How to tell when a trading bot is a scam

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[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