The cryptocurrency market is quite different from traditional forex and stock markets due to its volatile nature and massive potential for higher returns. Another complex difference that many investors ignore in light of their dazzled profit margins are longer bearish seasons and longer consolidation periods.
AlgosOne trading bot
These two factors, when combined, make it a terrible web for experienced and novice traders, but it’s not something to dread about. Trading bots that are powered by AI are an emerging trend, and to make crypto trading easy for many, the platform AlgosOne has also introduced an AI-powered trading bot.
The difference from other trading bots is that the company claims that their AI is trained on large datasets of real-time market data and previous historic data, along with the capability to predict market sentiment from non-qualitative sources like social media and news, which makes it capable of identifying profit opportunities.
As complex and as big of an undertaking it seems to be, it really is, and we have no independent sources to verify the claims. A recent article in BeingCrypto went as far as saying that the AlgosOne bot is capable of pointing out profit opportunities even during the downturn of the crypto market.
But on the flip side, the AI tools directory Toolify said that AlgosOne heavily relies on advertisements and paid promotions.
Broader claims
The platform claims that its bot can determine precise entry and exit points for trades with a potential profit and can automatically carry out these trades without human input. Well, that is what trading bots are built for.
AlgosOne also says that its bot has a potential trade rate of 80%, including win/loss, but most of the promotional articles on the internet just use the word trade ratio to keep the loss out of view.
A promotional article surfacing on the web these days says that AlgosOne bot can turn bearish scenarios into profit making opportunities as bot is capable of the same trade efficiency in bearish spells and leverage these opportunities through short selling.
While we know short selling is only for the most experienced traders and has its own risks, if the price turns upwards, we cannot verify this claim as well. But it is also mentioned by Toolify that AlgosOne has no API integration and appears to be a pyramid scheme with no means to verify its claims.
While we know bots make up to 80% of trades at reputable exchanges like Uniswap and a number of users rely on them, it is also necessary to have trading knowledge before relying on trading bots.
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