Do you recommend any crypto trading bots or trading companies?

Bitcoin Questions and AnswersCategory: General questionsDo you recommend any crypto trading bots or trading companies?

Goody asked 6 months ago

Have you reviewed any trading bots suitable for novices (like say 40+ year olds with no technical expertise) ? Apologies if you have – but if so, can you please direct me to your reviews? I have heard there are also companies you can put your cryptocurrency in, and they day-trade it for you for a commission. Have you reviewed any of them?

1 Answers
Steven Hay answered 6 months ago

Hi Goody,
 
I’m afraid the answer is no in both cases. Before running a crypto trading bot, you should have the technical expertise necessary to evaluate its code. Not only could the bot be malicious – there have been cases of free trading bots stealing user funds – but you can’t trust a machine to trade for you unless you understand every line of its code and the trading strategy its designed around.
 
As for sites promising to earn you great profits if you invest in their traders or trading bots, in almost all cases these are scams. If they had a winning formula for making money from markets, why would they need your investment? Before giving money to any such site, be sure to run them through our Scam Test:
 

The Bitcoin Scam Test


 
I would suggest that your best route is just to invest a set, afforable amount of money every month, primarily into Bitcoin. The goal is to hold this investment over the long term – years – in the hopes that Bitcoin will continue to grow and improve – and I’d say it has the best chance of long-term success of any cryptocurrency at this point. The thinking here is that it’s really hard to say what the market will do tomorrow, but a fairly reasonable assumption that a good technology like Bitcoin, with a growing user base and highly skilled developers, is likely to get more valuable in the years ahead.

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