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Gekko Bot Review 2023
Do you trust free trading bots? Is it even possible to have a viable trading bot that is free and really able to earn you money?
Yes, free trading bots exist and Gekko bot is an example. However, can they really compete with dedicated software while remaining in the open-source form? Let’s find out.
With its rapid growth, the cryptocurrency trading market requires sophisticated tools in order to allow traders to adequately respond to spontaneous shifts and transformations.
It seems impossible for regular users to follow the tempo of crypto exchanges–it requires 24/7 attention, detailed analyses, and predictions that have to take into account the historical progression with elements of economic forecasting.
In other words, trading cryptocurrencies on a significant scale without trading bots is impossible, or at least not viable.
Besides, trading bots do what people can’t. They are able to handle complex calculations instantly, they monitor the situation on exchanges without breaks, and they do not fall prey to psychological pressure. As of now, trading bots seem to be the future of exchanges.
But not yet the present. The crypto trading industry is filled to the brim with inefficient bots, scripts with faults, and software that requires lots of previous experience with coding and trading in order to be used.
Shady individuals and big players can still abuse simpler bots and meddle with the natural order of things in some exchanges to artificially fiddle with the prices.
One fault in the logic of a bot and you’re left without your money.
Where does Gekko stand in the current state of things? Is it a source of guaranteed income or a bot which time has rendered obsolete and uncompetitive?
What Is Gekko?
Despite these limitations, Gekko has managed to establish quite a reputation for itself. Although difficult to use, Gekko had multiple functions added to its core functions over time by various developers, but mainly Mike van Rossum, the man behind the idea.
Gekko supports more than 10 cryptocurrency exchanges and bases its algorithms on both short- and long-term investment advice and strategies. Options to do paper trade and backtest are also available, with the addition of running technical analysis strategies against a situation in a market.
It seems that the only limitations to Gekko bot’s range of skills are the technical proficiencies of its users.
However, these limitations are discriminate enough since few regular users possess the expertise to effectively navigate Gekko’s dense codes and intricate handling procedures. Tough luck.
One of the greatest advantages of Gekko is its open-source nature, which means two things. The first thing is that it is free for all to use. Every line of code is out there and you can use it for your own purposes.
With zero investment required, you can have a functioning trading bot, if you meet the tech expertise requirements, of course.
The second thing is that, because the code is available to other developers as well, many experts have gone over the code and made it better and more efficient.
In short, Gekko is a free trading bot approved and developed by many experts over time. This has earned it quite a reputation online, which you can check out with a couple of web searches. A good piece of code goes a long way in niche online communities. Even if it is hellishly difficult to use.
Easy of Accessibility, Difficulty of Use
Looking for a bot that you can set up in a few clicks and let it do its thing on itself?
Gekko is so niche that it’s original code does not even support a graphical user interface. An untrained eye couldn’t even tell that Gekko is a trading bot. This paradox of Gekko being freely available to anyone but usable only for a selected few sets the fate of this trading bot.
There were a couple of attempts at making Gekko more user-friendly. The original developer himself devoted years of his time to create Gekko Plus, a crypto trading bot based on the original code but with GUI and overall much greater accessibility than before.
However, it was no longer free, of course. Even so, it was discontinued in September 2019 due to the developer moving on to other projects.
You can still get the original code as it is on Github, but get ready to hit the books in order to be able to use it.
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Security, Customer Service, Oversight?
It is difficult to answer these questions with Gekko.
Customer service? There’s none, officially. There are still people developing various branches and forks of the original code which you can reach in an attempt to get some answers.
This is out of their own goodwill, however, and, as friendly as the community is, they are still under no obligation to give you answers or devote their own time to help you.
And finally, how much human oversight does Gekko need? The answer is inconclusive yet again and depends on your coding and trading skills. Make it simple and you’ll have to constantly keep it in check yourself. And to make it complex and fully automated, you’ll need all the experience the industry experts can muster.
We have to mention another detail that is of critical importance: the original Gekko repo has been abandoned and officially archived in February 2020.
The creator has moved on to form another trading company, Folkvang, which perhaps seals the fate of Gekko. It is by no means gone, the code is still online and there are still others working on developing their own open-source branches of Gekko, but there can be no guarantees that they’re as effective, or effective at all, like the original Gekko bot was.
It was perhaps obvious to everyone that a free and effective trading bot can’t remain both over an extended period of time. It is still a sad state of affairs, for sure.
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Gekko was a fun ride while it lasted. It perhaps still is a fun ride if you’re willing to put money on a risk of unfamiliar code, but we’re not that sure. However, this loss hasn’t affected many people. After all, there were not many who could navigate Gekko bot’s complex mechanics.
However, do not judge crypto trading based on Gekko. There are effective trading bots that are much easier to use, without complex coding required or decades of experience in coding or trading.
Check out Bitsgap and Cryptohopper, for example. They are proof that trading cryptocurrency with bots can be done effectively without much hassle. Happy trading!