How to tell when a trading bot is a scam

[Superalgos]

Good piece here:

Crypto Trading Bots: How to Choose the Right Platform

This is my take...

Be extremely careful if:

- They tell you to upload your exchange keys to their online bot.

It's an outright scam if:

- They ask you to transfer funds.

- They tell you their bots are profitable without an audited track record.

- They tell you it's easy and that you can make money while you sleep.

- They tell you that you don't really need to know anything about trading, coding or even crypto!

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[Maus0728]

Be extremely careful if:
- They tell you to upload your exchange keys to their online bot.

It's an outright scam if:
- They ask you to transfer funds.
- They tell you their bots are profitable without an audited track record.
- They tell you it's easy and that you can make money while you sleep.
- They tell you that you don't really need to know anything about trading, coding or even crypto!

All of you mentioned are indeed facts. But honestly, even some scam bots can also be successful without doing those. How? They could just simply let you run their bot for free while could silently take your info on the background -- which can be way worse than getting your funds and/or be used/sold for certain reasons. Also, there are bots that can be scam in disguise - by simply letting you use it with trial mode then have successful trades then takes requires you to pay big right after and be unfunctional.

Therefore, it is really risky to engage with bots regardless of it being new or even with a little "online" reviews and positive reputation. It can still be hard to assure how can one bot be really helpful and functional without silently taking any funds nor information from you. Manual trading is still the best option, as you can have diversity of plans that could depend on both technical analysis and current situations.

[Viscore]

Stay away from trading bots. This is the only way it saves you from being scammed. 

If we have noticed now, a lot of people promoting their trading bots, showing good reviews, asking you to have some try, and you are making good friends with them. These people will find a way to trick you unnoticed, this is a common issue, and we just realize once problems arise.

Thus, as @Maus0728 said, manual trading is the best option, I could justify that one. In fact, I'd never heard successful trading saying they are using a bot to trade (or maybe I miss something, just let me know).

[thecryptogandalf]

I am using bots for a while and through my search for a realiable platform  those were the main criterias I cared about. Now I am using a platform for bots and all I had to was just sign up with my email. Actually, I do respect the work they are doing. They just offer you the service of creating your own custom bots. So you dont just use a bot that someone created and let the money rolling(which is not almost in every cases). Second thing they put emphasis on disclaimer about high risk warning. Everything is transparent and they show their platform in a realistic perspective not wrapped with lies.

Last thing I really like the content they have on their blog. So if you find a good and reliable platfrom and know the concept and mentality of bots then bots are really useful. People think like  switch on the bot and let it do the magic. Bots are just a tool for your trading skills and if you will know how to use, I think it has a great advantange.

[beerlover]

I could argue against just one of these. You "can" make money while you are sleeping, that is what bots do, they are online 7/24 so they may make a profit while you sleep.

It is not easy, but you can actually do profit while asleep, however all others are definitely scams, I know because I was a customer in many of them, I like the trading bot idea so I bought bunch of them, tired a lot of them and I can tell you there are decent ones and there are very bad ones, there is no great one because if you are not a great trader (I am not) that means no matter how "great" the trading bot is, it is useless in your hands, you need to first understand trading before you can make a profit.

If anyone keeps keys online, that is bound to get hacked so that is bad, no transferring funds so far within 10+ bots I tried so that is really not a case even in scam ones, but yeah scams are rampant around here.

[Sterbens]

Be extremely careful if:

- They tell you to upload your exchange keys to their online bot.

It's an outright scam if:

- They ask you to transfer funds.

- They tell you their bots are profitable without an audited track record.

- They tell you it's easy and that you can make money while you sleep.

- They tell you that you don't really need to know anything about trading, coding or even crypto!

yes I agree with the points you mentioned, and as a trader I have to have my own principles in managing my finances in crypto, and my big responsibility is when I reject the bot trading offer. to be honest I prefer trading alone rather than using bots, the reason is simple, for me trading bots are never up to my trading principles. In addition, indications of inevitable deception lead me to believe that trading with my gut instincts and knowledge, is much more effective and efficient.

[sheenshane]

I tend to agree with those mentioned by OP above, but IMO, I'm not against this auto trading bot, they will remain as a helpful tool in trading with proper use on it.  Why you've used a trading bot that didn't well known, didn't have a reputation, and most especially have a free service offer or very cheap subscription, they will most likely scam.

Actually, this auto trading bot tool has pros and cons that we must be considered before using it to avoid being a scam of course.  The cons might you will have a problem if you didn't aware this like, mechanical failure or system error and might be performing poorly.

However, I will not suggest if new traders will use the trading bot, which is very risky for them how to operate and this might lead to a scam.

