The concept of cryptocurrency trading bots has always been somewhat controversial. Most of these programs require a fair amount of knowledge from the user in order to be successful. However, there is an interesting shift occurring in the world of trading bots. The Cryptotrader platform, for example, offers a rather helpful service. It is still advised to do your own research, but there are some aspects of this tool that can make the whole trading process a lot more manageable.
CryptoTrader Isn’t a Traditional Trading Bot
Although we’ve covered some of the more interesting and appealing cryptocurrency trading bots in the past, there is always room for more innovative services in this industry. There is a genuine interest in trading bots as a whole, yet people are wary when it comes to downloading and installing new software. That’s not entirely surprising, as software clients are prone to infection from malware and other information-stealing tricks these days.
This is why trading bots will always be somewhat of a niche market. This is especially true in the world of cryptocurrency, despite more and more consumers demanding exposure to new trading tools which may help them strike it big in the years to come. Futures contracts are always worth exploring in this regard, although one still needs a certain degree of knowledge in technical analysis to make any educated decisions.
This is why Cryptotrader may be the platform so many people have been waiting for these past few years. It is not a traditional trading bot by any means, yet it provides very similar functionality. More specifically, it is an algorithmic trading platform which supports both Bitcoin and a handful of other cryptocurrencies. After all, cryptocurrency has become about so much more than Bitcoin these past few years.
Users of Cryptotrader will not have to download or install any software whatsoever. As long as they can connect to the platform, users will be able to access all the features they need. We are not officially endorsing this platform whatsoever, but one has to admit the features provided are pretty compelling for people not looking to install software. Cryptotrader does rely on a centralized infrastructure, though, which poses a new set of problems.
With a few different pre-coded strategies to choose from, it is still advised that people do their homework on price trends, charting, and the various techniques being employed. It is unclear whether or not there is any profit to be made with Cryptotrader, but since most of its processes will be automated, there is always the option to switch to a different strategy, by the look of things. The platform takes care of all the legwork, which is something that will appeal to a lot of people.
Moreover, the platform works with many different exchanges. Those platforms include Poloniex, Bitfinex, Bitstamp, Bittrex, Kraken, and Coinbase. Do keep in mind this service is not free of charge, though, as plans range from 0.0011 to 0.0208 BTC per month. The more expensive plans allow for the use of multiple trading bots at the same time, which is exciting. It will be interesting to see if similar platforms come to market in the coming months and years.