Has anyone else noticed the new heights in popularity gained regarding Bitcoin in the last couple of years? That is being created by the incursion of new and different cryptocurrency exchanges.
It doesn’t matter if you’re an established cryptocurrency trader or an individual who is completely new to this industry, it’s likely you know about and possibly have engaged somewhat in buying and selling of these crypto-assets at least one time.
Once you start getting into cryptocurrency trading, you’ll see that it’s not easy to keep up with the new exchanges, the ups and downs of the market, and the other little nuances of this trading market. That means once you dig that hole, you have to maintain it and pay a lot of attention to its nuances and changes.
You must stay on top of indicators, analyses, mechanisms, and results virtually day and night. If you look away for very long, you are likely to miss out on big profits and potential losses. You also need some solid working knowledge of this market segment or you will lose money, fast.
These are some of the reasons that many crypto traders are turning to cryptocurrency trading bots to help them stay on top of the game. These bots also help you save time and money.
Cryptocurrency trading bots are designed and created to return accurate results. They perform your trades automatically according to your preferences without the need for you to constantly sit at your desk to keep an eye on your trades. Also, you can go to work without worrying about your trades.
As with all forms of online automation, cryptocurrency trading bots have their upsides and downsides. Your goal should be to find one that is reliable and trustworthy for your needs. There are some out there that are just out to take your money and run when you need help.
Gekko Review 2023
That said, this review about Gekko is intended to inform you if it is worth trying or not. This bot is free to use and has been designed for advanced users. The following will give you the scoop about it.
Top-rated Crypto Trading Bots
What is Gekko?
As mentioned above, Gekko is a cryptocurrency bot. It was publically introduced in 2013 as an open-source cryptocurrency bot available on GitHub, where you will find several developers interested in working on enhancing this trading bot.
Since its introduction, this trading platform has garnered a large community of users, which is probably because of its open-source format. Its wide array of crypto exchanges and feature-rich platform also makes it popular. Plus, it’s said to have good support.
Is Gekko Reputable?
Even though it is an open-source platform that allows everyone to contribute to it, this bot does have a lot of positive reviews, but we are skeptical. One reason for our skepticism is that it’s open to anyone who wants to sign up, use it for free, and contribute to it. We think that could cause problems in the future with so many cooks in the kitchen, but we’ll digress on that for now.
Initially, this project started by Mike van Rossum, a well-known Bitcoin developer from Amsterdam. He has worked with companies like ING and Gucci, so he has a great rep in the industry.
Currently, Gekko’s open-source project hosts more than 2,600 commits on the GitHub platform and 187 contributors. While it makes sense that they have community support, coding programs, and multiple plugins, we still feel there could be too many hands in the system.
Still, it’s a niche product with wide popularity within the cryptocurrency community, it requires a solid knowledge of coding to use. That is another downside we see in this system. That it’s not user-friendly unless you know advanced coding.
Newbies want an easy trading platform. However, there is nothing wrong with having a trading bot that is designed for people with coding knowledge. In other words, it’s not particularly unfair.
What Exchanges Does Gekko Support?
As of now, this bot supports more than 10 cryptocurrency exchanges. Some offer full support related to using their features, while others are limited.
- GDAX – Coinbase Pro
- Luno – formerly called BitX
- The Rock Trading
There may be other visible exchanges like Gemini, but they may still be disabled by the mods, so you would be unable to use them.
What are Some Settings for Gekko?
This bot has a wide range of settings based on technical analysis indicators. It can use short and long investment advice as to its baseline for trading strategies. If you are proficient with coding, you may be able to create your own strategies, but it’s not easy.
The Gekko bot allows you to backtest and engage in paper trading so you can test strategies against real-time market happenings and historical data analyses. It also provides more plugins that allow for a more feature-rich experience, but as we mentioned before, this is one of the challenging aspects of this trading bot.
Is Gekko Secure?
Does Gekko Have Customer Support?
Since Gekko is an open-source Bitcoin bot with many contributors and no company that supports its operation, there is no dedicated support team if you run into issues. That part of “support” often comes from the community via other users in forums. It’s possible that you might get a few updates related to the core program, but no specific support.
As a free service, this is a standard method of support.
Top-rated Crypto Trading Bots
The Gekko trading bot doesn’t offer up any promises of profit since Bitcoin bots are still unpredictable. However, there is a solid community behind this bot that wants to turn it into a paid service, which says a lot about its community of users. As with any botting technology, we recommend using caution.
Generally speaking, you need to be diligent and vigilant when choosing and using cryptocurrency bots for your trading needs. One thing is for sure, only spend what you can afford to lose no matter what crypto bot you choose.
You need to at least know enough to be able to keep your eyes on how your funds are being used via the script, make fast decisions to stop a trade as soon as you see anything going wrong, and watch your profits.
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