[ethereumhunter]

You do not have to curious about that bot. What you need is the confidence to learn more about trading to improve your skills, and you will have a chance to make a profit. I am sure we can do that if we have an effort to learn because if we can have good trading skills, we can trade manual without the bot, and of course, we will have the opportunity to make a profit. The bot can work for us only if we know how to operate it, but we still need to watch the bot trade, and we need to know when we must change the strategy.

[dunfida]

Stick with known ones and dont tend to make use of those bots that had just been suggested by some random guy on the net or you dont even
know on whats the source of those bots.If you arent really good on checking things then you can anytime ask out the community.
Bots are for automation and there's no other purpose other than that.

[BrewMaster]

you are just covering the obvious cases of scam bots. there are more sophisticated ones that don't need to rob you to rob you!

for example a while ago there was a bot that was being sold to people with the promise of huge returns and a lot of fake stats. the owner simply made money by fooling people into buying his useless bot while the bot wasn't doing anything malicious, it was just useless because it failed the moment bitcoin price went up (keep in mind this was during the downtrend).

[AakZaki]

you are just covering the obvious cases of scam bots. there are more sophisticated ones that don't need to rob you to rob you!

for example a while ago there was a bot that was being sold to people with the promise of huge returns and a lot of fake stats. the owner simply made money by fooling people into buying his useless bot while the bot wasn't doing anything malicious, it was just useless because it failed the moment bitcoin price went up (keep in mind this was during the downtrend).

They only aim at promoting junk bots saying it has lots of features and can make money automatically easily. the people to target are people who do not understand technically about trading and beginners who want to get fast money the easy way. They are the right target. Such useless bots are valued at high prices and some are priced at low prices.

[teosanru]

I think one should never ever buy trading bots. If you are too keen on bot trading it's better to get one tailor-made as per your requirements from a developer who regularly develops a trading bot. About the trading strategy part, you can easily find a good working strategy on youtube. When it comes to trading it's all about discipline, traders can make profits out of any given strategy it's just about maintaining the right mindset and discipline which is slightly difficult in human trading so bot makes your life easier in that aspect. But make sure you get the code audited too. All in all it would prove to be cheaper than all the subscriptions including fake subscriptions that you purchase on the name of trading bots. If there would have been any readymade recipe for earning money no one would be sharing it for $100 a month.

[Ryker1]

Stick with known ones and dont tend to make use of those bots that had just been suggested by some random guy on the net or you dont even
know on whats the source of those bots.If you arent really good on checking things then you can anytime ask out the community.
Bots are for automation and there's no other purpose other than that.

Well, you have a point there, I saw that there is a reputable and long time running service bot. Perhaps that is good to use not that you did not know.
Bots are helping the traders but this bot will not work on its own, --so on my own, bots are still useful in trading, but we must be careful on how to use this bot. Always add a second security level in your account in exchange if you are using a bot, just like enable the 2FA upon having withdrawal of fund, so if there is a glitch of the bot, transferring fund will be rejected.

[nelson4lov]

Good piece here:

Crypto Trading Bots: How to Choose the Right Platform

This is my take...

Be extremely careful if:

- They tell you to upload your exchange keys to their online bot.

It's an outright scam if:

- They ask you to transfer funds.

- They tell you their bots are profitable without an audited track record.

- They tell you it's easy and that you can make money while you sleep.

- They tell you that you don't really need to know anything about trading, coding or even crypto!

One of the reasons why I've always steered clear of trading bots is the fact that a large majority of them usually turnout to be scams. I don't know about other exchanges but on Binance, you can actually determine the permissions for your account's API keys. I don't really know if the bots can get around it as Binance was hacked sometime in 2019 and I think it had something to do with users API keys but I'm not 100% sure.

you are just covering the obvious cases of scam bots. there are more sophisticated ones that don't need to rob you to rob you!

for example a while ago there was a bot that was being sold to people with the promise of huge returns and a lot of fake stats. the owner simply made money by fooling people into buying his useless bot while the bot wasn't doing anything malicious, it was just useless because it failed the moment bitcoin price went up (keep in mind this was during the downtrend).

At the end of the day, these bots are just a waste of time. If the bots are even legit, they might run your account to the ground with mediocre trading strategies. It's better to take time to learn trading even though it's time consuming and stressful.

[crzy]

If you’re going to use BOT better to use the most trusted one because you really have to give the details of your exchange account so they can do the trading for you. If you think that BOT is a scam then don’t use it, I suggest if you want a worry free trading bot, you go for Gunbot.

