No matter whether the conditions of the cryptocurrency market are good or bad, you will always find ways to make some extra money by trading. When the market is bearish, buying the dips and selling the highs can earn you extra.
However, to achieve this regularly, you will need to monitor market conditions like a hawk. This is not possible for a human being to achieve. However, a trading bot can do this instead. In this Gekko trading bot review, we will have a look at some of the features of this trading bot that makes it stand out against all the other trading bots out there.
What is Gekko Trading Bot?
Gekko is a cryptocurrency trading bot that trades on exchanges on your behalf. The cryptocurrency market never sleeps. This means that the values keep fluctuating even while you sleep.
In such a scenario, you might end up losing a very good trading opportunity. However, if you have set up a Gekko trading bot strategy, the trading bot would trade on your behalf. This means that if there is a trading opportunity while you are away from your computer, the bot is able to capitalize on the current market scenario. Now let us move to the features of the bot in this Gekko trading bot review.
Gekko trading bot features:
Some of the most useful features offered by the Gekko trading bot are:
1- Backtesting: On the Gekko trading bot, you can create your own trading strategy and test it against the past market conditions. This would give you a good understanding of how your trading strategy would have performed in the past.
2- Paper trader: In the crypto market, the past conditions can never be a true testament of the future. This is where Gekko bot’s paper trader comes in very handy. This feature helps estimate how well your Gekko bot trading strategy would have performed in the real-time market. Instead of using your hard-earned money to test out a new strategy that you created, you can make use of the Gekko paper trader feature and test it out with fake money.
3- Trading: On Gekko you can either test out your Gekko trading strategy before using it to automate your trades or if you are experienced and confident about your strategy, you can skip the whole testing phase and get started with automating your trades.
All you need to do is link the Gekko trading bot to your trading account on popular exchanges like Binance, using the AIP keys of your account. Once the bot is connected to your account, all your trades will be automated. Based on the Gekko trading bot strategy that you have selected, the bot will look for signals and will place the trades accordingly.
Can we really make money with the Gekko trading bot?
HODLing your cryptocurrency has been the best way to make the most money. However, holding is done only by long-term investors. If you want to make a few quick bucks, cryptocurrency trading is your best option.
As humans, we are usually emotionally attached to the money that we invest. In a volatile market, this attachment to our money often gets the better of us. We make hasty decisions more often, eventually missing out on a bigger opportunity.
Gekko, on the other hand, makes decisions based on the Gekko trading bot strategy that you have set. This means that in a short duration, if there is a trading opportunity, Gekko will capitalize and make sure that you make some extra money.
Gekko works best in a bear market. As the prices of cryptocurrencies are on a decline, the minute gains that the market experiences are going to be capitalized by your Gekko bot. In a bull market that might not be the case because you are going to be better off Hodling your cryptocurrencies than trading than in such a scenario.
Now that we have a good understanding of the Gekko bot, let us have a look at the advantages in this Gekko trading bot review.
Having a trading bot trade is very advantageous. Let us now have a look at a few of them.
1: Automated trades: Once you have a good trading bot strategy, you needn’t worry about the trades made on your account. There will no longer be any need to spend time staring at your computer’s screen, looking for trading opportunities.
Once the Gekko trading bot is set up with your account, trades will happen automatically. If there was a trading opportunity while you were away from your computer, Gekko would capitalize on it and ensure that the trade was made. So, once you have Gekko enabled, you can completely forget about looking out for trading opportunities.
2- Flexibility: Gekko has a set of pre-built trading strategies that you can use to automate all your cryptocurrency trades. However, you can also create your own custom trading-strategies and try them out as well.
Based on the strategy you want to use while trading, Gekko identifies such signals and places the trades accordingly.
3- Pricing: Cryptocurrency trading bots are of great use. Being able to automate all our trades means that we needn’t worry about missing a trading opportunity ever again. Such a bot usually comes in at a premium price.
However, Gekko is an open-source project. This means that you can use Gekko to satisfy your trading needs and needn’t pay any money.
1- Hosting: Gekko is a software that you can set up on your local machine or on the cloud. This incurs extra charges for hosting purposes.
2- For the experienced: Gekko comes with a few pre-made trading strategies. However, these are not that great when it comes to performing in a real market. To be able to develop good trading strategies, one needs to have sufficient experience to develop a good trading strategy.
3- Unmaintained project: As of the year 2020, Gekko is no longer a maintained project. This means that there will not be any more features added to this project by the developer.
Gekko trading bot is an open-source trading bot. This means that you can use this for free. However, this is a software that runs on your local computer or on a cloud platform. This means that to run the bot all day, you will need to cough up a little overhead that will be used for hosting the software on the cloud.
Gekko Trading Bot Review – Conclusion
Trading is a great way to make some extra money during the bear market. With Gekko you will be able to automate trading. Additionally, when the bot is hosted on a cloud platform, you can be assured that you will not miss out on any opportunity that pops up when you are away from your computer.