Centobot is an automated cryptocurrency and forex trading software that can be designed to trade for you, according to your own individual preferences. It aims to try and help traders to find the best entry and exit points in both markets. The Centobot was launched in 2017 and is owned by Cent Group Limited. This auto trading software implements unique computer algorithms to scan the markets and make trading decisions on behalf of the user. In this Centobot Review, I will take a look at some of the key features of this trading robot to help you decide if it is something that you would find useful including within your daily trading routine. Now, without further ado, lets get right to it!
What is Centobot?
In a nutshell, Centobot is a collection of forex and cryptocurrency trading robots that are primarily designed to try and help forex and crypto traders to identify trading signals to enter and exit the markets. Centobot works by offering its users a wide selection of advanced trading robots to choose from. These cryptocurrency and forex bots can conveniently execute trades on your behalf. Centobot has partnered with a few cryptocurrency brokers and exchanges which are used to facilitate its automated trades.
How does Centobot Work?
Centobot works by automating the entire trading process via a combination of different trading strategies catered towards different trading styles. The software has a vast array of trading systems that implement various technical indicators to try and find trading signals including popular indicators such as the CCI, RSI, Stochastics Oscillator and MACD.
The Centobot combines these trading indicators into one automated trading strategy that looks to find the best entries in the market and exit points. The software automatically passes the trading signal and inputs such as stop loss and take profit, to the affiliated brokers via an API. The user can then track the progress of trades and manually intervene should they wish to maintain additional control over the trading activity of this software.
It is worth pointing out that you will need your desktop computer up and running in order for Centobot to function correctly. This is because it connects to your brokers trading platform. If you cannot always have your computer or laptop switched on, you could consider a virtual private server (VPS) which would allow you to remotely run your trading platform and Centobot 24/7 without needing your home machine switched on. Unfortunately, there is no Centobot mobile application at this time. It would be great if they considered adding this option in the not so distant future.
Centobot Features
There are some useful Centobot features which you can customise according to your own needs. Let’s take a look at some of the more prominent features of the software.
Trading Indicators
You can create Centobots using a combination of popular trading indicators. There are indicators for identifying trending and ranging market conditions. Users may create trading robots that are customised to their own trading style. Some may prefer to just use trend-based trading strategies whereas others may prefer to trade in ranging markets. Then there are those users who might want to use a robot that combines a mixture of trading strategies.
The trading indicators available in Centobot include the following:
CCI Indicator
The commodity channel index (CCI) is an oscillator indicator that indicates overbought and oversold zones. It primarily helps in determining the potential trend reversal. We can use this indicator in many ways in our trading. The most common ways are to identify the overbought and oversold zones and trade them or find divergence in the indicator.
Stochastic Indicator
A stochastic oscillator is an indicator of the rate of change of momentum of a price. Stochastic estimates the speed of the market by determining the relative position of closing prices in the range between the maximum and minimum for a specific number of days. The indicator takes the current price and subtracts the price from it, which was a few days ago.
The stochastic oscillator consists of two lines: fast, called% K, and slow, called% D. The second is the most significant since its dynamics and can be used to judge the most critical changes in the market. The stochastic oscillator analysis determines the location of the closing price relative to the price range for a specified period. The most common calculation period for this Oscillator is five days.
MACD Indicator
The MACD (Moving Average Convergence / Divergence) is a momentum indicator, launched in 1979 by Gerald Appel. The MACD calculates the difference between two exponential moving averages (EMA) and displays them in the form of a line. Most of the time, the MACD has an additional signal line (trigger). The MACD indicator can be used to define trend direction, strength, and several signals to buy or sell.
Williams Indicator
The Williams Percent Range, also called Williams %R, is a momentum indicator that shows you where the last closing price is relative to the highest and lowest prices of a given time period. As an oscillator, Williams %R tells you when a trading instrument might be “overbought” or “oversold.”
RSI Indicator
The Relative Strength Index was developed by Welles Wilder and published in 1978 in “New Concepts in Technical Trading Systems”. It is an oscillator that shows overbought and oversold market situations and, through divergences, provides further indications of possible upcoming trend change.
The oscillator ranges between 0 and 100, values over 70 are considered overbought, and values under 30 are oversold. Occasionally, there is information in the literature according to which values greater than 80 in bull markets, and values below 20 in bear markets should be used as extreme zones.
Moving Average Indicator
The moving average is one of the most used statistical indicators in forecasting price of trading instruments. Moving average is the average price of an instrument over a period of time. It is shown as line on a chart. The moving average line results from the average price over a certain number of periods. As a rule, the closing price of a respective candlestick is considered. Moving averages can be used to help forex traders determine the potential direction of trends and increase the chances of trading in the right direction of the market.
Custom Trading Robots
The main feature of Centobot is that users can create customised trading robots based on their own trading strategies. This is great is you already have a manual trading strategy that you want to turn into an automated trading system. It can also be a great way to automatically test out new trading strategy ideas that you may have without needing to be completely hands on and spend hours doing so. You could use the demo trading mode to try out various strategies risk free.
