Are you looking for a better, more reliable, and more profitable crypto trading bot? Everyone seems to be these days, as the crypto trading industry grows larger and more influential by each passing day.
However, not every name that pops up in a web search fulfills the requirements for such a bot. Is Botsfolio a good crypto trading bot?
Crypto trading is one of the fastest growing digital industries today, which is no mean feat and drives countless people to refocus their careers and start trading cryptocoins.
Botsfolio Review 2023
With proper trading automation software, though, these people do not need to quit their former jobs.
Rather than spending many hours per day evaluating the market themselves, they can employ a crypto trading bot to do it instead. And do it better, by all means.
Only if the bot is good, though. Bots do not need sleep, leisure, time off, they do not display emotions and suffer from change of thoughts, fear, or indecisiveness.
What they do need, however, is a sound trading strategy and a well-performing trading logic.
Does Botsfolio have what it takes to be a good crypto trading bot? We shall find out in today’s Botsfolio review. Stay tuned!
Botsfolio is a crypto trading automation platform made to help those traders with little to no experience embark on their digital trading journey with minimum risks.
This is achieved by relying on tried and true strategies implemented in several bots, all of which are at users’ disposal at all times.
Depending on the level of risk the user is willing to gamble on, certain strategies will take precedence before others.
Another feature of Botsfolio, as the name suggests, is its portfolio balancing and management option.
Designed to bear minimum risks to the overall budget of traders, by the means of careful currency balancing and reshuffling a steady income can be passively earned.
While certainly not as valuable as some of the more lucrative high-risk trade deals, it is supposed to be a stable influx of digital cash on a regular basis, which is always welcome.
Or at least that is what their site says and their advertising states. Minimum risks, stable and reliable income, and zero experience with coding and trading needed sure does sound like something in a fairytale.
Can elements of this fairytale be found in reality? By the end of this review it will hopefully be discovered.
Botsfolio Crypto Trading Bot Review
We are all here for the trading bot, right? Well, Botsfolio’s crypto trading bots come in several editions, all pre-determined and fully automated, with the users only having to choose which of those they would like to operate with.
No programming is needed, no setups, no configurations.
Bots come in a single package, and you only have to connect them to an exchange in order to get them going.
What is unique with Botsfolio is the fact that they blend their bots and portfolio management into a plethora of bots, all simultaneously active, with a percentage of total funds allocated to each.
Depending on your approach and risk level, different portions of your funds will be invested in different strategies.
You do not have to worry about a bot failing if there are several of them going at the same time, or at least that’s the idea.
Casual traders and those who do not like to overthink their strategies are those who love such approaches the most, as it leaves little room for error and gives a chance of profit even to those with no previous trading experience.
As everything is already set and tweaked, the planning phase gets boiled down to determining the bot funding ratio.
Crypto Trading Strategies
What’s left unanswered is how exactly does the system determine the level of risk suitable to each user?
The answer lies in the list of questions related to investing and crypto trading that gets shown to each user after registering, and these questions consist of various situations to which several different answers are provided to the user.
Based on the answers given to the system, the platform gives the most reasonable fund allocation automatically. This can be changed manually later on, of course.
As for the strategies themselves, bots come in the following forms:
- Long bot. It scours the market looking for long term opportunities for buying and selling digital assets and executes them automatically.
- Scalper bot. It scans for tiny price differences and profits on a micro scale by making trades with pennies as net profit. By doing these very frequently, it is able to earn several bucks per day.
- Swinger bot. It calculates long-term price movements and plans a several weeks-long approach.
- Trendy bot. It is active only when the certain price change trends are very clear.
- Hedge bot. It profits the most in highly volatile markets by taking hedged positions and earning money from futures until a clear direction is observed.
As you can see, quite a mix of varying, even opposite strategies can be found in the same bundle. What isn’t stated is that this minimizes risks, but also minimizes potential profit, as Hedge bot does not earn much in stable markets, while Trendy bot remains inactive or even loses money in volatile market states.
Ease of Use & Accessibility
So, is Botsfolio easy to use? Pretty much, yes. It eliminates coding needs from the trading process, which will please every non-programmer out there.
It can be argued that it also eliminates previous trading experience requirements, as the market situations described in the initial questions already have some sort of pre-screening process that derives a strategy based on your “personality” and personal trading approach.
That said, this review would not be honest if it did not show the other side of this coin.
While it is true that pre-determined strategies and fixed approaches leave little room for error, it also makes software governed by these guidelines pretty limited in performance.
Digital currency markets are dynamic and volatile environments that change rapidly under certain developments, and without any customization options, a fixed arrangement that is good at one point in time will certainly fail in another, or in the best case scenario earn much less than its competition.
Not to mention that using opposing strategies to minimize risk and secure your initial funds severely limit your potential gains.
Every cent spent in the “opposite” direction is not only a cent wasted, but a cent that works against every other cent invested.
This approach is only good if you do not understand the market yourself and thus have to secure an all-round, all-cases scenario for your funds.
Seasoned traders and even those with a little bit of experience will not be pleased with customizability options being non-existent on Botsfolio.
It is made to be outgrown as soon as you learn the ropes.
When it comes to exchanges supported by Botsfolio, the list falls rather short, which is unfortunate since the larger the list of supported exchanges is, the greater the chances are of finding room for profit for your bots.
Currently, Botsfolio maintains integrational ties with Binance, CoinBase, and FTX.
Observing the standards of the industry, Botsfolio does not require direct access to your funds, but rather relies on API keys to link your account with different cryptocurrency exchanges.
With an API, the bot is provided access without risking your data falling into the wrong hands.
Even if the access info falls into the wrong hands, funds cannot be withdrawn from your wallet without your explicit approval.
Botsfolio does not invent anything new here, though, as pretty much every trading automation company goes along these security guidelines.
Botsfolio has a peculiar pricing system that is tied to the total value of your portfolio expressed in $USD.
For the portfolio value between $1,000 and $3,000 the fee for using Botsfolio is $5 per month, between $3,000 and $10,000 is $10 per month, for the total sum between $10,000 and $50,000 rises to $15 per month, and finally the portfolio value above $50,000 caps the Botsfolio price at $20 per month.
Additionally, 15% out of every profit is charged in trading fees on a quarterly basis.
Top-Rated Crypto Trading Bots
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Botsfolio Review Verdict
Finally, this review has a question to answer. Is Botsfolio a good crypto trading bot? Is it reliable, stable, and profitable as it aims to be?
And the most important thing for this review, can it honestly and frankly recommend it above the competition?
The answer is, sadly, no.
While the entry bar is much lower than the industry’s average, a swarm of problems related to performance and inability of any customization downgrades the whole experience and ultimately fails to satisfy the needs of all customers.
However, this does not mean that every crypto trading bot falls prey to these issues.
Pionex and Bitsgap, for example, have managed to solve these issues and offer a greater variety of services that solve the customization and performance part of the equation while at no point do they sacrifice the ease of use and accessibility part.
Trust us, skip Botsfolio and head straight for one of these two.