TraderDaddy is an easy-to-use, web-based cryptocurrency trading platform. Find out everything you need to know about TraderDaddy today in our review.
What Is TraderDaddy?
TraderDaddy is a trading platform that lets you trade automatically on popular cryptocurrency exchanges – like Poloniex and Bittrex. The platform promises to help you become a market maker and earn a profit.
TraderDaddy entered private beta back in 2015. It was initially available on Poloniex and Bittrex. Today, Poloniex is the only officially supported exchange, as Bittrex is not officially supported. Other exchanges like Gemini, Bitfinex, Bitstamp, GDAX, BTC-E, and Kraken are all listed as “coming soon”.
How Does TraderDaddy Work?
Like other automatic trading software, TraderDaddy promises to help you earn a profit by taking advantage of the spread – the difference between the sell and buy prices. Here’s how they describe it:
“Obtaining the lowest possible break-even point in each market is achieved by mitigating risk with budget sensitive micro-trades over a long period of time. Key components to the strategy include cost averaging, diversification, compounding, and patience.”
How does TraderDaddy connect to exchanges? Right now, Poloniex is the only supported exchange. TraderDaddy connects to Poloniex using the Poloniex API. The reason TraderDaddy can work with the platform is that TraderDaddy does not require withdrawal privileges in order to function. Funds remain on each user’s Poloniex account.
TraderDaddy advertises all of the following benefits:
The platform will make customized and continuous trades on your behalf. You make some basic settings (like choosing your budget), then let the software go to work.
Helps markets be healthy while keeping the spread as profit. You’re increasing the liquidity of cryptocurrency exchanges, which makes them a more attractive investment.
Reduce market fluctuations by providing valuable liquidity. Again, this can increase the long-term value of cryptocurrency by making it more attractive to investors.
Track trade progress and portfolio value over time. The dashboard lists all trades the platform has made on your behalf.
“Computers know math, and don’t get tired or emotional”, explains the TraderDaddy website. Make trades based on algorithms instead of your gut feelings.
“Funds cannot leave the exchange that they’re traded on.”
How To Use TraderDaddy
After you sign up for TraderDaddy, the platform will start making trades on your behalf almost immediately. With new users, trading starts slowly. TraderDaddy will avoid entering markets too quickly, and will instead focus on building up your initial position. After a few days on the market, trading frequency will increase.
Users can customize their TraderDaddy experience by changing market selection, budget allocation, and budget. New changes take effect within the hour.
The makers of TraderDaddy do not recommend using your ordinary Poloniex account (the one you use for manual trades) when using TraderDaddy. There’s also no need to perform manual trades through TraderDaddy. As the developers explain, “If you find yourself thinking you need to do something manually, you are using TraderDaddy wrong.”
Ultimately, TraderDaddy is designed to be as easy as possible to use. Even if you know very little about cryptocurrencies, you can launch TraderDaddy and “set it and forget it” to earn profits in the short-term and long-term.
What Is Rubycoin?
Rubycoin, or RBY, is TraderDaddy’s cryptocurrency token. Right now, RBY is not required. In the future, however, you’ll need 500 RBY to open a TraderDaddy account. Those RBY can be sold back to the market if you ever decide TraderDaddy is not for you. TraderDaddy does not require any payment upon withdrawal – you get to keep 100% of your profit.
One of the core goals of TraderDaddy is to generate demand for Rubycoin and increase the demand for the currency.
Right now, you need a minimum of 0.02BTC per market for TraderDaddy to work properly. If you select 8 markets with equal budget allocation, you’ll need 0.16BTC.
You can decrease your budget at any time, although TraderDaddy does not recommend it. Decreasing your budget could interrupt trades in progress and lead to budgeting issues.
Should You Use TraderDaddy?
Ultimately, TraderDaddy is a unique trading platform that’s been going through beta testing for the last two years. The trading platform currently only works on Poloniex. In the future, however, it will work on other popular exchanges like Bittrex, Gemini, Bitfinex, and more.
TraderDaddy doesn’t make grandiose claims about how much money you can make. Unlike other bitcoin trading platforms, it doesn’t promise to make you a millionaire overnight, or double your bitcoins within 90 days. Instead, the platform claims it can gradually grow your profit by making intelligent, computer-analyzed trades.
Like any automated trading platform, the value of TraderDaddy will rely on its ability to consistently make smart trades over time. The platform is still new – so it’s hard to say where the platform is going in the future. Stay tuned for more information about TraderDaddy and its Rubycoin cryptocurrency as it continues to grow.