WealthyBot purposes to take emotions out of trading. It also wants to help you buy and sell cryptocurrencies with much ease. According to the vendor, thousands of traders are currently using the bot.
How does this crypto bot work?
WealthyBot uses cryptocurrencies present in Binance to trade automatically. It mainly works with two different strategies to find trades. Once you acquire the bot, your job is to configure the settings as directed and select one of the strategies you want it to use. It will then approach the market based on your instructions.
Getting started with WealthyBot
Directions for accessing and installing WealthyBot for live trades from beginning to end are outlined below:
- Create a new account on the platform
- Log in to your Binance account and fund it with Tether (USDT)
- Go back to WealthyBot and connect it to Binance using API keys
- Add credits to the bot
- Create a live “Trader” (details on how to achieve this are available on the official website). Here, you will be required to choose your exchange, trading pair, strategy, and minimum profit percentage
- You can now run the bot in the live market
The vendor of this system is anonymous. There’s no info about the developers or the main company in the sales pitch. For this reason, we are not able to gauge their expertise or reputation at the moment.
Features of WealthyBot
Check out the features of this system below:
This feature helps traders test their strategies to see what profits they can make before risking real money.
The bot doesn’t store your private keys. Rather, the keys remain safe on your device.
The devs take a reasonable percent of the profits you make after offering the bot to you for free. According to them, this makes the platform mutually beneficial.
Strategies of WealthyBot
As we mentioned before, the software incorporates two trading strategies. We have the Wealthybot trader setting that tries to spot the medium that is close to the high/low points to make trades. This serves to reduce the overall loss risk. The other approach is the high low setting, which initiates a sell order when the profit percentage set in your ‘trader’ is reached.
Pricing, fees, and commissions
WealthyBot is accessible for free. The vendor says that fees charged should be paid in credits but doesn’t specify the amount. Credits are purchased with cryptocurrency.
You are required to have a minimum of 150 dollars in your Binance account and 25 dollars’ worth of credits in WealthyBot for it to trade live.
What exchanges does WealthyBot support?
Binance International and Binance United States are the main exchanges integrated into this platform.
What languages does WealthyBot support in their brand?
WealthyBot uses the English language only.
Can you really make money with this bot?
We don’t know for sure because the vendor doesn’t share any statistics showing the money the bot’s strategies make for users. But in most cases, the profits earned will be hinged on the time of trading, market conditions, the strategy used, trading volume, etc.
Advantages of WealthyBot
The bot is offered for free.
A simulator is featured to ensure that you gain confidence in the workability of your strategy before deploying it to the live market.
Disadvantages of WealthyBot
- Limited number of exchanges
WealthyBot can only work with Binance, and may therefore lock out users who prefer to work with multiple exchanges.
- Profit deductions
A portion of the profits you make will go back to the devs. This can decrease your earnings significantly in the long term.
A knowledge base is available to answer questions you may have regarding the service. The other alternative is to contact the support team through its Telegram group. Other options include tutorials and live chat.
Who is WealthyBot suitable for?
Beginners looking for simple strategies to trade their coins on Binance might find this platform useful. The registration and setup processes are easy. Users can go live in a matter of minutes and begin earning money from their assets.
WealthyBot summary: is it worth going for it?
WealthyBot is free to use and gives you a chance to put your coins to work to earn extra income. But the crypto market is extremely volatile, so be ready to make some losses as well. Notably, if you don’t want to be limited to using Binance only, then WealthyBot might not be what you are looking for.
- Ease of use-6/10
- Payment methods-5/10