We compiled a fresh Cryptotrader review, which is one of the leading options in the crypto trading bot market because anyone who has traded on any cryptocurrency exchange realized that he has to compete against a growing number of trading bots.
This article will review the platform in terms of its performance, security, and reputation. Above everything else, we are interested in its trading bots and what can they do for you. Read on to know everything about the strengths and weaknesses of using automated trading provided by Cryptotrader.
The basic Cryptotrader review
In order to give you a better insight in Cryptotrader, at the beginning, we are going to present it in a basic review. Although the definition we are about to present may sound complicated, this platform, launched by the Algocraft Ltd. company, is a programmable cloud-based trading bot supply platform.
Well, not really, because once you pass a simple registration process, you will be presented with a Cryptotrader’s simple UI. As always, a trader can use the bot to program it according to his needs or use some of the pre-programmed options for these predetermined cryptocurrency exchanges:
- CEX IO
Programming the Cryptotrader bot
To start programming Cryptotrader bot, a trader has to have some, more than basic, programming knowledge. However, the good thing is that, once a bot is set to start trading, you can check its efficiency by backtesting the pre-determined strategy.
If you are among the ones without programming skills needed to operate a Cryptotader trading bot, do not despair because Cryptotrader has a form of a marketplace of already programmed trading strategies. Some of which are open-source, but others need to be paid for through different membership plans.
Creator of these pre-programmed trading bots usually leave several facts about the tool:
- Profit history
- Usage advice
- Changelog if updates come in regularly
With a large number of bots available, and provided that a trader has some of the paid membership plans, he can use several [kinds of] trading bots at the same time.
Cryptotrader Review Fees
Now we got to the juicy part of this cryptotrader review where we will name all the Cryptotrader fees. The only expense is the price of a membership plan that opens more pre-programmed bot options when buying the software. When looking at the list above, all fees are expressed in Bitcoin and are paid monthly. Paid membership plans give every trader the privilege of email and SMS notifications and increased trading limits.
All Cryptotrader fees can be paid in Bitcoin as well as in Litecoin.
Cryptotrader bot Review – privacy
Regarding Cryptotrader’s privacy, when registering an account, you only need to provide an email address for verification. The platform doesn’t mandate a scanned ID or proof of address, as it is the case with exchanges which will be a huge plus for all those that value privacy.
The only other thing you might need to provide is your phone number but, logically, only if you wish to receive SMS alerts.
Cryptotrader bot Review – security
Of course, we need to investigate the security features when we are doing such an extensive review of the Cryptotrader bot. Since the platform is only a cloud service offering programmable trading bot software, Cryptotrader bot’s security can’t even be compared to that of an average email service provider.
The lack of 2FA may not be a problem for an average consumer, but those charging for their developed bot may find their coins at risk due to that low level of security.
Pros and Cons CryptoTrader Bot
What would the Cryptotrader review be without us summarizing the pros and cons of the bot platform?
- Simple Sign Up process
- Friendly UI
- Bot strategy marketplace
- May be used without any charge
- Programming skills needed to program a trading bot
- Low level of security
The Cryptotrader review verdict
In this Cryptotrader review, we dissected the platform’s ability to provide good trading bot.
In the end, we may deduce that it provides a great trading bot online marketplace and a decent UI for those skilled enough to program their crypto automated trading strategies.
However, the platform falls short in the security department as it fails to implement even some of the most regular account protection mechanisms.
The usefulness of this platform highly depends on the skill of its user as those with trading and programming skills will have a much better chance of utilizing Cryptotrader’s full power.