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Pros and Cons Chart of Bitsgap
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Bitsgap is a crypto bot that has been in the market since 2018. Bitsgap boasts to be twice safer as most internet banks, but is that true? We are about to find out.
Bitsgap is an Estonian-based trading bot, that enables users to trade crypto on more than 25 different crypto exchanges from a single interface. Apart from trading, the users can manage their portfolios as well, to keep track of their overall success.
The bot has been running ever since 2018. What’s special about this app is that it trades for the users, but has no access to their funds. The user is asked to have an account on some of the exchange platforms, and then connect Bitsgap with those accounts via fully encrypted API keys. The main idea is to provide users with the intelligence necessary for the crypto trade, without compromising their data.
The app has a Demo mode and Backtest for free features so that users can check if the conduct of the bot fits their needs and expectations.
The first thing we notice, though, is that Bitsgap is much easier to use than Coinrule, or Cryptohopper. And, overall, its score is quite good on our list, along with various performances and features altogether. For example, it is just as easy to use as Pionex, but it also offers great support and a demo account.
Bitsgap Web Platform Review
As of writing, Bitsgap didn’t launch a mobile app, although it was announced back in 2018.
For those who have no problem using crypto bots on their desktops only, Bitsgap offers advanced charting tools (Fibonacci retracement lines, Bollinger bands, trend lines…) and many supported exchange platforms to choose from. These include Kraken, Huobi, Bitstamp, Binance, and many more.
Each of three premium plans includes a set of core features:
- Portfolio Management
- Arbitrage
- Signals for the best trading options
- View Charts
- Basic and Advanced Order Types (including Smart Orders)
- More than 10,000 Trading Pairs
- Trading Bot Strategies
- Signals & Market Watchlist
- More than 75 Technical Indicators
The users can get in touch with customer support only via the email address or Telegram.
Furthermore, the Bitsgap doesn’t have a universal minimum deposit, and this amount will depend on the bot in question. Actually, Bitsgap has a quite complex system to calculate the exact amount of minimum deposit that should be consulted before trading.
Six Steps to Register On Bitsgap
Registering on Bitsgap is as easy as it can be. The process takes only several steps:
- Navigate to Bitsgap website and click “Sign up” (or, alternatively, “Get Started for Free”)
- Type in email address and a strong password not used elsewhere, or
- Go to Bitsgap through social media (Facebook or Google social media)
- Email address
- Connect exchanges and enter API keys
- Start trading
Making a new account on Bitsgap is free.
Safety and Pricing
On their website, Bitsgap points out the powerful encryption procedures. They support 2FA for additional safety. However, the fact that they don’t hold any license doesn’t instill much trust.
One of the downsides of their system is the fact that in order to trade with this bot, a person has to have accounts on one or more supported exchange platforms. Then, the user has to set up an API key for each of these accounts.
The app has a 2-week trial period, for users to test its functionality for free.
The prices of premium plans vary, depending on whether they are purchased annually or monthly (the annual plans are, of course, more profitable).
The Basic plan operates with a maximum of $25 thousand/month. The basic features and two trading bots are included in the price ($19/month or $15/month for annual billing).
The Advanced plan limits the user to trade up to $100 thousand/month. Apart from that, the arbitrage feature and 5 trading bots are available. The price of this plan is $35/month (annually) or $44 (monthly).
The Pro plan unlocks all Bitsgap features for $88/month for an annual subscription (monthly subscription is $110). The user gets to use 15 trading bots.
Additional Tip for Trading With This Bot
The Stop-Loss and Stop Trailing options aren’t available for some bots (like Scalper bot). Without these options, a user can lose a great deal of money, so it is necessary to know well the bots employed.
User Feedback on Bitsgap
Although Bitsgap has been in the game for some time now, it has a quite mediocre customer rating on Trustpilot (3.7, based on 132 reviews). People mostly complain about poor customer support, buggy operations, especially in the case of the Scalper bot.
Our Verdict: Is Bitsgap legit or a scam?
Bitsgap wouldn’t be in the market for so long if it was a scam. However, it is probably not the most reliable bot you can find out there. Although their security system seems strong, they don’t have any license and their bots don’t work without problems.
Therefore, Bitsgap is a risky, but potentially very lucrative platform.
FAQ Checking Is Trading Bot A Scam
Is Bitsgap a legitimate trading bot?
Bitsgap is a legitimate trading bot. It has been in existence for several years now. There is a large community of users and it has somewhat positive feedback, even though Bitsgap hasn’t been licensed so far.
Can you make money with Bitsgap?
Bitsgap is a profitable trading bot, especially through the arbitrage feature. The trading bot traces these opportunities on various platforms and allows its users to assign balance when executing an arbitrage.
Is Bitsgap safe to use?
Bitsgap claims to be twice as safe as most banking systems. They use RSA 2048 encryption which is virtually impossible to crack.
The users connect other exchanges they use with the Bitsgap platform. The idea is that there is less chance of compromising subscribers’ data while still giving them access to the trading technology.
Bitsgap doesn’t have any licenses from the authorities but remains one of the trustworthy trading bots with a large community of users. It also presents issues while in use, so we recommend looking into it carefully.
