Cryptocurrency trading has recently been the go-to hustle to form some extra cash. Ever since the 2017 cryptocurrency boom, more and more people have flocked towards crypto trading to create a passive source of income.
If you are new to the world of cryptocurrency trading, things can go two ways. You might either have beginners luck and be able to place winning bets or you might actually be unlucky and end up losing a considerable sum of money. However, don't count on the beginners luck as it won't last for long. This is where cryptocurrency automated trading comes in handy.
To make your life as a trader a whole lot easier, cryptocurrency trading bots are here to automate all your trades. All you need to do is connect these bots with your exchange account's API key and your all set.
With the trading bots automating all your trades, you will never miss out on any trading opportunities, even during the night. Initially there were a very few trading bots. However, this number increased rapidly. So, choosing the right cryptocurrency trading bot might not be as easy as it used to be. To make your life easier, we have created this review of the Gekko trading bot.
What is the Gekko Trading Bot?
Gekko is a cryptocurrency trading bot that all of us can use to automate our trades. What sets the Gekko trading bot apart from the rest of the trading bots out there is that you need not spend a single penny while using the Gekko trading bot. The bot is fully open-source. So, you can simply download the software and start using it right away.
Before you can start trading using the Gekko trading bot, you will need to configure Gekko strategies to get started. These are strategies that you can either create or use one of the pre-configured Gekko strategies.
Once you have your strategy configured, the bot is ready to take in your exchange API key and start trading on your behalf.
Most of the commercial trading bots out there let you use only a small set of strategies that get shipped with the bot. This is not the case with Gekko. On Gekko, you have complete control over the strategies that you prefer to use. You can create your own Gekko strategy to react to various signals of the cryptocurrency market conditions.
The bot also comes with a comprehensive analysis. This allows you to analyze the performance of your Gekko strategy in the real world and make alterations to make it better.
The best part of having an open-source trading bot like Gekko is that you need not have to worry about any bugs. Due to the extensive community support of the bot, you will be able to find help at all times. Additionally, you will also be able to find Gekko strategies shared by expert traders that you can use to automate your own trades.
On top of all this, the bot is often used on 16 different cryptocurrency exchanges including BitFinex, Bitstamp, and Binance. These features make the Gekko trading bot one among the most useful cryptocurrency trading bots out there.
Can you really make money with the Gekko trading bot?
The highlight of the Gekko trading bot is the level of customization that you simply are able to do there on . Once you've got the proper formula for the configuration, your bot will execute trades whenever it sees a chance .
However, cooking up the proper configuration is the hard part. Even though you will be able to find several Gekko strategies out there, finding the one that satisfies all your needs is not very easy. However, since Gekko allows you to create your own strategy, things are a whole lot better
This could be exactly what an expert needs. However, for a novice, creating the right configuration could be very hard. Losing money as a result of a poor trading configuration is very easy.
However, this is part of the learning curve. Once you are able to create a good Gekko strategy, you will be able to create a passive source of income for yourself.
While the Gekko trading bot does enable users to create an extra source of income, the entire process of setting it up is extremely time-consuming. If you plan on using the Gekko trading bot on your local computer, the computer needs to be turned on always as the bot cannot run if it is turned off. Luckily, this issue can be solved with a workaround.
You can host the Gekko trading bot on the cloud. However, this means that you need to cough up extra charges for hosting the bot. This in turn has an impact on the total profits generated by the Gekko trading bot
Why is crypto hopper better than Gekko?
While the Gekko trading bot does offer some great features to its users, it stands no chance against some of the newer, more advanced cryptocurrency trading bots out there. Crypto Hopper trading bot falls into this category.
One of the foremost notable differences between the 2 is that the Crypto hopper trading bot is more user-friendly. For setting up Gekko, you will need to have some level of technical expertise. Crypto Hopper is a web interface. All you need to do is provide your API keys and selet a trading strategy. The bot then begins to automate all your trades.
The trading strategies are created by experts and analysts to adapt to the changing market conditions. This means that the odds of you making a large profit from teh same is very high.
The Crypto hopper automated trading bot runs 24/7 on a cloud-based system. So, you'll be ready to stand away from your computer and yet not miss out on another trading opportunity. This bot also supports trading in about many cryptocurrency trading pairs based on the plan that you decide to go with. Thus, making it an excellent option for traders.
The feature of trailing stop loss on this bot also means there's very little or no loss while trading. Thus, making it an excellent trading bot for everybody to use.
While the Gekko trading bot was liberal to use a bot, Crypto hopper is a paid trading bot. The Crypto hopper trading bot’s subscription starts from as low as $19 per month for the foremost basic subscription and goes up to $99 per month for the premium subscription.
Crypto hopper does offer a 7 day test period that folks can use to check the bot. Only after you're satisfied with the bot’s performance, you'll upgrade to a paid subscription model.
The Gekko trading bot may be a great bot to use once you've formulated the proper gekko strategy. Aside from the bot being free, the community support and the custom strategies that you can create on the bot draws people towards it.
However, this is often also the explanation why new crypto traders are drawn far away from this bot. Getting the proper configuration takes a ton of practice, and new users find it very hard to attain this. Thus, user-friendly bots like Crypto Hopper are slowly becoming more popular lately . If you're on the lookout for a replacement trading bot, give the Crypto hopper an attempt to only subscribe once you're satisfied by its performance.
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