Gunbot Review 2022
A bot that packs a punch isn’t quite easy to find nowadays. It’s not that there’s a lack of quality crypto trade automation tools, it’s just the fact that there’s a whole bunch of software available on the market, some of them being of rather poor quality.
How does Gunbot fare on that scale?
Crypto markets are growing at an unprecedented rate, exploding their way into global relevance as first countries announce making bitcoin legal tender, with El Salvador following through on the promise on 7th September this year.
The booming industry has been attracting newcomers for years and freshly-made crypto day traders have been on the lookout for a perfect trading bot as the necessary tool for successful crypto trading.
After all, crypto trading was shown to be able to grow into a full-time job that doesn’t really steal that much of your working day, right?
Yes, crypto trading can be both automated and lucrative, but that certainly doesn’t mean that it’s easy, let alone that it’s free money. Two factors determine whether you can become a successful crypto day trader.
The first can be considered innate: you have to have a sharp mind that gets the whole market condition thing and is able to forecast, or at least “sense” incoming trends and shifts in the market.
Not much we can do about adapting our brains, but with the second factor the responsibility lies completely within our choice. The second factor is our choice of crypto trading bots.
A suitable bot lies in the balance between the complexity and ability to execute detailed trading instructions and simplicity or ease of use in order not to consume months or years of your time before you obtain enough skill to use it.
And of course, this is besides the fact that the bot has to work in the first place and not be a sink in your annual budget. Which it potentially can, as all speculative trade remains “at your own risk”.
Having said all this, let’s present to you Gunbot, the newest crypto trading specimen in our examination workshop.
Is Gunbot too simple? Does it have the potential to seal a good deal? And, most importantly, can it provide a stable net positive balance for as long as it is active on its own?
Let’s try to reach a definitive answer.
Gunbot is an automated trading software, commonly known as a crypto trading bot, that aims to drastically reduce the time day traders have to spend behind their terminals in order to land the satisfactory number above the net-zero line.
Yes, the standard “maximize profits” and “minimize the time investment” offer, same old regular. Which is awesome if it works, don’t get us wrong. But does it work?
Based in London and launched in early 2017, Gunbot puts emphasis on its ability to bridge the gap between cryptocurrency exchanges and traders by providing a unified interface and a single software to place every part of the process in.
Furthermore, it provides tools and bots to automate what traders would otherwise have to manually do themselves.
Aiming to accommodate both veterans and starters, it offers everything from completely preconfigured sets of features and indicators (plug ‘n’ trade) to an entirely customizable script that those who know what they’re doing can build from scratch in JS.
That’s the gist of it, on paper, at first glance. However, we need to go deeper to find the small things. After all, the devil’s in the details.
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Ease of Use vs. Complexity
We’ve mentioned the issue of the simplicity-complexity opposites that require balancing to make a bot profitable and accessible.
Gunbot claims to be tailored to suit both experienced day traders and those who’ve just come to try their luck at cryptocurrencies, but as can be seen from the bot, this is not always the case.
First of all, while it does have an accessible interface that tries its best to be clear and transparent, Gunbot is one of the more complex and convoluted bots currently operating on the market.
Instead of relying on cloud-based technology, it requires manual setup and an operating device turned on at all times. This in itself is an issue for casual traders.
And once the matter comes to features available to be included in bots, things go out of hand pretty quickly.
Besides a couple of rudimentary pre-configs, most bots require advanced levels of coding and knowledge of trading in order to be set up and adjusted to actually earn money.
For beginners, anything other than the basics most often turn out to be bottomless holes to throw crypto money into.
Be prepared to hit exhaustive tutorials and guides and libraries of wiki articles in order to catch the necessary details if you’re new and still decide to stick with Gunbot.
Otherwise, it might be better to give it a pass.
When it comes to the number of exchanges supported, Gunbot actually does a pretty decent job.
It made official partnerships with more than 10 exchanges, including Binance, Bitget, HitBTC, Huobi, Kraken, KuCoin, and OKEx.
Besides these, there are 60+ supported exchanges, from major cryptocurrency battlegrounds to niche players with rare coins and pretty lucrative business offers. Hats down, awesome!
Or, it would be if it weren’t for a couple of barriers on their merit. As it goes now, certain features are not supported on some exchanges, and in some cases you are limited to only a couple available trading strategies.
Why is that, we don’t know, but it makes little sense to limit trading opportunities like this. Cryptocurrency is supposed to be decentralized, right? Oh well, you do you, Gunbot.
The amount of features and indicators available to Gunbot is large, without a doubt. The effort has been put in to provide a detailed offer with opportunities for everyone, regardless of their level of skill. Except for, well, the beginners. Tough luck, newcomers.
An example of this is a fully automated dynamic grid trading bot that takes inputs of the amount invested per trade and the number of maximum allowed buy orders.
That’s their newest bot, but there are a dozen presets with Gunbot claiming to have 150+ different parameters to customize each strategy. How does this fit into the hardcoded limit on certain exchanges, however, remains unclear.
Various trailing options coupled with narrow indicators ensure that those of us with the greatest trading skills get to use them.
However, to most of us this doesn’t mean that much, but it is nice to have these options, even if they won’t be used on a regular basis.
Gunbot also includes options to automatically adjust parameters for bots based on even more scripts and codes and bots, but that’s even more work requiring even more expertise. We wish you luck if you decide to tackle this one, and you’ll need it.
Nothing so far goes off the tracks, but here’s a hot take if there ever was one. Gunbot does not work on a subscription basis, commission, percentage, or anything of the sorts.
Gunbot offers a lifetime license only. There’s no temporary runs with Gunbot, it’s all-in or get-out.
Why such a move? The logic isn’t entirely clear. It’s too similar to what scammers would use: “Believe us, we’re good, now pay upfront for a lifetime subscription of our services!”.
The initial reaction of pretty much every sane person would be to doubt the credibility of such an offer.
To make things worse, there’s not even a free trial. The only thing that you get is a demo that you can only observe. Hmm, okay?
In any case, that’s all that you can get before you pay the full price. To further complicate things, pricing plans dictate how many features you get to use.
The Starter package allows only four trading strategies and one exchange at a time.
Gunbot accepts payment in bitcoins, altcoins, stablecoins, and PayPal. In return, you get Gunthy tokens that are used to validate your license.
A rather.. unique way of doing pricing plans, but hey, who are we to judge? Feel free to judge by yourself, though.
Security, Community, Reputation
Gunbot is as secure as you make it. Since it comes via an app that you have to install on your own device, you have to maintain the security of the device in order to keep the security of Gunbot.
This further reduces the accessibility of Gunbot and raises the expertise bar below which it makes little sense for you to opt for it.
In spite of this, there’s an active community and Telegram integration with bots, however, the group is private.
Trustpilot gives an average score of 4.1/5 to Gunbot based on 100+ reviews, which is another proof that there are people who are pleased with their service. Which is okay, sure.
So, is Gunbot heavy artillery shells or blanks? The correct answer would be–somewhere between.
While it does offer a huge amount of stuff, the requirements are simply too high even for those with medium experience in crypto trading, and a weird pricing model tends to drive away scores of users.
It is almost as if Gunbot gives its best to intentionally deter casual to mid-level users. Strange!
But there are other comprehensive bots with lots of stuff to offer and much, much more user-friendly features.
For us, based on what we’ve seen, we’ll stick to Bitsgap and Quadency, thank you very much.