[adaseb]

The reason they don't work is the most obvious. If they worked, why would the creator be selling it for $50/month when they can just trade it with it themselves and make profits instead? These days there are high leverage futures where if you got like $1K you can easily trade up to $125K. So since so little capital is required, why doesn't the bot creator just trade himself on high leverage and eventually would make 5 or 6 figures. Probably alot less work than having to deal with finding members to buy the memberships for the bot.

I used to back test alot of these bots back in my forex days. In the end they are never reliable. I find that they either work in trending markets or only in sideways markets. Since you have no idea what kind of market we are in, then you might use the wrong strategy and end up losing money. Another way they aren't reliable is slippage, when you back-test you cant take into account slippage which is real when you are trading live.

[boyptc]

I don't use bots but it's an obvious thing if they ask you to import your private keys to their bot. That's already a red flag that you shouldn't do. No app should ask that important thing to any of their users unless they're the ones that are providing it for you.

[DoublerHunter]

I don't use bots but it's an obvious thing if they ask you to import your private keys to their bot. That's already a red flag that you shouldn't do. No app should ask that important thing to any of their users unless they're the ones that are providing it for you.

^ A private key? Who holds the private key on exchange anyway? It is through your API.
Nah, not that way, but there is a potential that automated trading software or trading bot is a scam. Just a simple question, what is the reason why they are selling this bot besides if they will truly earn from using a bot in trading. Probably the owner or creator of bots are very rich as of now, you cant buy a trading bot system as low as $30 right?

[Kittygalore]

Stay away from trading bots. This is the only way it saves you from being scammed. 

If we have noticed now, a lot of people promoting their trading bots, showing good reviews, asking you to have some try, and you are making good friends with them. These people will find a way to trick you unnoticed, this is a common issue, and we just realize once problems arise.

That really depends because not all trading bots are not a scam, there are bots out there that are open source and you can tweak them to make them behave how you are trading. I wouldn't say that to altogether reject the idea of trading bots but being open but cautious in my opinion is the best thing to do so as not to let opportunity slip right past, I do agree that some shilled bots are suspicious but if you look hard enough, you can see that there are a lot. For me, if bots were doing trades that profit me, then I will welcome them because it provides convenience.

[boyptc]

I don't use bots but it's an obvious thing if they ask you to import your private keys to their bot. That's already a red flag that you shouldn't do. No app should ask that important thing to any of their users unless they're the ones that are providing it for you.

^ A private key? Who holds the private key on exchange anyway? It is through your API.
Nah, not that way, but there is a potential that automated trading software or trading bot is a scam. Just a simple question, what is the reason why they are selling this bot besides if they will truly earn from using a bot in trading. Probably the owner or creator of bots are very rich as of now, you cant buy a trading bot system as low as $30 right?

I'm only reiterating the exchange given by op. It is a fact that there are scammers that are using the words "automated" and "profit" with regards to the usage of bots.

And newbies that don't have an idea how it works are likely going to believe that they have legit software that can make them money which they consider a money making machine.

[XZERO1]

It's not easy to detect them and you only could be almost 100% sure about a legitimacy of a trading bot only if you're a coder yourself and know how these bots are being created which in that case you would've had created your own trading bot and there would be no need for a 3rd-party to begin with.

I'm still to find a good long-term profitable trading bot in crypto that can give you even a constant 1%-2% a day, I can say that most of the trading bots paid or free would fall in the same category, they give 1-2% a profit one/few day/s and then they manage to squash all that profit after a few days with one bad trade.

One thing I'm sure about is that bots work best on trading pairs with the least amount of volatility, unless that volatility can be easily predicted so that you can give your trading bot a certain range to trade for you (with longing and shorting on that range), but the problem with bots start when the volatility gets too much and that coin/asset price starts to leave that range that you specified, so you need a really good trader/programmer to see all that and configure the bot in a way that still can trade with profit without a range or at the very least doesn't go negative then.

[ice098]

Just a correction I think it is not exchange keys but rather an api key and access I think, actually yes that is true you can get a profit even you are sleeping but you can lose it all when you sleep or even you are awake. So I don't trust bot your funds are not secure, your account are prone to hacking and it is more serious I think you might get banned in that exchange too, trading bot will tell you all things that will get your trust and get your attention. Just don't use bots in your trading.

[el kaka22]

All trading bots are a "scam" in the end by a small to a big portion. Some of them are scams in a small portion, they tell you that it will make you money without you working, and that is a scam, not the way that steals your money, they just trick you thinking it would work like that, but the reality is that you work to configure it a lot and you end up with making a lot more stuff to make it work, and you keep an eye on it, and basically work and not just put it in and let it be, so yes they do not steal your money and yes there is a chance you could make money from it but it is not without work so it is a tiny scam and not a big one.

