With the growing fervor around automated cryptocurrency trading, it has become quite difficult to choose between the plethora of solutions available in the market. Where one program claims to be the best, the other vows to be even better.
But every now and then, a truly phenomenal offering sticks out in this space and deserves a second glance by those who are looking for innovative trading solutions.
OctoBot is one such offering that boasts of being a popular trading tool within its niche community of users. With its recent release that offers quite a few updates, the crypto bot has brought itself to stand aside many renowned trading solutions.
To see whether OctoBot holds up to the excitement that it creates within its users, here’s a lowdown on the platform as well as its overall value proposition.
⌛ What is OctoBot and How Long Has It Been in Business?
OctoBot is an open-source cryptocurrency trading bot that allows you to buy and sell crypto assets without ongoing manual intervention. Instead of setting up manual trades or executing them by hand whenever you want to transact cryptocurrency, you can trust the OctoBot automated program to fulfill the trades for you.
This makes sure that you don’t have to keep your eyes glued to the screen in order to buy and sell crypto using OctoBot. Instead, you can set up certain trading strategies within the program and wait for those conditions to be met by the market.
As soon as your specified conditions take place, the OctoBot program can buy or sell your selected cryptocurrency right according to the preset instructions.
At the time of writing, OctoBot is compatible with a number of popular exchanges that include the following.
OctoBot was established in early 2018. As an open-source project, it is maintained entirely by a community of developers and coders. It is also funded by its founders who are known as Herklos and Guillaume.
The program is available for Windows, Linux, and Mac OS computers. Besides that, it is also compatible with cloud servers, Docker, Ubuntu, Debian, and Raspberry Pi. This provides you with plenty of options to utilize OctoBot at your own convenience, which adds to the overall flexibility that the trading bot brings to the table.
💡 How Reputable is OctoBot?
Due to its status as open-source software, OctoBot is utilized by a dedicated community of developers and cryptocurrency traders. The development of the program is completely supported by Herklos and Guillaume, as well as its team of coders and programmers.
All the ongoing updates are shared on OctoBot’s Github page as well as its social media platforms. With new features and upgrades being added to the program on a regular basis, the software benefits from continuous support. This adds to the community-based approach of the project and adds to its reputation.
But due to having little or no marketing especially when compared to commercial trading bots, OctoBot is not as well known in the larger crypto community as its more competitive counterparts. This makes it a niche program that is only sought after by those who are in line with more technical solutions in the sector.
With that being said, those who know about OctoBot seem to sing its praises left, right, and center. As of July 2021, the bot has recorded close to 7,000 installations with over 800 active OctoBots recorded for the month. The stats of new and active users keep changing for the better and add to the software’s overall outreach. This makes it one of the most popular open-source cryptocurrency trading bots.
💰 How Much Does OctoBot Cost?
OctoBot is maintained by its two founders as well as its community. By the founders’ choice of keeping the software open-source, the project does not cost anything to install, use, or update. As a result, it acts as a solution that is built for the crypto trading community by the very members of this space.
This means that no matter the type of exchange you select or the volume of trading you execute, you do not have to worry about any additional pricing or costly upgrades either. Instead, you can get OctoBot directly from its website free of any charges and install it over any compatible hardware equipment or cloud solution of your choice.
But that is where you need to consider the costs that are actually associated with using this free solution. Since OctoBot is available as code or software that is installed over hardware or cloud, it does not have its own hosting solution. This means that you cannot simply utilize it through a URL on the web from the get-go.
Instead, you either need to choose a traditional computer, a hosted cloud of your choice, or specialized hardware such as Raspberry Pi. These costs can depend on a case-to-case basis and require you to maintain your own hardware setup at a place of your choice.
In turn, you need to make sure that you are factoring in these costs before you install OctoBot for your trading activities. It is also important to note that you will be paying for the trading fees at your selected exchange and the blockchain fees at the relevant platform whenever you are making transactions through the bot.
Since this trading fee and blockchain fee are also applied through the use of commercial trading bots, it is not unique to OctoBot. With that being said, it is prudent to keep it in mind so you are not thrown off by its appearance within your transaction expense.
