In this post I will be reviewing Bitsgap which is a cryptocurrency trading platform that is specifically for automated trading with crypto robots, managing your crypto portfolio, demo trading and backtesting. Bitsgap lets you trade on some of the world’s biggest crypto exchanges including Binance and others through one user-friendly and customisable interface. In this Bitsgap Review, we will take a closer look at some of the platforms key features and how it works, with a view to helping you determine if it is something that could benefit your day to day trading activities.
Who are Bitsgap?
They are an Estonian based privately held company, with a team of industry experts from around the globe who have extensive experience in crypto trading, asset management, and blockchain technology. They are confident about delivering a highly efficient service to users, and are continuously updating their system based on user experience, requirements and feedback of the ever-increasing pool of crypto traders based around the world.
What is Bitsgap?
Bitsgap understand that the crypto market is not easy and that trading cryptos can seem like an overwhelming task to some aspiring traders. This is why they created a crypto platform that allows users to utilise a range of automated crypto trading tools including trading robots and market analysis tools. They offer a trading platform solution that is designed to help users who want to gain access to the largest cryptocurrency markets and exchanges through one universal platform, with updated data and a detailed overview of the market.
There are 3 main elements to Bitsgap which are trading robots, trading terminal and portfolio. We will take a look at each of these features and explore them in detail.
Trading Robots
One of the main features of Bitsgap is that they have a selection of trading robots that use unique automated algorithms to trade cryptos on behalf of the user. Crypto robots can run 24/7 fully automated. This makes them a popular option for new traders who want to buy and sell cryptos but may not have the time or knowledge required to do so. The robots can scan the crypto market for trading signals based on a combination of chart analysis. When they find a signal according to the built-in algorithm, they can place, manage and eventually exit a trade position without requiring any specific user input.
Exchanges
With Bitsgap, you can setup crypto trading robots on popular exchanges including Binance and over 25 other cryptocurrency exchanges. If you want to run a crypto bot, you can simply connect your chosen exchange, choose the robots you would like to use and they will do all of the trading for you. Bitsgap are constantly looking to add more crypto exchanges for users to connect to as they are not an exchange themselves.
Backtesting
You can check how various ready to go crypto bots may have performed over historical data with backtesting. This feature allows you to run a specific automated algorithm over past data where it will place trades so that you can get a rough idea of how good or bad a particular trading robot performed through various market conditions. However, whilst backtests can help us to see if a trading strategy has some potential, there are limitations. For example, backtests do not always take into account things such as commission fees, spreads and slippage. They can also be over optimised to match the historical data set being used. Of course, past results are not a reflection of what may happen in the future as nobody can predict the crypto market with complete uncertainty.
Demo Trading
You can use a Bitsgap demo account to test out different crypto bots and trade in a simulated trading environment. This is a popular way to see if a robot is any good by running it on account loaded with virtual funds so that it is risk-free. The Bitsgap demo works by replicating an actual order book from the supported exchange. The only thing you may lose is time by running a bot that does not trade well or meet your needs. I would always test any trading robot or strategy on a demo trading account for a sustained period of time in order to get a clear indication of what to expect and so that I can familiarise myself with how it works before even thinking about switching over to a real account.
Results
Crypto robots can be used by any trader, regardless of previous experience level. They take away possible negative human emotions that can impact a trading strategy, such as fear, anger and greed. Just be aware that the results of a trading bot cannot be guaranteed. Whilst automated trading can be an option for those who do not have the time or knowledge to trade manually, it does take away the human intuition that can spot certain things happening in the market that a robot may not be able to. It is important to weigh up both the benefits and disadvantages to using an automated strategy and decide what works best for you.
Custom Bots
You can design and build your own crypto robots based on your own trading strategy. They have a smart strategy design system with a simple interface that allows you to create a robot with just a few clicks. If you have a range of strategy ideas, you could automate them and backtest them or run them on a demo account to see how they perform. This is useful for trying out various automated strategies in order to discover the one that meets your needs the most. You can find step-by-step instructions in the “how to create a new trading robot” article on the Bitsgap website.
Readymade Robots
Don’t worry if you don’t have the time or skills to automated your own strategy, Bitsgap have a range of predefined strategies based on successful backtest results that you can choose from. Just remember as we mentioned earlier, good results in backtests do not mean good results moving forward. You can add or remove bots at any time that you please. Once you have decided to remove the robot, all of the related open orders will be automatically cancelled as well.
Cloud Based
For those who are concerned about security, it is worth mentioning that there are no software downloads or installations needed because Bitsgap is a cloud-based online service. Another advantage of being cloud based is that you can be sure that the platform is always up-to-date.
Security
Bitsgap is considered to be safe and secure because your funds remain on your crypto exchange and are connected by fully encrypted API keys, therefore they do not have access to your funds. API enables the Bitsgap platform to execute trades and generate an asset portfolio in a secure way as the API does not reveal any information.
All of the information delivered to the Bitsgap servers are encrypted with 2048-bit standard protocols and stored on a secure network, protected by firewall. No one should have access to your data, your password and all personal information is held securely.