Some of them are way larger, they just tell you that it will work and it is great and they take your money and give a copy paste fake software of something that already exists and run away with your money and that is the big version and anything in between happens too.

[goinmerry]

The best reference to determine whether the bot is a scam or not, is always, people's feedback. Why used a bot if it's lacking reviews. In such a time that a user now finally decide to use a bot, as let's say they already do their research that the bot is legit, then they should use their common sense from there.

All trading bots are a "scam" in the end by a small to a big portion. Some of them are scams in a small portion, they tell you that it will make you money without you working, and that is a scam, not the way that steals your money, they just trick you thinking it would work like that, but the reality is that you work to configure it a lot and you end up with making a lot more stuff to make it work, and you keep an eye on it,

Beforehand, I think users should already know that expected profits brought by the bots' action must be configured properly. They will do the configuration before they can run the program that's why I will expect those users, newbie or not, that they will not think of bots as a money-making scheme as they will set it up according to their strategy.

[barbara44]

Instead of looking for bots I think it’s way more better if you can just learn and start trading by yourself. If you still decide to be making use of bots it should be one that is very popular and well trusted. There are lots of applications these days that can be created by hackers and used to steal information even though you’re not going to be the one giving them that information, they will just be stealing every of your info as long as the app is running in the background.

So, that’s why you have to avoid most of these apps that you’re seeing these days and look for something you can rely on, if not ,then you will have to be doing it yourself so that you can be very sure that you’re in a safe position and avoiding trouble. Ever since I started trading bot has never been an option for me because I want to do it myself.

[jaberwock]

Just a correction I think it is not exchange keys but rather an api key and access I think, actually yes that is true you can get a profit even you are sleeping but you can lose it all when you sleep or even you are awake. So I don't trust bot your funds are not secure, your account are prone to hacking and it is more serious I think you might get banned in that exchange too, trading bot will tell you all things that will get your trust and get your attention. Just don't use bots in your trading.

Whether the bot profits for you or loss that depends on how the bot is working and what kind of risk measures you have entered and how much capital, how much percent profit/loss deviation you are working on. But here since we are talking about scam bots and legit bots, I will label any bot that asks for your personal data like also OP mentioned and asking funds is an obvious scam and you must not just delete that kind of bots but also scan your computer for viruses.

I haven't used many bots but I have tried some free ones in past for very short period and in the end I found these bots to be rather funny than anything else. Almost all of them are trying to lure you into paid version and some are just rubbish.

[redsun114]

All trading bots are a "scam" in the end by a small to a big portion. Some of them are scams in a small portion, they tell you that it will make you money without you working, and that is a scam, not the way that steals your money, they just trick you thinking it would work like that, but the reality is that you work to configure it a lot and you end up with making a lot more stuff to make it work, and you keep an eye on it, and basically work and not just put it in and let it be, so yes they do not steal your money and yes there is a chance you could make money from it but it is not without work so it is a tiny scam and not a big one.

Some of them are way larger, they just tell you that it will work and it is great and they take your money and give a copy paste fake software of something that already exists and run away with your money and that is the big version and anything in between happens too.

Actually you might be saying this because you have encountered some poor trading bots. I know its frustrating when all the softwares you download in the name of bots are just waste of time.

I will share with you one bot about which I have heard a lot and mostly it has been positive - https://www.gunbot.com/

You can even visit their thread on bitcointalk : https://bitcointalk.org/index.php?topic=1715214.0

I am not associated with Gunthar or Gunbot but because I have heard positive about them so I am going to share for any newbies who want to try a trading bot but don't know whom to trust. As you can see, he has a lot of reputation on forum so obviously means the bot he developed is doing fine.

[Yatsan]

Just be mindful always that there are lots of scams in the surrounding so better be aware on obvious matters specially when it concerns your funds and your account. Once they started asking about those important private things that must not be shared into other people, then that must be the time you to turn off such things whether trading bots and other crypto related aspects wherein you feel something is not right about it. Also, better just do trade by your own instead of relying into trading bots for it will be beneficial for you to learn trading without depending into something that you can do by yourself. It is just simple as that to keep you away from being a victim of those trading bot scams.

[BatBoy313]

I think the first thing to do is DYOR in order to avoid getting scammed (well, that's obvious).
Read trading bot reviews, watch videos on youtube, read influencers on twitter, maybe if you are a member of closed discord channels ask traders what bots they use.
All of these factors in a bunch, if you do a good analysis of a new bot, will lead to the fact that you are unlikely to be fooled.

[palle11]

I think the first thing to do is DYOR in order to avoid getting scammed (well, that's obvious).

