Cryptotrader is a cloud-based trading platform that incorporates a variety of trading bots and helps to automate the trading process. The platform allows users to engage in algorithmic trading and aims to provide cloud-based trading solutions for both experienced cryptocurrency traders and anyone who may be a new entrant to the sector. Users are able to choose from bots that make use of differing strategies such including more aggressive techniques which aim to lock in short term gains, or bots which act more conservatively and have more of a long term focus.
- 1 CryptoTrader Overview
- 2 Key Features
- 3 How to Sign up for Cryptotrader
- 4 CryptoTrader Pricing
- 5 How Beginner Friendly is Cryptotrader?
- 6 Is Cryptotrader a Scam?
- 7 Conclusion
- 8 CryptoTrader
- 9 Pros
- 10 Cons
The team at Cryptotrader have produced a quite minimalist website and not much information is provided on the people behind the project or where they may be located. However, the project is shown to be run by Algocraft Ltd and the cloud based platform allows its users make use of automated trading strategies via their flexible scripting language which is based on CoffeeScript. Members are able to trade Bitcoin and other cryptocurrencies without needing to install any special software, and the trading bots run in their scalable VPS cloud 24 hours a day, 7 days a week.
The platform also incorporates a wide range of useful tools, such as their backtesting options which allow traders to operate risk free in real markets, and when ready traders can move onto automatization via the use of live trading robots. Cryptotrader currently supports 13 leading cryptocurrency exchanges including Binance, Coinbase, and Huobi and operates a subscription service that allows users to choose a paid plan that best covers their needs and suits their trading objectives.
- Functionality – Cryptotrader operates as a web-based solution, and their automated trading bots are based in the VPS cloud. These bots run on Cryptotrader’s servers and require no software installation.
- Range of Tools – The platform provides a range of testing tools and allows users to live-test and backtest their trading strategies. Members can choose from a set of strategic templates including basic, multi-pair trading, and EMA crossover and run tests to see how a trading bot would have worked in previous markets under a variety of differing conditions.
- Exchange Integration – Cryptotrader is currently compatible with 13 leading exchanges including Binance, Bitfinex, Bitstamp, Bittrex, CEX.io, Coinbase, Huobi, Kraken, Poloniex, and Quione.
- Technology – The platform provides an API that integrates with a number of exchanges and allows developers to write fully featured trading algorithms. Cryptotrader can execute trading scripts coded in CoffeeScript on historical data, and anyone with some programming skill can create their own bots.
- Integrated Marketplace – Cryptotrader also includes a strategies marketplace where users can buy and sell trading strategies, with the best strategies being created by professional traders.
- Customer Support – The team can be reached by filling in the Contact section on their home page and they also maintain an active Twitter. Members can also make use of instant email alerts and SMS notifications, as well as a Discussion Forum.
How to Sign up for Cryptotrader
Creating an account is a straightforward process, click on the “Sign in” tab at the top of the page, and then click on “I want to register”.
1) Create an Account
Simply enter a country of residence, email address, and password in order to register.
You can then confirm your email account by clicking the activation link in the email sent, and gain access to the dashboard.
2) Set up your Account
From here you can choose to upgrade your account to a subscription plan and make use of the live trading or backtesting features. You can also choose to rent, purchase or create a trading strategy. You can also select from the list of exchanges in order to see exactly which trading pairs are supported.
3) Select and Test a Trading Strategy
You can select a strategy from the Strategy Market section and each option displays its cost and popularity rating. Users with programming skills can develop their own by working with the open source strategy code also located inside the Strategy Market.
In order to backtest a strategy and see how it performs on historical market data, open the backtesting tool and paste the code into the editor. The backtest settings can be configured if necessary by using the form at the top. You can then click the ‘Backtest’ button, and when the simulation has completed, you will receive a log containing all trades undertaken by the algorithm.
You can also generate an API key and secret in your cryptocurrency exchange account. Click the ‘Run’ button, and paste the API key and secret into the configuration form and then click ‘Start’. After connecting to the exchange, a new bot instance should appear here and the bot will use this location to log all its trading activity.
There are five different pricing plans available, and the plans are priced in Bitcoin (BTC) and range from 0.0042 BTC to 0.0653 BTC a month. Members also have the option to make payments in Litecoin (LTC). Each plan includes email alerts and backtesting features, in addition to the following features:
- From 0.0042 BTC per month
- 1 live trading bot
- $1000 trading account equity limit
- From 0.0059 BTC per month
- 3 live trading bots
- $5000 trading account equity limit
- From 0.011 BTC per month
- 5 live trading bots
- $20,000 trading account equity limit
- Margin trading / short positions
- From 0.0209 BTC per month
- 10 live trading bots
- Unlimited trading account equity limit
- Margin trading / short positions
- Priority support
- From 0.0522 BTC per month
- 25 live trading bots
- Unlimited trading account equity limit
- Margin trading / short positions
- Priority support
In addition, there are some trading strategies which are available for free, while some are available to rent. Premium strategies can be selected by exchange support and rent price and are accompanied by full descriptions and use instructions. Each strategy also has a cost and popularity percentage, and the higher popularity strategies with a track record of success are among the more expensive.
