Unless you don’t keep up with financial and investment news at all, you should have an idea of the magnitude of how quickly cryptocurrency trading has gained popularity just in the past couple of years.
A lot of this popularity has been enhanced via more people of various statuses all across the globe becoming interested in this currency and trading in this market.
One of the draws to this market is its volatile nature. In a heartbeat, crypto values can go up and down reaping you either wins or losses.
Many people simply use the buy and hold strategy, while others love the thrill of the fluctuations in the market.
Besides the popularity of the cryptocurrency market itself, cryptocurrency trading bots have also experienced some newfound popularity.
Cryptocurrency bots offer a variety of solutions that can help your trading as well as help you find strategies that work to your advantage.
Usually, cryptocurrency bots distinguish themselves with unique features to stand out from the others.
However, there are those that stick to the conventional features and others that fail to stand out at all. Gunbot is one of these cryptocurrency trading bots that we will be reviewing today.
Let’s see how Gunbot stands up to modern trading bots.
How Long Has Gunbot Been In Business?
Gunbot, based out of London, England, launched around the same year as some of other cryptocurrency trading bots, which was 2016. It was released to the public in early 2017.
As mentioned, this is an automated cryptocurrency trading bot.
Utilizing a blend of signals, strategies, and various indicators, Gunbot analyzes the cryptocurrency market on specific exchanges.
After that, it automates the buy and sll functions for cryptocurrency relevant to the preferences of the trader.
Traders can choose from the preset strategies on the platform or customize their own.
Lifetime licensing is how this bot charges its users as opposed to charging a monthly subscription free like other such bots.
The licenses are managed through the Ethereum blockchain, so experienced traders can also sell their license if they decide to stop using this application.
What is Gunbot’s Reputation?
Gunbot’s standardized interface and sophisticated trading tools and features seems to have established a name for itself for being a popular bot within the cryptocurrency and Bitcoin markets.
One of the downsides of this cryptocurrency trading bot is that it’s not easy to use if you are a novice in the trading market.
Due to the complexities of this platform, it’s more popular amongst experienced traders or with traders who want to take their trading beyond casual.
We will go out on a limb and say that this sophisticated and complex interface isn’t geared toward novice users like those of some other cryptocurrency trading bots that are geared toward a wider array of users with various levels of skills.
Gunbot is often referred to as a trading bot program that is hard to use for novice users, and is recommended for professional crypto traders.
What Exchanges Does Gunbot Support?
Gunbot supports about 11 crypto exchanges, which includes:
- Coinbase Pro
- Huobi Global
We feel that it’s only right to let you know that not every listed exchange can enable all the features of this bot. It’s crucial to be informed about these things before using a trading bot.
- Binance, Bittrex, KuCoin, Coinbase Pro, CEX.IO, and Cryptopia are used for spot trading only.
- BitMEX and BitMEX Testnet are for margin trading only.
- Spot Margin with TradingView alerts are enabled for Bitfinex, Kraken, Huobi Global, and Poloniex.
How Much Does Gunbot Cost?
Because Gunbot is a license style ownership tool, traders can buy their lifetime licenses via Bitcoin while having access to free future software upgrades.
This is the one major thing that sets this platform apart from others crypto trading bots that commonly use monthly or yearly subscription fees.
An arbitrage option is supposed to be coming soon to Gunbot, though this is not yet available.
There is no trial for this bot, but you can see their live demo before making a decision about using it.
There is no specific price for Gunbot’s lifetime license since it differs because you can pay for it through different websites.
That said, these websites are all direct from the Gunbot trading platform, even though costs will vary for licenses.
The reason the pricing will vary is that Gunbot sells its lifetime licenses via resellers. That means they can change the pricing on their websites.
So, the website or platform you choose to buy a lifetime license from is the determining factor for pricing.
What are the Packages for Licenses for Gunbot?
From Gunbot’s official site, you will have access to four different licenses to buy from resellers.
These licenses offer essential features like accessibility to all of the supported exchanges, unlimited trades and Unlimited pairs throughout lifetime usage.
However, TradingView alerts and Backtesting are only available via certain packages.
- Starter: This package is 0.04 BTC and has restrictions. You get one active API slot, strategies like gain, BBTA, and emotionless trading. You do not get margin trading.
- Standard: This package is 0.10 BTC. It does include margin trading, one active API slot, additional trailing, confirming indicators, DCA (Dollar Cost Averaging), and reversal trading.
- Pro: The Pro package is 0.15 BTC and contains everything in the Standard package plus 3 active API slots and backtesting.
- Ultimate: This package is 0.25 BTC and offers 5 active API slots, backtesting, everything from all the other packages, and includes TradingView alerts.
Some licenses allow you to pay for add-ons like TradingView and backtesting.
GUNTHY wallet is how you manage and transfer licenses. ERC-20 tokens are used here. This is how they verify ownership and verify the type of license owned by the trader.
This is also how they ensure that their users are accessing the appropriate tools for their license.
Ease of Use: We already discussed that this bot is difficult to use for novice traders, but easier to use for experienced traders.
This is a downloaded application that you must install and set up on your system.
Settings: Gunbot has a Wiki page and knowledge base that outlines, in detail, its settings. Order types such as DCA, reversal trading, margin, and spot are a few of the settings available.
Signals, complicated crypto trading bot strategies, and other settings can be set up by traders.
Security: Unfortunately, this bot is not secure in its default mode. Anyone using this platform will need to take their own precautions to enhance their security and bring it up to proper standards.
This is because it’s a downloaded application compatible with Mac, Linux, and Windows that has to be installed to use.
Therefore, your computer must have solid security protocols enabled. You may want to choose a VPS or at least enable SSL/TLS. This is just another disadvantage for people who are not skilled in technology.
Customer Support: Gunbot has a community of more than 10,000 users and its customer service and support is very active.
Between the knowledge base, Wiki page, Telegram channel, and premium support add-ons, there are multiple avenues to customer support.
Profitability: As expected, Gunbot doesn’t make any promises or guarantees regarding profitability.
However, some of its users do claim that it is an effective and profitable trading service. Well, after you learn how to set up and use it.
Gunbot is considered an expensive cryptocurrency trading service as well as a complicated bot with a complex UI.
So, your first consideration would be to keep in mind the learning curve timeframe.
Serious, professional, and experienced traders are the primary audience for Gunbot. It requires a large outlay of funds and time.
Its complexities of setting up and using are not suited to novice users or those who are less tech-savvy and unwilling or unable (due to time) to learn the platform.
We don’t recommend this bot because of its level of difficulty and less than user-friendly interface as well as the expense it comes with.