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Bitcoin trading bots are on the rise. In general, there has been a steady rise in the volume of traded markets in the past two years. In 2016, crypto markets recorded an average daily trading volume of $1 billion. In 2018, the industry commands 24-hour trading volumes of more than $10 billion.
For a trader with a busy schedule, Algo trading bots are all they need to create passive income. There are more than 20 trading programs customized to execute orders on the top 10 largest cryptocurrency exchanges.
Each bot is designed to execute orders for particular cryptocurrencies. Some companies offer more than one bot package and each package contains a range of unique bot trading services. However, trading bots do not provide guaranteed profits.
While the bots execute orders for you, they execute the orders based on your terms. You set the sell limits and stop loss limits. You select the coins to trade. If you choose the wrong coins or set the stop loss limits too frequently, you may end up making more losses than profits.
One of the most popular algo trading solutions for cryptos today is GunBot. Here is our GunBot review.
What is GunBot?
GunBot is a cryptocurrency algorithm trading bot. It runs automatically on a selected cryptocurrency exchange to perform trading strategies like TSSL, Ping-Pong, and Ichimoku. GunBot was developed by Gunther De Niro in 2016 as a trading bot compatible with both Windows and MAC Operating Systems.
The bot supports eight of the top 20 cryptocurrency exchanges. GunBot’s variety of trading strategies, however, is what makes it such a popular program in the crypto world.
TSSL stands for Trailing Stop, Stop Limit strategy. Traders use this strategy to determine an entry point or a selling point for coins. A TSSL graph looks like a wide letter ‘V.’ When the price of a coin is going down, you can set an entry point with hopes the coin won’t be on the decline for long.
One way to use a TSSL strategy is to set the bot to make a purchase if the asking price for a coin goes lower than you anticipate. Another way is to make a purchase after the coin starts to gain value. Additionally, you can use TSSL to set your sell points so that you sell only when the coin’s value is headed upwards.
Developed in 1969, this strategy uses 5 lines as indicators and coloring to form cloud-like appearances. Ichimoku shows the direction of prices, the momentum of trends, resistance levels and other trade signals. Ichimoku is one of the most popular trading strategies amongst Forex traders.
Ping Pong is arguably the most popular trading strategy based on the strategies offered by the GunBot crypto trading bot. Ping pong allows traders to set the buy and sell price points based on the amount of profits they target or the loss amounts they are willing to take.
When using Gun Bot, you can set the buy and sell price points and it will execute the trades automatically. However, you could also use the strategy as a guide and execute the orders manually. The Ping Pong strategy when used carefully could attract 2% profits daily according to review GunBot forums.
Developed by John Bollinger, this strategy consists of 3 lines that track the prices of markets based on a specific week, month or period. Bollinger Bands is based on observing the average price points of a market. It’s a suitable tool in the cryptocurrency world as it tells you the volatility of a coin within a specific time frame.
How GunBot Work?
GunBot relies on APIs to draw data from a cryptocurrency of your choice. Many of the top exchanges provide API trading so that you can access an exchange’s trading services on a third party app like GunBot.
GunBot is a premium service and offers three price plans. It’s easy to configure and you’ll find it easy to access any of the supported cryptocurrency exchanges.
Through a list of trading strategies, GunBot allows you to pick one or more strategies and a trading pair of your choice. After that, set the buy and sell prices, set stop loss limits and any other market signals provided by the program.
GunBot Supported Exchanges
GunBot supports eight major exchanges: Binance, Poloniex, Bitfinex, Kraken, Bittrex, Cex.io, and GDAX (Coinbase pro). When you buy the company’s cheapest package, you are limited to trade on a single exchange.
You get access to three exchanges with the middle-priced package and access to all exchanges with the most expensive package. GunBot communicates with the exchanges directly so that the bot has access to all markets on a given exchange. Through APIs, the bot gets access to your particular account. Each supported exchange also provides an API key to authenticate your requests.
The bot is, however, not authorized to withdraw funds from the cryptocurrency exchange. Although there are examples where bots have been compromised by attackers and made to withdraw users’ funds, GunBot does not have that authorization.
If you are a member of Poloniex, GunBot will have the authority to execute your orders and even display profits on the app. However, when it comes to withdrawing funds, you login into your Poloniex account to process withdrawals.
In a Bitcoinalk.org thread, GunBot’s developer, Gunthar, says that his bot blocks any account that attempts to enable the withdrawal feature.
GunBot Plans and Prices
GunBot provides three plans;
- The first plan costs 0.056BTC. With this package, the bot helps you trade on one supported exchange for life. You will get customer support through a Telegram channel and that’s it. There are no extra features except for a profit tracker.
- The second plan costs 0.08BTC. The plan gives you access to bot trading on three exchanges. No extra unique services are provided except for Telegram support and a profit tracker.
- The ultimate plan costs 0.15BTC. It provides a lifetime bot GunBot Licenses for all supported exchanges, dedicated customer support, a profit tracker and a Tradingview.com feature. The last feature is particularly unique. Tradingview.com is a website where expert traders share their trading moves. With this feature, Gun Bot will copy trades from the experts and execute them on your behalf.
