Bitcoin Forum

Hello,
I am reading everywhere that most of the trading bots are scam. Is that true? Is there somwhere any real bot which can be really profitable and should you have deep knowledge in trading and trading platforms to use it ?
Thank you all!
BR

The problem with most bots is that you have to trust either your ability to read the code (if its open source) or the person who wrote it.
They usually require API access to an exchange and your BTC to work with.
I never used a tradingbot, but gekko has been around very long.

 https://bitcointalk.org/index.php?topic=209149.0

its open source and well reviewed.

i had bad experience with bots..

Thank you!
I will check it and see if it actually works. Seems that it has support and good reviews about it. Lets see.

If you had created one of those bots how much would you sell it? Would you sell it or not?
Do yourself the above questions and then you probably find out easily if a bot is a scam or not.
Also note that a bot won't live for a lifetime.Every it changes and the bot needs to change as well.  ;)
But you can always give a try to build up your own bot.IMO this is the most preferred option.Not everyone has the ability to do that but you can start practicing even in a excel (by doing some mathematical calculations).That's how the bots working.

I would personally not trust my own hard earned BTC with a bot.

If the bot is open source then I would have a little more confidence, but that kind of trading is still very risky.

Bot is a program that is pre-programmed to sales and purchases by subordinate rules.
Scam is when I say:
"Send me everything you got and I'll send you tomorrow money on your account"
And you believe it and never get money from me :P

What if I told you send me all your money and I will send you the BOT tomorrow, or what if the bot is working as being marketed, it's still a scam though.

That is not what was happening.

Whoever controlled the bot would enter into an enforceable contract that would stipulate as to how the buying would take place.

It was very much like anyone else would buy on an exchange just in much large quantities and in an automated fashion.

Has anyone actually ever tried using one of these opportunities - http://btcrobot.com/special.php 0R - http://options.traderush.com/d/en/bitcoin-mining/index.html?campaign=1&p=_14510_10291ee0dfcae0c6a4412cd61fdd37_18_784&aid=14510

For the past few weeks I've been thinking about doing the BTCitcoin/TradeRush thing BUT then this week I ran into the Robot(BTC) trading concept and it won my heart over.  But now that I'm not hearing too many good things about them(bots), I'm worried of which direction I should go?

I have the basic understanding of trading so I know I'm capable of doing both of these opportunities, especially getting help & support making it a lot easier. I guess I'm really looking for someone on this site who has had real experience with the above links.  You always hear how people made 0r are making money and love the program and what not on the actual site BUT hop on the forums and no one seems to have tried it.

URGENT:
If anyone has tried any of these wonderful(it seems) opportunities, do tell experiences??????????????

I have been using http://Cryptotrader.org (https://cryptotrader.org/?r=32) for a couple of months now, and it is not a scam. But you will have to be realistic. You will not get rich overnight. Don't be fooled by bots that make millions, it's not possible. But bots can protect your money and make some profit but there are always risks involved.

A coder will not sell his bot for cheap if it is a profitable bot.

All that a bot will do that trades in that fashion is follow a preset of rules that you or someone else give it.

Your success will depend on how accurate your rules are at predicting where the price will go before the rules say to take another trade

At CryptoTrader you can rent the use of a bot, they are not selling them.

Thank-You everyone for the input - hvanra, I will checkout 'Cryptotrader.org' in a second

If you are interested I have a cryptotrader.org algorithm available.  It is a personal strategy of mine that I rent out privately for a monthly rate and the total number of users (including myself) is limited.  I currently have 3 of 10 trading space open.

Here are a few backtests to show past performance - each backtest starts with $1,000 USD.   
*Note:  I have hidden indicator and event plotting.  If you would like more information and additional backtests with a bit more visibility into some indicators - we can talk.

