Bitbot is an automated bot that carries out high-frequency crypto trading. The algorithm was initially created to trade six-figure portfolios. Multiple technologies were incorporated to build the product, including Java 8, React, Docker, Postgres, etc.
The developer claims that the bot carried out micro-transactions resulting in profits within two minutes of trading. We will discuss all the details about the pros and cons, profitability, safety, and security of this bot mentioned below.
Bitbot is based on machine learning to learn as it trades. A series of APIs funnel real-time data that consists of opportunities out of bound, executed opportunities in the last 30 days, potential opportunities, exchange-based balances, etc.
The platform has the following features:
- High-frequency trading algorithm
- Detailed case study
- Built upon Java 8 and Ruby
- Neural network to analyze the markets and scan proper trading opportunities
How does it work?
The developer is not clear about the working methodology of the product. There is no information regarding API keys or other methods to connect the algorithm to your exchange.
Bitbot uses machine learning technology to scan the charts and find profitable setups. The developer claims that the bot made a profit of $5 within the first 2 minutes after going live.
There is no information about the supported exchanges on the website. This is a poor approach by the developers to maintain transparency. Traders cannot know if their broker is compatible with the bots.
How does Bitbot stand out?
Bitbot was built on Java 8, Ruby, RabbitMQ, making it unique from other bots available in the market. However, when we compare factors like vendor transparency, working methodology, user reviews and performance records with other bots, we find it’s a lackluster service.
Best for: high-frequency trading
Bitbot is suitable for neural and fast-based trading. The author states that it can be used in several industries such as investment banks, hedge funds etc., where millions of orders are executed quickly. Unique technologies were developed for building fast trading bots that ensured better handling, execution speeds and a safe testing environment.
The developer does not provide any details about the prices of using their services. Again it adds to the non-legitimacy of this platform.
How safe is Bitbot?
There is also no information about the safety and security of this platform. Codelitt claims to implement user testing before releasing their products to the general community. However, we can not find any white papers on the website verifying their statements.
Bitbot was developed by a company called Codelitt back in 2015. Vincent Hendricks is the current CEO, and Cody Littlewood is chairman of Codelitt. No certificates are available to verify developers’ experience in the crypto market.
The company headquarter is based in Miami, Fl, USA, and the rest of the staff is fully remote in 12 different countries with 45 active team members.
Is it a good choice for beginners?
Bitbot lacks a lot of information on the website, like pricing, transparency, user feedback on trustable sites, etc. We do not know about the number of compatible exchanges. This makes the algorithm a poor choice for beginners.