Do you like speculating on coins and see which goes to the moon and which ones plummet? If you are like me and if you are serious about playing the market and want to make your cryptocurrency speculating to be easier, I just discovered this new service called Bitsgap that offers automated trading bots.
As you all know, we can’t be all full-time traders, so this nifty site is a gift to people who want to maximize their profits while not in front of a terminal. This will also be a journey for me as I try and document everything to get started. Bitsgap will be the first bot service that I am going to test, but I plan to run some other solutions in the future, to compare them and choose the best one.
Diving right into the action
Since I want to make the most of what I currently have to trade with, I am just gonna go ahead and get the PRO plan that they offer. This subscription tier offers me the best bang for my buck. If I want to be able to get my value for my money, I might as well go for the option that gives me the tools I need to get started in the right direction.
By the way, this also offers cryptocurrency arbitrage trading. It is somewhat for the advanced speculators, and I currently have no time to learn the finer points of it so I am not gonna touch on that subject. I am here merely for the trading bots.
For this journey, I am going to be diving in with the amount of 0.4 BTC and see how much profit it earns me in one month. Since I have funds on my Binance account, let’s go with that. This account will only be used for bot trading and nothing else.
Might as well buy some BNB while I’m at it since I will be trading pretty heavily with the use of these bots, so paying the fees using Binance’s own coin will save me money in the long run. After all, that’s what I am really after, to make a profit.
The interface is pretty easy to navigate, to be honest. It’s not clunky like what I see on the Binance site. Also, I do see some of the pairs that are being offered on the panel displayed on the right side of the bot platform. I will be using these profit predictions as the basis of my trading.
Now I have set the first pair that I want to trade-in based on their own backtest algorithm, which I did not try to alter much as I want to see how their trading bots really work.
I will be using all of the 15 trading bots that they are offering on the PRO plan, and distribute all of my deposited BTC on these 15 pairs.
Now that everything is set, all I have to do is just give it a week and just monitor the progress. There’s nothing left to do here but wait patiently.
My Binance wallet also shows all of the coins I recently bought with the trading bots I just set up. It’s nice to see that the records reflect on both platforms.
My total balance now started to move as well, this will be the main indicator of trading bot success. The main goal of this campaign is to grow my BTC balance.
Afterthoughts
Now all of you are itching to ask me are “What is the point of all of this?”
And to that question, my answer would be the convenience that this service offers. Sure, a lot of you might be able to do it even without the use of trading bots. However, I actually do not have the luxury of being a skilled trader to navigate around and do actual trades myself since I have a full-time job.
And since the crypto market is volatile, I do miss out on a lot of opportunities to be able to make some profit back. I just don’t want to bag and hold my coins without any interest coming back to me. Signing up for this service actually addresses the issue of me not being able to maximize my efficiency since I usually long hold my coins.
This is a new avenue for me as I would like to go into day trading, but as I said earlier, I do not have time to learn all of the finer details in day trading. So I’m going to jump the gun and try the tool that is being offered right in front of me.
Just so you know though, I have no way of knowing if I am going to be profiting from this endeavor or not. I will be checking the results weekly to see if I make some money back or if I am just losing. I might move some cash around depending on the weekly those results.
So is it worth the risk? Well if you ask me, I have no way of knowing for sure. As for where it stands, I just started using this Bitsgap service. It might be a stroke of genius, or it will lead me to my downfall, but right now I do not have concrete answers.
I’ll let you know in a week’s time on the results of the coins that I speculated. If it ends up with me getting enough to cover the monthly service fee and then some, then I have absolutely no reason to stop using the bot.
Who knows, if this service becomes the goose that lays the golden eggs for me and continuously make money, I might invest more money in it to be able to see a bigger profit margin. After all, who does not like earning money, right?
Hey, which of these bots that you have used you think is the best?
Hi, Bitsgap is a stable one that I can recommend. Cryptohopper has a nice interface, but not that good when the price of BTC is going down.
The difference between these two bots is the strategy that they are using. Bitsgap is working on the grid strategy, Cryptohopper is based on different trading indicators which compose buy signals.
In the screenshot I see that there are trading pairs that make a profit or loss. Does it make sense to deposit BTC in those trading pairs, which often bring profit? For example in LSK/BTC, XMR/BTC, EOS/BTC. Or other pairs, which according to your observation more often bring profit.
The situation can change really quickly. Those coins that bring profit atm can be easily replaced with the coins that were quiet right now.
Can we already look at the results of weekly trading or will you provide the results at the end of this experiment?
Hey, you can find the first report here: https://tradingbot.info/results/bitsgap/bitsgap-trading-bot-in-action-see-the-1st-week-results/
Do these bots using stop loss? And what is average profit on 1 trade? What % of capital is allocated for 1 altcoin? I would like to see more numbers
These bots are trading in the grid. The whole investment of 0.4 BTC is equally divided between all the altcoins. It is hard to say what is a profit per trade rate, as the bot is performing A LOT of deals per day. For the last 7 days around 3000 orders were filled.
