It’s unfortunate that certain things on the internet earn a negative connotation despite the fact that they are not dangerous or bad per se. Let’s take the example of crypto robots. Most people have come to believe that they are not legitimate and so they should never sign up with a company that claims to be a cryptocurrency bot. That’s not entirely true and completely avoiding these bots won’t be the best thing you could do.
What makes sense is that you know more about them and their workings. After that, you will be in a better position to decide whether you should go this route or not. Let’s understand what these robots are really about.
They Use Real Technology
After listening to people, you might think that these software tools are all about buzzwords, fake terms, and gimmicky concepts. That’s not true at all. It is important for you to know that the most reliable stock brokers in the world use AI-based software tools for trading as well. It’s not a new concept at all. If you think the concept of trading through AI-based programs is new, then you should look at the most famous stock brokers in the US. They all have this option. The truth is that certain configurations can be made into a program so it can trade only when those conditions are met—it’s not that complex a concept.
That’s what cryptocurrency robots do. They have these algorithms working at the core that helps them trade on your behalf when certain conditions are met. You just have to define the assets you are interested in, your trading objectives, and your financial goals.
They Are Not Unsupervised
So, are you under the impression that you will pay some money to open an account, and then you will be left alone with some software to trade on your own? That’s not how things work. It is not as though you are buying some sort of application. The thing is that when you open an account, you are actually connected to a proper online broker. You can say that the robot in this particular case is the middle party. Based on your trading preferences and financial goals, you are connected to a broker that can best serve your trading needs. You will still be trading through a platform that works on autopilot mode.
What it means is that you define certain criteria for your trades and then the software starts trading on your behalf. You might be able to sign up with the robot for free, but you then have to pay a fee for your trades, just like you do with other types of trading platforms in the world. Bitcoin Compass is a great example of such a platform that works on this exact model where a fee is charged on your trades for using the broker’s services.
They Don’t Always Fool You
There is no doubt about the fact that some online crypto bots will try to tell you that you can become a millionaire overnight. That’s not true at all. You can’t do that and any trading robot or broker that promises that is not telling you the truth. However, you can definitely get profits on your trades in a consistent manner. If the platform you are about to pick tells you that there is risk involved and then profitability will depend on market conditions, you can be sure they are being truthful to you rather than befooling you with preposterous claims of making millions in a night.
As you can see, crypto robots or crypto bots are not always fake or make fake claims. People have gotten this notion from the many bots that were deceptive in nature. However, the crypto investors community has not matured enough to know the difference between a scam and a legitimate platform that can make the money.