can decline.
The sentiment is present in nations, on fund managers, on politicians, innovation, and other factors.
Firms that range from Tesla to Square and other large publicly traded companies either hold bitcoin or allow people to trade it through their applications. That increases exposure and shows that there is value. That can increase demand for the asset.
For instance, more fund managers are now looking at bitcoin and then thinking that there is more value in it. They had looked at it in a more dismissive stance and are coming around to invest in it. That is startling because they were able to change their minds in a short time frame. Some went from calling it an unfounded fad to saying that they made knee-jerk reaction comments.
So profitability is not dependent on the bot as it does not have intelligence, you do. You must make the right decisions and act accordingly.
Hummingbot Summary
The Hummingbot application is a little different because it is open source. At the same time, it provides arbitrage, market making, and other capabilities for you to participate in the markets at various exchanges.
It does not have the best ease of use as one must use it from the command line. But besides that, people appreciate the product, know that it is secure, and like that several trading opportunities are present with the application.