While looking for a reliable solution to trade stock and cryptocurrencies, you may have stumbled upon the name of Streak. Since the platform is still considered a niche product, it could be difficult for you to find a detailed account of its usage and know exactly what it brings to the table.
To help you learn more about Streak, here is a detailed Streak trading bot review that helps you familiarize yourself with the trading solution and the benefits that it offers.
⌛ What is Streak and How Long Has It Been in Business?
Streak is an asset trading bot that allows you to automate the buying and selling of stocks and cryptocurrencies. This makes it different from many other cryptocurrency bots that are solely focused on digital assets and do not offer any support for stock trading.
Launched in 2017 and currently in beta, Streak styles itself as the world’s first retail algo trading platform. It also positions itself as a user-friendly trading solution due to its point-and-click interface, which makes it easy to use premade and custom algorithm strategies to move forward with your trading activities.
The platform also highlights its offering of one of the fastest backtesting engines in the world, which lets you backtest your trading strategies without having to bear with excessive wait times.
With this approach, Streak lets you browse through trading strategies shared by other users on the platform, while also giving you the power to design your own trading approach. The trading strategies use various chart types, indicators, and timeframes to give you a breadth of choices for your trading.
Through Streak, you can connect with multiple stock exchanges and cryptocurrency exchanges. This not only makes it a functional solution for multiple trading mechanisms, but also designates it as a flexible way to trade in both mediums.
At first glance for Streak trading bot review, these qualities set the trading platform as a strong solution on paper. But in order to assess the platform for its real-world usage, you need to look at a few more details.
💡 How Reputable is Streak?
While Streak was launched 5 years ago, it still has a long way to go in order to establish a highly positive reputation for itself. There are multiple reasons behind this roadblock to Streak’s widespread popularity.
For one, the homepage logo makes it clear that the platform is still in beta, which makes it a product that is still in its pre-release phase. This means that the more users utilize its offerings, the more it is subject to design and functionality changes until this phase is over. In contrast to this designation, the platform continues to charge its users for trading through its software.
The second reason stems from the lack of a large community around Streak. Despite being launched half a decade ago, Streak still has to garner the same level of fervor, loyalty, and recommendations from its users that many other platforms of its age have gathered for themselves over the years.
This makes Streak lag behind competitors who have a higher level of popularity and a more significant breadth of positive reviews behind them. With that being said, the platform maintains a presence on different social media channels such as Twitter, LinkedIn, and Telegram with constant updates.
When taking a look at Streak trading bot review, this makes it clear that the platform has significant room for improvement in the reputation department.
👌 Which Exchanges Does Streak Support?
Streak supports multiple stock and cryptocurrency exchanges. For stock exchanges, it needs you to use an Alpaca broker account. For cryptocurrency exchanges, it lets you connect to different platforms directly.
Stock Exchanges
Streak allows you to trade at the NYSE and NASDAQ through Alpaca. Once you open a broker account and move forward with the associated processes, you can trade stocks by using the algo trading mechanisms at Streak. You need to use the Alpaca API to connect to the NYSE and NASDAQ.
Cryptocurrency Exchanges
Through Streak, you can trade through multiple cryptocurrency exchanges that include the following platforms.
These exchanges also allow you to connect your Streak account with them through API keys, which ensures that you do not have to share your exchange account’s login details with Streak. This lets you leverage automated trading capabilities without compromising your account’s login information.
💰 How Much Does Streak Cost?
Streak is still in beta, but it has its pricing plans in place that require you to pay for the solution in order to utilize its offered automated trading services.
At the time of writing, these pricing plans are segmented into two categories. In addition to these plans, you can also avail a 7-day free trial where you can utilize either of these packages without having to bear any upfront costs.
These plans include the following features.
Regular
Pricing: $30/month
- 300 backtests per day
- 30 live strategies at a time
- 500 scans per day
- Heikin-Ashi
- 7 entry and exit conditions
Ultimate
Pricing: $45/month
- 1,000 backtests per day
- 100 live strategies at a time
- Unlimited scans per day
- Heikin-Ashi
- 10 entry and exit conditions
- Multi-time frame strategy
This segment of the Streak trading bot review makes Streak more affordable than other trading bots in the market.
😎 How Easy to Use is Streak?
Streak prides itself on its point-and-click interface and its ease of use. This holds true when you take a look at the user interface (UI) that carries an intuitive design with modern features.
While this allows Streak to fulfill the promise that its users never have to use a single line of code for designing strategies, it is by no way a unique value proposition.