Premium customer support comes in the form of one on one interaction via Telegram for up to 3 hours. If you need help on how to configure the program, they will help you customize the bot based on your trading strategies.
Accepted Payment Methods
GunBot sends each license you purchase to a physical address. You must provide the correct addresses if you want to receive your licenses. For payments, the company primarily accepts bitcoins, but you can also place an order using Litecoin, ethereum, and other altcoins.
Is Algorithmic Trading Safe?
Yes and No. Algorithm trading is safe when you use a safe trading bot. A safe bot is often open source, tested by numerous programmers and traders and has a history of fixing technical issues immediately after they are detected. Safe bots are also run by teams of experts who proactively watch out for bugs and become problematic to traders.
Some Algo bots, however, are full of bugs. They use closed codes and are poorly run by individuals who don’t care about the security of users’ funds. If you go for a free or cheap bot riddled with bugs, you will likely lose all your funds. Closed code software may also have malicious codes that are instructed to steal your data or even funds.
In general, many of the legitimate, Algo bots with solid reputation are safe to use. They don’t offer guaranteed profits but they can help you maximize your profits when properly configured.
Is GunBot Safe?
The crypto trading bot has been around since 2016. So, is GunBot scam?
GunBot is a closed code type of software. Only the owners can audit, improve and modify the code. From the company’s community perspective, GunBot is a legitimate Algo trading bot but should be approached with caution based on the fact that their code is privately monitored.
When it comes to executing trades positively, GunBot is a trusted program. There are several GunBot review articles and messages on forums with great praise for the company. More than half of the bot’s traders also recommend it, indicating that there is great support and trust from the community.
In the past one year, there have been reports of bugs appearing on the trading bot. Some users have also sold their bots days after buying the bots, meaning that GunBot is not perfect. However, the bug reports were all fixed and there are lots of positive reviews regarding the bot’s security.
On Bitcointalk.org, Gunther says that the bot gets access to your crypto exchange accounts through the API keys you provide alone. If you share your API key, someone else may get hold of your account but it won’t be GunBot’s fault.
There don’t seem to be any serious security threat on GunBot at present. The latest reviews about GunBot are mainly positive and there are lots of people who have made money safely with the bot.
GunBot provides customer support through their Telegram channel. If you want help of any kind, the company is available via Telegram and email channels. Users who purchase the Ultimate pricing plan are treated with 1 on 1 support for up to three straight hours.
So far, there are no complaints about lack of or poor customer services. If anything, Gunther is an active member of Bitcointalk.org and provides lots of resources to solve simple technical issues. The company’s GitHub repository also contains helpful guides.
How to Use GunBot?
Step 1: Buy a GunBot Plan
Visit Gunbots.com and shop for a trading plan. The cheapest plan costs 0.056 BTC. This plan is also the most popular among traders as the more expensive plans provide little more than support to multiple exchanges.
When you purchase a plan, the company will ship a license that you will use to gain access to its services.
Step 2: Activate your License
After purchasing a plan, download the program files and install them on your PC. Once the License arrives, use it to activate your GunBot account.
Step 3: Complete Setup
GunBot has access to the APIs of eight cryptocurrency exchanges. Select your favorite exchange and provide API keys to access your account.
Step 4: Start GunBot
After you enter your API key and your GunBot license successfully, you will be directed to GunBot home screen. The screen contains a list of trading pairs and a guide that lets you select the buy/sell limits and all other configurations you want to help you maximize profits.
Step 5: Setup A VPS
A Virtual Private Service is a data center that runs 24/7. It’s the best companion for algo trading unless you are certain of the guaranteed internet and power connection 24/7. A VPS works by keeping your Algo trading account functional at all times. It may cost a fee but it’s worth it.
GunBot Review Summary
GunBot is a cryptocurrency trading bot developed in 2016. It’s one of the most popular Algo bots. It supports up to eight exchanges and comes with a wide variety of preconfigured trading strategies. Like most Algo bots, GunBot works through API and you have to use your API key every time you want to access your account.
The bot has a closed code but has consistently provided quality services without causing any alarms. Its developer is very active on GitHub and Bitcointalk.org. The company’s customer support is also incredible.
- Features multiple trading strategies.
- Supports a variety of the largest crypto exchanges.
- Multiple licenses are available.
- Easy to use platform.
- Closed code.
- Occasionally there are bug reports.
- Relatively expensive.
Who should use GunBot? The bot is best suited for the busy crypto trader who can’t be available to observe markets all day long. GunBot has lots of features and executes trades with low latency.
Experienced traders will love the bot’s wide variety of trading strategies. If you are a member of more than one exchange, GunBot offers better edger compared to most trading bots. The Ultimate plan is very helpful to high roller kind of traders with its premium support and add-on features.
Overall, GunBot has proven legitimate and profitable when configured properly.
Thank you for reading our GunBot review. Welcome to our site for more reviews and guides from a wide range of topics in the crypto world.