BOTS versus eToro.
I'm Simon, a comedian and so-called crypto hobbyist. And just like you, I'm learning about trading as I go. In these videos, I do my very best to tell you as much as I can about trading apps, cryptocurrency, starting with trading, and much, much more.
eToro: trading for seasoned investors.
Let’s start with eToro: a very popular trading app that allows you to trade in pretty much anything you like: cryptocurrency, stocks or raw materials. The interface is super user-friendly: making it very easy to make your trades, check your portfolio or even connect with other traders. If you’re not ready to jump in straight away, eToro gives you $100.000 fake money to give the app (and trading itself) a try. Besides that, you can use advanced tools such as ETF’s or CFD’s.
Did you have to do a Google search for the terms ETF and CFD? Join the club! The biggest downside of eToro is that you need to know quite a bit about trading to use the app. Even though the interface is very user-friendly — you still need the knowledge to make the right trades. If you don’t know exactly what you’re doing, it’s very easy to mess it up and lose all or part of your investment.
The risk of trading without any experience.
No wonder that 67% (!) of all inexperienced investors trading in CFD’s have lost all their money. In all fairness, it’s hard to keep your cool when it comes to your own cash! If you see your investments sliding away, where to copy trade crypto you might just decide to sell it all and take your losses. An experienced trader, on the other hand, might decide to hold on to his stocks — knowing better times are ahead.
And that’s what makes both knowledge and experience essential when it comes to trading.
eToro’s Copy Trading: does it work?
eToro found a solution to this problem by implementing a new feature called forex copy trading signals (http://cryptocurrency.copytrade.press) Trading. It gives you the option to trade like eToro’s top traders. You view what the real traders are doing and automatically copy their trading tactics. The only downside is that you need to invest at least €500 to be allowed to hop in onto Copy Trading.
But the thing is, we no longer live in a time when men in fancy suits would shout BUY and SELL like chickens without heads at the stock exchange. Most likely, all those top traders sitting behind their computer use algorithms to make sure they make the right trades.
And if these top traders use algorithms — why shouldn’t you just do the same thing yourself?
Trading with BOTS: no experience needed.
Leading us to the next trading app: BOTS. Starting with the most significant difference: BOTS works with intelligent algorithms that do the trading for you. Meaning that as long as you let these algorithms (called bots) do their work, they will buy, sell and hold at the best possible times. The bots are designed to find the best possible moment to make a trade and maximize returns. They don’t get nervous when the market dips!
All you have to do is pick a bot you like, press a button, and let the software manage your investment for you. Generally, bots do a better job than humans.
Trading without any knowledge.
Same as eToro, BOTS has a very user-friendly interface. The only downside is that there is no web interface available, meaning you will need a smartphone to use the app. Even though the app is currently mainly focused on trading cryptocurrencies, copy trades crypto trading in other assets such as stocks and raw materials is in development.
Trading with algorithms: does it work?
The unique part about this app obviously are the bots themselves. It’s easy to start one or even multiple bots. You can read their descriptions to learn more about their strategies, the currencies they trade, and their returns in the past. Like what you see? Press the button, sit back, and relax!
Unlike eToro, where you can spend a lot of time and energy making quick, short-term investments, the bots at the BOTS app are in it for the long run. They’re designed to have the best returns over a long period, But if you’re unhappy with a bot’s performance, you can close his position and replace him with another bot!
The fees of trading apps.
Now let’s have a look at the fees of both apps, starting with eToro. Even though eToro is keen to tell you there are no broker fees, there is a wide range of other small fees that may or may not apply depending on what and when you trade, making it difficult to know on forehand what exactly you’ll end up paying in fees.
BOTS, on the other hand, seems to be more transparent regarding their fees. They charge transaction fees by external exchanges of 0,002 x the value of your investment per transaction. If you deposit money on a bot, there is a one-time entry fee of 0,002 x your investment. Do you withdraw cash, there will be a one-time exit fee of 0,015 x the amount you withdraw.
Overview: BOTS vs eToro.
So let’s gather all this information in a quick overview:
Whatever app you use, do keep in mind that investing is not without risks and that cryptocurrencies are a more volatile form of investment and copy trade crypto reddit therefore carry greater risk. Don’t invest any money you can’t miss!
Would you like to learn more about the BOTS app or get some more trading in cryptocurrency tips? Just continue reading below.
There is no such thing as risk-free trading. It is possible to lose (part of) your stake.