CryptoTrader Review 2022: Is It a Scam? Does It Work?

Last Updated: May 12, 2022
Here we have a CryptoTrader trading bot. Is it a good crypto trading bot or just an attempt at it? Hopefully, we’ll reach the final verdict by the end of this CryptoTrader review. Let’s not waste any time and jump right at it, shall we?
CryptoTrader Review
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CryptoTrader Review 2022

With a steady expansion of the crypto trading industry, it should not be surprising to see a whole bunch of names that you most likely haven’t seen before.

A new name should not immediately cause a negative reaction: it is possible to find a diamond in the rough, sure thing.

Is CryptoTrader an example of a diamond in the rough, or just a pebble in the dirt? Let’s check together in today’s CryptoTrader review.

What does it take to make a crypto trading automation software? Not much. Come up with a script that forces an action and plug it into a crypto exchange. Voila! It is done.

What does it take to make a good crypto trading automation?

Well, much more than that. A good trading bot has to be better than its competition in order to reach a deal before others, it has to have a sound strategy that can reliably strike profitable deals during prolonged periods of time.

It has to be easy to use, yet complex and flexible enough to adapt to various circumstances that the market finds itself in.

Here we have a CryptoTrader trading bot. Is it a good crypto trading bot or just an attempt at it? Hopefully, we’ll reach the final verdict by the end of this CryptoTrader review.

Let’s not waste any time and jump right at it, shall we?

What’s CryptoTrader?

CryptoTrader is a trading automation software designed to drastically reduce the time day traders have to spend with their work.

CryptoTrader hosts multiple trading bots that can be paired with various cryptocurrency exchanges and automatically perform a set chain of rules and orders designed to seal trade deals and, hopefully, gain some profit in the process.

CryptoTrader is cloud-based, so it does not take much in order to set it up and maintain it, at least in the form of specific devices and continuous Internet access.

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In theory, executing automatic trading with CryptoTrader requires little experience, not much time winding the bots up, and leaves you with a lot of spare time afterwards.

Operating as a cloud-based, scalable trading platform with a professional team keeping the software up-to-date and functioning, an API-based monitoring around the clock, and extensive backtesting options to cover potential faults in the trading logic, CryptoTrader sounds like something with a lot of potential.

However, when one looks more carefully and in more detail, there’s trouble on the horizon. 

CryptoTrader Trading Bots

CryptoTrader Dashboard

When it comes to crypto trading bots, CryptoTrader offers several approaches and different strategies.

Predefined scripts and features are readily available to registered traders, and these include a dozen of different algorithms, e.g. EMA, MACD, and Ichimoku.

Users with programming experience can also do some coding and come up with something of their own.

Purportedly, no prior trading or coding experience is necessary to operate CryptoTrader bots.

However, this CryptoTrader review wouldn’t be honest if it didn’t reveal some holes in this narrative.

While there is the potential of a lot of useful tools being available to you, much of it is locked behind the more expensive plans.

Affordable monthly fees cover only the bare minimum, and basic packages severely limit the budget, the number of crypto bots, and the variety of streamlining and optimization features available to you.

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Almost nothing is available to you if you don’t spit out a considerable amount of cash.

There is a 7-day trial of the basic plan, but that does not unlock what you are supposed to get.

Backtesting and paper trading is available, but only if you have already paid the minimum deposit asked for by CryptoTrader.

This can be considered as deceptive, and even if it is not, it is definitely below the standard of the industry.

Keeping things transparent and open is a good praxis that displays trust in software and ensures a firm basis for cooperation with clients.

CryptoTrader lacks this and it is a severe blow to the credibility shown by the company earlier in this CryptoTrader review.

Supported Exchanges

CryptoTrader Trades

CryptoTrade has not established a crypto exchange of their own, but has a decent number of them on their supported exchanges list.

Some of these include: Bitstamp, Poloniex, Huobi, OKCoin, Kraken, Bitfinex, Binance, Coinbase, etc. 

This coverage is surprisingly diverse and this is very good. Being connected to a lot of exchanges enables traders more trading opportunities and leaves ample space for more profitability.

It takes only a good trading bot to reap the benefits of this. Worryingly, CryptoTrader seems to be lacking in this domain, though.

