In the cryptocurrency industry, many automated trading bots have made their presence known in the past couple of years alone. But only a few have remained operational past the initial fervor of their launch.
RevenueBot is one such contender that has been in business for over four years now. But is the bot’s longevity due to the strength of its services, the loyalty of its user base, or the resilience of its team?
To help you learn more about this platform, here is a RevenueBot review that lets you become familiar with the service.
⌛ What is RevenueBot and How Long Has It Been in Business?
Based out of the UAE, RevenueBot is an automated cryptocurrency bot that allows you to make cryptocurrency trades on various exchanges. Similar to many other platforms of this nature, RevenueBot lets you choose between premade trading strategies or lets you design one of your own.
RevenueBot was launched in 2018. Since the trading bot service started offering its solutions to the cryptocurrency community, it has gone through multiple updates to improve its value proposition.
At the time of writing, RevenueBot offers the program without a subscription fee, but on the basis of commission. This sets it apart from many other popular trading bot platforms that take the opposite route to deliver their services to their user base.
At the same time, it also means that using RevenueBot would not cost you anything until you make a profitable trade from it. With that being said, every profitable trade that you make would have you sharing a cut of your profit up until a set limit is reached per month.
In addition to the ability to create your own trading bots and not having to pay a set subscription fee, RevenueBot allows you to use multiple modes of trading including cryptocurrency and futures trading. This adds more flexibility to the way that you can trade your digital assets.
At the surface level, RevenueBot review provides you with a decent mix of feature and service fees through its solutions. But as always, there’s more to the picture than meets the eye at first glance.
In order to make an informed decision about choosing RevenueBot for your trading services, it is important that you learn more about all the features that it brings to the table. Most importantly, how it delivers said features.
💡 How Reputable is RevenueBot?
Since it started its operations back in 2018, RevenueBot’s solutions have seemingly earned rave reviews from many cryptocurrency platform users online. So far, the services that RevenueBot offers and the methods that it uses to deliver them also seem to hit the right notes with a majority of users who have posted their reviews on the web.
But that is where it gets interesting.
While Trustpilot has largely positive reviews for RevenueBot, particularly of resolving issues when they were highlighted to the support team, individual users on Reddit do not sing of sunshine and rainbows when talking about the service.
Some people have not heard of RevenueBot, to begin with, while others think the user interface (UI) is clunky enough to lead to losses. Whereas, other users seem to think that the bot is not that reliable, to begin with.
However, one user account seems to pop up on multiple posts about RevenueBot, only to share a referral link for the platform and asking people to sign up using it. But the way that this particular user highlights that RevenueBot has a steeper learning curve than other platforms seems to be a justifiable explanation for the service not being a major hit among the cryptocurrency community.
The TrustPilot reviews might be impressive. But when compared to other trading bots in the cryptocurrency segment that have become synonymous with automated trading, RevenueBot has a long way to go in order to garner a similar level of reputation. For instance, Bitsgap was founded just a year before RevenueBot came to the surface. Yet, it surpasses RevenueBot in terms of popularity and overall recognition.
In contrast to these more established cryptocurrency trading bots, RevenueBot has much to accomplish in terms of building a strong community around its services, however niche that group of users might turn out to be.
In turn, this part of the RevenueBot review doesn’t give many points to the platform. This leaves much to be desired from a solution that wants to earn a big chunk of the profits that you generate through your trades.
👌 Which Exchanges Does RevenueBot Support?
RevenueBot allows you to connect your account to 15 cryptocurrency exchanges. These platforms include the following.
- Binance
- Bitfinex
- Bitget
- Bittrex
- Bybit
- CEX.io
- EXMO
- FTX
- Gate.io
- HitBTC
- Huobi
- Kraken
- KuCoin
- OKX
- Poloniex
Since RevenueBot allows you to perform spot trading and futures trading (in the form of Futures USDT-M and Futures Coin-M), you can use the bot on exchanges that allow their futures trading to be automated. This includes Binance, Bitget, and Bybit.
This makes RevenueBot one of those cryptocurrency trading platforms that have a lot to offer in terms of exchange support. This also ensures that a significant portion of existing cryptocurrency traders can benefit from RevenueBot’s services without switching their current exchange.
Keeping this in mind, this section of the review earns the platform quite some praise for its compatibility with an extensive list of exchanges.
💰 How Much Does RevenueBot Cost?
