If you search for cryptos online, you will quickly realize that digital currencies have become extremely popular. Not just as a form of payment but also as a preferred traders’ asset worldwide. As new assets enter the markets, developers of software quickly get on board to build and grow technologies and goods that improve productivity and profitability in the trade.
These include trading bots that automatically operate and identify market trading openings. And systems that provide traders with trading signals that they can manually enforce.
Not all of these solutions are successful, and others would cheat people out of their hard-earned cash. But some are actually doing the job, and we’re going to look at Gunbot today.
When you visit the Gunbot website, you will find that this program is identified as a crypto-trading bot that allows you to trade a range of cryptocurrencies on a wide choice of trades. Another attribute illustrated in the fact that Gunbot is automated, meaning a trader can let the bot do the job, so they earn a passive profit.
- The site also offers some information about how Gunbot operates. While, in theory, it sounds easy, the actual check will be when we download the program and start trading.
- Since we’ve had the opportunity to review and check several cryptocurrency products, we understand the features needed to make the process easier and more efficient.
- The Gunbot platform also offers specifics of their pricing plans, and to trade, you can select from six different types of licenses.
What Does Gunbot Offer?
Gunbot is a crypto-trading bot that automatically allows you to trade in a variety of cryptos. The app uses various individual techniques, which can then be tailored to match your tastes and style of trade. The Gunbot app also operates on several exchanges, including Bittrex, Bitmex, Binance, Kraken, and GDAX, to name a few.
- So, this is where we find our first challenge on the road when dealing with Gunbot cryptos.
- We have little understanding of the crypto market.
- We know about popular cryptos, like Bitcoin. But we don’t know much about the various trades and what they have to offer.
Furthermore, our online trading knowledge is limited. To start customizing trading strategies, we clearly need more financial market experience. And also an understanding of how to apply the right strategy based on market conditions.
We recently tested another crypto-trading bot called Algo Signals, and the experience was completely different from Gunbot’s experience. You really need no previous experience with Algo Signals.
Since you are only trading crypto CFDs on a broker’s platform, the learning curve suits all kinds of traders. Even those who have no prior experience or trading knowledge.
Now, we’re not suggesting that Algo Signals is automatically better than Gunbot. We’re just suggesting that from the start, it’s clear we’re going to have to increase our expertise before we can use Gunbot to its full potential.
Cost of Using Gunbot
As we have stated, several products on the market will help improve your success in trading. They offer various pricing options on the website, so you can select the best license that fits your business needs. We’ll look at the Gunbot Standard Edition license to bring it into perspective.
- It tells you this license will cost 0.1 BTC (Bitcoin).
- You get a lifetime license for this fee, access to all strategies, like TSSL, Stepgain, and much more. One exchange is included, simple setup, free 24/7 help, and access to a choice of exchanges, like Kraken.
- The software also operates on various operating systems, including Windows, Linux, and Mac.
The Gunbot Pro Edition license, the Gunbot Ultimate Edition license, the Gunbot Starter Edition license, the Extra Exchange license and the Backtesting license are also available.
Is Gunbot for All Traders?
Okay, here’s where we got stumped! We didn’t know which license to choose from and which one would suit our needs. So, we decided to pick the license that looked like it provided what we wanted, and we signed up for the regular edition of Gunbot. When we hit the ‘Buy Now’ button, we were redirected to a Gunthy payment page (it was confusing).
- Here, we have been instructed to deposit Bitcoin to a specific Bitcoin address.
- We were then told to enter our Ethereum wallet address, which was compatible with ERC-20.
- When this is done, you immediately receive many GUNTHY tokens on your account. Blockchain uses these to verify your ownership of your license permanently.
- So that was a very intimidating operation.
- As we didn’t own any Bitcoin, to use Gunbot, we had first to buy digital coins from an exchange.
We were also not sure what Gunthy coins are. When we checked online, we read that Gunthy is the only official Gunbot group. Gunbot is an automated benefit generator for Poloniex, Kraken, Bittrex, and Cryptopia.
I didn’t understand how Gunthy fitted into the picture, and I didn’t enjoy the process of signing up with Gunbot.
Algo Signals don’t need you to buy a license, and definitely not use Bitcoin to pay for it. It is my first option, based on this point.
Demo Trading – Test the Software
It would have been a great feature to have Gunbot offer a trial account with everything we’ve described so far. The whole process of signing up was complicated. If we tried the app for free before attempting to buy real Bitcoins to sign up, it would have been a huge help.
- We had to go through a complicated phase without even knowing whether Gunbot would fulfill our needs and whether it would work.
- On the other hand, Algo Signals offers a demo trading account.
- This allows you to practice trading and use virtual funds to check their trading tools and features, which means no risk.
- What’s more, setting up an account with Algo Signals is quite easy.
- It really isn’t getting any easier than this.
