Today I will start a new series of experiments dedicated to a new automated trading tool called Mudrex. This solution has different features that I will test with real investments. I will try to test each of these features separately and create a dedicated report for each testing.
Right now, Mudrex’s arsenal of investment options consists of Algos, Mints, and Coin Sets. In this report, I will launch 7 different Mudrex’s Algos, let them work for two months, and show you the results of this experiment.
As always, I will be using my own money to invest in this trading tool, so this post is not anyhow sponsored by Mudrex. I am risking my own funds and I have the freedom to be as honest as possible.
Preparing my Mudrex account for bot trading
Before making your first investment with Mudrex, you need to prepare your account. That means that you have to deliver the funds that the platform will work with. There are two options to give Mudrex access to your balance:
- Deposit money to Mudrex’s wallet (powered by Binance)
- Connect your existing exchange account using an API
There are several crypto exchanges that are available to use, including Binance, Bitmex, Coinbase Pro, and several others.
I have decided to create an internal Mudrex wallet and fund it. You can make a deposit using all the popular crypto assets, including BTC, ETH, LTC or USDT. I have chosen Bitcoin this time, but it is better to deposit Tether, if you own this stablecoin.
Most Murdex’s operations require USDT. So you will anyway have to convert your deposited crypto into USDT. This is a simple process that I will show you later.
For this Mudrex’s testing, I will deposit 0.03 BTC.
After sending the funds, the platform waits for the necessary network confirmations. Once the network confirms the transaction, your funds will become available and they will be ready for the investment.
I have checked my account a few hours later. The money was delivered. Due to the fact that Bitcoin moved higher during this time, the USD equivalent was even higher than when I sent the transaction.
Most Murdex Algos require your balance to be in USDT rather than in BTC: therefore, I had to convert my BTC balance to USDT. The whole exchange operations are powered by Binance and can be easily done inside Mudrex’s platform.
Now, I also need to transfer my USDT balance from the Spot wallet to the Futures one. All popular algos provided by Mudrex work on futures markets.
Everything is ready for my experiment to start: I have made a deposit, converted BTC to USDT and transferred the funds to my Futures wallet.
Launching my first Mudrex automated algo
How will I pick the algos for this testing? There are several hundreds of algos present on the Mudrex platform, which makes it a tough task. I will be searching for algos that:
- Have been live for at least two months, thus having some trading history
- Have a performance rating not less than 5
- Show a positive historical profit trend
VdET76 – Daytrading 7-coin multiassets (by VdET76)
This will be the first Mudrex algo that I will launch today, which has been running for 76 days.
Its performance rating is 7. I am not sure how this is being calculated, but let’s hope that the Mudrex platform is actually showing this for a reason and we can rely on this metric.
As we can see from the graph, the Profit and Loss is positive for this algo and it is steadily growing.
Every algo on the Murdex platform has also a fee that users have to pay. This particular algorithm will charge a 1.5% monthly fee with a 10 USD min cap. You can also allocate a minimum of 150 USD to this algo.
Now, I need to select the wallet from which they will take the funds from.
After it, I need to enter the amount that I want to allocate to this algo. I have divided my whole balance of 1739 USDT into 7 equal portions. I will use around 248 USDT for each of the trading bots.
The system asks me to choose a payment method for covering the fees. This process is a bit misleading. There are two options available, credit cards or Mudrex’s prepaid balance.
As I don’t want to use credit cards here, I am forced to select the prepaid balance option. I wonder why Mudrex cannot just use the funds that I have already deposited to the trading wallet.
There is no option that would let you select your existing balance. You have to make a separate deposit that will be used to pay the fees, which seems too complicated for me.
Now, I am going to add 100 USD to the prepaid balance.
You can use crypto, PayPal or a credit card to submit payment.
I have made another Bitcoin deposit and, after a while, my prepaid account was fulfilled with 100 USD.
As soon as I have the necessary balance to pay the fees I will continue with the launch of my first Mudrex bot.
After paying the fee, the first algo started running.
Allocating funds across 6 other Mudrex algos
To reduce risks while testing this platform I have decided to spread my budget across multiple algos. In this way, we will have more possibilities to find a gem among the options they offer.
King eth (by Arihant93)
Volatility Trader on BTC, ETH, ADA and MATIC (by pandeyshrey33)
Divergent BTC BeachHouse (by pcoin)
SafeStepping ADA/USDT (1x) (by Ghuanes)
Reliable Eth (by Arihant93)
Safe Keratin BTC (by Arihant93)
All 7 Mudrex algos are up and running. My job is done for now, so I just leave them for some time and let them do their part of the job.
The algos are working in a copy-trading style. The signals coming from the algo providers will be opening and closing positions with your funds.
This is not an innovation: there are multiple other copy-trading services currently operating in the crypto market. Let’s see the results that Murdex’s algos will share with us.
Fulfilling pre-paid Mudrex wallet
A month later, I have received an email from Mudrex asking me to fulfill my prepaid wallet.
I have sent 50 USD using Bitcoin and paid for another month of this experiment. So, in total, I have spent 150 USD on service fees.
Results of Mudrex’s algos after two months running
It is time for the most intriguing part of the whole experiment: what profit was I able to make after trading with Mudrex algos after two months?
Let’s go one by one and check the results of each algorithm. I will start with the less profitable ones, and finish with those that generated the largest profits.
Divergent BTC BeachHouse results
This algo showed negative results throughout the whole experiment. As a result, it registered a 22.5% loss. I ended up losing 55.9 USDT from my investment balance.
SafeStepping ADA/USDT (1x) results
This one lost 38.7 USDT, 16% of the invested balance.
Volatility Trader on BTC, ETH, ADA and MATIC results
This is the last bot that ended up with a negative result. I have lost 14,6 USDT after two months of trading activities. This represents a loss of 5.9% of the initial investment.
King eth results
Through this bot, I managed to earn 18.3 USD. This represents a +7.4% profit.
Reliable Eth results
The next algo shows a similar result to the previous one: 18.5 USDT in profits (a 7.5% profit).
VdET76 – Daytrading 7-coin multiassets results
With this algo, I was able to add 8.4% to my initial investment. I earned 20.8 USDT.
Safe Keratin BTC results
This is the leader. The trading bot brought a 22 USDT profit. This represents an 8.9% increase in the invested balance.
Overall results of Mudrex algo experiment
After closing all 7 algos and transferring all the money back to my Spot wallet, I see that the final balance is 1679 USDT. We started this experiment with 1739 USD. Don’t forget, that I have additionally spent 150 USD on fees.
My total spending is: 1739 – 1679 + 150 = 210 USD
What is the final verdict regarding Mudrex algo services? The profits are highly dependent on the market. I have started this experiment when Bitcoin was on growing. However, a few days after starting the bots, Bitcoin entered a correction phase.
Futures trading allows investors to earn money by opening short positions when cryptocurrencies fall. There is no explanation about why my futures algos were not able to bring any solid profit.
The fee payment structure is really uncomfortable to use. I would prefer to pay the fees directly from the Mudrex wallet rather than funding another prepaid account.
Would I recommend using Murdex algos? No. There are several other copy-trading solutions that are easier to use. Another issue with copy trading is that these services can work really well during growing markets, but experience difficulties as soon as the market starts falling.
Now, there are two more Mudrex’s features available for testing (Coin Sets and Mints), so keep following my reports for the upcoming experiments.