How Beginner Friendly is Cryptotrader?
Cryptotrader is relatively straightforward to use and doesn’t require the downloading or installation of any software or additional plug-ins. The platform can be accessed via the website and operates as a completely cloud-based solution, with bots running in the Cryptotrader VPS cloud.
There is a also a good amount of community produced information available, such as videos on how to setup your first bot, and connect to trade via API Key with your preferred exchange. New users can also gain tips on how to find a strategy that suits their trading goals, how to backtest it, and just what to expect. In addition, after signing up, members are given access to the Forum which contains a large number of detailed explanations and allows anyone to discuss with more experienced users. The Community Forum can also act as a good starting point to help members learn how to develop their own trading strategies.
New entrants to the world of automated trading can also buy trading strategies from the Cryptotrader marketplace, which contains strategies created by professional traders, and while there are some free trading bots, the most popular bots are all paid options and require users to sign up to a subscription plan. By upgrading to more expensive plans, users gain access to more trading bots and an increased amount of trading equity.
For anyone interested in coding their own strategies, some programming experience is necessary in order to use the Cryptotrader service and the platform includes a Developer University and full API documentation.
Is Cryptotrader a Scam?
There is almost no information available online on the people behind the platform; however, Cryptotrader has developed a significant community of users and prospective members can search Reddit and Bitcointalk to view discussions on using the platform.
As an automated trading service, Cryptotrader does not have access to your funds at any time, and users aren’t required to transfer funds in order to trade via Cryptotrader as bots work via an API integration that allows them to perform trades on supported exchanges. Users are required to generate API keys on their cryptocurrency exchanges and link them to a trading bot. These keys give the bot restricted access to your account in order to execute trades, and bots do not obtain withdrawal rights, so even if a security breach occurs, any malicious parties involved would still not be able to directly access your funds.
For additional security, it is a good idea to limit the actions a bot can take, and start out with more conservative trading strategies. It is also advisable to only run a single bot with each exchange account, in order to avoid having bots compete for funds. The more advanced plans allow members to run multiple live trading bots; however, users can overcome this problem by using exchanges such as Bitstamp and Poloniex that allows for the creation of subaccounts.
The team also state that they strive to protect all user data, and emails, names and additional personal information are treated confidentially only used for internal purposes, and there is no data sharing with external or third party entities.
They also state that any account found to be associated with the delivery of spam or any other illegal activities will be immediately terminated without prior notice or a refund. Users should also be aware that any source code they submit will remain their intellectual property. However, once any content, including source code, has been made public, it cannot be removed by request and will remain publicly available. The team will also not access your strategies without permission unless it is required for maintenance.
Cryptotrader is a simple to use, algorithmic trading platform that allows users to sign up to a paid plan, subscribe to different bots, and take part in automated trading by following the activity of the chosen bots.
The platform integrates with some of the largest and most popular exchanges and operates as a cloud based platform, which allows new users to get started without requiring any software downloads of plug-in extensions. As a result, no technical knowledge is required, and users can get started quickly and make use of the learning and support materials that are available. However, it’s still wise for less experienced traders to extensively test bots before deploying them, and to select conservative strategies for smaller amounts once ready to commit to live trading.
Despite the relative ease of using the platform, it does have some downsides, firstly there is little information available on the team behind the project which doesn’t help to build a feeling of trust, and the customer support options are lacking when compared to some of the competition. Members currently have to submit email requests, while other platforms make use of Telegram, live chats and use their social media channels more actively in order to keep their communities engaged and updated.
In addition, while there is a good amount of information available, the website is quite minimalistic, and potential users must first sign up in order to verify the lists of exchanges and cryptocurrency trading pairs currently supported, as this information is generally not made publicly available.
However, Cryptotrader is still an easy to use and relatively popular option that provides a variety of accounts for small investors up to institutional entities. It also allows experienced programmers and traders to create their own bots, and sell them on the marketplace while newer users can rent these bots and backtest them extensively before committing them to live use.
Finally, it’s important to remember that cryptocurrency trading can often be a high risk activity, and there are no guarantees about making money or locking in profits. Newer traders should look to make use of a popular bot built on respected and trusted algorithms, and use the testing tools before they allow the bot to trade on a live account. Each individual is responsible for their trading experience and the team behind Cryptotrader will not be held responsible for any negative effects of external factors or any losses. However, the website is quite intuitive and the platform is a straightforward way for users to take part in algorithmic trading, and by testing and operating wisely, members should be provided with relatively enjoyable user experience.