Bitsgap Vs Royal Q: Who Is The Boss Among These Crypto Trading Bots?
Trading cryptocurrency requires a lot of time, mental energy, and individual skills. If you are serious about making money from cryptocurrency as a trader, you need to learn the basics of fundamental and technical analysis, it is the least you can do. Get some books on trade analysis, watch relevant Youtube videos and take online courses on trading.
That said, start practicing what you have learned, see what works and tweak your strategy accordingly.
There are two types of traders;
- Full-time and
- Part-time traders
The full-time traders have no other things that they are engaged in other than financial market trading, this is their only job. Examples are hedge fund managers, portfolio managers, forex expert advisors, and so on. These guys don’t need any kind of trading software to achieve reasonable results, because they have all the manpower and time dedicated to analysis.
But part-time traders don’t have this privilege, they have other income sources, hence there is only limited time. This type of trader will have an improved chance of success when they automate their trades with cryptocurrency trading bots like Bitsgap or Royal Q.
Therefore, this article is a review of these bots, and it is coming from an experienced trader and someone who has been using these bots for a while. I have metrics to base my review on. I will start with Bitsgap.
Bitsgap Bot Review
It was built by an Estonia-based company, and it has been available in the market since 2017.
The Merit of Bitsgap Bot
It is a grid bot without any artificial intelligence features, It takes advantage of price volatility in the market like every other bot. It buys at a lower price and sells higher.
Its website interface on PC is friendly and easy to interact with.
Signing up is easy and there is an option to fund an account via debit/credit card and crypto.
The customer service is responsive and will score 65/100, and Bitsgap’s official telegram community is helpful to new users, and it is active.
Regardless of the market trend, the bot always make a profit, but the real profit is on investment change
Users can integrate Bitsgap bot with more than 2 dozen cryptocurrency exchanges through API (Application Programming Interface) including Binance, Kucoin, Huobi, Okex, and so on.
A portfolio overview allows traders to have more insight into their ROI in the last 24 hours, 7 days, or 30 days. This is important if you have accounts on different exchanges.
The grid bots are divided into Sbot and Classic, the former is better as far as the sideways market is concerned, and the latter is for moderate risk and reward. So you have the options.
Bitsgap futures bot uses a combination of grid bot and dollar-cost averaging to maximize profit. You can long and short with a maximum of x20. I have used this bot on the futures market, and its performance is impressive.
There is an option to demo trade a strategy before the user will switch to a live account, this is useful for beginners.
Integration with Tradingview software makes it easy to conduct technical analysis without opening an exchange website.
Important features like Trail up, Trail down, stop loss, take profit, and backtesting make trading more robust and interesting.
Smart trade terminals give users options that are not available on any exchange because you can create shadow buy and sell orders, or set orders to cancel others if you like. Even when your buy orders are not filled yet, you can take profit at different levels. This is an incredible feature, I have never lost a cent by using this feature on Bitsgap. It is a killer feature that users can take massive advantage of.
The TWAR (Time Weighted Average) feature allows traders to buy/sell any asset at specific intervals (1hr, 6hr, 12hr, 1 Day & 7 Days). This can cushion the effect of market impact, and it is also a smart way of doing DCA.
There are 3 different plans for users, basic, advanced, and Pro. That’s some kind of flexibility.
Bitsgap does not share in your profit, it is 100 percent yours.
There is a knowledge base that contain all important document about the bot.
Demerit of Bitsgap Bot
There is no mobile app, so you have to rely on a mobile browser.
No complex referral program, although there is an affiliate commission of 30% paid to affiliate marketers whether the referral subscribed to a monthly or annual plan
No Algo trading
No EA option
The Pro plan is $149/month, Basic and Advanced plans are $29 and $59 respectively. But users can save 17% by paying for 6 months subscription
Even with Pro plans, users cannot create more than 20 bots at a time.
Royal Q Bot Review
The Merit of Royal Q bot
It is a quantitative bot that relies on the information that it is fed with
Royal Q bot is the cheapest bot in the market right now because it costs only $120 per year, this $10 monthly plan.
It has a robust referral program, there is hardly a limit to how much you can earn as long as you are inviting more people.
The multi-level marketing strategy of Royal Q bot is driving its adoption in Asian and African markets right now
It has a mobile app (Android and iOs)
Friendly user interface
Low-level technical requirement, because it is easy to understand how to use it.
Its biggest strategy is Martingale, although individuals can customize the trading style, yet there is a limit to the level of customization order than DCA and take profit.
There is an EA option on Royal Q, users may follow the experience bot users. But followers will lose when EA is losing and make a profit when he is making a profit too. It is recommended that users with small accounts should desist from this. The EA will share part of the profit that is made by the followers.
Demerits of Royal Q bot
It is limited to the spot market, and only a selected amount of cryptocurrencies can be traded.
Only a few coins that are paired against USDT can be traded with the Royal Q bot. This is a limiting factor because there are times when there are better opportunities in trading some low market cap coins like HIVE and VAI. But with Royal Q, you are denied such opportunities.
The user guide in the app is not as helpful as the one provided by the affiliates marketers on Youtube
The bot does not have a web version, the website is only serving as a landing page for now.
The gas fee is another turn-off as users are mandated to leave some amount of USDT on the app to be used as gas. Some cents are deducted from this balance per trade, and the more trade that your bot makes per day, the more you pay a gas fee.
20% of users’ profits are shared with Royal Q in addition to the gas fee.
The Bot can be integrated with only two exchanges, Binance and Huobi. If you are living in a country where these exchanges do not cover at the moment, you cannot use the Royal Q bot.
- For Dollar Cost Averaging, both Bitsgap and Royal Q are at the same level, and this is obvious from the trade settings.
- If you are looking for a cost-effective bot with average trade features, then Royal Q is your best option. But when you need to trade both futures and spot markets with more sophisticated instructions, then sign up for Bitsgap Bot.
- Some traders don’t feel comfortable with sharing a fraction of their profit, but the Royal Q bot takes 20% of every profit you make. To keep 100% of your profit, consider Bitsgap
- As a newbie trader, who just want to make residual income, try Royal Q
- Great customer support via live chat, telegram, and email. Bitsgap bot does this better as Royal Q bot kind of has no support, you have to depend on your upline when you have any question or issue, they are also known as referrals.
- Royal Q doesn’t give room to taste the meal before eating it, no free trial. You have 14 days free trial on Bitsgap
- By the time that you pay for gas and part with 20% of your profit, you’d realize that Royal Q’s annual subscription fee is more expensive than Bitsgap’s, especially if you are trading with more than $10,000 fund.
- For those who have accounts on over a dozen exchanges, and want to keep tabs of all, the annual subscription on Bitsgap is worth it. Because Royal Q bot can only be integrated with only Huobi and Binance.
- Finally, I will recommend Royal Q to newbies with a small portfolio. But it is a rip-off to big traders or portfolio managers, at least, in the long run.
Thank you for reading this article till the end…. In case you consider using any of these bots, kindly use my Affiliate links;