CryptoTrader Test and Review - Scam or Not?

It is impossible for any one person to keep up with crypto trading because it is a 24/7 market with tiny profit windows. There is also the need for sharing the limited knowledge and tricks with other traders, especially new entrants. Here is where trading robots become invaluable. Unfortunately, for every one legitimate robot, there are three or more scams. 

We research different robots and share our findings to filter the frauds from the legitimate ones. In this review, we focus on CryptoTrader. It is among the oldest robots in cryptocurrency trading. 

 

Traders use it on numerous reputable exchanges and it connects to many brokerages so you can shop for the best deal across the full network. We’ve looked into CryptoTrader and believe that it’s a great product that offers many features and functionality for both the beginner and advanced trader alike.

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What is CryptoTrader?

It is a cloud-based, cryptocurrency trading solutions platform. As a solution provider, one of its services includes incorporating trading bots for new and professional traders to use. Every user chooses the bot of their choice. You can use multiple bots at the same time as long as you can manage them.

Pros and Cons of CryptoTrader

Pros

  • No downloads: You do not need to download or install any software in your device as the platform runs entirely on the cloud.
  • Support community: After being in the market since 2013, the robot now enjoys a large population of users who are willing to help each other. The community has videos and straightforward guides on nearly all the daily operations on the site.
  • Backtesting: Users can test their strategies without investing real money to figure out its viability before going live on the trading exchanges.
  • Buying trading strategies: New traders can use the platform’s Strategy Markets to buy trading strategies from professional traders.

Cons

  • Cloned CryptoTrader: Like any popular place on the internet, there are always scammers creating counterfeits. The official website for this platform is cryptotrader.org. Some traders lost money to fake sites such as crypto-trader.com before it went down.
  • Minimalistic design: Some users have picked issues with the minimalistic design of the site. It is so simple that it looks boring. It will do with a bit of intuitiveness.

How Do You Sign Up to CryptoTrader?

Registration

Visit the official website and click on ‘Sign In.’ On the pop-up page, select, ‘I Want to Register.’ It will then prompt you to enter your email address, country, and create a password. Registration for new users was not available at the time of writing this review.

Deposit

Once your account is active, you can purchase a subscription plan. They are; Basic, Regular, Pro, VIP, or Premium. The plan you choose determines the number of live trading bots you can use, maximum account equity limit, and margin trading positions.

Start Trading

You are now free to pick a free strategy or buy premium ones, backtest them, and then begin trading on other exchanges.

Is CryptoTrader a Scam?

Some reviews that call it a scam have cited that the site promises a profit of about $5000 per day. They also state that the robot claims that it offers a 99% success rate. They cement their argument by pointing out the obscurity of the team behind the robot. Additionally, some reviewers have even stated that the brokers to which CryptoTrader supports are shady and unregulated.

Most of the reviews promoting the trading bot, state a few facts from the website. They utterly fail to answer to the above claims, focusing only on the technical features of the platform.

Our Take on CryptoTrader

It is impossible to have a 99% accuracy level consistently when trading in cryptocurrencies. It might be a bot’s goal, but it is rarely attainable. Again, how much gain a person makes on the platform depends mostly on the amount invested and the market factors. Promising $5000 per day is not a realistic sales pitch.

It is also true that very little information is available about the team supporting the platform. Moreover, CryptoTrader links to several exchanges. However, do these prove that CryptoTrader is a scam?   

There may be a possibility that the developers of the robot made some boastful remarks about it or overly ambitious promises in the past. However, none of these was present on the official website as at June 2018. Therefore, any review using the old remarks to question the legitimacy of the robot is either outdated or malicious.     

Moreover, mystery surrounds the founders of Bitcoin, yet it is still the most trusted cryptocurrency. Besides, our review of trusted robots shows that most of their founders prefer remaining anonymous.

