All About BTC, LTC, ETH mining as well as other alternative crypto currencies
The automated bot trading service Cryptotrader has just officially announced the addition of support for trading on two new exchanges – Kraken and Bitfinex. These two exchanges are added along with the already supported Bitstamp, BTC-E and CexIO, the service previously also supported MtGox, but not anymore for obvious reasons. This is essentially the first solution for automated cloud trading on crypto exchanges to provide support for trading on Kraken, a particularly interesting place for trading in Europe due to the large EUR trading volume on the exchange.
If you haven’t tried the service yet, you might want to check our review of Cryptotrader first. We can add to that already that the service still suffers from one major problem and that is letting users know about new features on time, a clear example for that is the announcement about the new exchanges… they have actually been available for a while already, more than a week for Kraken and close to a month for Bitfinex. So they really have to do something about letting their users know about new features and improvement in a more clear way and not just send a newsletter once in a while to sum things that have happened in the past two months for example.
We have covered the Cryptotrader automated cloud based trading platform a while ago in our short review. An now the service has added a new interesting feature that we believe to be very important for people that are not very experienced in trading and writing trading bots – the group of people that are probably most interested inautomating trading, but are not going to feel at home using Cryptotrader due to the more professional orientation of the service.
It seems that the service has added a new feature called Strategy Market where you can essentially “rent” a trading bot written by another user or sell your good trading strategy if you can program one yourself. Algorithm authors can list their algorithms in the Strategy Market as either a Free or Paid Strategy. Free strategies may have protected source code or not depending on author’s preference and the source code of paid strategies is never revealed, though apparently an option to buy the source as well is being worked on. Currently there seem to be about 20 paid strategies already with just a few free ones also available for you to try. This new feature can actually make the Cryptotrader automated cloud based trading platform more appealing to new users that are looking for an easy and automated solution to trade at Bitstamp, BTC-E or CEX.io exchanges without having to write their own automated bot.
Note that paid strategies are not going to guarantee you profit, but since they are going through an approval process at least you should be expecting to get a decent trading strategy that does not come with a high risk of loosing. Nevertheless you should also be careful with paid strategies as most of them do not come cheap and though they would probably cover the cost by making you some profit, again there is no guarantee that they will ensure you profit, so be careful with them as well!