In addition to this, they have the option to setup Two-Factor Authentication (2FA) not only for Bitsgap but also for the email address associated with your account. This will add one more security and safety measure to help try and make sure your account is kept safe. Whilst it can be annoying having to confirm your login every single time with 2FA, that extra layer of security can also give peace of mind.
Of course, security of funds doesn’t mean that the crypto robots will be safe to use because they can still have losses just like any manual or automated trading system. If the price of a crypto rapidly rises or falls, the use of a robot can become ineffective, and even unprofitable. This is especially the case in the highly volatile cryptocurrency market where large swings in price are not uncommon.
TradingView Charts
You can assess your crypto bot performance with the fast TradingView charts. TradingView is an advanced and sophisticated all-in-one charting platform and social network that has helped over 30 million traders and investors make informed trading. It is packed with all of the tools, features and functionalities that are needed for conducting thorough in-depth market analysis to find trading opportunities across global markets, with relative speed and ease. You can use the TradingView platform to follow your favourite assets, find trading ideas, chat with others, spot trends, and place trades directly on our charts.
- TradingView charts fully supported
- 100+ most popular indicators
- 50+ smart drawing tools
- 12 customizable chart types
- Trade visualization
- Change/Cancel orders from the chart
- Day and Night modes
Portfolio Manager
Users can keep track of and monitor over 1800+ cryptocurrencies as Bitsgap automatically imports and tracks all information from your crypto exchanges into one simple and user-friendly dashboard, free of charge.
- No need to manually add transactions or coins
- Accurate tracking based on your trading history
- Do not need to log into multiple exchanges
- All of your crypto assets are accessible in one place for quick and easy management
- Get instant real-time overview of your balances, trades and performance
- Free to use without any limitations
Bitsgap Features
Now that you have an idea of what Bitsgap is and how it works, lets summarise some of the key features:
- 25+ supported exchanges
- Demo trading mode
- Fully automated crypto portfolio
- Various order types
- Pre-made trading robot strategies
- Over 175 TradingView indicators
- Portfolio management
- Cloud trading 24×7 x365
- Email, Live-chat support
- Desktop and Mobile versions
How does Bitsgap work?
The process to get started is simple and goes as follows:
- Sign-up and open a free Bitsgap account
- Connect your crypto exchanges to Bitsgap using API keys
- Commence trading on the Bitsgap platform
How much does Bitsgap cost?
Bitsgap have a choice of packages that are designed to cater to the needs of different traders. Prices start from $29 per month but you can make a saving if you make a commitment and subscribe for at least 6 months. The main difference between each of the packages are the robots and features included.
It is worth mentioning that Bitsgap do not charge any additional fees for trading other than the monthly subscription cost but you may still have exchange fees to be aware of. Payment methods accepted include Visa, Mastercard, PayPal and cryptos. You can cancel at any time but there are no refunds for any unused time.
You can choose from the following options:
Basic
- $29 per month
- Grid robots
- Unlimited smart orders
Advanced
- $69 per month
- Grid robots
- Unlimited smart orders
- Futures bots
- Trailing up and down for bots
Pro
- $149 per month
- 0 Active Trading Bots
- Grid robots
- Unlimited smart orders
- Futures bots
- Trailing up and down for bots
- Take Profit for bots
Free Trial
There is a free 7-day trial which can be used to launch your first crypto trading bot and get an idea of how the service works. After signing up, you will get a trial on the basic package. You can practice with a demo account or connect exchanges to trade right away in a live environment. I would always start on demo to make sure I know what I am using.
Personally, I don’t think 7 days is anywhere near enough time to judge the performance of a trading bot but it can give you ample time to explore the Bitsgap platform to get a feel for it and see if it is something that is suitable for your needs.
Once the trial is finished, you will be offered to choose one of the paid plans to continue using the extended functionality of the platform. You can also stay on the free plan, but you will lose some of the additional features.
Bitsgap Conclusion
Putting together everything that we have covered within this Bitsgap Review, I would say that this is a very useful tool that helps you to control all of your cryptocurrency assets from one convenient platform. It can be used for automated trading with crypto robots, manual charts analysis using TradingView and for convenient portfolio management. Other notable features include a good range of crypto exchanges to connect to with extra security measure in place, backtesting, demo trading and a free trial to see if the service meets your expectations.
I would put this cryptocurrency robot up there with some other popular automated crypto trading platforms such as Quadency, Coinrule, Shrimpy, Zignaly, CryptoHero, Mudrex, Centobot, 3Commas, Trality, Cornix, ProfitTrailer, HaasOnline, Gunbot, Cryptohopper, Trade Santa, Stoic and Pionex.
Bitsgap
$29
Pros
- Crypto robots
- Automated trading strategies
- TradingView charts
- Portfolio management
- User-friendly platform
- 25+ crypto exchanges
- Custom trading robots
- Backtesting & demo trading
- 7-day free trial
- Dedicated support
Cons
- Limited trading bot functionalities
- No mobile app
- Limited crypto exchanges supported
- Time consuming to learn
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
