Cryptocurrency trading bots have been on the rise lately. In 2016, this market recorded a daily volume of $1 billion in trading activities. Fast forward to 20108 and the industry is now recording $10 billion worth of trading volume every 24 hours.

Developers on the other hand, are responding to the needs of the market by creating automated robots that can make work easier for the investor. These bots execute orders on your behalf based on pre-determined conditions which must be met for a trade to take place. A good example of such a robot is called Gunbot. This robot makes your work easier by following a certain set of procedures which have been laid down by the user.

So in this review, we will analyze Gubot and its features. If you find it to be an interesting bot worth using, you can go ahead and sign up for a license.

Note: Gunbot alternatives can be found in this list.

But if you’d like to use Gunbot, sign up here.

Gunbot Review

Gunbot is an algorithm trading bot that is compatible with a few major exchanges in the market. It operates a few popular trading strategies like Ping Pong, TSSL and Ichimoku. The bot was created by a developer known as Gunther in 2016. The bot was created to be compatible with both Windows and MaC operating systems respectively.

The bot is compatible with 20 various exchanges. The reason it’s popular is because of its various trading strategies which users have come to like. We will quickly go over the trading strategies to let you know what you should expect.

• TSSL – this stands for trailing stops and stop limit strategy. This is the most preferred strategy for gaining entry into the market. It is also useful for selling coins. One best way to utilize the strategy is to set it up in such a way that it will buy coins when price declines up to a certain level. The other method of using TSSL is to set the bot so it can buy as soon as price begins to gain momentum.
• Ping Pong – Gunbot believes that this is the most popular trading strategy for their robot. With Ping Pong trading strategy, traders can set orders to buy or sell based on how much profit or loss they are willing to take.
• Bollinger Bands – if you have been trading Forex using indicators, you already know what Bollinger bands are. These are 3 strands which plot prices on a duration of days, weeks or months. Bollinger Bands basically plot prices based on averages. In addition to this, this tool will also inform you what the volatility of the coin is.

How exactly does Gunbot work?

Gunbot is basically a third party app that draws information from major Cryptocurrency exchanges via an API. This means that it can be used to access the services of a trading exchange in addition to narrowing it down to individual Cryptocurrencies that a trader might be interested in.

Since Gunbot is a premium robot, traders can only purchase investment plans in 3 ways. In addition to this, the robot is quite easy to configure, so even the newest trader in the Crypto currency marketplace can get started with this robot without a fuss.

The bot supports a number of Cryptocurrency exchanges on the internet. This is good news because at least traders can use it in an exchange of their choice.

In addition to this, Gunbot allows traders to pick from a list of trading strategies which are available on the dashboard. The robot also allows picking of trading pairs according to your choice.

Once these details have been set, the robot allows traders to set buy and sell prices in addition to stop loss and other parameters that are native to this trading app. However, it is important to note that the bot can never withdraw funds from any exchange. This is a security mechanism which the developer of the robot enforced to ensure that hackers cannot exploit the program to gain access to customers’ funds. This is a real threat, and there have been incidences where customer funds were withdrawn through their bot without their consent. Thankfully, this is not possible with Gunbot.

If you are using an exchange like Poloniex, the app will require your authorizing to execute trades and even to display gains on the app. But when you require funds to be withdrawn from your Poloniex account, you will have to independently log into your Poloniex account for purposes of initiating this withdrawal.

Plans

We said in the beginning that this robot comes with 6 licenses. For 0.05 BTC, you can only use the robot on one Crypto currency exchange. This is a one time payment. The developer will give access to their telegram channel for support. That’s it.

The second plan requires a payment of 0.095BTC. And with this plan, traders can use 3 different exchanges in addition to Telegram support. The service does not have any other add on.

For 0.165BTC, traders can buy a lifetime license that supports trading in all exchanges, a TradingView feature, dedicated support and a profit tracker feature. It is important to note that with Tradingview, you get a very good advantage because TradingView is where experts share their trading strategies and moves so the robot can directly copy them on your behalf. We think this feature is quite beneficial.

Is Gunbot safe to use?

The truth of the matter is that any algorithmic trading can be safe and risky at the same time. It depends on whether you are using a risky or safe bot to trade with. If you want to know whether a trading bot is safe, the first thing you have to consider is whether it is open source. If it’s open source, then it means developers can often inspect and fix issues as soon as they arise. With such kind of a robot, bugs can be quickly fixed.

Our best advice for you

Gunbot is definitely a decent bot for trading Cryptocurrencies. But if you want to explore other options for trading Crypto currencies, we advice that you sign up for these robots.