RevenueBot doesn’t charge you a monthly or yearly subscription fee for its services. Instead, it operates on a commission-based approach, where it takes a 20 percent cut from every profitable trade that you make. If that sounds steep to you, you are not in the wrong.
It is because a 20 percent cut from a profitable trade can go beyond the monthly subscription model of many reputable cryptocurrency trading bots, where many plans start from $29/month. Typically, these monthly subscriptions don’t go over $99 for their highest tier with all the features thrown in. If you subscribe for the whole year, you can get massive discounts on these prices as well.
On the other hand, RevenueBot starts off by asking you for a massive cut from the profit that you make on every trade. For instance, if you make a trade where you make $100, you will need to pay $20 of it to RevenueBot.
Depending upon your exchange, you may have to pay the exchange a trading fee of somewhere around 1-1.5 percent of your total trade amount as well. If you factor in withdrawal fees to get your earnings out of your exchange account, the remaining amount that you have left after making the $100 might not be enough to count as sufficient profit at all.
With RevenueBot taking 20 percent of the profit of every single trade that you end up making, this makes it quite difficult for you to get the most out of your trades. Besides, if you are losing money on some trades, still paying the exchange, and then finally making some profit on a single trade only for it to be cut down by RevenueBot, it may not seem like the deal of the year that RevenueBot touts it to be.
RevenueBot has a saving grace here, even though it comes with a thin margin: There is a $50/month cap for this 20 percent cut of your profit. This means that if you have already paid RevenueBot $5o worth of profit cuts in a calendar month, you wouldn’t need to pay it any more money. But there’s a catch.
This $50/month limit is separately imposed on each of the three types of trades that are offered by RevenueBot. Since these include spot, futures USDT-M, and futures coin-M, you will need to pay $50 for each of these trading approaches.
For example, if you participate in both spot trading and futures USDT-M trading, the 20 percent cut of your monthly profit margin will apply to these trading modes separately. Even after you have paid $50 to RevenueBot for your spot trading, you will continue to have to pay the platform a 20 percent cut of your profits from your futures USDT-M trades until you hit the $50 threshold there as well.
This makes RevenueBot highly expensive to use and makes it difficult for you to see its value proposition as a viable or long-term solution. It’s because, in $100-$150/month, you can usually subscribe to three months’ worth of services from a more popular bot that also performs both spot and futures trading.
When you put these possibilities side by side, opting for RevenueBot seems like an illogical choice when you have better and more feature-packed offerings to choose from through other providers. This makes this section of the RevenueBot review rule heavily against the platform.
😎 How Easy to Use is RevenueBot?
RevenueBot paints a picture of being an easy-to-use trading bot. But when you actually get down to using it, it is more complicated than many other platforms of its kind. The UI is advanced to the point where it would challenge the comfort level of fresh traders, while also causing seasoned traders to take some time to get acquainted with it.
The overall design of the interface is more in line with a traditional trading bot. But that is not necessarily a positive. It is because this UI design makes it difficult to operate many core features of the bot. At the same time, it also challenges the users’ ability to get more complex settings to their liking in a seamless manner.
While features such as TradingView signals make for a fantastic addition to a trading bot of this nature, they do not seem to cover the difficulties that the RevenueBot UI puts forth. This also stands true for features such as RevenueBot backtesting, which let you run simulated trades based on 60 days’ worth of backdata.
Since the overall interface is difficult to operate, the visual and statistical results that you get from TradingView signals and backtesting do not provide you with the level of advantage that you can reap otherwise. For a bot that is charging above market prices for its services, these types of complexities do not shed a positive light on its solutions.
This also brings you back to the users online who mention that RevenueBot is easier to use by experienced traders than new traders in the cryptocurrency industry. This makes RevenueBot a niche product that only caters to a specific type of user, who just happens to be quite adept at operating trading software that seems difficult to many others.
In terms of positives, features such as the ability to select preset strategies and setting trading pair automatic switching add some sense of comfort to RevenueBot usage.
In particular, trading pair automatic switching can save you from making automated trades with a pair that might not be too favorable in certain market conditions. In this instance, your trading pair quickly switches to the next pair that you have set on your list. But once again, using features such as trading pair switching is a more advanced approach than what might be welcomed by many users.
When comparing these hurdles with many other popular trading bots, this segment of RevenueBot makes it lag behind its competitors. This calls for the platform to revisit its UI, its design, and its approach to user-friendliness.
🛡️ What Kind of Security is Offered?