DYOR is all around what OP has listed. We have to be careful how we fall for certain things online. Someone asking you for money on a bot while you never seen that bot working or the way it is performing on your trade then it is a sign that you have to be careful. Scammers interest is about money and you have to always raise your ears when the issue of money is mentioned. A genuine service provider should not be all interested in money before giving service.

[cheezcarls]

I don’t believe in such trading bots. I ain’t a fan in using those bots as a shortcut in hopes of getting good results in cryptocurrency trading. It’s better to learn from scratch on how to make money doing cryptocurrency trading in a legitimate way. Google and Youtube are our best friends to search and learn them for free.

[Lanatsa]

I don’t believe in such trading bots. I ain’t a fan in using those bots as a shortcut in hopes of getting good results in cryptocurrency trading. It’s better to learn from scratch on how to make money doing cryptocurrency trading in a legitimate way. Google and Youtube are our best friends to search and learn them for free.

Bots are for automation and don't expect something else.They are already pre-set up with those coders on what commands they should follow out.Its not really that complicated to think off on whats the real

usage of these bots.I don't know about those scams though, if we do talk about some scripts or something like that then its really that prone but for trading bots then its impossible that you wouldn't really
able to notice it out.

Trading is for automation and don't expect that it would generate you out profits because that's not how bot  works in the first place.

[24Kt]

I don’t believe in such trading bots. I ain’t a fan in using those bots as a shortcut in hopes of getting good results in cryptocurrency trading. It’s better to learn from scratch on how to make money doing cryptocurrency trading in a legitimate way. Google and Youtube are our best friends to search and learn them for free.

Bots are for automation and don't expect something else.They are already pre-set up with those coders on what commands they should follow out.Its not really that complicated to think off on whats the real

usage of these bots.I don't know about those scams though, if we do talk about some scripts or something like that then its really that prone but for trading bots then its impossible that you wouldn't really
able to notice it out.

Trading is for automation and don't expect that it would generate you out profits because that's not how bot  works in the first place.

One red flag is if the bot is asking you to load your wallet along with your pass key or anything related about transferring of funds. But if you are just experimenting how these bots work, don't ever enter any vital details if it asks you to. Trading bots will aid you in trading if you know how to use it. And most of the time, you need to pay for it. So better contemplate if it is worth paying for the bot or just learn on your own so you can equip yourself with your own trading activities?

[adzino]

-snip-
They tell you their bots are profitable without an audited track record.
-snip-

Not sure what you mean by "without an audited track record". Even if they have "an audited track record", no bots can give you guaranteed profit. If that was the case, then everyone would be using that bots with audited record you are talking about, right?
It is basic common sense. Don't use bots that aren't open source. Even if its open source, don't use it if you don't know how to read the code or at least understand what is happening. Don't use any bots where you won't have control of your own money.

[AakZaki]

Free bots or other bots are provided to you with the intention of profiting from the bots they create. Many trading bots are currently available, and many of them are scams and will only drain your assets. there are types of bots that just use an API to connect Exchange with Bots and create some orders automatically. it also can not be trusted, because the possibility of errors and bot manipulation will occur.
people who use bots are those who are lazy to learn more about trading, moreover they are beginners who only know buy and sell.
Many members on this forum are against bots and don't use them because they know what a trading bot will do.

[Sled]

Free bots or other bots are provided to you with the intention of profiting from the bots they create. Many trading bots are currently available, and many of them are scams and will only drain your assets. there are types of bots that just use an API to connect Exchange with Bots and create some orders automatically. it also can not be trusted, because the possibility of errors and bot manipulation will occur.
people who use bots are those who are lazy to learn more about trading, moreover they are beginners who only know buy and sell.
Many members on this forum are against bots and don't use them because they know what a trading bot will do.

Well, I'm not going to generalize that all of these bots are useless, some are also reliable.
However, I'd never use bots as well not because they are majority a scam but because I trust myself more than them. I can perform better than these bots can do even though they are just relying on us.

but talking about free bots, ohhh, can't be surprising that they are totally shit. We never ever use this or else, we put everything at risk and more chance to lose our money pretty quick. I suggest traders do it manually and besides, we are learning more instead.

[TelolettOm]

Just tell what you know and found. With actual and also enough evidence, you can prove that the trading bots are exactly scams. Everybody here will also do more analysis in the accusation. Then, we will decide if the information is true or not. But, as long as your evidence is enough, this can be a warning for all of us here to be more careful when going to relate with the platform. At least, it warns us to be more careful again, not really believe in such certain trading bots, moreover the free one.

[bitbollo]

generally speaking if something seems too good to be true... yes is not true and it's just a scam.
plausible trading bots or at least the bots that are not a scam (some years ago there was a bot heavily promoted here on forum by a forum user - CAT), allow people to set up a strategy and not operate with fixed terms. of course if you cannot setup strategy, you can't see history of previous results or they ask direct access to your funds... yes they are just a scam.