1/1/14 to Today:  $3,981.91
     https://cryptotrader.org/backtests/Qs55q2jemGHB4zvmY
11/1/13 to Today: $67,587.56
     https://cryptotrader.org/backtests/u2hcd6uPQg7nNNEDP
1/1/13 to Today: $2,830,202.84
     https://cryptotrader.org/backtests/9WxugpQLRt7dipb2G

In comparison to other strategies available for rent on CT - this strategy is held privately and the total number of users is limited.  Measures are taken to make sure funds are spread out so orders do not fall on top of one another and to minimize slippage and market impact.

I have run this bot and its many beta versions since February of this year and have seen nice BTC gains over the long downtrend we are now (fingers crossed) escaping. A couple clients have been with me since February/March and have been able to benefit as well.

If you are interested in more information or would like to consider renting one of the remaining trading spaces - you can PM me here or preferably email me at simonsaysmine [at] gmail [dot] com [simonsaysmine@gmail.com]

can you explain? which one did you tried?

If there was a bot that was really profitable do you honestly think the owner would sell it for anything less than an exorbitant amount?

Don't be fooled by million dollar back test results.There is no way exchanges can handle trades worth thousands of BTC  without seriously disrupting the market and price. In back tests, every trade is a success, in a real live market it's not that easy. Look for a bot that has a smart trading mechanism. A good bot will try multiple limit ordering attempts, within seconds, to make a trade.  And even then, making a trade in the real live market depends on the available volume. If a bot wants to buy, there has to be enough BTC's at a certain price available. If thats not the case the trade can simply not be made or at a much higher price.

So if you want to trade with bots, use a modest amount of money and be happy with 10-20 percent a month, which certainly beats that what you get in your savings account at your bank. And also realize that there are always risks involved, not that you will loose all your money, but profits can be disappointing compared to the back tests, aspecially if trades can't be made.

I couldn't agree with you more hvanra.   Backtests showing eye popping gains are really just for demonstrative purposes.  In reality there is orderbook liquidity and vwap slippage that brings things back to reality.  What a 'million dollar backtest' does show, however, is consistency of performance over a wide range of market conditions.

its probably true, its hard to get clean software for bitcoin :/ thats sad in a way

I would never ever trust my money with someone else.

So true..there are far too many scammers and scam sites targeting the newcommers to the market.  You really need to have your sniffers on high and do your homework.

With that said though, cryptotrader.org is a very legit service and has made great strides in the past few months.

"past performance does not guarantee future results"

Well said!

i had too a bad experiance with bot most of them aare scammer so please dont go with bot :

Thank you. This is a disclaimer that you will always see when investing in any mutual fund or a ETF, or other similar managed investment. I do not think I have seen it in any of the bitcoin related investments.

I use now 5month this bot.
www.https://www.cryptohopper.com/?atid=1805 (http://www.https://www.cryptohopper.com/?atid=1805)
It made me 0.2BTC in 62days. Gave him 0.52BTC to work with.
Just write me if you want to see my trading statistic.

If you want to try it out its free for the first month.
Then it cost you 19$ for the bunny subscription. There you can select 15 pairs.
I am trading just with signals. That shows me the best result. If you have any questions feel free to write me.

I have also made a video about him. Its in russian but still you can see there the result.
https://www.youtube.com/watch?v=f9aIlo2bbjo&t=0s  (https://www.youtube.com/watch?v=f9aIlo2bbjo&t=0s)

The support is great. They answer in 24hours.
But still a lot of things must be done by the crew that everything work a bit better than now. For example I selected just to trade one pair of crypto once. But still now sometimes he is buying 2 cryptos of the same coin. Its not a big problem but it should be fixed soon.
Normaly they fix fast. So I am always writing them all the bugs. Its a nice bot and you can work with it for sure. Its making not tones of money but it earns everyday something. There is just one thing. You have to wait. Some positions can close in 2weeks. But if you can wait and are not to emotional than its a very good bot for you.

