WolfBot is open-source software available on the GitHub website. The bots support three modes: Trading, Lending, and Arbitrage. It is compatible with several cryptocurrency exchanges like Poloniex, OKX, Binance, etc. and offers automatic parameters according to the market conditions. We will investigate the efficiency of its performance and describe the features to check if the robot is reliable and safe to use.
What is WOLFBOT?
WolfBot is a cloud-based automated bot designed to trade cryptocurrencies with several strategies. The code for the bot is written in Typescript for Node.js + MongoDB. It has machine learning technology that helps to predict prices and train the algorithms for future market conditions.
WolfBot is layered with unique tools and features, such as:
- Automatic parameters
Traders can benefit from the recommended parameters for their strategies by two methods: Cartesian product and Genetic algorithm.
- Trading modes
Wolfbot supports three modes: Trading, lending, and arbitrage.
- Strategy testing
It provides historical data for different exchanges that enable traders to backtest their strategies.
- Data feeds
The platform provides essential information about coins via web and social media feeds.
WolfBot is an open-source EA, and it has different contributors that write its code. The names include Ekliptor, Moritz Kirschte, Thomas. There are no details about the company or developers on its website.
How does it work?
Wolfbot buys when the market is trending down and sells when it is rising. It searches instruments and makes trades following the trader’s strategy. Users have access to change their game plan or contribute new ones to the platform. The bot generates profits using a variety of trading tactics, including the Relative Strength Index (RSI), stop loss turn, take profit, day trading, long term, and trading view signals.
How to sign up with WOLFBOT?
Traders can begin trading with Wolfbot by doing the following steps:
- Sign up for an account on the Wolfbot website and purchase the bot
- Navigate to the order page via the “My Account” section
- Bookmark and open the Bot’s URL from the view tab
- Log in to the platform and enter the API keys from the bot’s settings area
- Select and optimize strategies, and launch the bot
Does WOLFBOT offer a demo account?
WolfBot does not offer a demo account or free trial. To access the features of the trading bot, investors must buy one of the subscription plans.
Profitability of WOLFBOT
There are no records on its website that show the bots’ trading history. The developer does not guarantee profitability as the crypto market is highly volatile. Traders should be ready for the risks and not use this platform without proper knowledge or understanding of coding.
Payments, deposits, and withdrawals
To purchase WolfBot, traders can pay via PayPal and credit/debit card. The platform does not share any information about deposits and withdrawals.
WolfBot is compatible with a variety of cryptocurrency exchanges, such as:
- Coinbase pro
What about customer support?
Traders can contact customer support via an online ticket or email. A community of traders is available on Discord and Twitter.
Benefits of using WOLFBOT
The benefits of using WolfBot includes:
- The platform provides about 200 technical indicators, such as MACD, RSI, EMA, etc.
- Traders can trade on about 130 cryptocurrency exchanges.
Drawbacks of using WOLFBOT
The flaws within the WolfBot system are as follows:
- It requires coding skills hence not suitable for novice traders
- The subscription offers are costly, starting from $90/month
- All exchanges do not support margin and lending features
Traders can buy the WolfBot for $90/month, $480/6 months, and $700/ year. The following tools and features come in each offer:
- Trading pairs with no limit.
- All strategies, plugins, and indicators are available
- Support for all exchanges and much more
What are security measures?
WolfBot fails to mention security measures and privacy of traders’ data on their website. There is no information about 2FA that makes it an unreliable platform.
Is WOLFBOT legit?
There are no customer reviews on trusted third-party websites that raise concerns about the platform’s legitimacy. The code of WolfBot has different contributors that help in developing the robot.
Ease of use
WolfBot is written in codes that only traders with proper programming knowledge can understand. The platform has complex tools and features that are not explained on its website.
Is WOLFBOT a good choice for automated trades?
WolfBot provides intelligent and unique features for traders like Lending, Margin, indicators, etc. It uses machine learning technology that learns from different market conditions and recommends the best setting for trading.
What are the risks of using WOLFBOT?
The risks of trading with WolfBot include:
- The platform is recommended only for expert traders.
- One mistake in the code settings may result in a loss of investment.
- The customer support is not up to the mark and may not help in funds recovery.
Review verdict: open-source ccrypto bot
WolfBot lacks significant information about the developers and fails to provide its trading performance. The pricing plans are costly, and traders can not use different modes simultaneously. The absence of user reviews raises further concerns about the authenticity of the platform.