[Oceat]

I don’t believe in such trading bots. I ain’t a fan in using those bots as a shortcut in hopes of getting good results in cryptocurrency trading. It’s better to learn from scratch on how to make money doing cryptocurrency trading in a legitimate way. Google and Youtube are our best friends to search and learn them for free.

Bots are for automation and don't expect something else.They are already pre-set up with those coders on what commands they should follow out.Its not really that complicated to think off on whats the real

usage of these bots.I don't know about those scams though, if we do talk about some scripts or something like that then its really that prone but for trading bots then its impossible that you wouldn't really
able to notice it out.

Trading is for automation and don't expect that it would generate you out profits because that's not how bot  works in the first place.

It will take a common sense to know that it is obviously a scam once they asked you something that is only you and your wallet should know. Plus a direct asked for a deposit to get this and that is a front act of scamming but some people doesn't understand how things work online. They should know how bots work or how trading works because buying lots of bots without a knowledge of trading is useless even if you got the best trading bot in town.

[goinmerry]

It's hard to determine a scam tool unless it shows some fishy and obvious stuff that we can call it's already a scam.

I'm relying on reviews since I don't have any references to rely on. I will try to read as many as sources I will encounter.

Then if I saw the majority of reviews is saying it's good, then time now to risk for it and be ready with the consequences.

[blogsandarticlesed]

https://www.blogsandarticlesed.com
he then shot a very last-spherical 76 on the carmel, ind., path on wednesday to finish in a tie for 2nd with a 4-over 220, 4returned of winner john marshall butler.i played super,” daly ii advised the indianapolis megastar. “itd had been cool to win, however i still have time. just a couple horrific 3-putts each days, however apart from that i played incredible.

[pinggoki]

The first one is all that you need to know that something is fishy with the bot that they're selling you, no one has to know who owns the keys besides you, the other are just unnecessary nail in an already shut coffin. It's pretty rare to find a scam bot though as not a lot of them is used anyways since you need some technical proficiency to tweak those bots to your preference and to be able to make you money.

[AicecreaME]

First of, don't ever use bots for your trading, before you regret it. Bots can never be trusted since it is a program that's been made by someone who is making money out of it, and you'll never know if it is a scam or legit without looking to its code. Trade by yourself, it's much better and zero cost. Trading using bots is like saving up your funds in a custodial wallet, while trading by yourself is like using a non-custodial wallet where your funds is much safer.

[Cling18]

Stay away from trading bots. This is the only way it saves you from being scammed. 

If we have noticed now, a lot of people promoting their trading bots, showing good reviews, asking you to have some try, and you are making good friends with them. These people will find a way to trick you unnoticed, this is a common issue, and we just realize once problems arise.

Thus, as @Maus0728 said, manual trading is the best option, I could justify that one. In fact, I'd never heard successful trading saying they are using a bot to trade (or maybe I miss something, just let me know).

Based on my experience, scammers are using trading bots to scam and fool people. Scammers also pretend to promote their trading bot just to gain the trust of their victims. Instead of wasting time and funds on trading bots, just focus on learning about manual trading because that will always be an edge. Just stay away from trading bots because that would only ruin your trading journey.

[GreatArkansas]

Stay away from trading bots. This is the only way it saves you from being scammed. 
(....)

Based on my experience, scammers are using trading bots to scam and fool people. Scammers also pretend to promote their trading bot just to gain the trust of their victims. Instead of wasting time and funds on trading bots, just focus on learning about manual trading because that will always be an edge. Just stay away from trading bots because that would only ruin your trading journey.

There are a lot of them. Some of them are creating fake accounts just to do fake feedback and let other people know that they are legit.
But still, I believe that there are still a lot of trading bots that are legit, but some of them are not free or there is a premium feature that you can't use if you don't pay.
For me, I am really not fan of using trading bots, especially if you are newbie, you must try to learn the basics of trading first, the foundation.

[freezetime]

this is a Binance Trading Bot BTC easy to use

[Danydee72]

The only useful bot is the one made by myself and running in my environment. It's not perfect, even not really profitable, but good enough to let me learn about trading.
But beside this, I would ask: Why should a firm or person provide a (so called) profitable bot to anybody else? There are many reasons, but none of them favours customers.

