Gunbot is a cryptocurrency trading robot tool for Binance and many more crypto exchanges. Gunbot provides users with the opportunity to program their crypto trading strategies or use premade crypto bots, in order to try and take advantage of the endless possibilities the crypto market can present.
In this detailed Gunbot Review, we will take a look at what it is, how it works and the key features. This should hopefully help you decided if it is something that can help you with your own individual trading goals. Let’s get stuck right in!
What is Gunbot?
Gunbot is a community developed crypto tool for trading automation, with an active and private Telegram community. It implements innovative trading automation so that anyone can easily create their own powerful crypto bots. This way, traders can automate their trading strategies with speed, extreme flexibility and the help of an ever-expanding user community.
You do not need a cloud-based platform to run Gunbot. It can run on your local machine, whether that be Windows, macOS, Linux or Raspberry Pi. Gunbot should not collect any data about the trades that its users make as it is not a cloud service. Trades should therefore remain private between the user and crypto exchange.
Power users get unlimited access to Gunbot. They can run unlimited instances of Gunbot, creating as many custom strategies as they like with as many configuration changes as needed. There are no limits on the number of trading instruments that you can trade simultaneously with Gunbot. You can trade a single or more than a hundred markets at once.
You can use Gunbot on an exchange alongside manual trading strategies. You can even combine automated and manual trading to create a hybrid type trading system where artificial intelligence is assisted by the human eye.
I would probably consider taking this route as I feel that there can be limitations to automated trading. For example, a trading bot may not take into account economic news releases that could have a significant impact on market volatility.
How does Gunbot work?
Here we will take a look at exactly how Gunbot works in 5 easy to understand steps:
1. Install Gunbot on your computer or VPS
The first step is to download Gunbot, unzip the file and launch it. After starting Gunbot, you can access the interface in your browser. Gunbot works on Windows, Linux, macOS, Raspberry Pi.
2. Connect to the exchange API
In order to connect Gunbot to your crypto exchange account, you will need to enter your API key and secret. The API secret is stored only on your system for security reasons. Some partner exchanges don’t require an API key to be registered: Gunthy, Beaxy and Txbit. These can be used for free next to other exchanges that do need an API slot.
3. Create a trading strategy
You can create your own customised Gunbot strategy or choose from any of the preset strategies. The strategies are fully customisable to cater to different trader needs. You will at least need to choose the amount you want to allow Gunbot to trade with.
4. Select trading pairs
You then choose the instruments that you would like Gunbot to trade. You can add filters such as the top 10 by volume. Gunbot can trade any pair that is available on your exchange. E.g. You could simultaneously trade BTC-ETH, USDT-BTC or ETH-XMR. There isn’t any limit on the number of pairs that you can trade.
5. Start running your bot
You can then start running Gunbot and it will handle the market analysis and trading for you. You can choose to receive notifications via Telegram for the trades Gunbot has made if you wish.
Custom Gunbot Trading Strategies
If you have a specific trading strategy idea, Gunbot supports creating custom trading strategies in JavaScript, you can even bring your own modules to the table. Keep in mind that you need the Gunbot Ultimate package to create your own crypto robots.
Custom strategies can be easily deployed on any of the many crypto exchanges that Gunbot supports. The software makes the required market data and trading methods available to be used within your strategy.
You do not need to use any complex syntax when creating a custom crypto bot. The Gunbot custom strategies are developed with simple JavaScript. This saves users time from needing to learn complicates programming languages to code their trading strategies. Async and other modern JS code is supported.
If you have the skills and knowledge to implement your own modules into Gunbot, you can install external JS modules and use them in your strategy code. The maximum computing resource usage is only limited by your own hardware.
The great thing about developing custom trading strategies is that you have complete freedom. Whilst pre-set strategies would be limited to specific events occurring, such as the CCI being above or below a certain level, you could add as many indicators or variations of technical analysis as you desire with your own custom bot.
You can use industry standard indicators to analyse the markets for specific conditions to trade on. Choose between anything from the ADX, RSI, Stochastic, StochRSI, MFI, Moving Averages and more. E.g. Look for buying market conditions where price is above the 14-day EMA but there is a pull-back with the Stochastic crossing below 20.
You will often find that NPM will already have a module for each method of analysis that you can use. You can even use alternative data sources in addition to the data coming directly from the exchange.
Price trailing can be used for most types of orders, to reach optimal entry- or exit points. With trailing, Gunbot follows prices as they move down even further, and only buy once the trailing stop is hit. You can also use Gunbot for sell trailing for assets you bought manually.
Gunbot shows visual targets using the TradingView charting library. This means that the targets of a trading strategy are clearly visualized. Users can therefore easily tune their strategies without even having to leave the chart.
Custom Gunbot Strategy Example
Here you can see an example of a simple custom Gunbot strategy using the RSI indicator:
This basic strategy places a market buy order when a 10 period RSI crosses over a 20 period RSI, and places a market sell order on the crossover down in the opposite direction.