It is because most of the popular automated trading solutions in the market already offer a graphical user interface (GUI) that is designed upon the point-and-click mechanism. This means that while Streak may have been innovative in offering this mechanism 5 years ago, that feature has simply become a norm now.
This pushes Streak a bit behind other competitors who deliver the same type of features as standard offerings. But when you look at this feature as a standalone package, the platform’s software indeed meets the expectations that it sets with its claims. The feature of adopting premade strategy is particularly helpful for novice traders, while the ability to create your own strategy is great for advanced stock or cryptocurrency traders.
With that being said, the platform does require a learning curve. But if you have some experience with using modern software, you may breeze through this process without much trouble in the first place.
You can create various strategies by using chart types such as candlestick, Heikin-Ashi, and Renko; timeframes such as 5 minutes, 30 minutes, and 1 day; as well as indications such as overlays, momentum, and volume. You can also create strategies by choosing between bullish and bearish positions.
At the same time, you can find existing strategies that are made by other users of the platform and remain ready to be executed without any modifications. This makes it a breeze to utilize different strategies without putting hours of work into it.
This part of Streak trading bot review works in favor of the platform and relieves you from the worry that the solution might be too difficult to use.
🛡️ What Kind of Security is Offered?
When allowing access to its software, Streak offers industry-standard security where it does not require you to install the software on your computer to use it. Instead, you can utilize Streak’s offering through a cloud-based or web-based program that is available through your web browser.
Streak’s website is hosted on a secure server (HTTPS), which ensures that any login details that you exchange with the website remain encrypted and protected with an extra level of security.
Instead of asking you to share your exchange account’s login details, Streak connects with your preferred exchanges through API keys. This makes sure that you can use a secure and reliable way to give the application access to your financial assets. This also allows you to prohibit withdrawals from your exchange account and enables Streak to only trade your funds on the specified exchange.
However, Streak does not offer two-factor authentication (2FA) or multi-factor authentication (MFA). This once again makes its offerings fall short compared to its competitors which allow these functionalities from the get-go for an enhanced level of security.
As a result, when looking at Streak trading bot review from a security perspective, the platform offers a mixed experience. While it does put in place the most basic security of offering a cloud-based solution with HTTPS availability, it could do more in terms of delivering 2FA or MFA.
👨💻 How Good is Streak Customer Support?
Streak customer support comprises a live chat option that is available on its website. From there, you can typically connect with a representative within a few minutes. This lets you get quick answers to questions and allows you to raise concerns about any problems that you might face with the platform.
While Streak has a help section on its website to assist its customers, the segment leaves a lot to be desired. Besides offering limited information regarding the platform and its usability, it also does not have updated details. For instance, the pricing details for the platform on its help section remain outdated.
This makes it difficult for you to find solutions all on your own. But that is where the live chat option can offer some comfort. The platform’s updated blog can also help you understand various trading terminologies.
Streak also maintains an updated presence on various social media channels. Through platforms such as Telegram, you can connect with other users of the trading bot solution. The community is limited, but it is there if you want to avail that option.
This means that the Streak trading bot review gives it a moderate rating in the customer service segment. But amusingly enough, this makes it stay on par with many other cryptocurrency trading bots that offer a similar level of customer support.
💸 How Profitable is Streak?
Streak claims to offer different levels of possible profitability through its algorithms. With that being said, it does not guarantee a level of profit. In fact, it has a risk disclosure statement on its website that outlines the risks associated with trading assets all on your own. This makes it follow the recommended practice of describing to traders that this mode of investment does not come without its risks.
However, the profitability outlined on different pre-made strategies does offer an idea about what type of returns you can make. But as the risk disclosure statement highlights, it is important that you take those estimated profits as a possibility and only invest funds that you can afford to lose.
By adopting this approach, you can ensure to trade with your financial safety in mind. At the same time, you can be vigilant about possible risks and make informed decisions when trading in a volatile market.
📢 Conclusion
After performing a thorough Streak trading bot review, it’s easy to conclude that Streak offers a cost-effective solution that has many positives, with the stock trading option being its biggest draw. However, the platform still falters a little in terms of factors such as value-added features and highly-advanced strategies.
To see Streak’s features in action, you can take it up on its 7-day trial offer and see how it works out for you. From there, you can get a hands-on experience of how the platform performs according to your expectations as well as trading style. This allows you to make an informed decision about using Streak on the long term as one of your primary trading bot solutions.