This automatic crypto trading bot has numerous strategies built into it; they are Bollinger Bands, Gain, Step Gain, PingPong, 1000Trades and Supergun.
We did note that the creator Gunthar De Niro, has mentioned that the BB strategy is the better one to use.
Users also have the option of mixing these strategies when using either Poloniex, Bittrex or Kraken. For example, you can buy with BB and sell with PingPong, or you can buy with PingPong and sell with Gain.
GunBot aka TheCryptoBot Pricing
Gunbot has three different pricing plans depending on whether you wish to utilize more than one exchange.
0.1 BTC – One Chosen Market – Lifetime Licence – One Time Payment – Run Unlimited Pairs
(converted to roughly $400 at the time of writing this review).
0.2 BTC – Any Two Markets – Lifetime Licence – One Time Payment – Run Unlimited Pairs
(converted to roughly $800 at the time of writing this review).
0.3 BTC – All Three Markets – Lifetime License – One Time Payment – Run Unlimited Pairs
(Converted to roughly $1200 at the time of writing this review).
It is important to note that the GunBot licences will not be available forever.
For example, the Poloniex volume is finite, therefore, according to Gunthar’s well thought out calculations only a limited number of people can use Gunbot on Poloniex.
Unfortunately, if everyone starts to spam the order books with autobots, eventually as we have seen before with other programs who offer infinite copies, someone will land up with their software being stuck.
Luckily, Gunthar has already considered this and has come up with a solution to the problem. A new GunBot algorithm.
The next GunBot algorithm will be called Black Edition and will only be released once all the original licences are sold.
What we find interesting about this is that only traders with a bought GunBot license history will be able to buy a GunBot Black Edition license.
Any new traders will have to purchase an original GunBot license from a previous user.
If you already hold a licence, this immediately adds value to it, as over time as it can be traded or sold at the best possible price directly from you.
If you do not have a licence yet, you might want to consider getting one now.
GunBot Software Pros & Cons
Although the software is an automated trading bot, we consider it to be more of a trading aid.
After having a closer look, we found there are some minimum requirements a person needs to operate the CryptoBot successfully.
For example, it is preferable to have some experience in trading and know what you are doing before running this software, otherwise you could face potential losses.
Let us begin with the hardware requirements.
You can download the software and run it from your PC or you have the option of purchasing a VPS (Virtual Private Server) from one of their recommended suppliers or a VPS provider of your choice.
The service recommends purchasing a Contabo VPS Server & running it with Windows 10 or Linux for best performance.
The software works on Windows, Mac and Linux.
Nix is also supported however; this is a NET & Node.js program so it is better to run it off Windows.
It is also recommended to choose a minimum 4 core and 4 gig RAM. GunBot is not a major CPU consumer though as it only takes 20k RAM for each currency pair you trade.
There are other minimum requirements that we need to mention in this GunBot review. To operate the software the user also needs to possess some basic skills.
The minimum requirements are listed below;
Basic Computer Skills
Basic File Editing Skills
The Logic of Market Trading
Understanding that this is an automation software for trading Cryptocurrencies and the user is required to configure the bot according to their needs and desired trades.
Understanding that GunBot does not make any predictions and does not make decisions for the trader – e.g. it does not choose which coin pairs to trade on its own.
Understanding that configuring GunBot is mandatory and falls in the hands of the user.
The user also needs to know and understand what the following terms mean; Bitcoin, Trading Cryptocurrencies, Coin-Pair, API Key, API Secret, Buy/Sell Price, Holding a Portfolio of Cryptographic Coins, Deposits & Withdrawals, VPS, Console/Terminal Window.
If you do not understand the above terms or possess the requirements listed, then this software may not be suitable for you.
Additionally, because you are required to configure the software yourself after installing, if you are not experienced in various strategies it is recommended to leave each strategy in its default settings and just choose your currency pair and max balance to trade.
The pros of using this software come in the form of automated trading (once you have configured the bot) and allowing it to run 24/7 even while you are asleep.
This translates to a lot more possible profit than if you were manually trading which is naturally time restricted.
According to the extensive research we conducted for this GunBot review, the profits reported by users are in the 1% -3% daily range.
If left running 24/7 and market conditions are favorable, for example, there are no coin crashes then you are looking at an ROI of around 30% monthly.
This is a very decent profit.
Can You Lose Money With GunBot?
As mentioned, the CryptoBot is automated and gives you the freedom to change certain options, however, you need to know what you are doing.
There are some technical errors you should avoid in order to prevent losses.
For instance, if you use a stop limit to close to the coins daily variation.
There are also some common errors to avoid such as trading an unreliable or surging/dying coin, setting a margin to buy/sell to low/high or setting Max Latest prices to low.
You can check their authority on the official Gunbot forum, Gunthy.org. GunBot runs via the API system on your chosen exchange.
Therefore, for example, if you are going with Poloniex, you will need your Poloniex API Key as this will also act as your licence key.
Important Note: There is a difference between your API Key and your API Secret Key – Do not share your API secret key with anyone.
Once you have done this, simply download GunBot and install it.
Before running the software for the first time remember to configure it.
Access to Poloniex is granted using your API keys and a direct call to Poloniex API.
Please note, It is mandatory to not enable the withdrawal feature on your Poloniex API pair. If GunBot detects an API pair with withdrawals enabled, it will disconnect and your GUNBOT license will be blocked.
More info on downloading, running and using the software for the first time can be found here.