Forex EA Review

Centobot EA Review – Should You Use this Automated Trading System?

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Centobot is an automated trading system that utilizes artificial intelligence and machine learning to trade cryptocurrencies. It claims to generate consistent profits by analyzing market data and executing trades automatically. But is Centobot EA legit and worth using? This comprehensive review will examine how Centobot works, its features, pros and cons, and help you determine if it’s the right automated crypto trading system for your needs.

How Does Centobot EA Work?

Centobot is a web-based automated trading application that connects to your cryptocurrency exchange account to place trades on your behalf. Here is an overview of how Centobot functions:

  • Account Creation – You’ll need to create an account on the Centobot website and connect your exchange account via API. Supported exchanges include Binance, Coinbase Pro, Kraken, Bitfinex, and BitMEX.
  • Strategy Configuration – Centobot utilizes preset trading strategies that you can customize. This includes settings for assets to trade, position sizing, risk management, technical indicators, and more.
  • Market Analysis – Centobot scans the markets analyzing technical indicators, price action, trends, volatility, and blockchain data. It looks for profitable trading opportunities based on the configured strategy.
  • Trade Execution – When an opportunity is detected based on strategy settings, Centobot will automatically execute the trades via API connected exchange account.
  • Profit Taking – Centobot closes positions to take profits once target thresholds are reached. It also utilizes stop losses and trailing stops to control downside risk.
  • Performance Tracking – You can monitor your trading performance through Centobot’s dashboard showing detailed metrics, stats, and customizability.

Overall, Centobot aims to simplify crypto trading using advanced automation so anyone can benefit from algorithmic strategies and grow their portfolio. But does it deliver? Let’s examine the key features and functionality in more detail.

Key Features and Tools

Centobot comes equipped with a suite of tools and functionality to enable automated crypto trading:

  • Pre-Built Strategies – Choose from 10 preconfigured trading strategies including breakout, reversal, range trading, and more. Each has customizable settings.
  • Custom Strategy Builder – For advanced users, you can create a fully custom automated strategy based on technical indicators and trading rules.
  • Shorting and Leverage – Centobot supports short selling and margin trading on supported exchanges up to 100x leverage. Enables trading on price declines.
  • DCA Accumulator – Automatically dollar cost average into assets using preset allocation percentages and interval timing. Great for growing positions in top coins over time.
  • Hybrid Mode – Semi-automated trading gives you control to manage some trades manually while automating others. Useful for testing strategies.
  • Backtesting – Test automated strategies against historical market data to gauge performance before going live.
  • Technical Analysis – Built-in charting and analysis helps inform Centobot’s trading decisions and strategy logic.
  • Risk Management – Protect your capital with customizable stop losses, position sizing, and risk per trade settings.
  • Portfolio Diversity – Strategies can trade up to 15 coins simultaneously helping diversify your crypto portfolio’s exposure.

These tools give you flexibility in how you use Centobot to automate trading based on your risk tolerance, portfolio goals, and experience level.

Supported Assets and Exchanges

Centobot supports trading the top cryptocurrencies along with margin/futures trading. The currently supported assets include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Binance Coin (BNB)
  • Ripple (XRP)
  • EOS (EOS)
  • Stellar (XLM)
  • Tether (USDT)

For margin and futures trading, Centobot works with these derivates platforms:

  • Binance Futures – Trade perpetual contracts on BTC, ETH, XRP, ADA and more. Up to 125x leverage.
  • BitMEX – Leading crypto derivatives exchange with 100x leverage on BTC and altcoin futures contracts.
  • Bybit – Trade inverse and USDT-margined BTC, ETH, EOS, XRP contracts with up to 100x leverage.
  • FTX Exchange – Offers crypto futures, leveraged tokens, index volatility products, and OTC.

This range of support allows you to automate spot trading or margin trading on leading exchanges. However, keep in mind margins carry significant risk.

Account Security

When using any automated trading system, account security is critical. Here are some key safety measures used by Centobot:

  • Read-Only API – The integration uses a read-only API key preventing any withdrawals or transfers. Prevents theft or loss of funds.
  • Whitelisting – You can whitelist withdrawal addresses to restrict where funds can be moved to as an added layer of protection.
  • 2FA Authentication – Mandatory two-factor authentication adds a second layer of account access security. Uses an authenticator app code.
  • SSL Encryption – The website and API connections use SSL encryption to prevent man-in-the-middle attacks and keep data secure.
  • Data Protection – Centobot claims to not store any personally identifiable information or share data with any third-parties.
  • Funds Storage – Your cryptocurrencies always remain on the connected exchange account, not held by Centobot itself.
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While these measures help improve security, there is no guarantee against exploits. You are still ultimately responsible for protecting your API keys and exchange account. Enable all available security features and use strong unique passwords.

