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WOLFBOT Review: Should You Use This Trading Bot?

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WOLFBOT Review: Should You Use This Trading Bot?

WOLFBOT claims to be a smart way to invest in crypto coins. It is a cloud-based platform that operates 24/7 looking for the most favorable profit-making occasions. In this WOLFBOT review, we are going to analyze the features and the security of this platform in order to determine whether it is trustworthy or not.

WOLFBOT overview 

On the official website, there is zero information on the developers. We don’t know when WOLFBOT was launched or where the parent company is based. 

WOLFBOT quick summary

The key aspects of the system are as follows:

  • 24/7 automated trading
  • Strategy test based on archival data
  • Advanced trade analytics
  • Instant notifications on smartphone 
  • Various types of strategies
  • Additional plugins
  • Multiple trading modes
  • Price predictions via machine learning
  • Open source platform
  • Automatic parameter optimization

What does WOLFBOT offer?

The first thing you need to do is to purchase a cloud bot instance. In the order page of the My Account section, you can view your WOLFBOT order to get the URL. You need to open this URL and enter your username and password to access the bot. In the bot’s configuration section, you can add API keys to link your exchange and select the configuration file. The bot will then initiate orders based on the settings. 

WOLFBOT reputation

Many of this platform’s functionalities are still under development and it hasn’t been covered by reliable media outlets. This indicates a lack of reputation.

What crypto exchanges are supported?

The supported exchanges are as follows:

  • Binance
  • Bitfinex
  • Bittrex
  • Kraken
  • Bybit
  • Poloniex
  • Coinbase Pro
  • Bitstamp
  • Gemini
  • FTX
  • HitBTC
  • Bibox
  • Huobi
  • KuCoin
  • Liquid
  • YoBit
  • Bitkub
  • Coss.io
  • Cex.io
  • Cobinhood
  • FCoin
  • Nova

Price 

There are three plans for cloud trading bot membership. The 1-month, 6-months, and yearly plans cost $90, $480, and $700, respectively. Compared to other systems, the plans are not very cheap. Each plan comes with a dedicated WOLFBOT cloud instance, unlimited trading pairs, and access to all strategies, indicators, and strategies. 

Security and privacy of WOLFBOT

The entire code is available on Github, where it is reviewed and tested by independent developers. A third party regularly audits the website for security vulnerabilities.

Are traders happy with WOLFBOT?

We were unable to find any user reviews for this system on third-party websites. This tells us that not many people are currently using this platform for crypto trading.

Profitability of WOLFBOT

You can potentially make daily gains of over 10% in the crypto market. With higher returns, you ought to take more risks. Profitability depends largely on the trading schemes and the market scenarios. For low-risk trading, you can choose arbitrage or lending.

Deposits, withdrawals and fees

You cannot make deposits and withdrawals through this platform, so your assets will remain safe even if someone manages to access your account. There are no added fees apart from the subscription fees.

Advantages of WOLFBOT

The advantages are as follows:

Backtesting 

This feature lets you optimize your strategies with archival data before using them for live trading. You can use a simulated environment to test various timeframes and market scenarios.

Detailed records 

The Trade Book contains the records of all the trades you’ve conducted. There are advanced filters for the records and you can even check the technical indicators and other detailed statistics like average price, breakeven price, and total trading amount.

Advanced strategies 

The official strategies like this platform include RSI, MACD, DEMA/EMA/SMA, TrendLines, CCI, MFI, OBV, KAMA, STC, StochRSI, and others. It also has day trading, stop loss, take profit, and long-term strategies for different trading styles.

Multiple trading modes 

WOLFBOT supports margin trading and short-selling. Price differentials can be taken advantage of via arbitrage and you can lend your coins to margin traders for interest.

Disadvantages of WOLFBOT

Let’s look at the disadvantages:

Lack of vendor transparency

Since we don’t know the identity of the developers, it is difficult for us to determine whether the platform was built by experienced professionals.

No user reviews 

Without customer reviews, we cannot get an idea about the first-hand experience of real users with this platform.

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