Are Crypto bots actually any good?

Discussion in 'Beginner Q&A' started by Phil Cripps, Apr 13, 2018.

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Have you used a crypto trading bot and did you see good results??

  1. Yes, results good.

    2 vote(s)
    28.6%
  2. Yes, results poor.

    0 vote(s)
    0.0%
  3. No, avoid like the plague!

    5 vote(s)
    71.4%
  1. Phil Cripps

    Phil Cripps Hodls on dips

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    What’s everybody’s thoughts on Crypto Electronic Advisors? Personally I think that they can’t operate as effectively as Forex bots, as Crypto trading is heavily biased towards Fundamental Analysis, certainly more than Forex.
    I wouldn’t use one, but has anybody had good results from one??


    How Effective Are Cryptocurrency Bots?
     
    Old Man Crypto and CryptoTC like this.
  2. CryptoTC

    CryptoTC Crypto Fat Cat
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    I had to vote no but I’m not avoiding them like the plague. I just don’t know anything about them. Like your article states, any system is only as good as its programmed rules. So a bot wouldn’t make a bad trader or investor any better in my opinion. Does that seem like a valid statement to you?
     
  3. The CC Forums

    Staff Member

    It does to me but I’m hoping the OP has a deeper answer for us. I also voted no but because I don’t do any short-term trading. Trying to lock in a specific price works for me using limit orders on exchanges, and long-term holders probably don’t need to get a razor thin price margin on an asset as volatile as crypto.
     
  4. Old Man Crypto

    Old Man Crypto Expert chainblocker

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    I don't use anything that I can't fully understand. Since I don't program, I wouldn't want to use something that somebody else created and trust my money to it. But I do know that trading bots were around before cryptos, it just seems like crypto has brought them out to the general public more than prior Forex and options or stock trading bots.

    Have there been any independent studies without bias showing verified returns on any of these?
     
  5. The CC Forums

    Staff Member

    The OP’s article fairly assesses things from a subjective point of view supported by comments from experts, but no objective or quantitative studies were referenced. The problems outlined in the article explain why I’m not interested in bots: it’s all short term trading and needs to be monitored and adjusted based on your own strategies.

    I’m certain I wouldn’t be successful doing that. I try to buy long-term and rely on project development to provide price strength. Bots are guessing at patterns and market movements. Definitely not my area of interest or experience.
     
  6. BitFit

    BitFit Ready to fork

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    But it seems like the only people doing well since December are traders. Prices are all flat if you look at 3 month return but have surged and dropped several times.

    Can you benefit from that with a bot or are the bots causing all of that?
     
  7. CryptoTC

    CryptoTC Crypto Fat Cat
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    It seems the OP hasn’t been back to help us out here. I would love to hear an update. I’ll tag him to see if it alerts him to this thread activity.

    Paging @Phil Cripps Can you help us out with more on bots?
     
  8. BitFit

    BitFit Ready to fork

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    Looks like you’ve lost him. Bummer because I’m wondering about bots too. I’m not sure I would know how to deploy one even if I understood it though.
     
  9. Jiten Rajput

    Jiten Rajput Buys the dips

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    Bots are programmed tools, that helps a trader to ease out this job. Just as machines help us to streamline the everyday process. You cannot rely on completely. I agree with article, if implemented correctly, they can do wonders else spoil the game.
     
    BitFit likes this.
  10. Bibit Bot

    Bibit Bot Hodls on dips

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    Hey!
    If you still interested in questions and wants to know about bots, then write me in Telegram (bibitbot1). I will ask your questions for sure
     
  11. liamwild

    liamwild Buys the dips

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    i was using bots for months and did not get profit. then i starlet to read traders blogs and watch yt videos. Moreover i started to connect with bots via email to fully understand each others features. yeah, lots of them are scams.Right now i am using Bibitbot which is the above. lmfao:) it really helps me.since i bought bot i ve got 300$ profit. i did not know the basics of crypto trading!! well, be on guard and listen to real people that could make money on crypto
     
  12. CryptoTC

    CryptoTC Crypto Fat Cat
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    I prefer a public explanation and independent articles comparing bots and confirming that source code is safe. Questions answered in private allow for unproven claims and raise my concern for malware and harm, especially in crypto.
     
    The CC Forums likes this.
  13. BitFit

    BitFit Ready to fork

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    I’ll pass but thanks. I’m more of a casual careful investor. No trading here. More curious than anything.
     
  14. Bibit Bot

    Bibit Bot Hodls on dips

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    Sure! Our company based in London you can check our address on website or call us via hotline number. We provide service for arbitrage cryptocurrency. In basis, our bot sends notifications in telegram to clients and they make deals. Also we have free training to help everyone.
    So that's all, everything is clear, legal and trustable.
     
  15. Bibit Bot

    Bibit Bot Hodls on dips

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    Thank you, sir! Appreciate that ;)
     
  16. Dan Lin

    Dan Lin Starting Investor

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    I have no trust in trading bots except for they are customized and not shared publicly.
     
  17. BitFit

    BitFit Ready to fork

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    Agree. No one gets control of my money using code they’ve created. Reckless to think there’s no malware or malicious code in there siphoning off your money.
     
  18. RiderOnTheStorm

    RiderOnTheStorm Starting Investor

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    Yeah, I don't trust bots as well but it seems to be comfortable. It's future
     
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