Crypto engine is a trading platform where we can trade cryptocurrencies. The main highlighting feature of the crypto engine is its self-claimed sophisticated trading bots algorithm. Before we talk about crypto engine, first we must understand what are crypto trading bots?
So, what are crypto trading bots?
Well, they are computer programs that trades on your behalf with a given sets of instructions or rules criteria to act on. For example, buy “x” amount of Ethereum if a certain price target is hit. Once that rule criteria are met, then the bot will automatically execute the trade you wanted.
So, what does it mean? It means that in order to use a crypto trading bot, you will need to connect it to your crypto exchange account using something known as API or Application program interface. Basically, this API gives your trading bot the ability to place a trade programmatically at the exchange. As a result, you can execute a trade in your sleep. Sounds little scary? Well, it should be. Because you are essentially handing over access to your exchange account to a computer program. What happens if there is a compromised code in the bot or the company that made the crypto trading bot turns out to be scammers?
These are all real concerns that you must be aware of. So, are the machine going to take over your Binance account? Have we opened the Pandora box and released the Skynet here? Well not exactly.
The good news is that you can set permission for exchange API’s. You can determine what particular API keys have the ability to do in your account. So, for the crypto trading bot you can set the ability to only buy or sell but not to initiate a withdrawal, which is most likely a good idea.
You can also limit IP address too. That means any instruction must come from your own IP address, which is a great way to protect yourself against the scummy crypto trading bots. So, now that you know what the crypto trading bots are, I am going to tell you the Pros and Cons of using crypto trading bots.
Pros and Cons of using Crypto trading bots
One of the major pros is that these crypto trading bots gives you the ability to trade 24/7 and execute trades even when you are in a sleep. That means you will never miss out another trading opportunity ever again due to being in the land of not.
Also, trading bots helps take the emotion out of trading. You are simply setting the rule criteria or instruction in the bot and leaving those trades to execute if the criteria meets. That means you will be less susceptible to FOMO or panic selling.
Another benefit of using bots is that they allow you to back test your trading strategy. That means a bot can take that strategy that you are using and apply it to all that historical crypto price data and tell you how successful it is. Just say goodbye to trading in the dark.
Finally, trading bots simplify trading. You don’t need those multiple screens in your desk to look through all the markets. All you need is a laptop and bots can simultaneously perform all the trading in multiple platforms for you hassle-free.
However, all is not smooth sailing when it comes to crypto trading bots. I am going to be very straight with the cons. Many people seem to be under the illusion that trading bots are some sort of magical money-making machine. Get one, turn it on, and then you print money all day. Sorry, guys, but that’s not the case at all.
With the trading bot, you have to constantly tweak your trading tactic to work, and it is certainly not a set and forget it money making machine. Another con for crypto trading bot is that there are bunches of scams out there. Even if you find a legitimate one, some are so poorly coded that it’s going to be impossible for you tie execute a single profitable trade.
Please, guys, I would like to grab your attention that you really need to be careful with crypto trading bots. If it sounds too good to be true, then probably it is. If you come across trading bots calming to guarantee returns for low one-off pricing, please run for the hills, more than likely it’s a scam.
Another thing that I would like to highlight is that people do not realize that crypto bots need to be supervised. Do not expect to switch on a crypto trading bot, and you are set to go to the bank with all smiles. The market is cyclical. Trends come and go all the time. Fundamentally, a crypto trading bot is not a substitute for a smart human trader.
And here’s my final con for crypto trading bot, to use them you need to keep your fund on an exchange. Now of course there are a lot of highly reputable and secure exchanges out there, but hacks do happen. I can’t sit here and tell you that it isn’t beyond the realm of possibility that one of these gets hacked. So, I need to mention that.
1. The Crypto Engine
After we are clear about crypto trading bots, let’s head towards the crypto engine. So, crypto engine is like any other trading exchange platform, but what is the difference? You ask.
Well for starter, the crypto engine claims that they have a unique trading algorithm. According to them, they built the algorithm from the scratch to be the best that the trading landscape has to offer. Recently, the crypto engine is gaining traction among cryptocurrency investors.
The platform has a high profit margin that may be achieved in a short period of time with a simple account opening process, and a user-friendly interface. The Crypto Engine‘s official website claims that consumers can make lots of money by using its services to trade Bitcoin. Are these platform claims accurate? Is Crypto Engine a Scam or a Trustworthy Trading Platform?
2. Reviewing Crypto Engine
Crypto Engine is a sophisticated bitcoin trading platform in the realm of cryptocurrency trading automation. This trading robot, according to sources, takes advantage of cryptocurrency volatility to earn massive daily returns. Many Crypto Engine users claim to have profit, with some even claiming to have made a fortune. According to sources, compounding daily returns over time is the key to making money with this trading strategy.
You can trade with up to 4000:1 leverage. Consider leverage to be a form of borrowed capital that can help you make a lot of money with a small investment. In this instance, the leverage is given by the broker who has been assigned to you by Crypto Engine. Because leverage magnifies all trading results, including losses, it should be handled with prudence and avoided at all costs.
Crypto Engine has worked with robots regulated by the ASIC (Australian Securities and Investment Commission), the FSB (Financial Services Board), and the FCA (Financial Conduct Authority), according to third-party sources (Financial Conduct Authority). CFD trading in a range of cryptocurrency tokens is possible with these robots.
The crypto Engine, according to them, decodes trading signals by the use of their advanced technology before sending them to connected brokers through APIs (Application programming interface). When the broker receives the signal, the trade order gets executed automatically by the broker.
3. Is Crypto Engine Safe?
I think Crypto Engine might be misleading about the usefulness of its software, despite the fact that it uses complex algorithms and technology to forecast forthcoming price fluctuations in crypto-assets. Its automated trading systems are designed to execute deals fast and without requiring human participation.
However, making over hundreds and thousands per day is practically very hard to achieve. And the figures they mention are just utilized to entice new customers to their platform’s automated trading services, in my view.
Traders, particularly beginners, should be wary of promises that utilizing a bot will make them millions of dollars in bitcoin trading. Even experienced investors should be cautious when using its services because the crypto markets can be quite unexpected and volatile. So, please be very careful. And a personal piece of advice, “never put all your eggs in one basket”. And if you are a beginner in crypto trading, you should stay away from this kind of platform, but that’s just my opinion.
Moreover, I couldn’t find any of the people behind the crypto engine. Their about us page does not mention any one of their teams. So, that’s quite alarming for me. If you look for crypto engine, you will find multiple websites with the same names without proper behind the screens people, which is another red flag for me.
Various sources have given the Crypto Engine varying reviews. Some members have said to have profited from the robot’s services. However, in my opinion, the claims expressed on their website should not be taken too seriously. You will not become wealthy overnight by using a trading bot, and you should be wary of claims that you can become wealthy quickly with little or no prior expertise or work.
Having said that, I am not a financial advisor, and you should consult with the professionals before investing. But in my opinion, I will highly discourage people from getting into this kind of bot platforms. In my view, these apps and website will do more harm than good. But that’s just my opinion.