TOP TRADING BOTS
Paratica Bot Review 2023
Crypto trading bots that don’t specifically cater to English-speaking audiences usually do worse on the market than their Anglophone counterparts.
Are reasons for this based in reality or simply a product of bias? Is Paratica’s lukewarm performance due to low exposure to Western markets or are they doing something wrong? Let’s find out.
People are vastly turning towards crypto trading and the industry is booming more quickly than ever before.
With generally all cryptocurrency prices expected to rise in the following years, it is not surprising to see people from all sides and all branches of human commerce flock towards automated crypto trade.
The promise of “free cash” or effortless stable income, although not entirely true, does wonders to popularize this endeavor.
The end result is that even people with no previous experience start hitting the tutorials and investing their time and effort into mastering the basics of crypto trade.
However, dynamic markets and chances of quick and big bucks are not the sole reason people are embracing crypto coins.
As cryptocurrency remains decentralized from any single institution, it is the embodiment of a free market and a flow of value that doesn’t get reduced by bureaucracy or various middlemen.
After all, who likes giving away their hard-earned money for inefficient trades, maintenance, and “permissions”? Cryptocurrency is free to be used by anyone as they please.
So yes, the crypto is here to stay and companies are going haywire to come up with a software solution that will satisfy users with various levels of expertise in coding and crypto trading.
What makes a good bot according to a general consensus is the balance between ease of use and capabilities of performance. In other words, having a bot that can ace the market but is too complex to use by mere mortals is bad.
On the other hand, having an easy-peasy lemon-squeezy bot that can’t perform functions that actually earn money is also bad. The middle path is taken by the best pieces of software.
Cue Paratica, a relatively unknown crypto bot that hails from Turkey. Where does it stand on the performance charts? Does it earn money?
Is the only reason you don’t know anything about it its place of origin or is there something smelly hidden behind the covers? Our aim today in this review is to comb through Paratica and see for ourselves: feel free to join us!
What Is Paratica?
Paratica is a crypto trading automation software the goal of which is to help more casual day traders establish a commercially viable presence on the cryptocurrency exchange market.
It runs on the cloud, which furthers its claim to simplicity and ease of use since it eliminates the need for setup and also outsources security leaving risk handling safely out of the hands of people who potentially wouldn’t be able to do it themselves.
By automating the manual tasks that day traders would otherwise have to spend hours per day on, Paratica claims to reduce the time spent on managing your crypto wallets and transactions from hours to minutes per day.
Most of the settings available to users come preset and preconfigured, which helps with people being unsure about what they’re doing on one hand, but also prevents those with more expertise from customizing anything on the other.
In any case, Paratica aims at beginners and provides them with basic services used to introduce people to the world of crypto trade in general.
That is, if you speak Turkish. Although there’s an ongoing effort to bridge the gap between English-speaking users and Paratica, not everything has been translated yet and most of the community is still primarily Turkish.
Is that too much of an obstacle? Does the service that Paratica provides compensate for potential miscommunication? Let’s see.
Ease of Use vs. Performance
As mentioned before, on the perceived scale between simplicity and complexity, rather than striving for the center, Paratica is leaning towards the former.
A service that does not provide anything new and/or improved, its goal instead is to bring those features closer to people who might lack the required skills to establish themselves on the crypto markets.
Although this is not necessarily bad, it still leaves much to be desired, especially for those who’ve already gone over the basics.
With scripts already tinkered with and set to do whatever, the only option that users have is to release that script into the wilds, loaded with funds, of course.
With little understanding of what’s going on with the bot, you’re essentially expected to put your trust into the hands of the Paratica crew.
Or other users, in fact. Paratica also hosts “successful” codes from other users that you then have to pay certain fees for the rights to use them.
The company does not guarantee that those codes will lead you to be net positive, though, so bear that in mind.
In short, everything that Paratica offers is made “ready to use”. Forget about customization, modification, specialization. What you see is what you get, take it or leave it.
Paratica’s offer does not provide anything above the basic standard of other similar crypto trading bots.
You as a user can juggle around a bit with fund management and budget settings, but the features themselves appear rigid and inflexible.
You can fiddle around with some filters and settings with selected pairs of cryptocurrencies such as BTC, ETH, BNB, and USDT.
Each pair allows individual configurations, which is a plus, and the service itself does not put a short limit on the number of pairs allowed, depending on your pricing plan.
There’s a search bar that promises to find potential trading pairs quickly and efficiently, but it remains unclear whether it is based on exhaustive research or some outsourced factor.
In addition to these, you can make use of Stop Loss, Take Profit as well as Trailing Stop and Market Order, Limit Order with full automation, and your own calculation methods.
All in all, this is a standard, if not a bit humble offer for a crypto service based on the industry’s standards, but it should be taken into account that Paratica is a local crypto bot designed for the Turkish audience and Turkish standard of living.
The prices are thus compensating for the lack of features, so if you’re on a short budget, you can still use Paratica even if you can’t afford better solutions.
Although it is by no means an extensive list, Paratica does support some popular cryptocurrency exchanges. The three exchanges that Paratica has managed to acquire support for are OKEx, Huobi, and Binance.
Paratica comes in three pricing plans, and these are SIlver, Gold, and Platinum.
Silver plan costs $9.90/month and allows pairing BTC and USDT, 150 positions per month, 10 concurrent positions, 50 pairs, real and virtual trades, pair-based settings, stop loss, take profit, and trailing stop.
The Gold plan improves on the silver for $14.90/month and allows pairing BTC, ETH, BNB, TRY and USDT, 300 positions per month, 20 concurrent positions, 100 pairs, real and virtual trades, pair-based settings, stop loss, take profit, order configuration and trailing stop.
For $19.90/month the Platinum plan will remove the positions per month cap, provide 40 concurrent positions, and give unlimited pairs.
There is also a 7-day trial for users to try out their service before making a definite choice.
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Community & Reputation
So, the trickiest part. We’ve mentioned how Paratica is a Turkey-based company, right? Well, that becomes immediately obvious as soon as one joins the community or takes a more detailed look at their website presentation.
Paratica is virtually unknown outside the Turkish community. To illustrate this, Paratica’s English-speaking Telegram group has 100 members when compared to the Turkish-speaking 4,000+ members group.
On the site itself, the presentation has not yet been fully translated into English so expect to see random snippets of Turkish information essentially rendering the information useless unless you have a working knowledge of Turkish.
The Trustpilot.com average score for Paratica is 3.8/5, but based only on 13 reviews so far. Customer support exists only in virtual form, every day from 10 a.m.-10 p.m.
It remains vaguely unclear whether the customer support has sufficient expertise in English, given their negligible portion of English-speaking customers.
TOP TRADING BOTS
With everything taken into account, we cannot honestly recommend Paratica.
Even if the basic service were passable in quality, the remaining factors, such as the exclusively Turkish-speaking community, prevent most people from being able to effectively use Paratica’s software.
Paratica’s crypto bot comes extremely cheap when compared with some of the more popular counterparts on the Western part of the crypto market, but that still remains insufficient to cover for its average performance and capabilities.
And besides, there are better options out there for professional day traders and fresh initiates alike.
Software such as Bitsgap and Quadency have both accessibility and performance, satisfying both seasoned veterans and beginners to crypto trading.
The entirety of second-grade crypto bots available out there can fit into just a portion of Bitsgap and Quadency’s offer.
So yeah, you might as well just stick with any of these two and leave Paratica to its loyal Turkish core community–you won’t miss out on much.