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Bitcoin trading has skyrocketed in popularity over the past few years thanks to the avalanche of several cryptocurrency exchanges. The potential for profit through the straightforward activities of buying and selling crypto assets is enough to convince anyone, whether they are a seasoned daytrader or someone who has never entered this market before, to give this method a shot at least once.
You realize that trading cryptocurrencies is not a walk in the park when you give it some thought. You must pay close attention to market mechanisms, analysis, indicators, and the ensuing movements because it is effectively a full-time job. You risk losing out on huge sums of money if you look away from the screen for an extended period of time. That’s not all, though, because even a little ignorance could cost you money.
Because of this, a lot of traders use automated crypto trading bots to save time and money. These bots, which were created with precision in mind, could execute trades automatically after independently assessing the market. As a result, traders who have day jobs don’t have to sit in front of their trading computers all day, and traders who have other ways to make money may pay attention to them.
One such Bitcoin bot for experienced users is Gekko, which is free. We’ll go over the primary benefits and drawbacks of this service today.
How old is the Gekko Company?
Gekko bot, a javascript-based creation, debuted to the public in 2013. The code for this open-source trading bot project is publicly available on GitHub, where a number of developers with a cryptocurrency interest work on its improvement.
The platform has developed a sizable user base over the last six years, mostly as a result of its open-source business strategy. Gekko has gained a lot of traction in the cryptocurrency market thanks to a variety of features and the support of numerous exchanges.
The bot is controlled by a commandline interface rather than a graphical user interface (GUI), and traders must utilize javascript to access its functions. Due to this, the open-source project is essentially limited to individuals who are either already familiar with the concept of coding or who are not afraid to learn it.
How Trustworthy Is Gekko?
Gekko bot gets a lot of great evaluations and has a certain reputation in the bitcoin world despite being an open-source platform that is available to contributions from anyone. Mike van Rossum, a well-known Bitcoin developer from Amsterdam who has worked with organizations like ING and managed initiatives for brands like Gucci, founded the project.
At the time of writing, the Gekko open-source project has 187 contributors and over 2,600 commits on GitHub. The project has gained more plugins and coding programs with the help of its community, and it has also given rise to a GUI version called Gekko Plus that has various payment tiers.
These trends and statistics further demonstrate that it retains a certain significance to people who are particularly skilled with coding and using trading bots that run off of conventional procedures, even though it still remains a fairly niche commodity in the already exclusive crypto industry.
What Exchanges Can I Use?
Gekko trading bot supports more than 10 active cryptocurrency exchanges through its internet platform as of the time of writing the article. While some exchanges have full support for accessing the platform’s functions, others only receive a few functionalities.
- Binance
- Poloniex
- GDAX (Coinbase Pro)
- Kraken
- Bitfinex
- Bittrex
- Coinfalcon
- The Trading Rock
- Luno (formerly BitX)
The bot’s list of exchanges also includes ones like Gemini. However, the moderators have disabled them, thus they are no longer functional as of this writing..
What is the price of Gekko?
Gekko is an open-source project that is available for free and has no related costs. Although it may seem like a very lucrative offer, this free Bitcoin trading bot program has some limitations that affect how easy it is to use.
For instance, commandline interface or java script writing skills are required if you wish to use it. In order for it to function, you must to have a computer or server that can host the application; however, according to the developer, setting up Gekko on a server is “challenging.” The software would stop functioning if the computer it is operating on was turned off.
Due to these reasons, only those who are highly proficient in computers find this “free of cost” tag to be working in their favor.
Only individuals with a high level of computer proficiency will benefit from this “free of cost” designation as a result of these factors.
How simple is it to use?
Gekko is many things, as was previously stated, but easy is not one of them.
Gekko isn’t your typical trading bot because it has a command-line interface and complicated coding requirements to set up anything. While it provides a variety of strategies that you may load and use to trade, if you are not a good at using command line or javascript, it may be difficult to apply those strategies to trading mechanisms.
As a result, the prerequisites for running Gekko on your machine are extremely stringent. This makes it among the most challenging bitcoin bots to utilize available.
What Options Are There?
Users of Gekko can choose from a wide range of settings that are based on technical analysis indicators. The trading bot bases its strategies on long and short investing advice.
Javascript still allowed users to design their own tactics. Even the most experienced computer users find it difficult to implement, yet it is still a notion.
With it, Gekko also supports backtesting and paper trading, which allows traders to test their ideas against historical data and real-time market action, respectively. Additionally, it provides extra plugins that enable more functions, such testing technical analysis models against a market. However, as was previously mentioned, employing these functions is still tricky at best.
Gekko’s security level
The platform runs by being installed on user computers and is based on javascript. This indicates that the program is not web- or cloud-based but rather is run entirely through the computer or server it is installed on.
Gekko bot is therefore as secure as you would like it to be, according to this as well. Expert computer users will benefit from the versatility this offers, but regular traders who aren’t familiar with javascript will find the service to be quite vulnerable due to the lack of front-end features like two-factor authentication (2FA) and a secure server by default.
How would you rate customer service?
Gekko is a free, open-source Bitcoin bot that is supported by a community of contributors rather than a business. This indicates that although you may access some program updates and FAQs through forums, there wouldn’t be any dedicated support staff available to assist you if you encountered any problems.
Gekko’s method of handling this element is rather conventional given that the service is provided without charge.
How Successful Is Gekko?
The program makes no guarantees that your money will double over night or specify any profit margins. But given how unreliable Bitcoin bots are, this practice makes perfect sense.
The sizeable community for Gekko and its conversion into a paid service are examples of the bot’s success. But just like with any other cryptocurrency bot, you should use it with the same level of caution.
As a general guideline, you should use cryptocurrency bots very carefully and only trade with money you can afford to lose. The same principle holds true when utilizing Gekko.
The best course of action is to keep a watch on your gains and how the script is handling your money, and take prompt action to halt trading as soon as you notice anything amiss.
Should I Even Use Gekko?
If you are able to run javascript or a commandline-based cryptobot, you can utilize it without a doubt. The Gekko Plus iteration with its GUI, however, might be your best bet if you are not a programmer. Having stated that, even though Gekko is free, the Plus edition has a cost.
Overall, employing Gekko bot makes sense only if you are an experienced user who is familiar with running complicated programs. You might need to explore elsewhere for a trading bot that best suits your demands if javascript isn’t your strong suit.
