ETBOT.io, Two Weeks in
This is the 2nd blog post in a series describing my review of/experiences with the ETBot crypto trading bot. After my 1st post, describing registration, payment and connecting to an exchange, this post will focus on the first two weeks of actual trades.
For full transparency: I did apply for an affiliate account, yet will refrain from making my blog posts commercial adds and keep things neutral. However, if you do intend to start using ETBot, I would very much appreciate it if you signup after using one of my links or supply my Referral ID (203) in the sign-up form. I won’t cost you extra and it does provide me with a small additional reward for my writing in addition to help structuring my thoughts.
Impressions so far
In the first two weeks of actual service (see my 1st post, for the experiences encountered during registration, payment and connecting to an exchange), resulted in the following observations:
- I did expect more trades and a higher trading frequency, yet ETBot is lazy. There is a considerable amount of days when simply nothing happens. The frequency of trades can be perfectly well deduced from the provided historical trades, yet it still surprised me. Guess I unconsciously associate artificial intelligence trading bots with flash trading…
Related to the previous: fees are pretty costly (paid $28.12 over the trades in the first 14 days). After my limited trading experience mainly on the WAVES decentralized exchange (where fees are virtually zero), this was a big disappointment. Also here: could/should have known this advance, yet it still hurts.
Except for the resulting trades, there is no way to get insight in what ETBot is doing and there is no control over what’s happening. In my view, the
- Create an option on the enable / disable bot in a web interface.
- Provide an option to restrict the maximum amount available for trading (it seems to use ca. 90% of the total available dollars for its trades). A work-around is offered to work with multiple accounts per exchange, but a user-friendlier option would be welcome.
- Provide information on what will happen if one intervenes with the trades manually.
Bitcoin volatility keeps being crazy.
It’s probably better for your mind to just buy a 12 month subscription, get things up and running, then forget about it for 11 months..
Results so far
Well, until now, results are to cry for. Not only is the overall performance a loss of 11%, but literally every trade so far has resulted in a loss. Compared to simply holding on, this not compare favorably:
- Hold USD: 0%
- Hold BTC: +6%
- ETBot: -11%
On the upside, a simple turtle bot I was running as a test on the side did equally bad.
Scam or Legit?
Trades are being made, and they correspond to what is noted on their website / in email notifications, as a whole, the behaviour is consistent (actually, ETBot.io is somewhat more pessimistic in their calculation their own performance and state a loss of 12.19%).
At least some legitimate things are happening at the ETBot.io’s office. The support department is reachable and there is a system in place that facilitates automated trades. If there is any sophisticated, continuously improved machine learning algorithms behind these trades or some simple heuristic with very sophisticated marketing, that’s impossible to tell.
Worth the Money?
Clearly, you wouldn’t need a bot to trade with an 11% loss in two weeks time. On the other hand, if in the long run the most of its trades are positive, or it manages to compensates for many small losses with a few big bangs, it’s a bargain. We can only hope that the results are in line with the marketing and not be unlucky and not
be caught when the ETBot.io results regress to the mean/unfortunately happen to be in the few months the system is actually losing.