I decided to earn a bit for my knowledge to set up everything right. 
My small business for everybody who wants directly to start with good setting configs.
Spend 2 month to find the right settings for this bot.
Now I am selling it for 0,012BTC. Just register in binance or KuCoin.
Than I make all the setting in the bot for you.
Will also creat settings that if BTC goes down the bot will not allow to buy new possitions.
So new coins will be bought just in a good market. And a lot of more that I know now.

Here is my youtube channel with a lot of videos about bots and crypto.
https://www.youtube.com/channel/UCOxPqZzVKQ2M3jBk7udLbxg (https://www.youtube.com/channel/UCOxPqZzVKQ2M3jBk7udLbxg)
Feel free to subscribe.

we turn this question to you.

do you want to be controlled by others?
do not you believe in yourself?
smarter where is your conscience with the bot?

Bitcoin is created to be owned and traded by its own owner, not by anyone else or Bot!

Well obviously not many of here trust bots to make our trades for us and that goes as for me as well. I'd probably consider if i were dealing with minimal amounts only since i prefer hodling in general. Having personal experiences, learning for yourself, and figuring out your own techniques is still a lot better than depending on a bot

Yes indeed in fact many trade bots are scam and can not make a profit. If you want to succeed with a bot you have to choose the best and usually this will spend some money to use it. Trading using bots has the advantage of discipline, but this is very rigid (just run the program that is embedded only), whereas the market is very flexible and complex. If you can make a profit it will not last long and consistent. I never trade using bots and it would be better manually. Although complicated because it must do the analysis of the market, but with manual trading we can follow the movement of the market.

There are such programs, but they are not sold as long as they make a profit, and are sold when they bring a loss.

I don't use it because I am bad experience for it and it's not make more profit and maximum bots are scam

It seems to me that only users of crypto-currencies are using bots, they are too lazy to do something and they try to earn big money without difficulty. But that's the only way it does not happen.

Bot? Do you mean a trading robot? If so, there are trading robots but they are not profitable and there are a couple of reasons why it is so. Firstly, nobody sell profitable robots and it is obvious and secondly, there are robots which are profitable on some makret stages.
There are arbitrage else and you may investigate it because robots work much better when doing arbitrage.

Nah, I much prefer using my own guts and instinct instead of those trading bots. And there was one exploit on bots as well that tried to hacked some users using it in Binance however, they are not successful and they eventually lost money in the end. So just beware that bots can be really used as a tool to hack.

But there are people who claims that they are made a lot of profits using trading bot. Maybe there are the developer of the bot or they are really that good that they know what the bot can react on market situations. But personally, I haven't used any on my years of trading.

I would use it if there was a good trade-bot nowadays. I don't recommend to use bots for now.

I don't know so far now, but if ever I would do it in myself first before doing a bot, I will make sure that I can do it myself when I do have much time, but since I'm quite busy at work I still won't have it, in time if I am already convinced that it is profitable.

Bot are there to automate things for you, but there is always the big part of work is on you to do. I have used a bot with external trading signals which turn to be not bad after all.

If trading bots really brought good profits, think only, now I think we would all be multimillionaires. It is better to trade yourself without bots.

Don't use BOT, because BOT is also man-made.
The bot does not have a conscience, more trading cryptocurrency with your feelings, so that we can learn to be grateful and not greedy.

Thanks
.....

If you are planning to use trading bot, for me it is not good idea because not all the trading bot can monitor the prices in the market if others are saying that they can monitor, yes they can but they cannot monitor it for 24/7 so do not depend on the trading bot and not all the work of the trader can do by the bot. So for me I do not agree and suggest the bot.

Isn't that supposed to be the idea in the first place? No conscience, just play by the rules. I do not use bots, but I do not see any problem with using bots, since they trade the market 247 anyway and they just play by how they have been programmed. Sometimes though, there are some times as humans you may want to be using your discretion before entering a trade, which is one thing bots can never have.

there are plenty of bots that are scam.  that means people are promising you to earn this much money from their bot but in the end you will lose money.  but on the other hand, there are bots that will perform nicely over normal trading days, wherein you will gain around 1-3% daily, which is not bad for daily income.  but if you want to earn >10% daily, then bots is not definitely for you.  on erratic days where coins are rising and falling in spikes, bots cannot perform as desired, which will cost us.

i think trading bots are not that as intelligent as chess bots.

