Are There any Good Crypto Auto Trading Software?
More and more traders are interested in cryptocurrency trading. Cryptocurrencies are about to change the world of financial markets forever (or so it seems), so no wonder traders wish to be the part of this revolution. Cryptocurrencies have their good and bad sides. As decentralized currencies, they offer users more freedom than traditional currencies, while at the same time being less stable and riskier investment asset.
That is why so many traders decide not to own cryptos, but to trade them as underlying assets. This can be done with forex and CFDs brokers. As always when it comes to trading, this requires a high level of discipline, as well as some skills and knowledge on how to do a proper financial analysis. For quite some time it seemed that you have to be an expert to trade cryptocurrencies with forex brokers, but now there is a new trend on the horizon – crypto auto trading software.
What is Crypto Auto Trading Software?
Crypto auto trading software, also known as crypto robots, are special trading products based on algorithms that are processing a great amount of data with a single goal – to find profitable trading opportunities. Every robot seems to have a different algorithm and they keep it top secret. Who wouldn’t? After all, that is the basis of their business.
But claims and reality are often quite different
Crypto industry is becoming more and more affected by numerous crypto trading scams. These scams promise automated trading that is supposed to make the trading process simpler and more straightforward, but they deliver very little. Sometimes, they go so far they are claiming you can become a millionaire until the end of the year. You get promised automated trading without ever getting an explanation how the software even works.
There are also more refined auto trading scams that look legit but still take your money away. So, is there any good crypto auto trading software available on the market? Yes, there is, but you have to find it. Here’s how!
1. Look for regulated brokers
Every crypto robot will connect you to a forex broker, as robots don’t offer the trading service, but only trading signals. Top quality brokers will never cooperate with scam crypto robots, as they have to keep their license. Also, crypto robots that work with regulated brokers usually have a higher set of business, ethical and moral standards.
2. Keep it real
In order to try the crypto auto trading software, you will usually have to deposit around $250. There are crypto robots that will try to convince you that is enough for you to make tens and thousands of dollars in a very short period of time. Of course, that is just a cheap marketing trick. If your average trade is $25 (which is the minimum in this industry), it is almost impossible to make $10,000 in a single week, even in case of volatile markets such as crypto markets.
Be realistic about your goals and don’t trade with crypto trading software that promises more than it is reasonably possible.
3. Try the auto trading demo
It is always a good thing to try out the free demo. Most scams won’t even offer you a free demo – it simply costs too much for them to develop, and all they want is easy money. The good crypto trading software will provide you with an opportunity to try the platform and test the signals before you start real trading.
The demo can be equipped with more or less virtual money, but make sure you get access to all tools and features that will be available to you in case you decide to use it for real trading.
If you want to try the crypto auto trading software, make sure to do your research. It is better to be safe than sorry, and while there are some scams around, there is also plenty of good crypto trading software that can help you automatize the entire trading process. Find a reliable forex trading software that supports cryptos as well, and you will be able to maximize the trading opportunities that appear on the market each day in the right moment, as soon as they appear.
John Pollock is a proprietary trader and CMT® charter holder specializing in short to medium-term technical strategies. He decided binary options were too risky for him and that he'd be better off focusing on his share portfolio.