[HeavensPro]

Almost every trading bot is a scam. They can't make money themselves they can only lead your strategy so if you're bad trader there'll be no trading bot which can make you rich

[Oilacris]

Almost every trading bot is a scam. They can't make money themselves they can only lead your strategy so if you're bad trader there'll be no trading bot which can make you rich

Its not a  scam if those bots are totally automating out trades which are actually their sole purpose which is for automation but people do really give out that kind of meaning that this is something that

could bring up riches or  simply makes money for them without even realizing that these things are impossible to happen. Trading bots are just for the use on making trades while you are away from your pc or computer which means that you dont need to make yourself facing the monitor most of the time.

As a trader then you are the ones who do make out some editting for the execution of commands that simply means that you do need that knowledge and skills
for you to be able to make use of it but dont expect about precision since we know  that market is totally unpredictable.

[usekevin]

It’s very easy to find the trading bot is the scam one.But making some good number trading signals was important for the trading investors.Instead of making the trading bot,you can use your own strategy.Because mostly the bot will be the failure one.You are doing trading with the own money,So it’s better to use your own strategy.If you lose the money also,you will have some good satisfaction.

[AakZaki]

The only useful bot is the one made by myself and running in my environment. It's not perfect, even not really profitable, but good enough to let me learn about trading.
But beside this, I would ask: Why should a firm or person provide a (so called) profitable bot to anybody else? There are many reasons, but none of them favours customers.

if you are a programmer and can make your own bot and you use it yourself, that would be better, because you already know that the bot has some advantages and disadvantages.
If you ask about why analytics companies build bots, of course the main goal is profit, bot companies build bots with some premium features and have to pay a few dollars to be able to use them, that is already an initial advantage. However, the accuracy that bots can provide will not always be the same, even some of them are just scam bots that will take your money.
So just study manual analysis, because it's better than using obscure bots.

[xSkylarx]

if you are a programmer and can make your own bot and you use it yourself, that would be better, because you already know that the bot has some advantages and disadvantages.
If you ask about why analytics companies build bots, of course the main goal is profit, bot companies build bots with some premium features and have to pay a few dollars to be able to use them, that is already an initial advantage. However, the accuracy that bots can provide will not always be the same, even some of them are just scam bots that will take your money.
So just study manual analysis, because it's better than using obscure bots.

If you're good in doing technical analysis in trading, having a trading bot will help you lessen your time monitoring the market. It's not like a script like what some scammers say that guarantees profit. Its accuracy depends on how you will set its trades. Companies build bots not just for profit, it is to make their customers' life more easier via automation. What you pay is the time you will lessen using those bots.

[Captain Corporate]

As someone who worked for a legit trading bot before, and that was an amazing one, sure there were times when it didn't work as perfectly as it did later on, because it was under development and the period there wasn't amazing but they had legit intentions and made it work perfectly after a while, in fact so much so that they actually built more bots on top of that and they became great. So I know what a legit one does, and the legit one listens to customers and finds whats wrong with the bot and fixes it and makes it better. If you see a bot seller that keeps on developing every week and making it better, then you know its a good one.

[virasisog]

It’s very easy to find the trading bot is the scam one.But making some good number trading signals was important for the trading investors.Instead of making the trading bot,you can use your own strategy.Because mostly the bot will be the failure one.You are doing trading with the own money,So it’s better to use your own strategy.If you lose the money also, you will have some good satisfaction.

Trading bots will only suit those who want to save time but to those who are seeking for the right and effective strategies, it will definitely not the right tool to rely on. There are lots of scam trading bots and we better get rid of those who are asking for money but as much as possible, try to apply your own strategy so you'll know how to deal with trading risks.

[Lanatsa]

It’s very easy to find the trading bot is the scam one.But making some good number trading signals was important for the trading investors.Instead of making the trading bot,you can use your own strategy.Because mostly the bot will be the failure one.You are doing trading with the own money,So it’s better to use your own strategy.If you lose the money also, you will have some good satisfaction.

Trading bots will only suit those who want to save time but to those who are seeking for the right and effective strategies, it will definitely not the right tool to rely on. There are lots of scam trading bots and we better get rid of those who are asking for money but as much as possible, try to apply your own strategy so you'll know how to deal with trading risks.

Dont know on why people does have misconception that trading bots could make out guaranteed profits? thats not how things works and as said that it would really be a tool for automation
and not something that would really be making yourself to be profitable.

You are the ones who would need to set up those bots but there are some which are already been set and ready to be used but of course you do need to make yourself knowledgeable
before you could actually utilize these bots.
It is for automation but people do really have some misconceptions and wrong beliefs towards it.

[LUCKMCFLY]

The thread seems very interesting to me, especially now that I have no idea what can happen in the market, I had thought about acquiring a trading bot and I have seen that many of the things that must be taken into account is that the technical analysis that is do has to be something logical, I have many doubts, because I have seen some friends who are doing copy-trading, and that some have done very well, of course it is very short term, but based on the fact that they are measured only in technical analysis without knowing very well the direction that the market can take is somewhat risky and I think that many do not take into account the possible fundamentals, so I already have some of the basic functions that I have read, however I do not dare to use bots yet, despite qe a bot has a faster reaction than the human being.

