Hummingbot is a trading bot that allows us to work with the market professionally. The system can be checked by anyone because it’s an open-source bot. The system is a market making bit that performs an arbitrage strategy. It may be used on centralized and decentralized exchanges. It’s possible to use the bot as an extension to our browser.
How does this crypto bot work?
The bot should be attached to our exchange accounts to perform arbitrage trading. It will seek price differences to open a trade for us.
Getting started with Hummingbot
The market making services allow everyone to provide tokens and get them as rewards. It united over 3200 traders with $2,4 billion volumes for more than 72 tokens. We can design our own bots or customize already developed ones. For this purpose, we have to know the Python language.
Company information
We know that the developers came to the crypto market from traditional markets. They have proper knowledge about enterprise operations, corporate compliance, and budgetary constraints. Also, the presentation claimed that the owners have proper trading experience. We don’t know if we can trust this claim without verified trading results.
Features of Hummingbot
The presentation includes various information about the system and robot design possibilities which we systemized in the list.
Experience free trading
- The bot was designed to be a bridge between centralized and decentralized worlds.
- The solution is trusted by many developers and traders.
- The robot runs the charts 24/7, looking for trading opportunities.
Automatic trading
- We can work with decentralized and centralized exchanges at the same time.
- The robot has a session limitation by two hours only.
- The configuration will be reset after the session is closed.
Money-management and security
- The supported exchanges are dydx, Binance, Huobi, Coinbase, Terra, and Uniswap.
- A well-designed framework allows us to work with 30 exchanges at the same time.
- It works as a local software not to be spotted by the exchanges.
- We can work with several bots on the same API keys.
Trading features
- It opens Arbitrage opportunities for us.
- It’s developed by over 113 code contributors.
- They have written a liquidity mining white paper.
Strategies of Hummingbot
The core strategy is Arbitrage trading. It’s based on the price differences between exchanges.
Pricing, fees and commissions
There is no pricing mentioned on the site.
Deposit requirements
We can work without restrictions of a deposit. Anyway, we should have enough margin to support our orders.
What exchanges does Hummingbot support?
The bot supports working with over 30 exchanges. Alas, the developers didn’t mention which ones.
What languages does Hummingbot support in their product?
The robot is available in English.
Can you really make money with this bot?
We have no idea because the presentation isn’t featured by any trading results.
Advantages of Hummingbot
- We can work with well-known exchanges
- An arbitrage strategy is behind the system
Disadvantages of Hummingbot
- No risk advice given
- No settings explanations provided
- No backtest reports provided
- No trading results shown
Customer support
The developers provide support via Telegram and email.
Who is the Hummingbot suitable for?
Most likely, the system was designed to help professional traders because it requires us to have customization and coding skills.
Hummingbot summary: is it worth going for it?
Hummingbot was developed to cover us with a need for Arbitrage trading. The system works with various exchanges where it seeks for price differences. The presentation informs us about features and challenges. Alas, we don’t have any sign of backtest reports or trading results. So, it’s hard to predict if the robot will make profits for us.
