Home Crypto Bitbot Review: Should You Use This Trading Bot?

Bitbot Review: Should You Use This Trading Bot?

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Bitbot Review: Should You Use This Trading Bot?

Bitbot is an RPA bot specializing in high-frequency crypto trading. For building a reliable trading bot, the developers used technologies that provided a solid testing environment, efficient error handling, and swift execution time. The vendor claims that the robot is capable of executing successive micro-transactions and generating $5 profit in just 2 minutes.

Bitbot overview 

The parent company behind this platform is known as Codelitt. It has 45 members spread out in 12 countries. The headquarters of this company is located in Miami, Florida, but a lot of team members work from remote locations. Key members of the team include CEO Vincent Hendrickx, CDO Vicky Jaime, CTO Kaio Magalhaes, and Chairman Cody Littlewood. 

Bitbot quick summary 

Here are the key aspects of the trading bot:

  • Built using robotic process automation
  • Algorithmic trading approach
  • Takes advantage of specific recurring market inefficiencies
  • AI and machine learning integration
  • Ability to handle six-figure portfolios
  • Error handling
  • Testing environment

What does Bitbot offer?

On the official website, the vendor has not clearly explained how the system works. Instead, they have shared some details about how the system was created and the technology behind it. The crypto market is highly volatile in nature and sometimes you have only a few milliseconds to capture an opportunity. The developers realized the limitations of manual trading, thus developing a robot that discovers, analyzes, and executes trades automatically. 

According to the vendor, the system offers strategic viability and speed. Also, thanks to its AI and machine learning integration, it can adapt itself to changing market scenarios. For its trading system, Bitbot uses a bunch of Ruby/Java microservices and for the backend, it uses Ruby on Rails. There is a frontend dashboard where you can monitor the status/health of the system that allows you to keep an eye on the recent trading activities.

Bitbot reputation

We were unable to find any user reviews for this system on third-party websites. Also, it has not been covered by any reputable media outlets. Thus, it seems that at the moment, this platform does not have much of a reputation and not many people are using it.

What crypto exchanges are supported?

The developer has not shared a list of supported exchanges. This indicates a lack of transparency. It makes it impossible for traders to know whether their broker is compatible with the platform.

Price 

On the official website, there is no information about the pricing plans for this crypto trading platform. You need to get in touch with the service team in order to inquire about the pricing details.

Security and privacy of Bitbot

The developer has not clearly explained the security features of this bot. Codelitt follows a mechanism where it uses wireframe testing to validate ideas before designs are created. Also, it tests prototypes with users prior to software development. However, we don’t have the test results for this particular platform.

What about customer support?

On the official website, you can find the email address and the phone number of the main office. You can also contact the support team by filling out a web form.

Profitability of Bitbot

Without trading statistics, it is impossible for us to determine how profitable this bot is. 

Deposits, withdrawals and fees 

There is no information pertaining to deposits, withdrawals, and trading fees on the official website.

Advantages of Bitbot 

Let’s look at the advantages offered by this system:

Learning mechanism

Since the system is based on machine learning, it is capable of evolving. It constantly evaluates its performance and makes adjustments for the future based on the results.

Disadvantages of Bitbot

Here are the disadvantages at a glance:

Lack of transparency 

There is a severe lack of information when it comes to this bot. We don’t know how much it costs or which exchanges it supports. Moreover, the developer has not clearly explained all the functionalities.

Lack of adequate security features 

Most crypto trading systems have security measures in place to protect the users’ data. However, there is no information about the safety features of this system.

Lack of reputation

There are no reviews that tell us about the first-hand experience of users with this platform. Thus, it is evident it lacks reputation and we don’t know what to expect from it.

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