😎 How Easy to Use is OctoBot?
OctoBot has a graphical user interface (GUI) that makes it easier for you to set up your cryptocurrency trading activities. But even as the GUI makes it simpler to set strategies and trading signals, it does take a little time for you to determine how to use the different functionalities offered by the bot.
Due to being a community-based project, OctoBot has gone through many transformations in the past in terms of its overall usability. But the one factor that has remained constant is its upwards trajectory of user-friendliness. Over the past few years, the software has improved massively in terms of its ease of use. In its current iteration, its user interface remains on par with many commercial crypto bots.
But the overall installation is still a more complicated subject to handle than most commercial crypto trading bots solutions. Unlike web-based cryptocurrency bots, OctoBot does not start with a simple sign-up from the web browser. Instead, you need to either install it on a hardware machine such as a computer, laptop, and Raspberry Pie, or a software-based service such as a cloud server.
This particular aspect adds some complexity to OctoBot that is not usually presented in commercial-license trading bots. But once you get past this aspect, the overall usability does get easier. The learning curve may seem a little steep at first. However, once you install the bot, follow its updates through Github, and read its provided documentation, it seems simpler to use with time.
🛡️ What Kind of Security is Offered?
OctoBot is not hosted at its own servers or installed over its own cloud-based applications. This means that the type of security it does offer has a large part dependent on its users.
In turn, you need to make sure that if you are installing the software over your computer or Raspberry Pi, then you are taking proper measures to secure the machine’s authorized usage. Similarly, if you are installing the program over a cloud server, you need to ensure that it comes with proper security measures.
With that being said, OctoBot doesn’t ask you to contribute your exchange username or password to it, which acts as a standard security measure that is followed by all reputable cryptocurrency bots.
Another foundational yet critical security measure comes in the form of access through application programming interface (API) keys, which also makes sure that the software is only executing your trades on the authorized exchange while not being able to withdraw your funds to another wallet address.
This mix of security measures provides OctoBot with a combination of basic security measures for you to build upon. You can take them to the next level with the addition of secure hardware as well as cloud hosting solutions.
👨💻 How Good is OctoBot Customer Support?
Since OctoBot isn’t set up or sold by a company, it does not have a traditional customer support team. The support that you do receive comes directly from users like yourself, who are only more dedicated to the software as well as the larger crypto trading space.
This community support comes in the form of documentation and guides that are available on the official OctoBot website as well as the software’s GitHub page. You can also engage in active conversations with other users through the platform’s Telegram and Discord channels.
Many users are active throughout the day and remain quite proactive in helping out others, which allows you to get the answers you are looking for more often than not.
This sets OctoBot apart from commercial-license bots that come with a dedicated live chat or ticketing system. But when you compare these solutions side by side, the overall wait time and actual discovery of resolutions don’t leave much difference between them.
💸 How Profitable is OctoBot?
OctoBot doesn’t make tall or surefire claims of profitability, which actually adds to its overall reputation. This makes sure that you can maintain realistic expectations about what the cryptocurrency bot can do for you. When followed correctly, this approach can keep you from losing money while chasing unattainable profit margins.
With that being said, OctoBot has several strategies, indicators, and signals in place that allow you to make profitable trades according to market conditions. While the actual margin of profitability depends on the market condition, it still provides you with a chance to earn some extra income through your trading activities.
The key lies in keeping a close eye on your profit margins and the overall performance of your OctoBot strategies. By tweaking your trading strategies from time to time while being mindful of market conditions, you can make sure that you are moving in the right direction in terms of profitability.
OctoBot is not your conventional crypto trading bot. Unlike commercial bot solutions, it doesn’t charge you any money for utilizing its services. Being different from many open-source automated bots, it doesn’t require you to stick with a long line of code.
Instead, it comes in the form of a free-to-use, GUI-based platform that has several features strewn throughout its seemingly modest offering. If you are looking for a cryptocurrency bot that doesn’t break the bank but you also don’t mind investing a little time into learning its operations, OctoBot is the right fit for you.
With that being said, you should remember to only invest money that you can afford to lose. This ensures that you are not blowing away your life savings in the name of crypto trading.