Source: cryptassist.io

10 Pros and Cons of Automated Cryptocurrency Trading – 2020 Guide

Cryptocurrency is a digital and decentralized currency. It exists only in electronic form, and it is not displayed, nor is it managed by any institution, company, or individual, and the users are in control of everything. It is an entirely innovative concept because we have never had an independent currency, even from its creator.

How does it work?

In the crypto essence is a mathematical algorithm that actually controls the entire system, and also, the algorithm is regularly improving. Anyone in the world can suggest an improvement in the crypto protocol, and that proposal can be either accepted or denied, depending on the support of the majority of the users.

Cryptography is the one responsible for verifying the transactions and controlling the creation of new currency units – hence the name “cryptocurrency.” Cryptos are available to everyone, regardless of age, gender, race, nationality, etc. It is a currency that we have completely free, that we can send it to whoever we want when we want, and how much of it we want. No one has the ability to prevent, freeze, return, or, in any way, jeopardize the transaction.

Brief crypto market history and crypto bots

Source: learn2.trade

Cryptocurrencies have created a whole new market in which the rules of the “game” are not easy to understand. Many cryptocurrencies have seen a significant increase in value recently, and investors see this as an opportunity to make big money quickly.

Bitcoin has made many traders quite rich over the years, and this is especially true for those who were smart enough to invest in the early days of Bitcoin and the cryptocurrency market. These investors saw Bitcoin reaching the record value of 20,000 USD in 2017 while bringing with it the rest of the crypto market. Since then, cryptocurrency markets have been quite volatile, which has frightened many investors. However, if you can pinpoint the time to buy and sell cryptocurrencies based on market analysis, you can make a lot of money from market fluctuations.

And this is where a number of crypto bots and their powerful automated trading software can help you. The application is automated software designed to determine the best times to buy and sell BTC, as well as other cryptocurrencies, to take advantage of price fluctuations in the markets. This software uses advanced trading algorithms to analyze the market in order to find profitable trading opportunities when they arise. When the market reaches certain parameters that match the trading parameters set by the user, the algorithm will execute the trading for you without you having to do anything at all.

Many traders who use these trading bots can earn over a thousand dollars a day. It is the kind of money that can very quickly motivate you towards your goals of financial freedom. Also, surprisingly, software developers don’t charge you money to be able to access this powerful trading app. Registration for a new account is completely free, while the profits made from trading will not charge a commission.

For more info on crypto trading bots and how to find the best platform, check Learnbonds, where you can find everything there is on this topic.
Numerous pros and cons are associated with choosing crypto bots for trading in the cryptocurrency market, and that is why we gathered ten the pros and cons that should clarify everything and help you with your decision.

Pros:

1. User-friendly interface

Source: coinidol.com

You will easily find the registration form on the home page. Just fill out the required personal information to complete the registration process. The whole process will only take a few minutes and will provide you with a new account to trade with a crypto bot and a regulated brokerage partner. Every website also offers useful information and details regarding their software. If you need to contact the platforms team, there is a customer service that everyone can easily reach for any information they might need.

2. Customer service

Users have access to a professional and well-trained customer support team available 24 hours a day, seven days a week. Representatives know what they are doing and are versed in the software, and can usually help you solve the most common problems. The support team responds, and they are polite and eager to find solutions to your difficulties and answers to your questions.

3. Security

The software algorithm is very accurate, with an accuracy rate of 99.4%. That means that almost all trading signals provided by the software will be cost-effective. It also means that it is unlikely that any trade executed by the software will lead to a financial loss. Another benefit is that everyone can be sure that their funds are safe and secure from fraud, which is highly valuable in the age of the Internet where anything can happen.

4. Suitability

One of the most annoying things about online financial trading is the constant need to download and upgrade software. Fortunately, with most crypto bots, you will never have to worry about this because their platform is entirely web-based. What this means is that you can access the powerful trading app from any device with a web browser and internet connection.

5. Transparency

Source: unsplash.com

Since everything about cryptos is based on transparency, there is no need to worry about anything going under the radar. Any unethical activity or behavior is strictly banned, providing everyone with a safe trading option. It is also something everyone should first look up when they search for trading bots, as reputable developers are the best choice.

Cons:

1. Scams

Source: coincentral.com

There are many scams and untrustworthy trading bots on the market today. Many of them make unheard of and completely false claims, and it is something you would want to avoid, which is why doing proper research is a must.

2. Potential loss

Since everything is automated, it means that there are some repetitive tasks, and everyone should check-in and monitor it regularly.

3. Security

It goes both ways (pro and con), and although there are many benefits of everything being online, there is still a chance of being hacked by cybercriminals.

4. Mechanical Failures

There is always a chance for malfunctioning and technical mishaps. The most common problem is when the host system crashes due to a bad internet connection, which could lead to losing some money since you will not be active on the market.

5. Technological dependence

Source: fintechnews.sg

With trading bots, there is no chance for human error, as no emotions are influencing the decisions, which is a good thing. But it does not mean that you can just choose the entry and leave, and some trading strategy is still needed.

Conclusion

All in all, there are many benefits of trading bots with responsive and easy to use platforms available to traders today. Even those with zero experience in online trading will be able to quickly and easily learn how the software works. The trading signs are accurate, which makes the risk pretty minimal, and they are an excellent option for consistent earnings in the cryptocurrency markets.

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