Gunbot seems to be more suited for experienced traders. While new and skilled traders can easily use Algo Signals, making cryptocurrency trading much more available.
Gunbot Set Up Process
The configuration phase is one big difference between Gunbot and Algo Signals. Gunbot and Algo Signals are both commercial apps that help you to exchange cryptos. You don’t need to download any applications for Algo Signals.
They have also selected a range of regulated and licensed brokers. This allows you the flexibility to trade with and switches between several brokers to take full advantage of market fluctuations.
After your favorite broker has been picked, you can configure the trading platform based on your preferences. You can also set the probability of receiving trading signals, and you can choose to transact manually or automatically.
You need to download the app with Gunbot and then configure the bot with the API key that you obtain from the exchange. You’ll then have to customize the bot based on your requirements for trade. For instance, you can choose the currency pair you want to exchange, how much you want to invest, and then set the strategy.
- This is where we have always had a lot of trouble.
- Although Gunbot notes that they deliver 32 different trading strategies, you really need a lot of experience choosing which strategy.
- For example, it gives you a choice to use Ichimoku, Ping-Pong, or the TSSL strategy.
The bot then uses the peaks and lows to determine whether to sell or purchase cryptos and to do so. It uses adjustable technological devices, such as Bollinger Bands. Since we have no real experience with trade indicators, this has been a very complicated process.
- Note that you have to reveal your API keys to a third party when you sign up with the exchange. Then you can use their trading network to trade with them.
The option is really about personal preference. Gunbot could be the right choice if you’re an experienced investor who owns Bitcoin and understands the different trading strategies.
Pros of Gunbot
|Customization||You can configure the trading bot according to your business preferences. This means the bot offers several trading options and allows you to use various indicators like the EMA, candlesticks, and more.|
When you are an experienced trader who knows which measure to use under certain market conditions, this is a fantastic feature to have, then Gunbot is the perfect option. It was easier for us to configure the Algo Signals program with our limited knowledge. We just had to select which asset we wanted to sell, how much we wanted to spend, and we could even position orders like stop loss and take profit.
|Automated Trading||The Gunbot app is automatic, which means you can let the program run, even when you’re sleeping, once you’ve configured the bot. The downside of this is that you might theoretically gain more money than you would if you were trading manually. The testimonials on the web show that people have made money, and while we have not been able to check all of this, the truth is, after leaving the Gunbot to run for 30 days, we made a minimal profit.|
By contrast, Algo Signals is pretty much automatic, so you can mostly allow the app to work for you once you have set your trading preferences. A big difference was that we’d already made a profit of over $700 after leaving the Algo Signals app to trade automatically for us for a week!
Cons of Gunbot
|Requirements||You’ll need other items in terms of hardware specifications to access the Gunbot app. You can download and run the software from your PC, but then you can also buy a VPS (Virtual Private Server) from one of Gunbot’s recommended suppliers. They suggest buying a Contabo VPS Server and then running it for the best results with Windows 10 or Linux.|
While it was challenging for us to download the software and make it work properly, if one wants to use Gunbot effectively, we found some review sites where other users complained about the real requirements. The consensus was that you’d need basic programming skills and basic file editing skills to get the full output out of Gunbot. You would certainly also need the rationale and understanding of market movements and the factors underlying those movements. Users need to bear in mind that since this is a cryptocurrency trading automation app, the consumer is responsible for configuring the bot according to their needs and the required trades. Also, because Gunbot makes no predictions and makes no decisions for the trader, such as choosing which currency pair to trade, the option remains in the trader’s hands.
When you compare this with a product like Algo Signals, Gunbot’s specifications are comprehensive. There is no software downloadable with Algo Signals. Additionally, Algo Signals provides live data streaming to let you know what’s going on in the financial markets, which means you can track market fluctuations and adjust all the time.
|Profits||For Gunbot, though having a lifetime license to trade with them costs 0.1 Bitcoin, you can only make a maximum profit of 0.001 or 0.003 BTC per transaction. Based on that, the big question is if it is really worth using this bot to trade cryptos, or would it be easier to hold onto them and wait for them to increase in value?|
Algo Signals’ profit potential is infinite in comparison, and we found several testimonials from traders who made thousands of dollars within a few weeks.
When using the Gunbot app, it was difficult to utilize though there was no suggestion that it was a scam. We hadn’t liked that we had to own Bitcoin to sign up to use the Bot. And found it very frustrating when we got Gunthy coins instead of our Bitcoin.
We still had a difficult time learning how to set up the app. While choosing to use the default methods, I’m sure we could have used the Gunbot apps more effectively if we had more experience.
Every trader has their own trading preference, and they use their favorite tools and solutions to improve their business performance. While Gunbot meets certain traders’ needs, we consider other systems, such as Algo Signals, to be more tailor-made and superior in usability. This program helped us to get into the crypto-sphere and benefit from it.