Cryptocurrency trading bots have always been rather popular. Although it is not too difficult to learn how to trade cryptocurrencies – or just hold them – people still like the convenience offered by a trading bot. One Reddit user has been working on a project known as Funguana, and it is good to see more trading bots being brought to the masses.
A Closer Look at Funguana
As is always the case when someone decides to build a trading bot, there are some concerns as to whether or not this is a legitimate venture. After all, we have seen a fair few trading solutions with less than honest intentions, and there is no reason to think we won’t see more of those creations in the future. Funguana appears completely legitimate, but always do your own research before experimenting with applications still in development.
As for Funguana, the bot was built by an individual who “got tired of losing money by incorrectly timing trades”. It is a feeling which a lot of speculators will know all too well. With cryptocurrencies remaining so volatile, it is pretty difficult to properly trade them for the most profit possible. Especially because not all currencies can be traded on every exchange, it’s a bit of a chore to keep up with it all.
Funguana seemingly aims to solve this problem. There is no need to pay for the bot, and it does not require any information other the API keys for the exchanges one is trying to keep tabs on. This is on par with how most other trading bots and portfolio management solutions work in the cryptocurrency world. There’s always a risk when entrusting third-party software with your API keys, but the trade-off can be worth it if the trading bot is completely legitimate.
Under the hood, Funguana will use a combination of technical analysis and machine learning. Although most cryptocurrency speculators swear by TA over anything else, it is good to see machine learning involved as well. There’s also an evolutionary algorithm which should be able to handle most trading circumstances automatically. Last but not least, Funguana will offer risk analysis to ensure people can make good trades in as many cases as possible.
One thing some users may dislike is that the degree of customization offered by Funguana will be fairly limited. This is a conscious decision, as the developer mainly aims to make trading as easy as possible, rather than let users create their own strategies and so forth. That could be a bit of a problem in the long run, but it will attract a lot of cryptocurrency speculators regardless. It is possible the bot will become more advanced as time progresses, but it is still too early to make any guesses in this regard.
So far, it seems the cryptocurrency community is quite interested in this project. A lot of users remain wary, which is only to be expected for a trading bot that’s currently still in beta. Interested parties can sign up on the website to gain access to this trading bot at some point, although official invites may not go out immediately. With more trading bots coming to market, interesting things are bound to happen in the cryptocurrency world.