Butter-Bot trading robot is built around the exponential moving average(EMA) strategy. As such, this automated trading robot for Bitcoin works by measuring trend direction over a period of time.
Nonetheless, Butter Robot supports various Bitcoin exchanges. Those exchanges include Bitstamp, BTC-e, and MtGox. Unfortunately, the software is at the moment closed to new users.
This is a paid bitcoin trading robot that comes with a 7-day, no-strings-attached trial. Surprisingly enough, there’s practically no information about the price on the Web. To be fair, this is weird. I’m not sure whether it’s because they are currently not accepting new users or something else.
Is Butterbot a Scam?
Although Butter-Bot is not a scam, this trading robot has a very low-efficiency rating. That can be attributed to the EMA strategy, which forms its basis.
This strategy is no longer profitable. That’s because many traders use it to predict the trend direction. They then take advantage of new trading opportunities. As such, it can be a bit challenging grabbing a trading opportunity before anyone else does.
Matter of fact, top automated bitcoin trading robots don’t work like that. Instead, they use more in-depth data to decide if it’s better to buy or sell at any one point in time.
My Verdict on the Butter-Bot Trading Robot
My take on Butter-Bot is that it’s better to trade manually than to waste your hard-earned money on it. This automated trading robot uses an outdated strategy that makes it difficult to take advantage of a trading opportunity before others do.
If you feel like you just have to use a Bitcoin trading robot like this, there’ s a free bot worth opting for. It’s called “MtGox” and offered as a Chrome browser extension.
Even though this automated bitcoin trading bot similarly has a low win rate, it at least doesn’t require any money. Watch out for our next automated trading robot post.