First you would generate your RSI data, once for a 10 period and once for a 20 period RSI. Then the crossing conditions are defined, when these happen an order gets sent. It is as simple as that. Don’t worry if it sounds too confusing now, there are plenty of Gunbot tutorials available and the community are very helpful.
Gunbot Trading Strategies
In addition to creating your own crypto robots with Gunbot, it also comes with hundreds of configurable strategy options that you can choose from. Some strategies like stepGrid are already fully tuned, you just need to turn the bot on.
By default, Gunbot calculates approximately 20 different technical indicators for its built-in strategies. Using over 150 different parameters, you can customize every strategy to your trading style.
Whilst these options can be used for some interesting trading strategies, not every imaginable scenario can be handled with the pre-set options. Thus, they are not for everyone.
Please keep in mind that there can be absolutely no guarantee to how these strategies will perform. There are always significant risks involved with trading online. Never risk more than you can afford to lose.
Dynamic Grid Trading
Gunbot added grid strategies in an attempt to make it easier to use than it ever has been. To set up grid trading, you need choose the amount you would like to use and maximum number of traders.
The default settings of the stepGrid strategy produce trades similar to the chart shown below. Each green arrow represents a buy order, whilst each orange arrow represents a sell order.
It’s DCA trading with dynamic targets used for buying and selling, depending on the underlying price action of any market that the strategy is applied to. Price trailing for all types of orders can be done fully automated.
I am not a big fan of grid trading personally. I find it too dangerous, especially if the market goes in the wrong direction and there are multiple trades are left open in drawdown. This can often lead to a margin call or stop-out, especially if the account is over leveraged.
I would much prefer to just use good money management principles from the get go. However, every trader is different. Some may be happy to take the risks that grid trading can present. Of course, you should trade in a way that you feel comfortable with.
Gunbot Community
There is a welcoming Gunbot community who are happy to support traders of all experience levels. It doesn’t matter of you are an expert programmer or looking to create your first automated crypto trading robot, everyone is welcome.
Gunbot has progressed so much over the years that nowadays, it is almost entirely dependant on its vast community of dedicated users. There are constantly new strategies and trading features being added to Gunbot, most of which are based on input from users and thoroughly tested before public release.
Gunbot Telegram Integration
One of the most unique features of Gunbot is the telegram integration. You can interact with your trading bot through Telegram. This allows you to keep track of trades, modify settings and get notifications.
Dollar cost averaging (DCA)
Double up is a Gunbot method for automatically averaging down assets, also called dollar cost averaging or DCA for short. This allows you to reach a lower average price per unit when prices keep on moving down, making for a lower possible exit price. Of course, if price keeps on moving down, this DCA strategy can increase overall loss. Thus, make sure you know what you are doing.
Reversal Trading
Gunbot can automatically accumulate quote currency when prices move down, without investing more than the initial buy order. This feature is called reversal trading and can help bring down the break-even point for your investment.
Balance Options
You can set per pair limits for the amount of base currency to invest per trade. The trading limit can be set as an absolute amount, or as a percentage of available base currency.
AutoConfig
AutoConfig is a suite of tools that you can use to dynamically and automatically manage almost every aspect of your Gunbot configuration with your own predefined rules. You can even monitor conditions on one pair and change settings on another.
Back testing
The Gunbot back testing add-on takes place on tradingview.com and lets you back test almost all of the strategy parameters available in Gunbot. It can also be used to send alerts based on Gunbot strategies, to be executed by Gunbot with the TradingView add-on.
The powerful back testing engine lets you back test and visualize historical trading performance, provided TradingView supports the exchange that you trade on.
Keep in mind that the historical data will need to be available from the exchange and there are a few methods that cannot be back tested such as the time series analysis method.
TradingView
The TradingView add-on can enable Gunbot to execute trading alerts that are sent from tradingview.com. This means that users are able to create fully customised trading strategies, using pine script at TradingView.
The add-on also allows for a few protections, such as making sure that sell orders happen above the break-even point and meet the exchange minimum trade volume.
The add-on can be used in a mixed mode too, where a Gunbot strategy is executed and TradingView alerts are being executed simultaneously.
What are the main Gunbot Features?
Some of the key Gunbot features include the following:
- Automate your crypto trading strategies
- 20+ premade strategies available
- Runs on your own computer
- JavaScript based crypto strategies
- Compatible with many crypto exchanges
- Spot and futures strategies
- Unlimited trading instruments
- Various Gunbot packages to choose from
- Strategy back testing possible in TradingView
- Powerful browser interface
- Friendly Gunbot community
- Telegram integration
- Dollar cost averaging (DCA)
- Reversal trading
- Balance options
- AutoConfig
- Life time license
- Free updates
- Full support
Why should I use Gunbot?
