Thanks to the expansion of the cryptocurrency industry, daytrading has caught on as a viable way to profit through these digital assets. But similar to conventional markets, daytraders cannot be glued to their computer screens at all times just to execute trades through the day.
That is where trading bots come in. By automating market analysis and trade execution, these services make it easier for daytraders to carry on with their day to day operations while still being able to profit from their digital assets. LiveTrader is one such solution.
Time in Business
LiveTrader is an automated trading bot for cryptocurrencies.
Launched in February 2019, LiveTrader is considerably new as compared to some other automated trading tools in the sector. With that being said, it is slowly gaining popularity among those traders who want to use 3rd party programs to supplement their operations.
Through automated trades, LiveTrader could provide such users with some much needed relief. Even if they are away from their screens during the day or night, LiveTrader could keep working on their behalf and make cryptocurrency trades according to predefined instructions.
Reputation
Since LiveTrader was launched in early 2019, the trading bot has a long way to go in terms of building its reputation in the crypto community. For now, it focuses on giving proper attention to its offered services and customer support.
For the most part, it seems that LiveTrader’s efforts are paying off. It is gradually yet certainly gaining recommendations from daytraders due to its clean user-interface (UI) and the functionalities that it offers.
Exchanges Supported
Due to being the new kid on the block, LiveTrader doesn’t support as many exchanges as its other competitors.
While it promises an impressive roster of exchanges in the future, the trading bot only supports Binance at the time of writing.
The exchanges that it plans to add in the near future include Bitfinex, Bitstamp, Kraken, KuCoin and Poloniex.
Pricing
LiveTrader is available through 3 different pricing models. These 3 packages could be billed monthly or annually.
The trading bot offers a free trial period of 7 days on all plans.
A 20 percent discount on monthly pricing is also available if users sign up with the annual subscription (for which the payment is deducted upfront).
All plans include unlimited positions as well as all available indicators offered by LiveTrader. They also promise unlimited access to all supported exchanges when the bot enhances its roster to support more than one exchange.
Starter
In addition to all available indicators and unlimited positions, this plan comes with 20 bots, 1 strategy, and 4 triggers.
It costs $19/month. If billed annually, the price decreases to $15/month.
Advanced
The availability of all indicators and positions remains the same in this plan. It also includes 250 bots, 5 strategies, and 10 triggers. This plan also comes with real-time analysis.
It comes at the price of $49/month. But on annual billing, it costs $39/month.
Professional
As the priciest plan from LiveTrader, it is also the most powerful. In addition to all indicators and unlimited positions, it comprises of a whopping 1,000 bots as well as 10 strategies. It also has 20 triggers and comes with real-time analysis.
The plan is billed at $99/month. With annual billing, the price is reduced to $79/month.
All of these plans come with the standard features that are offered by LiveTrader. This includes custom and preset strategies; market anomaly detection; as well as backtesting and paper trading.
Some features that are available for the Advanced and Professional plans such as reporting analytics are still under development. When deployed, they would apply to their respective plans.
Ease of Use
LiveTrader boasts of a very easy to use UI. The overall interface is simple, clean, and comes without any clutter. Due to this, operating the trading bot seems like a walk in the park.
The platform provides an in-depth dashboard that provides visual cues to the trader. This makes different branches of information easier to understand. It also ensures that both experienced and novice traders alike are aware of the details of their accounts and trading strategies by spending a few seconds at their screens.
Apart from the dashboard and visual cues, traders are also able to apply predefined strategies or set up their own customized strategies easily.
The processes within the trading bot application remain understandable and simple, which is why they do not require the traders to have a very complex knowledge of computer systems. Anyone who is able to operate basic computer programs could make their way through LiveTrader’s cloud-based, web application with ease.
Settings Available
LiveTrader was built with professional daytrading in mind, which is why it comprises of advanced settings for its users.
Traders could set up technical indicators including but not limited to:
- MACD: moving average convergence/divergence
- RSI: relative strength index
- SMA: simple moving average
They could also use different order types, such as stop loss and trailing stop loss.
With this, traders could apply predefined or automated strategies to their accounts. Through the strategy marketplace feature, traders could browse through additional strategies and apply them to their bots.
But if someone wants to design their own strategy, then they could easily do so through the settings offered within the program.
The algorithm also pulls data from over 150 sources, which allows daytraders to be aware of market conditions from a multitude of perspectives. This ensures that they are able to make informed decisions without having to reach out to different platforms or dance through multiple tabs on their computer screens.
Security
LiveTrader is hosted on a secure server, and traders could access the trading bot as a web application. This means that they never have to install a program or compromise their security through a local mechanism.
With that, LiveTrader doesn’t require any permission to withdraw funds from its users’ exchange accounts. This keeps their funds safe and provides additional security.
The trading bot does lack in one aspect in terms of security, which is the absence of two-factor authentication (2FA). As a security standard that is followed by nearly all trading bots and which adds another layer of safety to such programs, the lack of 2FA seems uncharacteristic for a brand that is trying to find its footing amidst strong competition.
Customer Support
LiveTrader promises premium customer support to all existing users, for which it has setup a ticketing system on the website.
The platform has Facebook, Twitter and Discord for social media connectivity. But given that it has a limited user base for now, these social platforms remain essentially disconnected for now.
LiveTrader has a very impressive blog page that has detailed insights on the trading bot and related features. But it doesn’t replicate this quite so well on its knowledge base, which remains empty. This creates issues for those traders who might be trying to find simpler answers to their questions.
Profitability
LiveTrader does not commit to a certain level of profitability, which is quite in line with other automated trading solutions. This approach is followed through the industry and remains quite comprehendible given that the cryptocurrency market is unpredictable and does not provide a set percentage of profits at any time.
Conclusion
With that being said, the 7 day trial that is offered by LiveTrader does remain a good way to test out the trading bot’s offerings. Features such as paper trading make it easier to test out strategies against real time market conditions, which give you an idea of what to expect while using the bot.