The GRID Trading Bot aims at obtaining profits from the ups and downs of the market. In essence, it lets you automate the grid trading strategy thus decreasing your manual work generally. The vendor offers 2 different versions of this bot for free, and their settings vary based on your unique trading needs.
GRID Trading Bot: what is it?
This is an automatic trading system that earns you passive income with low risk in the crypto market as you do other things. The bot also gets rid of emotions and makes revenues whenever price fluctuates.
Background of the GRID Trading Bot
The software is the invention of Pionex, a crypto exchange platform that was built in 2019. The grid trading bot is among the 12 different trading bots that the company is offering to its clientele. The company is based in the United States, but there’s no information whatsoever about the development team. So, we don’t know their names or competencies.
Official GRID Trading Bot website
The official website for this bot is brief and to the point. The devs explain what this software is and how it works to find trades. They then provide setup instructions, along with supporting images to help users configure the system to their devices easily. A knowledge base and FAQs covering several topics are also featured on the site.
How does it help to make money?
The bot usually places a sequence of buy/sell orders within a certain price range. So, it automatically purchases an asset when the price reaches a preset “low” point and sells it when the highest possible price point is attained. As a result, the user is able to obtain profits from market volatility.
How easy to use is it?
The bot is relatively easy to use. If interested in using the system, you can visit the official Pionex page and choose the grid trading bot among the many trading tools listed there. Pionex provides you with the option of selecting one of these grid trading bots: “Set Myself” and “Use AI Strategy.” No matter your choice, you will find a list of recommended parameters. Once you are done setting up the bot, it will begin trading and making profits on your behalf.
What about the privacy and security of GRID Trading Bot?
This system is safe to use. All reserve funds for all cryptos are kept on Pionex, and it wouldn’t dare to embezzle your money. Moreover, your assets are stored in Binance and Huobi so as to diversify risks. The vendor applies a broad range of security measures to safeguard your data. These measures encompass physical access control to data centers, firewalls, encryption of data, etc.
What is the profitability of GRID Trading Bot?
The actual profitability rate of this system is unknown. You may have to apply it to your trading to find out. The profits a user will get may depend on their settings, market volatility, total investment, grid quantity, take profit price, and other market conditions that are beyond the user’s control.
What exchanges does it support?
The GRID trading bot is built within the Pionex crypto exchange. Pionex is also a broker of Binance and the market maker of Huobi.
How is customer service?
A knowledge base is available to assist you self-serve your answers. The platform is like a library and integrates a wide range of resources covering different topics about the program. You just need to type your question on the search bar, and relevant article options will appear. Choose the one you think will best answer your concerns. No email, live chat, or phone support is provided, though.
What are the pros and cons of trading with GRID Trading Bot?
- Easy to use
- Provides take profit and stop loss features
- Limited customer support options
- Developers are unknown
- Undesirable market conditions can lead to losses
Is GRID Trading Bot right for you?
The bot may be the correct choice for you if you are comfortable working in volatile markets. Its trading algorithm works well in competitive markets where prices tend to fluctuate often. The system ensures that you get earnings whenever the selling price exceeds the buying price during lateral price movements. However, you have to remember that unfavorable market conditions can result in disastrous outcomes. An abrupt spike in price or drop can lead to substantial losses.
GRID Trading Bot conclusion
The GRID Trading Bot is offered for free on the Pionex exchange platform. It is also easy to use and gives you the chance to capitalize on price oscillations. Even then, it is vital you apply the algorithm with vigilance. Start with a small deposit when trading to get a feel of how it performs, and slowly increase it if the results produced are desirable. All the while, keep in mind that the grid strategy can lead to immense losses if the market misbehaves.