As it is a powerful and diverse trading tool, I can think of a few scenarios where Gunbot could come into use. Some ideas include:
- Fully automated trading
- Exit trades automatically
- Average down on positions
- Execute TradingView alerts
- Provide liquidity
- Back test strategy ideas
Gunbot Packages
I like the fact that the Gunbot developers has made a range of different packages available for traders to choose from. All the packages are priced in bitcoin with no subscriptions or recurring costs. You can upgrade to another package at anytime by paying the difference.
Gunbot Starter
This is the entry level Gunbot package, with a limited number of strategy options available to choose from.
- Cost: 0.0055 Bitcoin
- 1 Crypto exchange
- Spot trading
- Unlimited trading instruments
- 4 strategies
- Switch exchange anytime
- 200 Gunthy tokens
- Gunbot school
- Chat & email support
Gunbot Standard
This Gunbot package contains all that you need in order to start using Gunbot on one crypto exchange.
- Cost: 0.01375 Bitcoin
- 1 Crypto exchange
- Spot & futures trading
- Unlimited trading instruments
- All strategies
- Switch exchange anytime
- AutoConfig
- 500 Gunthy tokens
- Gunbot school
- Chat & email support
Gunbot Pro
The Gunbot Pro package is for the more demanding traders who would also like back testing capabilities. For me, back testing would be a must. Whilst back tests can never give 100% accurate results, they help me to get a rough idea of how a particular trading strategy may have performed through various different market conditions on different trading instruments.
- Cost: 0.020625 Bitcoin
- 3 Crypto exchanges
- Spot & futures trading
- Unlimited trading instruments
- All strategies
- Switch exchange anytime
- AutoConfig
- 750 Gunthy tokens
- Gunbot school
- Chat & email support
- Back testing capabilities
Gunbot Ultimate
As the name rightly suggest, this is the ultimate all-in-one Gunbot package. It has all of the features that Gunbot has to offer with no compromises. This includes no maximum number of API slots and access to all exclusive add-ons.
- Cost: 0.034375 Bitcoin
- 5 Crypto exchanges
- Spot & futures trading
- Unlimited trading instruments
- All strategies
- Switch exchange anytime
- AutoConfig
- 1250 Gunthy tokens
- Gunbot school
- Chat & email support
- Back testing capabilities
- TradingView included
- Custom JS strategies
Gunbot Add-ons
If you want to purchase individual add-ons, you can choose from the following:
Back testing add-on
Gives you the ability to back test Gunbot strategies for any pair and any timeframe TradingView offers. The back-testing add-on costs 0.0034375 Bitcoin.
TradingView add-on
The TradingView add-on includes all features and maximum number of API slots. You can execute trades for incoming email alerts.
Gunbot Support
One of the main areas that Gunbot does great in, is user support. They have an abundance of information freely available on the official Gunbot website. This includes video courses, tutorials, guides and more. You can quickly and easily reach the support team via live chat and email tickets. They will be happy to answer any technical, trading or general question that you may have.
Gunbot Live Demo
On the Gunbot website you will find a useful live demo where you can take a look at how the Gunbot interface works, and how it trades. The demo is a fully functional system, currently trading automatically at Binance using the default settings of the stepGrid strategy.
Gunbot Conclusion
By now, you should have a great idea of what Gunbot is and how it works. Perhaps you are closer to making a decision if it is something that you would like to start using. For me, Gunbot offers a great way to develop custom crypto robots and use premade automated crypto strategies.
I think that it opens the door into an area that some users may have previously thought was too difficult or intimidating for them to venture into. There is a such a large community and wealth of information out there when it comes to Gunbot, especially considering crypto robots are relatively new when compared to other more traditional forms of trading, such as forex robots.
Gunbot is user-friendly when it comes to complex algorithms, although it may still be a steep learning curve for those with no previous programming experience. That being said, there are crypto bots that have already been created which you can customise and use if you wish.
Just keep in mind, there can be no guarantee on how well any customised or predeveloped strategy will perform. The back-testing add-on can be helpful top help us get an idea of historical performance, but again, this is by no means any reflection on how well a strategy will perform moving forward.
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, Bitsgap, Cornix, ProfitTrailer, HaasOnline, Cryptohopper, Trade Santa, Stoic and Pionex.
All in all, I applaud the Gunbot developers and community for creating an innovative crypto trading tool that is compatible with over 100+ exchanges. If you would like to find out more, please feel free to visit the official Gunbot website using the link below.
Gunbot
From 0.0055 BTC
Pros
- Create custom crypto robots
- Use preset crypto robots
- Use on any crypto exchange
- Unlimited trading symbols
- Crypto, spot and futures strategies
- Back testing feature
- Telegram integration
- Large development community
- TradingView integration
- Various packages to choose from
Cons
- Quite complex to setup
- Only available on desktop
- Time consuming to learn
- Limited crypto exchanges
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.
