The sheer volume of new-made software products designed to assist in cryptocurrency trading indicates the success of the crypto exchange industry.
With an abundance of bots to pick from, why would anyone risk opting for an outsider such as Bottrex?
Does the quality of its service justify its somewhat lacking reputation? And what is hidden behind the anonymity of the trading at hand?
In today’s review, we’re going to try and find it out.
Bottrex Review 2023
Since its introduction in 2009, the value of Bitcoin has exponentially grown from being virtually worthless to being equivalent to slightly over $32.450 (on July 23rd, 2021).
It has its ups and downs as cryptocurrency remains a volatile commodity, but on the average, it has been steadily increasing in value and will continue to grow indefinitely, with some predictions claiming that it will surpass the U.S. dollar as the leading international currency by 2050.
In short, the crypto market and crypto trading industry represents a lucrative and growing business that attracts hordes of new traders like gold rushes in past times did.
What separates successful crypto traders from failed crypto traders is the same as what used to separate successful gold miners from failed gold miners. The first place goes to expertise and experience of course, but the close second is the quality of the tool used to mine before, or trade today.
In the world of crypto trading, trading bots are the main tool of every prospective and ambitious daytrader.
Although crypto trading bots seem to the general populace as the artificial intelligence that completely takes over trade from humans and automates the entire process, the truth is a bit different.
While streamlining and automating much of the process, crypto trading bots still require proper setting up and oversight in order to function properly or work at all. Anything from faulty trading logic to inadequate response to the shifting circumstances in the market requires the bot to be re-configured and updated.
So, picking the right bot for the task makes the job half-done. How does Bottrex fit into the greater picture? Is it up to the task?
Does it work and does it bring in profits? We’re set to answer these, so let’s start.
Bottrex is an online crypto trading platform that aims to ease and simplify buying and selling multiple cryptocurrency across several exchanges. It allows using several predefined strategies, which should offer some variety in the approach to conducting trade.
Bottrex is cloud-based, which deals away with having to rely on your own devices and run apps around the clock, making the whole endeavour somewhat easier for the user. In the end, a desktop computer or a mobile device with Internet access is enough to get you going.
It is important to note that Bottrex is a Brazillian company that has been around since 2018. Their website is written primarily in Portuguese and Spanish, which is then only translated to English.
While not necessarily hampering the use of Bottrex, it might cause some confusion to users who aim to use the service in English. On the plus side, it is one of the few, perhaps even the only, bot that supports Bitcoin trade automation with the Brazillian real.
Bottrex currently supports 6 cryptocurrency exchanges simultaneously, and those are BitcoinTrade, Bittrex, Huobi, Binance, Kucoin, Bitfinex and HitBTC. The general offer of Bottrex is somewhat humble, but that doesn’t mean it’s not worth anything yet.
Let’s move on to more nuanced details of this bot.
Reputation & Community
Here we run into some issues. Namely, for a service that has been around for more than 3 years, there’s very little information or reviews available about Bottrex.
A big part of the problem is surely the fact that Bottrex is designed for the South American market. Few attempts have been made to popularize the service to the English-speaking communities as well as the international audience.
For example, there is no page on Trustpilot for Bottrex at all, which is strange to say the least and alarming for most. There is a customer support that runs on the principle of assigning tickets, but there isn’t much said on the quality of the service, anywhere.
Some online presence on Facebook and Twitter exists, as well as an active community of a “whopping” 86 members on the English version of Telegram. In the official Portuguese channel, there’s slightly over 1,500 members, but that doesn’t mean much to all the people who do not speak Portuguese.
This is below the minimum when compared with other services of this kind. Perhaps there is a reason why Bottrex is such a niche crypto trading bot after all. Why would it otherwise refuse to be integrated into the community of the rest of the industry?
Regarding accessibility and ease of use, Bottrex is designed with beginners in mind. It has a simple user interface and all of its features were designed to be prominent, visible, and as least confusing as possible.
Naturally, such a design is tied with low customizability, making Bottrex somewhat lacking for users with more crypto trading experience behind their belt.
This would make Bottrex suitable for people with little or no experience. However, when you take into account that Bottrex is a Brazillian software designed for the Portuguese-speaking users, it becomes obvious that the no-requirements design becomes “Portuguese is a must”-design.
Either Bottrex makes their software, community, and support more English-friendly or it stays on the fringes of the crypto trading community forever. There’s little room for a third option.
Bottrex is a basic crypto trading platform with rudimentary customization options available to its users. There are several tools at your disposal, such as Stop Loss, which follows the thread of alternations in prices, as well as trailing stop, values, allocated balance, and order limit.
That’s pretty much it for the options, which is not the best and has many better alternatives.
Bottrex also hosts a couple of external signal channels, but those operate independently from Bottrex and are not embraced as verified or trustworthy by the platform. Tough luck. Oh, and there are several courses offered for those who are willing to learn. In Portuguese only, of course. Tough luck x2.
Bottrex requires access to cryptocurrency exchanges via API keys, which restrict third-party access to your funds and makes your trades more secure overall.
There are efforts to make Bottrex safe with the developers encouraging 2FA (two-factor authentication) activation and putting out SSL security measures in addition to that, just in case. There’s not much else to say on this, it’s pretty standard today.
Top-Rated Crypto Trading Bots
These crypto trading bots have been voted as the best consistently in user ratings across various websites.
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Bottrex comes in three different plans, with nothing free, no demos, and no trials. Sad news for all those who wish to test something before use, especially in a market as dynamic and opaque as crypto trade is. Sad news for devs, too, since this drives away potential users.
The plans are: Basic, which is $10 per month, Advanced, which is $30 per month, and Advanced, which costs $79 per month. The only difference between these is the number of active bots, crypto scanners, and the length of buying/selling intervals available.
Review Final Verdict
Without coating our words in sugar and speaking frankly, we cannot recommend Bottrex to anyone, even if they do speak Portuguese.
The offer is too basic, its reputation virtually non-existent, and there are simply and plainly much better alternatives out there that can actually get you more for the same bucks.
For example, both Quadency and Bitsgap stand as alternatives that are better in virtually every aspect, from accessibility and functionality to community, support, and reputation.
Time is too precious to waste, especially in our industry.