It is needed but does not matter much if it is open source, I must understand the code and even develop it, if not I don't use it.

In my opinion, Bots exist to automate things for us, but there is always a large part of the work we have to do. I have used bots with external trading signals. There are other arbitrations and we can investigate because robots work much better when arbitrating.

Maybe there are some bots are scam. But mostly the reason of being lose with bots are because of the wrong timing of bots that when you set up to buy at the 10% dump then the price will not rise as you expected. I'm not discouraging you to use bot but honestly bots are for the investor or a trader who have a lot of money so that they can afford to lose if its happen.

I think that bot can be more secure than self-trading but profit will be very low. In addition, if you do not pay attention to the risk of high account fire

I myself believe in the ability I have for trading because all controls are under our control. By studying TA we will be able to generate greater profits. believe in your strength.

Actually it depends to the situation because if the bot is trusted in this field of business to the public and have good feedbacks then it is okay to use this as an opportunity we must grab of.

Probably most of trading bots are directed to catch your passwords and fish your information, so you would not be really careful with those because scamish people are so much diversified right now.

Its not predictable that bots will always be good at what they are programmed for. Many of the bots are in working mode with some success but even bots are not 100% success. The scams and illegitimacy is part of the people creating scripts for screwing others and stuff like that. But if you look at some of the greatest bot ever created like Gunbot then you start believing that there is something in them and they can profit you a lot. But I would recommend you personally that you should not try out the bots because they are not 100% perfect. No matter what but manual trading is far effective than them.

You can use bot because they are still helpful and useful to the investors by giving a free coins or tokens by dealing with their conditions or what and at the same time they are also trusted business.

I believe that a bot is a waste of time and money. All bots are created in order to lure you out of money. And why should he have your money if he has such a profitable bot.

 Trading bots aren’t inherently profitable. Instead, the success of a bot depends on several factors ranging from the accuracy of the software to the quality of your strategy. However, A bot trading can be insanely useful in the 24/7 global market which is cryptocurrency, as no human can react to the market 24/7. However, there is a lot that can go wrong, and it takes a good chunk of time, experience, and knowledge to get to the point where you are using a trading bot confidently, with fail-safes built in, and with success. If you are starting out at square 1, tread very carefully and only give the bot access to small amounts of capital

Bots can manipulate crypto markets by artificially inflating the price. Their automated trading behavior leads new traders in cryptomarkets to overpay for the coins they are buying. The classic “pump-and-dump” scheme that was popular in the early nineties and made popular by the Wolf of Wall Street Jordan Belfort, is still being run effectivelly by bots in today’s crypto markets. This scheme involves coordinated purchases of low-priced coin to “pump” the price and attract new investors who are easily excited by the increase. As investors unknowingly buy “the pump”, bots dump the asset in near perfect coordination. With no new buyers coming into the market, the coin quickly loses value and investors are left scratching their heads and agonizing over their wallets.

Unfortunately, this scenario plays out all too often in cryptocurrency markets. It can be extremely hard to detect where bots are at work without advanced analysis tools.Two of the biggest indicators of bot manipulation are price momentum and volume. If investors watch for these indicators to spot coordinated buy patterns early, they can avoid potential pump-and-dumps or flash crashes before they happen.
The people coding these bots usually stay pretty quiet about what they’re doing, but if you do your research on Reddit or Telegram, you’ll see people openly forming groups and teaming up to build bots. And if you dig deep into forums, in some cases you’ll find groups openly discussing price manipulation. The funny thing is that these individuals are often quite talented on the technical/programming side but lack the true financial know-how that could 2x, 3x even 4x their investments.

