In the world of cryptocurrency, automated trading has become such a sought after way to execute crypto trades that everyone seems to be adopting this method.
But even as widespread as the method is, it is still highly complex. It takes weeks or months of training to be able to use a conventional trading bot to its full potential. This trend prevents those novice traders out who aren’t as masterful, but who still want to make sure they could make use of the technology.
That is where easy to use platforms such as Luna come in.
How Long Has It Been in Business?
Launched in January 2018, Luna is a bot solution that carries out cryptocurrency trading on an automated basis. It uses preset strategies to analyze the crypto market. From there, it executes buying and selling transactions accordingly.
Unlike many other platforms that work on a complicated mechanism, the Singapore-based Luna promises to be very easy to use solution.
Instead of exclusively catering to professional cryptocurrency daytraders, Luna also pays attention to novice traders. This is done intentionally so that those who want to delve into trading could make use of bot benefits such as 24/7 action without having to master complicated processes.
With this in mind, Luna lets its users set up their automated bots with the utmost ease. While it uses technical and complex processes at the backend, it doesn’t show the difficult operations to its users without their choice, just so it doesn’t overwhelm them with information.
Instead, it paints a very simple and easy to understand picture at the surface so that new crypto traders could understand the critical information in a simplified manner. Whereas, those who want to use more advanced features could opt to utilize them on their terms.
This ease of use is perhaps the most compelling selling point of the Luna trading bot platform. Apart from that, the service also has multiple exchanges, manual order setting, and visual aesthetic working in its favor. It is also accessible through mobile devices, which adds to its overall value proposition.
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How Well Known is Luna in the Crypto Sector?
Luna made its debut to the cryptocurrency market through the BitcoinTalk forum on March 2018. From there, it started to gain some mainstream attention by launching a discount signup program.
Those who have been in the crypto sector for a while seemed to be pleased by what this solution had to offer, and Luna received some pretty impressive reviews from them.
But despite publishing regular updates and responding to questions on the BitcoinTalk forum for a few months, the excitement around the project died down. While the bot is still functional and offers its services to clients, it is not as popular or buzzworthy as it started to be.
With that, Luna does state on its website that it has crossed the 1,000 user threshold, which points to the fact that the platform has been able to garner enough attention to sustain its operations and make them stand out from the plethora of other trading bots.
What Exchanges Does Luna Support?
Despite being a relatively new platform, Luna does support an impressive roster of cryptocurrency exchanges:
What Are the Pricing Plans Being Offered?
Luna offers different pricing plans to its users, which are based on a subscription-based model and charged through Bitcoin.
Along with this, the platform also offers a Free Tier to those who want to use automated trading services but cannot afford the fees for service providers. This aspect is where it gets interesting since the Free Tier isn’t actually free.
While the paid plans ask for upfront payments on a six-month subscription-based mode, the Free Tier provides its services by taking a share of profits made by the trader.
This model lets those traders use Luna’s services who cannot afford the trading fee upfront, or who simply don’t want to pay anything unless they have made some profit. In this so-called Free Tier, users only have to pay when they have made at least 0.01 BTC in profit. At that time, Luna charges these traders 20 percent of the total profit made through its solution.
Seeing that this model isn’t for everyone, Luna also offers multiple pricing plans for users who are comfortable with paying its subscription fee right off the bat.
All plans come with support for all exchanges that are included in offering. They also include technical support services. Luna also highlights “Automatic Updates” as a value-added service due to its bot being executed through a web-based application, and thus being updated without requiring users to install anything.
Here are the pricing plans that Luna offers to its users. It is also prudent to remember that the platform also offers users to make their own plans in case they are not satisfied with the number of bots being offered in the pre-packaged deals.
30 Bots Plan
This plan is charged at 0.00627 BTC/month. It is charged for six months at 0.03762 BTC.
50 Bots Plan
This plan costs its users 0.01045 BTC/month. Upfront payment for six months is charged at 0.0627 BTC.
100 Bots Plan
This plan comes at the fee of 0.0209 BTC/month. For six months, it charges 0.1254 BTC.
How Is it Easy to Use?
As explained above, Luna is one of the easiest to use trading bots in the cryptocurrency market. While it offers various options to its users for selecting or setting up their strategies, they are all termed in very simple to understand terms.
The application uses a lot of visual cues that make the process of setting up a bot easier for novice traders. Instead of having to set different parameters, users could also select simple terminologies such as selecting between “Aggressive” and “Conservative” strategies. Traders just have to select the option which they want to comply with as a trading mechanism, and the Luna platform does all the work.
Which Settings Are Available?
Apart from simplifying strategies into simpler terms, Luna also offers its customers to set up their own strategies. It also allows users to communicate and learn from other traders, so they could benefit from the shared knowledge accordingly.
Luna offers a number of technical indicators on its platform, which could be used to create your own strategy. It also offers different buy and sell order types and strategies such as trailing stop and double up settings.
Luna also provides side by side comparisons of bots and trades, which help traders keep track of their historical data.
How Secure is Luna?
Since the tool is based upon a web-based application, it keeps users free of risking their computers’ usage or private data. This structure also makes it more secure and keeps it safe from unsavory hacks to a certain extent.
With that being said, it is not clear what additional security mechanisms does Luna use at its platform. This might push the service southward on the lists of those traders who don’t want to compromise on security at any level.
How is the Customer Support on Luna?
The customer support here is something that was praised a lot during the platform’s early days. With timely responses, an eagerness to answer questions, and the intention to help people, Luna was lauded for the way it handled its customer support.
It still offers technical support with all plans, and promises to resolve issues in a timely manner. So far, there aren’t any major complaints regarding customer service department.
With that being said, Luna severely lacks a knowledge base or a platform where frequently asked questions could be answered in a detailed manner. Its blog also remains void of any updates, which raises questions on its current dedication to support.
How Profitable is the Luna Trading Bot?
Being in line with various other solutions, Luna does not offer a set percentage of profits to any users. This has become industry standard in order to not mislead users into thinking they would make a certain amount of money.
With that being said, those who used the tool during its early days did report making profits on the BitcoinTalk forum.
But seeing that cryptocurrency trading is a fluctuating medium and profits are never a surefire thing, it is essential that you try Luna yourself instead of believing the profitability reviews. It’s because profitability depends on a lot of factors, and what worked for a certain trader before might not work for you.
Conclusion
With the Free Tier plan, you don’t have to pay anything until you have made some profits. Seeing this, if you want to test out Luna’s services, you could start with a low amount and see how does the platform work for you. You could then pay for any profits made through this trial run, and move forward buying a subscription to the platform if it seems like a good fit for you.