Leveraged Trading
You can trade with leverage using Centobot if you wish. Trading with leverage lets you take a position size larger than you would be able to without it. For example, leverage of 1:100 would mean that an account of $1,000 could in theory take a position size of up to $100,000. That is because $1,000 x 100 leverage equals $100k. Now this may sound appealing as it can increase profit potential. However, trading with leverage also greatly increase the risk of a trade position. Therefore, you should make sure that you have a clear understanding of leverage and how it works before taking any leverage trades with Centobot or any trading software for that matter.
Market Liquidity
With the Centobot robots, traders can also gain direct access to the liquidity that is currently available in the market to try and discover the best times to trade and when it may be better to avoid the market.
That being said, the robots can be used to automate trades in any market conditions that you desired, even in volatile markets if you wish. Personally, I prefer to avoid volatile market conditions as I find that the trading conditions can be unsuitable and make it more difficult to trade than in a less volatile market. For instance, price can fluctuate greatly due to extreme market volatility during news events so I would look at an economic calendar to avoid trading around major news releases.
You may also find that broker spreads and slippage increase significantly with high volatility which is another reason to try and avoid volatile markets. Thankfully, there are plenty of technical indicators that you can use with Centobot to measure market volatility in an instant, completely automatically.
How do I get access to Centobot?
In order to gain access to the Centobot automated trading software, you will need to go through the following steps:
- Sign-up with a crypto broker or exchange
- Fund your account via card or cryptos
- Select and launch a customised Centobot system
- Demo trade to see how Centobot automates trades
- Follow trade progress as the software goes to work automatically
How much does Centobot cost?
Centobot is actually free to use by default as the company are making money through a commission, they get from their partner brokers that you have to sign up with and make a real account deposit to get access to the Centobot software. Minimum broker deposits start from around $250. Therefore, it is not exactly 100% free to use as you will need a funded trading account with a specified broker.
The Centobot accounts supported by the various brokers that they work with are as follows:
Bronze Account: This is the initial and cheapest account offered by Centobots partners/brokers. With as little as $250, you will have access to the account. This account comes with live video chat.
Silver Account: This type of Centobot automated trading account requires a minimum deposit of $1,000. The perks that come with it include 3 risk-free trades and access to dedicated account managers.
Gold Account: Finally, there is the Gold Account, which can be opened with a minimum deposit of $3,000. Included in this Centobot account is access to some of the advanced trading robots that they have available.
Centobot Support
The Centobot support team can be reached via live chat on the Centobot website. From my experience, they were always readily available and quick to respond to various questions that I put forward. It is important to have prompt customer support as it means that you can get quick answers to any problems or general questions that you may have.
Centobot Conclusion
Centobot is a complete automated trading solution with a quick and easy registration process. It offers a wide range of deposit methods whilst users can request access to dedicated account managers. There is a vast range of forex and crypto robots to choose from, covering a variety of trading instruments from currency pairs to popular cryptos such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The robots can be fully customised according to the trading style and risk preferences of each user.
I believe that there is significant room for improvement when it comes to the Centobot. I would like to see some real verified results for starters that show the potential of the software rather than the developers simply making claims about returns without any evidence to back them up. They could also improve by adding a Centobot app and also some terms and conditions on their website to make it clearer to potential users what they may be getting themselves into.
I am not a big fan of the software being tied to specific brokers. I believe that forex and crypto traders should be able to choose any broker that they like. That being said, in order to use Centobot, you will need to open an account with a limited choice of brokers. I would also like to point out to those who may not be aware that Centobot doesn’t hold any regulatory licenses whilst the platform is also partnering with some unregulated brokers and exchanges.
It should be noted that there is not any automated trading robot that can guarantee a good performance or specific results moving forward. Nobody can predict the market with complete uncertainty. Thus, it is important that Centobot users understand there can be no guarantees and historical results are not an accurate reflection of the future. Please make sure that you understand all of the significant risks involved when using any manual or automated trading system such as the Centobot software.
I would put this cryptocurrency robot up there with some other popular automated crypto trading platforms such as Quadency, Coinrule, Shrimpy, Zignaly, CryptoHero, Mudrex, 3Commas, Trality, Bitsgap, Cornix, ProfitTrailer, HaasOnline, Gunbot, Cryptohopper, Trade Santa, Stoic and Pionex.
To conclude, I would not personally consider Centobot due to lack of transparency in terms of performance and the fact that it is tied to specific brokers. I am not going to simply say Centobot is a scam without proof but hopefully this Centobot Review can help you make your own informed decision based on your own due diligence.
Information on Centobot should not be seen as a recommendation to trade binary options. Centobot is not licensed nor authorized to provide advice on investing and related matters.
Centobot
$250
Pros
- Customised trading robots
- Automated forex and crypto trading
- Combination of trading strategies
- Range of technical indicators used
- Dedicated support
Cons
- Few brokers to choose from
- No mobile app
- No verified results
- Minimum $250 deposit required
- Steep learning curve
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.
