Does LiveTrader make for a consistent source of wealth for the newcomer trader? Or does simplicity deprive it of any sophistication that might aid it in being of everlasting value? A growing number of companies are producing simple bots for crypto trading to help beginners due to the increasing number of users who want to try their hand at it.
These are often very simple and do not require any coding skills or trading skills. But, how simple can it be? It was obvious that cryptocurrency was a new economic trend as soon as governments began to accept it as legal tender. Cryptocurrency is here to remain, and crypto trading continues to grow as a lucrative business opportunity.
What is so attractive about crypto trading? The possibility to earn an income by using crypto automation tools. You can create a bot that earns money for you.
Of course, it isn’t that easy. Although bots have an unlimited attention span and do not require breaks, they still need to be set-up, updated and instructed regularly.
If you give a bot ineffective directions, it shouldn’t be expected to make a profit. If you leave a bot on the market today with outdated instructions, your cash will be used to fuel someone else’s growth.
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Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Perhaps even more important, not all bots are good bots. If you simplify the bot, it will be difficult to find lucrative trade deals.
There are also bots that don’t make money, and would not earn any money if it were in the hands of their developers.
The lack of experience and expertise required to differentiate between good and bad bots is a problem for new players. They are therefore more likely to be deceived and forced to choose something cheaper or easier than the “normal” option.
Software that comes with a few pre-configured features is promoted as not needing any special expertise. However, it doesn’t often advertise that it will be the most capable competitor.
What does LiveTrader bot do? Is it easy enough for newcomers to use, but not too difficult to actually make a living?
Is LiveTrader a jumbled-up software that only makes money for developers? Today we’ll find out.
What is LiveTrader about?
LiveTrader is a software tool that automates cryptocurrency trading. It allows day traders to trade in cryptocurrency without having to spend hours observing crypto exchanges and being ready to strike at the right moment.
This is mainly because it offers ready-made solutions, such as pre-built bots and features in its strategy maker.
LiveTrader is promoting the idea of a bot for crypto trading, which is appealing to newcomers.
Although it was launched in 2019, it has already established a solid user base.
LiveTrader offers a marketplace where prominent and skilled users can rent their software for a fee.
LiveTrader claims that they process data from over 150 sources to provide accurate information about the state of the crypto market.
These decisions are intended to lower the risk of financial loss, and increase profitability.
LiveTrader provides additional security and preparation by offering extensive simulation and backtesting opportunities for codes that are “custom-made”.
LiveTrader combines accounts from all supported exchanges into one place. This is the sales pitch. But what’s underneath the hood?
LiveTrader Features
LiveTrader is designed to provide 24/7 Cloud access. LiveTrader states that there is no need for users to download any software. This is a big plus. Trading bots can be frustrating and time-consuming to download. LiveTrader emphasises transparency on its platform. This includes pricing information as well as instructions for using the bot.
LiveTrader charges no hidden fees. LiveTrader does not charge any additional fees or commissions for the use of its bot. It is safe because the bot communicates directly with the crypto exchange of your choice. Your funds are never compromised by the bots’ interaction with the cryptocurrency exchange. LiveTrader emphasises that it does not ask for permission to withdraw funds from an account.
A detailed dashboard that can be customised for each trader is available. This dashboard allows traders to keep track of all trades made by the bot. The dashboard can be used to analyse trades and improve profitability. The dashboard allows traders to see which trading strategies work best, and can then refine their trading strategy to increase profits.
LiveTrader allows API integration with many crypto exchanges, including:
- Bitstamp Review
- Bitfinex Review
- Poloniex Review
- Kraken Review
LiveTrader currently lists 8 cryptocurrency exchanges as compatible with its trading bot. These are:
- Binance Exchange
- Bitfinex Exchange
- Kraken Exchange
- Robinhood Exchange
- Bitstamp Exchange
- Bittrex Exchange
- Coinbase Exchange
- Shapeshift Exchange
For cryptocurrency trading bots, back-testing capability is a hallmark. Back-testing is a great way to evaluate the success of a trading strategy. Every trader knows this. It is easier for traders to identify and profit from profitable trading signals by looking at how the bot performed in historical market data.
You can also paper trade using the LiveTrader cryptobot. This allows traders to evaluate their strategies in real-time without having to risk their money. The bots can then be used to place trades in live market conditions. The bot is not connected with any exchange so real money cannot be placed at risk during paper trading.
LiveTrader’s best feature is the fact that you can sign up to trade paper and back-test for no cost.
LiveTrader Pricing
LiveTrader offers three subscription options. The monthly subscription is paid, but the annual option allows traders to save huge amounts compared to the monthly option. These are the subscription packages prices and benefits:
Starter Package:
- $9.50 per Month (normally $19)
- 20 trading bots
- 1 trading strategy
- All technical indicators are accessible
- All exchanges are accessible
- Unlimited positions
Advanced Package:
- $24.50 per Month (normally $49)
- 250 trading robots
- 5 trading strategies
- All technical indicators are accessible
- All crypto exchanges are accessible
- Unlimited positions
Pro Package:
- $49.50 per Month (normally $99)
- 1000 trading robots
- 10 trading strategies
- All technical indicators are accessible
- All exchanges are accessible
- Unlimited positions
LiveTrader is a good value when compared to other trading bots. The price seems to be lower, especially if one subscribes to the more advanced subscriptions.
LiveTrader is very profitable
LiveTrader doesn’t commit to profitability. This is in line with other automated trading platforms. This is a common practice in the industry. It is understandable given the volatility of the cryptocurrency market and the fact that it does not guarantee a certain percentage of profits.
Conclusion: Who is LiveTrader for, anyway?
To return to our original question: Is LiveTrader too easy? According to our estimation, the answer is yes. LiveTrader is far too easy to be useful to day traders. Crypto trading is a great hobby. However, if you are looking for steady income from your investments, LiveTrader will not be a good fit. Quadency and Bitsgap, for example, are full-fledged services that offer extensive offers to suit all levels of experience. It is better to be a master of crypto trading than just being satisfied with basic bots. We believe so. We wish you all the best in crypto trading, no matter what decision you make.