It seems to me that people would use your advice and you are doing great thing saving out time and money. After seeing some results of different bots I will invest money in best trading bot
It would be great to look at the results of using a few more bots after you finish testing this bot. Because only in comparison with other bots can one assess how well the developers have set up the bot.
True story, right now I am looking to run some more tools.
Great, then we are waiting for news about new tools. But at the moment it is still interesting to find out what balance you will have in a month after the launch of this bot.
Do you plan to continue using this bot when the test month ends, if it does not bring you the expected profit? For example, to look at how it will work in the future, for a more objective review.
I do not expect any profit, it would be nice to cover the monthly fee for the start. I will not definitely let it ruin my bankroll, so losing 10% of a total bankroll would be a strong signal to stop.
Losing 10% would really be an extremely unpleasant experience, but your strategy is not to stop at one bot and use different tools to cover costs and possible losses.
I don’t think 10% is too much. Altcoins are extremely volatile and 10% isn’t high drawdown
By the way service should tell in advance about maximum drawdown. If it exceed said amount, then you should stop
How about testing not only bots,but real traders as well? You can invest a part of your capital in different traders to manage your account via api on bitmex
Real traders do not require any investments 😉 If you can trade well, then you will be trading yourself and get profit. If you require any help with funding, then you are probably not sure in success.
I can disagree with you. Look, imagine that you trade well, having a track record, but your initial capital is small. What is more you live outside USA and average income in your country doesn’t allow you to collect enough funds.
You have 2 options- continue to trade with high leverage and smaller amount like 5 k $. You take high risk and can’t grow fast.
Another option is to raise funds, 1 mln $ and trade with smaller risk sharing profit with investor. Less risk, more profit. You have unlimited opportunity for growth.
What is your futher step on this blog? So you will review some bots, select best one, invest money and get decent profit, what else? Do you have any plan , any vision ?
Basically, I want to create a full guide regarding cryptocurrency automated trading, which will include reviews, testings, and general information.
Great! probably next level is creation of your own trading bot. You will get experience in testing of various strategies and then find out how to create better bot.
What is your expected annual return on this bot?
Do you have any expectations? I don’t believe trading bots, it sounds like a pillar of wealth
I will be happy to cover the monthly service fee at least 😉
Hah, with 0.4 btc it is not a big deal, but imagine if someone having 0.1 btc would lose money at the beginning and ought to cover monthly fee with smaller trading balance. Do you know if there is recommended balance to start?
I will be calculating the profit in terms of a percent from the initial deposit. So if the profit will be for example 15% per month, then this should be relevant for every investment amount and it will be easy to understand what should be the minimum amount to cover the fee of PRO package.
I prefer trading without bots , I am a day trader, but I am interested in this blog, so let’s see risk/profit rate and I will probably try some bots later
If you have time, passion and discipline, then probably trading without any bots is the right choice 🙂 But this is not my case. Automated trading solutions are mostly suitable for HODLers like me, who just want to grow their crypto portfolio with no hassle.
Do you plan to test bots on other exchanges with smaller trading volumes, such as EXMO? I am interested in the experience of bots on exchanges other than Binance.
Right now I find Binance the most suitable exchange for testings. It allows to create several accounts with no KYC, it has a lot of pairs and volume and supported by all trading bots available on the crypto market. I think if one particular bot supports both Binance and EXMO, then the information regarding the performance should be relevant for both exchanges.
It sounds quite logical. Binance really offers a convenient place for the most accurate testing of trading bots. I will follow the results of this experiment.
Now is a good time for trading, because the bull trend and trading bots are clearly dominant in the market, if they are set up correctly, its should be profitable. I would like to see the same experiment conducted with other bots, to determine the most profitable.
Now is a really good time for trading, but bots work well in both bear market and bull markets. But I am also interested in this experiment in order to determine the most suitable bot for use.
Yes, this is true, it is interesting for me to see how bots will behave in different market situations at the moments of falling and growth of the market. I think this is also an important point, which will optimize their work for maximum profit.
I’ve seen your thread on bitcointalk. This is unique experiment, I wonder how much bots you will be testing later. Keep an eye on this blog
I plan to run 2-3 services more during the next month. Basically, I would like to cover all the major online automated trading solutions until the end of the year.
Hey, that is engaging experiment. Being a trader I seek opportunities to test new strategies.
What about historical data of this bot? I’ve not found it on website
You can backtest every pair on every exchange and simulate the bot trading activity for the historical charts. I am not sure about the period though, I guess you can run this backtest for the last 2-3 months if I am not mistaken.