Trading bots are growing in strength and importance in the cryptocurrency industry. Thus, we made a Cryptotrader review, which is one of the leading providers in the market. We investigate the platform in terms of its history, security, and reputation. Above all else, we are interested in its trading bots and what can they do for you. Stay tuned, as we provide strengths and weaknesses of using automated trading provide by Cryptotrader and its strengths and weaknesses. We also use Haasonline as a benchmark rival in
terms of all indicators mentioned in this review.
We tried hard to find any sort of information about when the platform started its operations. So far, the only piece of information that we have about its history is the name of the owner company. Trading bot platform it is owned by an organization called Algocraft Ltd., with its office unknown. There are some sites stating its location being Los Angeles but we could not confirm it.
Although we will not jump the gun per say but this information is important as it says loads about transparency. It is usually a red flag on the platform, meaning that you should be careful before you invest in their plans.
The platform offers several trading bots, each having its own code and purpose. This ranges according to the exchanges it can be used, positions and cryptocurrencies they focus on. You can see examples in the list below.
As you can see, each of these has its own platform it works on, as well as the price tag. Some are free, while some require upfront payment, depending on how complex the bot is. These are created by investors like you, with service being cloud-based. It means no software download or equipment needed to start using the trading bot.
When checking out the bot, creator usually leaves several facts about the tool. You have profit history example, advice as well as changelog if updates come in regularly, as seen below.
The example above is a non-margin bot, meaning it can be used on regular exchanges only. Generally speaking, the more information bot creator leaves, the more trustworthy the tool is to use. Moreover, with a large number of bots available, you can use several of at the same time, depending on the strategy and platform.
The important distinction from Haasonline is that Cryptotrader does not create bots itself. It leaves the market to peers, to make their own and earn coins in return. Thus, you have a healthy market, where successful bots get sold while others are left behind. You also have the “Backtest” option prior to the purchase. This means that you can see the tool and test it out before you decide to invest in it.
The only issue we have is the rating system since you only get popularity percentage. This system does not really tell you how good the bot is but at least you do have something to use when distinguishing bots from one another.
Now we got to the juicy part of the trading software platform. You have two types of costs that you should know about. The first one is the bot’s price when buying the software. When looking at the list above, all fees are expressed in bitcoins and not in fiats. Prices are not set by any sort of standard and are paid on monthly basis.
As for the plans, choosing to subscribe and upgrade your profile gives you several privileges. You get to use more bots, have email & SMS notifications, and increase your trading limits when using bots. You can check out these plans and their details in the snapshot below.
Another important fact is that you can invest in these plans suing bitcoin or Litecoin. You can also choose to have a free account but then bots, unless specifically made to be free, are out of your reach.
Cryptotrader itself does not have any established partnerships with trading platforms and exchanges. Rather, investors themselves are the ones that make bots work in said websites, from Bitfinex to Coinbase, Poloniex, Kraken, and other markets. With peer-to-peer (P2P) setup, users are the ones that drive the market forward.
This is quite an important distinction, meaning that some bots might work on one platform only and be non-usable in others.
When registering an account at Cryptotrader, you only need to provide an email address for verification. There are no demands requiring you to upload scanned ID or proof of address, as it is the case with exchanges. The reason is simple since you do not fund the market nor do you provide liquidity. You also cannot scam people since you need to deposit coins first and then purchase bots.
The only other thing you might need to provide is your phone number but only if you wish to receive SMS alerts.
At Cryptotrader platform, there are no security measures available. Unlike Haasonline, support department has a very thin portfolio of services, as only ticket system is available. What’s more, you also do not have 2FA nor other tools available or use pot protect your account.
This might not be an issue for you, as a bot purchaser but bot creators might find their coins in jeopardy. Thus, we advise to keep your coins out of the platform and withdraw them as soon as possible if you are receiving payments for bots.
Most of the reviews and user comments regarding the platform can be seen as neutral. The platform itself does not provide almost any other service other than “a single marketplace”. You get to use bots uploaded at the Cryptotrader and purchase plans that would provide you greater access.
Since there are no fees, most view plans as either inevitable or as a too-high priced necessity.
In this Cryptotrader review, we made a quick investigation on the platform’s ability to provide good trading bot. When it comes to services, Cryptotrader does not offer much apart from online space. Bots themselves vary in terms of applicability and usefulness, thus it is important to keep in mind that it is not made by the company.
It is from other users, meaning all responsibility is on you. Some might be profitable while others not so much, depending on your knowledge and prior research.