CryptoTrader collaborates with about 13 exchanges at the time of writing this review. Every trader using the platform can choose to trade through any of these exchanges. Among them are famous names such as Bitfinex, Bittrex, Kraken, Poloniex, CEX.io, Binance, Coinbase, and Huobi. There may be some less popular exchanges on the list, but shady and unregulated are not among their characteristic features.

We conclude that CryptoTrader is not a scam. It is either a victim of negative publicity from disgruntled users or reaping the consequences of its mistakes when it started. The platform has matured over the years of its existence with better and more reliable services.

Our CryptoTrader Experience 

The Team Behind CryptoTrader

CryptoTrader website states that the platform is the property of Algocraft Ltd, an Italy-based company. Contact details are not available. The platform seems to have been the brainchild of an individual or groups of people called Pulsecat, but that too remains a mystery.

In spite of the secrecy surrounding its background, the program has been in the industry since 2013. It supported trading on Mt. Gox, before the infamous scandal. It is among the oldest cryptocurrency bot platforms. Like Bitcoin, it still thrives in spite of the mystery over its origin and ownership.

CryptoTrader Key Features

Here are some of its additional features besides being cloud-based, and the backtesting functionality.

  • Customised bots: The platform offers an API that not only eases integration with exchanges but also allows users to write their trading algorithms. Traders with some skill in CoffeeScript can create their bots.
  • Strategy market: It is a marketplace for trading strategies. If you are a new user but you wish to trade like a pro, here is the place to check. Most of the strategies have price tags.
  • Network of exchanges: The platform links supports 13 cryptocurrency exchange platforms. They include Binance, Coinbase, Bittrex, Bitfinex, Bitstamp, CEX.io, Kraken, Poloniex, Huobi, and Quione.

   

How Does CryptoTrader Compare with Other Robots?

Most trading robots have provided the country from which they operate; CryptoTrader has not. Similar platforms such as Haasonline offer from 8 to an unlimited number of trading robots at a time whereas it only allows 1 to 25 live robots. Nonetheless, it is among the few platforms that offer backtesting and purchasing strategies.  

Conclusion

Our verdict is that CryptoTrader is a legitimate platform that suffers from negative publicity. It might have started with a scam-like pep talk, but it has developed over the years into a reliable and trustworthy choice for CryptoTraders. Additionally, it collaborates with the most reputable exchanges in the world. Such platforms would not put their reputation at stake by supporting a fake robot hub.

In spite of its legitimacy, it is still possible to lose money on the platform. Such is because the crypto market is still growing and hence affected by many factors besides the bot and the strategy a trader uses.

Finally, the high versatility of crypto trading in exchanges calls for a solution that has matured with the industry, especially for new traders. A trading bot is the best option. Signup today with CryptoTrader and select a subscription plan to maximise your gains on trading on altcoins.

Frequently Asked Questions

  1. Why Should I Use a Robot to Buy and Trade Cryptocurrencies?

    Robots do not sleep, which makes them suitable for 24/7 trading on cryptocurrencies. They are more accurate than humans are, and they do not suffer from the side effects of trading, such as getting emotional over losses. Even more, they stick to a plan, which is impossible with normal human beings.

  2. Have any Celebrities Endorsed CryptoTrader?

    CryptoTrader does not make any claim to have an endorsement by any celebrity.

  3. Does CryptoTrader Have a Mobile App?

    No. It is fully cloud-based, accessible only via normal browsers.

  4. What are the Expected Returns?

    Since the platform allows trading using multiple bots, it’s easy to end up with bots competing for your limited funds. The best practice is to use just one bot per exchange or use exchanges such as Poloniex that allow you to create sub-accounts for individual bots.

  5. Do I Need to Know Anything Else?

    Since the platform allows trading using multiple bots, it’s easy to end up with bots competing for your limited funds. The best practice is to use just one bot per exchange or use exchanges such as Poloniex that allow you to create sub-accounts for individual bots.

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