LiveTrader Review 2023
Due to flocks of new users trying their hands at crypto trading, a growing number of companies have started churning out simple crypto trading bots designed for beginners.
These often do not require any coding or trading skills and offer a limited set of features. How simple is too simple, though?
As soon as governments started embracing cryptocurrency as legal tender, it became obvious that a new global economic trend had emerged.
Cryptocurrency is here to stay, and crypto trading is rapidly growing as a lucrative business opportunity.
What’s so alluring with crypto trading? It is the possibility of earning an income automatically, by the means of smart use of crypto automation tools. In short, you can get a bot that can earn money instead of you.
It is not that simple, of course. While bots do have a 24/7 attention span and require no breaks in activity, they still have to be set up, updated, and instructed on a regular basis.
Give a bot ineffective instructions and you should not expect it to bring in a profit. Leave a bot in today’s market with yesterday’s instructions and your cash will become the fuel of someone else’s growth.
What’s perhaps more important is that not every bot is a good bot. Simplify the bot too much and something more capable will beat it to lucrative trade deals.
And there are outright bad bots that wouldn’t earn money if their developers’ lives depended on it.
New players in the field lack both experience and expertise to distinguish between a good bot and a bad bot, so they’re susceptible to being, if not deceived, then pushed over to pick something that is either cheaper or “easier to use” than “normal”.
While software that has a couple of pre-configured features available promotes itself as not requiring any particular expertise, it usually doesn’t advertise that it is most likely to be beaten by the more capable competition.
How does LiveTrader bot fit into this picture? Is it approachable enough to newcomers without being too simple to actually earn?
Or is LiveTrader one of those thrown-together software that can only earn cash to developers? We’ll find out today.
What Is LiveTrader?
LiveTrader is a software automation tool designed to allow day traders to participate in cryptocurrency trade without them having to spend hours per day observing the state of crypto exchanges and having to always be ready to pounce at the right opportunity.
It achieves this mainly by providing ready-made solutions such as pre-built features and ready-made bots in its strategy builder.
Particularly attractive to newcomers, the idea of having a crypto trading bot without having to code it by yourself is currently trending and LiveTrader has capitalized on it.
Having launched in 2019, it is still relatively young but has already managed to obtain a stable user base.
Besides creating a bot from cookie-cutter features, LiveTrader hosts a marketplace of bots where proficient and prominent users can rent out their own pieces of software for a fee.
To properly inform their users about the current state of the crypto market, LiveTrader claims to process and analyze data from more than 150 sources.
Decisions based on these are supposed to reduce the risk of financial loss and increase the profitability margin.
As an additional layer of preparation and security, LiveTrader offers extensive backtesting and simulation opportunities for “custom-made” codes.
Ultimately, LiveTrader brings together accounts from supported exchanges in one place, which is supposed to simplify the process of making and trading pairs between exchanges, but that has become so standard that it would be a crippling flow to the software if it weren’t included.
This is the sales pitch. What’s under the hood, though?
Ease of Use
Immediately upon launching the app it becomes apparent that LiveTrader serves as a beginner-friendly software.
The user interface is simple, getting around the app is relatively easy and there’s not much to get lost in, even if this is your first contact with crypto trading software.
The dashboard shows only what can be considered “essential” information with visual cues and transparent metrics. Now, the features themselves are also made to be easy to understand and implement.
Predefined strategies can be taken and implemented without restriction, so long as you don’t look for things that go beyond the basic offer. Compared to most other software around, LiveTrader is easy to use.
However. We can’t go around the fact that LiveTrader is perhaps too simple, even for utter beginners.
The amount of features is humble and it is implied that it would be better if you relied on strategies that are rented out on the marketplace.
You’re severely limited when it comes to crafting something that goes outside the box. Customization is nearly non-existent.
In other words, if you know what you’re doing, LiveTrader does not have enough to offer to justify you sticking around.
Except if you are looking to profit by selling your own code. And being limited by the nature of the service, it is tough to get it to beat the competition.
On a scale from simplicity to good performance, instead of striving for balance, LiveTrader goes into the former extreme. In our opinion, LiveTrader is easy to use, yes, but too easy to actually matter.
We’ve already mentioned some of LiveTrader’s features, but let’s delve into them in more detail.
Crypto bot builder, or Strategy Builder here, is a place where you can create a semi-customized script of your own.
Although users get restricted by the offer of pre-built features, it is possible to make a combination that swerves a bit from the trodden path.
Technical indicators available include MACD, RSI, and SMA, and order types resemble the likes of stop loss, take profit and trailing stop loss.
Besides making your own bot, LiveTrader offers a number of existing strategies on its Strategy Marketplace.
You can backtest these before you commit your funds, but you’re limited to whatever course of action these bots do.
The upside of obtaining a bot this way is that you don’t have to do any setup yourself, the downside is that you don’t really have a say at how the bot operates.
Besides this there is really not much else and these two make for the entirety of LiveTrader’s offer.
This can sate only the initial curiosity of non-traders who have just ventured towards their new careers, but for anything above casual trading you’ll most likely have to look elsewhere for more features or entirely skip LiveTrader for something more sophisticated.
Having a well-established network of supported exchanges gives more opportunities to both users and developers.
A crypto bot is only as good as its potential of profit is so having a proper integration into the global crypto market is essential.
LiveTrader, however, has not managed to establish such a network, whether because of its youth or for some other reason.
For now, LiveTrader supports Binance and Kraken only. It has shown desire to integrate with more, with these promises being aimed towards Poloniex, Bitstamp, BITFinex, and KuCoin.
LiveTrader comes in three pricing plans.
The first pricing plan, Starter, costs $19/month. It comes with up to 20 bots and 1 strategy and it unlocks all indicators, both exchanges, and unlimited positions.
The second is Advanced for $49/month, and it brings 250 bot and 5 strategies. The ultimate plan is Professional, and this one is $99/month with a cap of 1000 bots and 10 strategies.
LiveTrader offers a 50% discount on your first month’s subscription. Additionally, every plan comes with a 7-day free trial.
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LiveTrader is based on cloud technology and thus they manage the security options and policies themselves.
This goes hand in hand with the fact that they cater towards new users since they don’t task their users with safety maintenance as well.
The software is hosted on a secure server and the traders access it via the web application.
LiveTrader does not access your funds directly and you don’t need to give them direct permission to extract your cash. Instead, they work with the crypto exchange directly.
However, the lack of 2FA is subpar to the standards of the industry. It remains unclear why this has not yet been implemented into LiveTrader’s packages, but this lack can surely be felt.
Now, to go back to the initial question, is LiveTrader too simple? The answer, according to us at least, is yes. LiveTrader is too simple to be of any particular use to ambitious day traders-to-be.
If you’re looking at crypto trading as a hobby of yours, it does suit that nicely, but if you’re looking for a source of stable automated income, you’ll have to look elsewhere, unfortunately.
Instead of remaining satisfied with rudimentary bots, it is perhaps better to stick with the best and grow along with your crypto trading career, right?
We think so. Whatever choice you end up making, we wish you good luck in crypto trading!