- Crypto traders have no trust in crypto trading bots
- Over 90% of traders stopped using one after a month upon paying for it
Everybody wants to maximise profit, we want an efficient way of investing our funds that is free of bias and, at the same time, profit oriented. Crypto traders have that in crypto trading bots but somehow traders don’t trust these bots.
Adam Cochran —a Professor in Conestoga College in Canada— carried out a research survey and the results showed that traders don’t trust these bots and some people don’t even use them at all.
The Professor told Decrypt that the crypto trading bots sector had grown immensely and even peaked in 2017/2018. He said people (traders) had thought it was quite easy to make money using those bots because they believed all they had to do was copy a strategy.
He went on to state that he surveyed over 10,000 crypto traders who were mostly made up of members of the subreddit group “r/Cryptocurrency.” He also added that he surveyed people who received a newsletter from an r/Cryptocurrency mod who says he owned a close to $54 million in crypto.
The survey showed that 38% of those he surveyed had used a bot once. However, 93% of them stopped using it after a month upon paying for it.
What traders think of the crypto trading bots
According to the survey, 88% of the people said they did not trust the team that developed the bot or the bot itself. 81% thought the bots were not up to standard and over 68% found the bots to be too technical.
99% of the respondents hadn’t heard about Kryll.io, a crypto trading bot the researcher had asked them to review. Those who gave the review said they didn’t trust it while others said they wouldn’t use it.
The reviewers cited a poor command of English as why they don’t trust the french bot. 72% of the respondents however said its unknown team is why they don’t trust it.