Everybody would like to basically invest in cryptocurrencies basically using an autopilot. The truth is that this is harder than it looks. Many companies offering this type of deal are generally full of problems when they are not scams.
Because of this, today we will review an autotrade bot company called HodlBot, which automatically diversifies and rebalancing your portfolio on the platform according to the Top 20 cryptos of the moment following the market capitalization.
Is this a good Binance cryptocurrency exchange trading robot? Read the article to discover.
What Is HodlBot?
This is a cryptocurrency trading bot that invests in the top coins of the market following the capitalization of Binance and automates a lot of work for you. You only have to download it, choose a strategy to mount your portfolio and invest in this program.
The program will automatically rebalance the portfolio every month according to your instructions so you will be able to always invest only in the most profitable and worth coins of the market.
What Do You Need To Use HodlBot?
You need a Binance account and $200 USD in cryptocurrencies to create your account. After you start to use it, you just put the API of HodlBot on the Binance exchange and you will be able to use it at your will.
The company charges $1 USD when you use the program and then $10 USD monthly, which is a considerable low price in this market. The company also charges fees of 0.1% per transaction plus what Binance charges.
You have to be careful while managing your account because if you use more money, for instance, it will not automatically be traded, you have to use the API again.
Should I Trust HodlBot?
Nope. While it seems like a good idea to “invest in the top 20” cryptos, you have to perceive that trading is all about trading at the right time and that is not what HodlBot offers to you. The company makes the trading automatic from time to time. If the price of the currencies goes down, you lose money, if it goes up, you get, but you could basically do this by yourself.
The main point here is that you will be getting anything really good by using the service and will certainly be getting plenty of problems. The service is cheap because it is not good, it is a simple automation of something that you could easy do a lot better without the software.
Also, if you try to see the “news” about this company, you will actually download an .exe file, probably with malware.
The HodlBot Verdict
Avoid this possible scam. Even if this company is not really a scam you do not have anything to gain by using this software, so just pick a better one instead of HodlBot and learn to trade cryptos on your own.