RevenueBot offers basic security with a set of measures that are now considered a standard in the cryptocurrency and financial industry. This includes the following aspects.
Operating as a Cloud-based Platform
Instead of asking you to download any trading bot software to your computer, RevenuBot operates as a cloud-based or web-based solution. This not only allows you to access it from anywhere you want but also saves you from the constant hassle of software installation to keep up with updates.
In addition to this, it also enables the RevenueBot team to follow best practices of offering software as a service and keep the platform up to date with security standards. This gives the RevenueBot team the chance to make their app fully secure on an ongoing basis.
Hosting on a Secure Server
RevenueBot runs its application on the cloud. To be more secure in terms of handling the private information of its users, it operates through a secure server (HTTPS/TLS). This industry-standard security protocol encrypts the information such as the email and password that is associated with your RevenueBot account.
This is a fairly easy protocol to implement and most modern sites now have it. But that doesn’t make it any less effective as a security protocol. For RevenueBot, it covers an essential base in its quest to deliver a financial solution to its users.
Connecting Via API Keys
Instead of asking you to share your cryptocurrency exchange’s login details, RevenueBot lets you connect your exchange and trading bot through application programming interface (API) keys. This connects both applications and lets them share the required data without any requirement for a password.
Since this particular aspect is highly critical to your security as well as the integrity of your funds, RevenueBot’s assurance that it is implemented gives you the peace of mind that you require. At the same time, you should ensure never to share your exchange account’s password or make it the same as your RevenueBot login credentials.
Through these basic security requirements, this section of the RevenueBot review makes the platform seem like a safe place from external hackers to a significant extent.
👨💻 How Good is RevenueBot Customer Support?
RevenueBot customer support comprises a knowledge base and a ticketing system. The former section allows you to troubleshoot on your own during your ReveneuBot experience, while the latter service gives you the option to contact the support team directly in order to register and resolve your issues.
The knowledge base section is well-populated and provides you with information on general and specific features that are associated with RevenueBot. But it still does not help you to the extent where you would be able to work it out through the complex UI of the platform.
For instance, the instructions to run backtest or simulation mode remain quite detailed, but the finer points of setting up a trading bot to the last detail still remain a bit complex. This is especially true for traders with little to no experience in operating such software.
Since this is something that the UI can make easier to accomplish, it is not the knowledge base’s fault. But it can still do more in terms of offering video lessons that could help traders through different steps. This makes RevenueBot miss out on an opportunity that it could have used to make its advanced platform appeal to a wider user base.
But on TrustPilot, people sing praises of RevenueBot’s support team and how contacting them resolved their issues. This makes this part of the RevenueBot offering to be a mixed plate. If you are not troubled by the way that the knowledge base information is structured, you might feel satisfied with the seemingly excellent customer service.
💸 How Profitable is RevenueBot?
RevenueBot claims to be “achieving amazing profit results.” But it doesn’t outline the specific percentage of these profits. Given that the cryptocurrency industry is volatile and determining the exact profit estimates for any trade is impossible, this is a good practice on ReveneuBot’s part and also earns it some brownie points of trust.
But when you scroll further down on the homepage where the bot posts the recent results of profitable trades, this paints a different picture altogether.
At the time of writing, these stats look like this.
Out of the 10 listed trades, only 3 of them seem to generate profit in the double digits, while the remaining ones remain marginal at best. If you factor in that RevenueBot got a 20 percent cut of the profits here, it creates an even more abysmal image for the trader’s overall gains.
During this particular segment of RevenueBot review, it is easy to see that the bot might not perform as well as the expectations that it builds during its pitch. But given that the solution offers backtesting and doesn’t charge you until you make a profitable trade, you can experience its offerings for your own self and see how they fare for you.
✔️ Is RevenueBot Legit or Scam?
RevenueBot seems like a legitimate operation. There are little to no reports of it being a scam or infringing the rights of its users. However, some user reviews do not speak favorably of the platform due to its difficult UI and the inability to generate significant profits.
📢 Conclusion
RevenueBot is a seasoned cryptocurrency trading bot, but it also remains a risky approach due to little to no recognition as well as a highly expensive service fee model. When you combine the possibility of lackluster results, it creates a huge question mark on RevenuBot’s solutions.
You may give RevenueBot a try to experience it for yourself. But if you are searching for a trading bot that could become your go-to solution for cryptocurrency trading, you might want to look elsewhere.