Scavenger bot (scavengerbot.io) is marketed as the world’s most reliable leverage trading bot for Crypto currencies. The robot is supposed to make profitable trades regardless of whether price is rising or falling. The owner of this bot has put up a statement on the website in order to paint a picture of what it’s like to use this bot.
Every vendor struggles to paint a positive picture of their product even if it means promoting with false or misleading statements.
”My master builders have built a secure platform that will allow you to enjoy the same advantages, seen by the professionals. I can be plugged directly into your trading account and will work 24/7 to earn you daily profit. You can put me to work simply by granting me the ability to make and close orders. You can shut me off at any time. But best of all, I will compound your earnings in real-time to maximize your daily profit!”
Now that the website of this bot is praising this robot as if it is a tool that guarantees income, how different is it from the rest? That is the question that many of you want to know the answer to. This is what we have figured out from the statements that are found on the whole website where this thing is being sold at.
”There are plenty of bots out there that require technical skill to setup and day trading skills to configure correctly. If you get either part wrong then it is too easy to lose your money.
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Scavengerbot.io is all about low risk and long term profit with an easy 5 minute setup. After the setup there is nothing to configure. It all runs on their website and you don’t need your computer to be on for it to work.
Your funds are also safe from the bot as you leave your money on the exchange website and the bot has no permission to withdraw the money.” That is what all bots that connect with exchanges through an API are supposed to do, right? Since this bot is extremely new and we are not yet very confident with its operations, we are advising the trading community to explore these alternatives. We may consider adding this bot into that list at a later date if we find that it is a viable option for trading Crypto currencies.
In terms of the kind of returns that you can make, Scavenger bot has been running for 3 months and the averages has been 0.65–1% a day. The more volatile the market, the more money it makes and the last 3 months have been quiet.
The bot works as follows: You create two accounts, one to say ‘I think the price of Bitcoin will go up!’ and the other to say ‘I think the price of Bitcoin will go down!’.
When the green horizontal line is reached, the bot saying that the price will go up will sell and you take a tiny profit.
When the price started to increase from 6470 to 6480, every time the price increased by $1, the sell bot increased it’s position so the red line would always stay within $20 of the current price. This way, when the price starts to come down in the future your sell bot will also sell for a tiny profit and the process repeats, potentially hundreds of times a day.
It only ever makes tiny profits to keep risk as low as possible. If the price goes up 30% in a day (very rare but could happen) then the bot chasing to stay within $20 needs spare capital to allow this.
The more the price goes up an down during the day, the more tiny profit you make!
If you start off with $1,000 invested then based on 3 months of data, you should hope to make a minimum of $6.50 a day. Tomorrow you are now investing with $1006.50 so would hope to make $6.54. If you compound that over a year you would end up with $10,641.94 and earn $68.73 on the next day.
The bot is free as it is commission based. You get a weekly invoice for 15% of your profits, if you don’t make any money then you have nothing to pay! In the 3 months of data, there has never been a day with no profits so don’t worry.
In terms of the risks that investors might face, the following could be a valid argument:
The exchanges could in theory get hacked and we don’t know if they would insure your loss.
The bot could also run out of funds if Bitcoin were to increase 50% in one day and you would lose your investment. If it were approaching a 50% increase then you could save the investment by adding additional capital.
Currently the bot only trades Bitcoin and only on www.bitmex.com however new currencies and exchanges are due soon.
Other currencies could prove to be more volatile which will increase the daily profits and more exchanges could reduce risk by spreading your capital across several exchanges.
This bot has been around for a short time unlike more established and popular bots in the market. Secondly, if it is a free bot where users pay commission out of their profits, then we do not see the reason why you cannot test it. But on down side, we are thinking that this testing must be done on a demo environment rather than using real money to test it.
This will depend with the type of exchange which you are using to try Scavenger bot on. Most exchanges do not offer this facility but if you find an exchange that lets you test the bot on a demo, that would be pretty good although it will take you a very long time to feel confident that the bot can be relied on.
Scavenger bot is a promising bot but at the same time, a lot of testing is needed. If you don’t want to go through all this, just use these bots instead.
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