Kryll Review 2023
As the crypto market expands at neck-breaking speeds, more and more companies and software enter the race with quirky tactics in order to attract the attention of newcomers on the stage.
For those quick-cash companies, a set of rudimentary features spiced up with a flashy mechanism is enough to give it a go. Is Kryll among them or is there actually substance behind it?
The crypto market is the most dynamic digital market in the world today. In other words, the pace of growth, both of cryptocurrencies and the associated tools, leaves little space for detailed analysis, exhaustive research, and careful reviews.
This can be thin ice for newcomers who know too little to be able to differentiate between a good service and a fraud.
Yes, the crypto market can bring fortune to many. However, it’s definitely not enough just to show up to get the prize.
You need a proper set of tools, or in this case a proper crypto trading automation tool. In short, to earn you need a good bot.
In theory, it is possible to go manual. In practice, you really don’t have dozens of hours to spare each day just to keep track of the state of various crypto exchanges.
Oh, and you can’t beat bots when it comes to speed of reaction–their full attention around the clock coupled with near-instantaneous commits of profitable deals simply means that they’ll get that offer before a human does.
Tough luck, non-digital living beings.
But not every bot is a good bot. First, you have to be able to use it, and a degree in information technologies isn’t as common as some would assume.
The majority of people who have recently joined the community lack any substantial experience in day trading with cryptocoins. A successful bot is a bot that is open to users regardless of their skill level.
Second, the bot should be powerful enough to actually seal the deal before the competition. This is achieved with rigorous updating and precise commands that can instruct the bot in detail how to respond to various market circumstances.
Dynamic markets require quick and sound solutions, and bots made in a hurry to earn some developers quick cash and give the users nothing in return provide a steady income for sure.
Finally, where’s Kryll in all this? It is our task today to find out whether Kryll cuts it as a working automation service or it goes back to the bench to let better players have a shot with us as customers.
So, without further ado, let’s start.
Kryll is an automation software designed to help budding day traders streamline mundane chores related to managing their presence on the crypto market.
Potentially reducing hours spent per day to minutes spent per day means that day traders do not have to sacrifice their non-crypto jobs or precious leisure time, and Kryll is a service that claims to do precisely that.
Three aspects dominate the Kryll offer. The first is their crypto builder with a twist aimed at helping beginners create scripts without any previous coding knowledge.
The builder employs a drag and drop system that allows linking and intertwining pre-existing features into semi-unique and specialized bots.
In addition to this, the bot relies on signals, indicators, and trends that are provided by Kryll, and it also supports integrating TradingView advanced orders.
The bot builder is supplemented by the Marketplace, which is a colloquial term for a place where experienced traders or otherwise trusted individuals host their strategies that new players can start copying for a certain fee.
This option is designed to be particularly useful to those who lack any expertise with crypto trading whatsoever, as replicating one’s strategy doesn’t require users to know the process beforehand.
The downside? You have zero influence on the strategy and how it’s applied. Or that’s the big narrative provided by the Kryll team, at least. How does it fare under the scrutiny of our review, though? Let’s delve into more details.
Features & Settings
Let’s talk about the bot builder first. It represents something that a lot of similar automation software companies have at their disposal as its settings can be considered quite common.
For example, you can find regular stuff like stop-loss, take profit, moving average, etc. Bots get constructed via a drag-and-drop method where users pick from a selected offer to “puzzle” a combination that is to their liking.
You don’t venture out onto the market completely blind, though, as a number of signals exist that you can follow, and even share your own to others, with potential income coming from each commission.
Bot builder gets a bit overshadowed by their marketplace offer, which is essentially a marketing spot for seasoned traders and their strategies.
Kryll serves as a mediator between those who wish to monetize their strategies and those who are looking for strategies to copy and thus have increased chances of making a profit.
The metrics for each strategy are available, in addition to the name and the date when the bot was created.
Crafty traders can earn more money selling their strategies than actually trading cryptocurrency–which can be fair or a bit rigged, depending on which end of the stick you find yourself.
You can also backtest each strategy for free, and that usually saves a lot of money.
Making sure that your strategies fare well here can save you from everything ranging from pretty obvious mistakes to some hidden lurking disasters.
For Beginners, Pros, or Both?
Although Kryll’s offer encompasses options aimed at users of various skills, there’s a point where it becomes obvious that Kryll is designed with beginners in mind.
Even at first glance, with a simplistic graphical user interface and a whole bunch of tutorials standing at disposal, rookies aren’t that likely to lose their orientation and be startled away from Kryll.
This approach goes hand in hand with copy trading options and a marketplace of ready-made strategies, with which you can start trading without ever reading anything about crypto trading before.
Seasoned traders, on the other hand, have quite literally nothing going for their high-end visions and potential strategies in the market.
Kryll as a bot service offers nothing advanced, however, they can still make money by selling their approach(es) to others.
So, copy options for beginners and trading options of a more conventional nature for veterans, sounds pretty straightforward, right? Well, not exactly.
In fact, Kryll has decided to implement a pretty peculiar payment system that has managed to perplex us, so we can only imagine how confused those who have less experience will be.
More on that in the next segment, though.
Whew, where do we start? Let’s start with the fact that the Kryll system works on a “pay per use” basis and charges 1% of your traded capital “for 1 month’s use, 24 hours per day, 7 days a week”.
There’s no subscription and you pay only for the time you’ve spent actively using their software. Backtesting and offline use comes free of charge.
Next, the fees get modified based on how much of Kryll’s cryptocoins (KRL) you’re currently holding.
There’s an elaborate calculator with the suggested amount of KRL to hold in relation to how much worth of $USD you intend to trade with over a selected duration of time. In essence, you are expected to be holding more KRL the more traffic you drive through Kryll.
So, yeah. A mouthful and a brainful. You essentially have to pay for every smart trade that you go through, and that amount is capped at 1% of the trade volume, with discounts if you’re holding KRL.
Hey, at least launching a test for a strategy doesn’t cost anything, right?
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As a cloud-based automation software, Kryll is supposed to handle its own security rather than delegating the responsibility to the user. It uses a secure server, but oddly lacks 2FA (two-factor authentication).
For this reason or that, Kryll has direct access to your funds, rather than relying on API keys. We don’t recommend this practice as it leaves a backdoor directly to your wallet in case of any security breach.
This lax attitude towards security is another weak link in the chain of service that Kryll offers. It really requires stepping up the game.
Customer Support & Community
Kryll is a relatively young service, having launched in late 2018. Since then it has managed to acquire a following of slightly over 3,400 members on their official Telegram group and has earned an average score of 4.2/5 based on 60 reviews.
There’s no live customer support, with the official support channel working via live chat and email based on a tickets system. This is on par with the standards of the industry so nothing special to say here.
Pressed between a relatively humble offer that caters to beginners only and a confusing pricing system like between a hammer and an anvil, Kryll suffers from too many issues to be recommended in good faith.
If all the issues were resolved, perhaps, but in this state, definitely no. You can easily find better solutions than this one.
Refined software that suffers from no issues seen with Kryll, they offer a proper balance between accessibility and performance, all the while updating the content to better fit the ever-changing crypto market.
Give them a shot and give Kryll more time to refine their service before opting for them.