Accessibility and Ease of Use

CryptoTrader Performance

Upon closer observations it becomes clear that CryptoTrader is neither accessible to rookie traders nor easy to use by them. Two factors contribute to this status.

The first has already been brought up, and that is a relatively high price that you have to pay in order to get the optimal performance from CryptoTrader.

Plans aimed at lower total budgets tend to greatly restrict the amount of automation software goodies that are usually immediately available in similar trading bots.

The additional factor is that little effort has been put into making CryptoTrader bots and the platform in general user-friendly or intuitive.

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It is expected of you that you already know at least the basics of trading and coding in order to create, modify, and maintain a functioning trading script.

Of the total number of indicators and methods available to a user in the most expensive plans, very few are intended to be used by the beginners in the industry.

This double-gate severely raises the entry level of new users, which does even more to reduce their potential and restrict the number of traders that select CryptoTrader as their trading automation platform of choice.

Perhaps rightly so. In any case, look elsewhere if you’re not an expert, or at least an intermediate. 

Pricing

CryptoTrader Pricing

A lot has been said about the eyebrow-raising price tags of CryptoTrader that could do with a bit of balancing, in an honest opinion of this review.

To begin with, there is a free trial of CryptoTrader, but even that is only if you deposit a minimum of 250 euros (which converts to around $275).

In other words, you already have to commit in order to try CryptoTrader out.

There is no available preview of features without registering at the site, not even of the available premade trading bots.

That said, Bronze is the first paid package and it is the one offered free for 7 days in the trial version.

It costs $9 per month and provides 1 live trading bot, backtesting, email alerts, and limits the account equity to $1,000 total. 

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The second pricing plan, Silver, comes for $24 per month and bumps up the live bot limit to three and the account equity limit to $5,000.

No further access to more advanced tools is offered, just as is the case with the Bronze plan.

Only with the Gold plan does Cryptotrader offer the most of its bots and features.

These additional tools, an increase of the limit of live bots to five, and a raise of the equity limit of your account to $20,000 is the difference between Silver and Gold, and it costs $44 per month.

As is shown by this review, it makes little sense to go with Bronze or Silver if you seriously consider earning anything using CryptoTrader trading bots. Deceptive or not? Your call.

The Platinum plan raises the monthly fee to $79 per month and gives 10 potential live trading bots, customer support priority, and removes the limit on the total equity of your account.

Finally, the Diamond plan requires a substantial fee of $199 per month and raises the limit on active trading bots to 25, in addition to everything else given in the Platinum plan.

Top-Rated Crypto Trading Bots

These crypto trading bots have been voted as the best consistently in user ratings across various websites.

RankService 
1PionexGET IT FREE
2BitsgapVisit
3CoinruleVisit

Security, Community, and Reputation

CryptoTrader

When it comes to security, any user data stored within CryptoTrader is encrypted with the AES 256-bit protocol.

CryptoTrader’s servers do not intermediate between your crypto stash and crypto exchanges, but provide a direct link, so nothing is actually stored within them.

When it comes to community and user reviews, things are not that good.

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A quick look at their official Trustpilot page shows that there are more 1-star reviews than 5-star reviews, which is a horrible stain on their reputation.

With an average score of 3.2 out of 5, CryptoTrader does not seem to have a good standing within the crypto trading community, with many claims of frauds and scams being thrown around with little amendments made to change them into something more positive.

Final CryptoTrader Review Verdict

Ultimately, with all these factors, aspects, positives, and negatives combined, it is apparent that CryptoTrader shouldn’t be considered an optimal solution for your trading automation, and isn’t the type of software that can be readily recommended, either to beginners or experts of crypto trading.

This does not mean that there are no good crypto trading bots out there.

On the contrary, trading bots such as Pionex and Bitsgap remain examples of how flawed solutions and inadequate approaches to trading can be done superbly and effectively for positive, stable, and substantial gains and profitability.

If any lesson from this CryptoTrader review sticks around in your mind, it should be to give those guys a go before dealing with CryptoTrader in any way. 

Trust us on this. Or try them out for yourself. But don’t say that you haven’t been warned.

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Written by Jason Wise

Hi! I’m Jason. I tend to gravitate towards business and technology topics, with a deep interest in social media, privacy and crypto. I enjoy testing and reviewing products, so you’ll see a lot of that from me here on EarthWeb.
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