When comparing Zenbot vs Cryptotrader, the Slant community recommends Zenbot for most people. In the question“What are the best trading bots for cryptocurrency?” Zenbot is ranked 1st while Cryptotrader is ranked 12th. The most important reason people chose Zenbot is:
API keys are the "keys" to access your trading exchange account with a 3rd party app. If an app has withdrawal permissions, it can theoretically steal your crypto. This bot does not need such permissions to work, thus it can lose money if not configured properly, but it can't steal your money.
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Pros
Pro API keys do NOT need deposit/withdrawal permissions
API keys are the "keys" to access your trading exchange account with a 3rd party app. If an app has withdrawal permissions, it can theoretically steal your crypto. This bot does not need such permissions to work, thus it can lose money if not configured properly, but it can't steal your money.
Pro Open Source
Anyone can edit and tweak its trading algorithms and fine-tune them to their liking. You can even edit its code and fork your own product.
Pro FREE
It has no fees because it's experimental (not meant to be run as-is) and geared towards coders.
Pro Configurable sell stops, buy stops, and trailing profit stops
Stops are automated orders to protect your capital (by selling or buying) if the market behaves unexpectedly. They let you leave with most of your capital if things don't go your way. Trailing profit stops protect your capital against market crashes while at the same time "letting the ball roll". They get activated by sudden drops of price, and their activation levels rise automatically with the price of the asset.
Pro "Paper" trading mode
It is a mock operation mode that works on a simulated balance with the live market data.
Pro Simulator for backtesting strategies
Backtesting is basically running a set of rules on past market data and seeing how the bot would have performed during that period. With good projection, an experienced trader can always find similar market conditions to the current ones in past data and then carry out that winning strategy on to the future.
Pro Fully automated "technical analysis" based trading approach
Technical analysis is about interpreting the chart action in a way that allows a trader to single out statistically "high profit-low risk" trades.
Technical analysis based trading bots do not open trades based on a static matrix, instead they have some adaptability to changing market conditions.
Pro Support for multiple assets and exchanges
They fully support some of the most common exchanges: GDAX, Poloniex, Kraken, Bittrex, Quadriga, Gemini, Bitfinex, CEX.IO and Bitstamp. There are also plans to add more exchanges to the supported list.
Pro HFT Capable
High-Frequency Trading is essentially the type of trading that commercial software trading platforms do. In layman terms, it is characterized by complicated algorithms working automatically to daytrade at super fast speed, a lot faster than the human brain can analyze.
Pro API keys do not need deposit/withdrawal permissions
API keys are the "keys" to access your trading exchange account with a 3rd party app. If an app has withdrawal permissions, it can theoretically steal your crypto. This bot does not need such permissions to work, thus it can lose money if not configured properly, but it can't steal your money.
Pro It alerts you to trades no matter where you are
It can send instant email alerts and SMS notifications to you so that you can be on top of things even when you are far away from your computer.
Pro It supports backtesting
Backtesting is basically running a set of rules on past market data and see how would the bot have performed during that period. With good projection, an experienced trader can always find similar market conditions to the current ones in past data and then carry out that winning strategy on to the future.
Pro Strategy marketplace
Once you've tweaked your trading strategy to the max, you can lend your best template settings and technical strategies to other users, for profit.
Pro All major crypto exchanges are supported
You will have a hard time finding an exchange that is not supported for backtesting or live trading.
Cons
Con It is not updated often
Con It is not for beginners
There is some coding required. If you don't know how to code or use a command line program, this bot is not for you.
Con Not beginner friendly
It requires some coding skills to tweak the strategy of your selected bot to your needs. It is not a turn-key solution.
Con It is not a bot but a platform to run bots on
With cryptotrader you are actually renting a cloud service for hosting bots, and then you need to rent the bot you are going to use, which can add up to your cost.
Con Expensive
The plan that allows access to all the functions and instruments an intermediate trader would use is pricey, at 0.0111 BTC ($42.17 in 04/JAN/2019), and it would be even pricier if BTC goes up.
Con Monthly fees based on bitcoin pricing
If the price of bitcoin goes up too much, you may end up paying thousands of dollars for your subscription.
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