[loveselenagomez]

Good piece here:

Crypto Trading Bots: How to Choose the Right Platform

This is my take...

Be extremely careful if:

- They tell you to upload your exchange keys to their online bot.

It's an outright scam if:

- They ask you to transfer funds.

- They tell you their bots are profitable without an audited track record.

- They tell you it's easy and that you can make money while you sleep.

- They tell you that you don't really need to know anything about trading, coding or even crypto!

Kucoin Trading bot makes me a poor when terra luna Collapse 😭😭. But i don't think it's bot fault it's my fault. Why i trade terra luna 😥.

[iv4n]

...

Kucoin Trading bot makes me a poor when terra luna Collapse 😭😭. But i don't think it's bot fault it's my fault. Why i trade terra luna 😥.

In the end, we set up the bot, he will do how we set him up! I am more a fan of gambling than trading bots, it's easier to set them up, and at least I know what I can expect from them... with a trading bot, the situation is more complex, from choosing the right bot and pair to trading settings...

As someone who worked for a legit trading bot before, and that was an amazing one, sure there were times when it didn't work as perfectly as it did later on, because it was under development and the period there wasn't amazing but they had legit intentions and made it work perfectly after a while, in fact so much so that they actually built more bots on top of that and they became great. So I know what a legit one does, and the legit one listens to customers and finds whats wrong with the bot and fixes it and makes it better. If you see a bot seller that keeps on developing every week and making it better, then you know its a good one.

Is that bot still around? Can you share the name?

What you said is smart... if the team behind the service is active and works on development (updating it, fixing bugs), and is in contact with the community, we can expect them to be good!

[tbterryboy]

Kucoin Trading bot makes me a poor when terra luna Collapse 😭😭. But i don't think it's bot fault it's my fault. Why i trade terra luna 😥.

I think it's not also your fault on why you chose terra luna because it was once a top coin and it shows no trace that it will end up like that. This is why so many people lose millions because like you, they also believe on the coin but by there I hope we can get a lesson that no matter how trusted the coin are, we should not be confident but invest only what you can afford to lose and then don't be afraid to pull out some profit once your investment is already booming.

Now on topic, kucoin trading bot is legit. Op's tips are also helpful but some of what he said are I think not really suspicious like to transfer an amount in a bot. We need money to trade, that is why and also not all bots are free. It's also true that bot can help us make money while we sleep.

[Zilon]

- They tell you it's easy and that you can make money while you sleep.

- They tell you that you don't really need to know anything about trading, coding or even crypto!

This last are the most rampant scamming language this fake bot scammers use to lure lazy traders or greedy traders who have been dealt with by the market. Even if a trading bot turns out to be genuine a good trader who is bent on making profit will not risk depending solely on a bot to place a trade. No bot is 100% accurate same way no trading technique is. Trading bots can be very useful when the trader understands their analysis and needs a confirmation tool

[Rengga Jati]

Those are true enough. We can meet so many bots for trading, some of them say that the bots are free, no payments. But in fact, we can still get it securely, and we don't know if the bots are exactly secure or not, or harmful because of some malware and other probabilities.
Additionally, we also meet so many paid trading bots which are very expensive. However they don;t work enough, most of them are scam.
Whatever the trading bot, if they are not the one that really gives greta points and also reputation, it is better to stay away from them. Moroever if they are asking what you said, the transfer funds and others. they are highly scammers inside traing bot promotions.

[Nrcewker]

The only useful bot is the one made by myself and running in my environment. It's not perfect, even not really profitable, but good enough to let me learn about trading.
But beside this, I would ask: Why should a firm or person provide a (so called) profitable bot to anybody else? There are many reasons, but none of them favours customers.

if you are a programmer and can make your own bot and you use it yourself, that would be better, because you already know that the bot has some advantages and disadvantages.
If you ask about why analytics companies build bots, of course the main goal is profit, bot companies build bots with some premium features and have to pay a few dollars to be able to use them, that is already an initial advantage. However, the accuracy that bots can provide will not always be the same, even some of them are just scam bots that will take your money.
So just study manual analysis, because it's better than using obscure bots.

Yes I will also suggest the same. If possible develop your own bot and use it.
Atleast do this when you love your own money. If you don’t want to take any sort of risks then it’s better to learn coding and develop a bot of your own.
I won’t recommend the OP any bots, as if by chance there is some failure in the bot and OP losses his money, then I would be responsible for this. So it’s better to yield own land.