Cryptocurrency markets are here to stay, and it’s likely the bots are as well — as long as the market remains unregulated. There is already a large volume of trading bots operating in the market that the vast majority of investors aren’t aware of. As investors become more savvy, so too will the bots. And so we’re likely headed down the path of an arms race. As detection tools get stronger, developers will look for ways around detection. As bots get more advanced, platforms will accelerate research and development to counterattack. With regulation seemingly right around the corner, only time will tell which side will win the fight until probably the government steps in to stabilize the market and put an end to predatory bots.

in trading we cannot determine our predictions to be true in 100%, I think in trade we only need strong patience to get big profits.

I could not imagine leaving my trading in the hands of a bot.  Especially not being able to closely understand the coding which runs it.  I much rather do this with my own organic matter. 

I use a bot for all my trading.  This way I can set my rules and walk away.  If I don't use the bot I tend to get creative and ignore my rules.  When I use the bot my main weakness is eliminated.  My profits has increased by double since I switched over. 

A trader should not depend on such tools. Nothing can compare a human brain. Bots do not learn as fast as our brain can. These have many problems. Digital market is very volatile. All the changes are unexpected and abrupt ones. Artificial intelligence cannot work very efficiently in such a real time where conditions keep on changing. Crypto trading is a tough job.

If indeed profitable form BOT, I think they do not spend it for us
or if you want to use, there must be a huge amount. This is very risky.

many people use it or not.. but i don't good experience on bot.. who is the experienced person they should be use bot . but many bot is scam, otherwise u can earn good profit from bot.

The swindlers a lot not only in trading bots but also in crypto currency trade. Also every trade system has a own time and place. Why do some body will be to sell good bot?

Some of them are scams, some are not. Anything have good side and bad side, so not all the bot are scam. But public bot and its guarantee profit have high risk, traders should avoid these.

Yes i heard about bot software for crypto trading, and there many trader use it to trade crypto by automaticly buy and sell. But i heard for the advanced bot the price is very expensive about $6500. We can see now the price of crypto going up and down at the sametimes, and i think that because many trader use bot trading.

I have some previous experience in the financial markets and prefer to use manual trading, but with using special trading terminals for intelligent and convinient trading.

I have been using BmyBit (https://bmybit.com) with some success for a while and I am now using Yanda.io (https://yanda.io) (you can see that from the signature). They are looking for users to test their design and UX. You can still subscribe there for free as soon as you provide feedback on how to improve their interfaces.

On yanda i made good profits lately. In fact, they are using the same technology of BmyBit but with the aim of smoothing the experience of the traders.

Let me know if you will try it out!

you should be able to be careful when you want to trade, do not let you rely on bots because it can make your trading capital become lost, you better do it yourself.

It's not possible for all bots trading platforms to be scams,but it emits a whole lot of risk,same as manual trading though.
But if you ask me it's much better and safer to trade manually,and without the use of an automatic computer(Bot)

I think it's much better? because you can avoid the risk of some kind of emotional feeling in trade, because that one thing that affects the results in trading, if you use a bot you can also work on the other side, of course it's better right?

Yes, not all the trading bots are scam but at the same time you cannot expect them to get your profits all the times of trading. A bot is nothing but few programming codes and it works based on some criteria and market conditions. If those criteria and conditions will be meeting, it will make a trade for you but there will be no guarantee that bot will withstand some unexpected market condition after opening a position for you.

You may call a loss booking bot as a scam. But, you need to understand that no one could make profits all the times hence a programming code also. If you are able to make profits overall like at the end of the month with bot trading, then you may go for continuing with it.

I am interested in an interexchange arbitrage bot. Any suggestions? Currently looking at haas. Anybody using it?

Better to not pay any membership to any bot that exists at the moment, you will be deceived after all, it is not worth to invest your money on that kind of stuff.
Better to make your own trades and to control the risk by yourself, that is the best strategy after all.