Centobot EA Pricing

Centobot offers a few pricing tiers depending on your needs:

  • Starter – $49 per month. Tracks up to 10 coins simultaneously and places up to 20 trades per day. Ideal for testing with small accounts.
  • Basic – $99 per month. Tracks up to 15 coins with up to 50 trades per day. Supports margin trading. Best value for most.
  • Pro – $249 per month. Unlimited coins, unlimited trades, priority support and custom indicators. For professional traders managing large accounts.
  • Enterprise – Custom pricing. For hedge funds and firms needing the highest trade volumes and priority support.

Lower tier subscriptions can be upgraded at any time if needed. You can also receive a 7-day free trial to test Centobot’s functionality before paying. Just be sure to cancel before getting charged if you don’t wish to continue.

Accepted payment methods include Visa, MasterCard, bank transfer, and various cryptocurrencies like BTC and ETH.

Pros of Using Centobot EA

Efficient TradingCentobot can analyze markets and react faster than any manual trader, taking advantage of volatility in seconds rather than minutes or hours. This automated factor greatly improves efficiency.

Emotionless Decisions – Algorithms make decisions purely based on data, removing any emotional bias, FOMO, or panic selling tendencies. This helps optimize and stick to the strategy.

Diversified Trading – Automated strategies allow trading a diverse portfolio across numerous assets rather than manually focusing on just a few. This spreads risk in your favor.

Tireless Trading – Centobot works 24/7 without rest, consistently applying strategies even when you sleep. You don’t need to be glued to charts.

Backtesting Capability – Backtesting strategies on historical data gives greater confidence in the strategy before risking live capital. Manual traders lack robust backtesting tools.

Customizable Strategies – You have extensive control to create automated strategies tailored to your risk tolerance and financial goals versus generic algorithms.

For these reasons, automated trading systems like Centobot offer significant advantages over manual trading for many investors. But some downsides exist as well.

Cons of Using Centobot EA

Requires Monitoring – You still need to regularly monitor performance and ensure your account, keys, and exchange remain secure. Fully hands-off trading is ill-advised.

Potential Overoptimization – Excessive tweaking to overfit the markets carries risks when market dynamics inevitably change in the future. Avoid overoptimization.

No Tax Tools – Centobot currently lacks built-in tools to help manage crypto taxes. You’ll still need to account for capital gains manually.

Limited Exchanges – Connecting to just 1-2 exchanges restricts trading certain assets and margin products. API limitations also prevent complex options strategies.

Limited Customer Support – With just email support, responsive assistance can be lacking compared to more expensive institutional platforms.

Some Inaccuracy – No algorithms are perfect. Centobot can and will make some losing trades based on incorrect signals. Manual oversight is still beneficial.

High-Risk Strategies – Aggressive margin trading carries significant risk of amplification losses if utilized improperly. Use leverage cautiously.

While the automation benefits typically outweigh drawbacks for serious traders, be aware of the cons before deciding if Centobot EA aligns with your needs and philosophy.

Centobot EA Reviews: What Users Are Saying

With any trading product, it’s helpful to look at real user reviews. Here is a sampling of Centobot customer feedback from around the web:

“I tested Centobot for a month using the backtester and demo trading. Made over 200 trades with 62% profitable. Programmed my own strategy based on my risk preferences. So far going well trading live the past two weeks. Support has been responsive to any questions.”

As a crypto beginner, I like how Centobot allows me to automate trades with proper risk management. I picked a moderate strategy and it has made profitable trades with no losses so far. Really simplifies the trading process for me.”

“Centobot does exactly as it says with autotrading my account nonstop according to my configured strategy. I have six coins traded across Binance and Bybit being profitable with some small losses here and there. Overall solid returns.”

“I cannot recommend Centobot currently until they improve reliability and add more exchanges. I encountered multiple disconnect issues where it would stop trading for prolonged periods. Also need more margin platforms. Support was slow to respond. Looking for an alternative.”

“After a great first month using Centobot I configured a risky strategy mistakenly with 100x leverage and lost my whole account in three bad trades. Can’t really blame the platform, this was user error on my part. I do wish they prevented such high risk.”

The majority of reviews seem to be positive, touting Centobot’s ease of use and profitability. However, some users report issues with exchange connectivity, support delays, and the risks of automated margin trading. Results will depend heavily on your configuration and responsibility.

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Is Centobot EA Legit or a Scam?

Determining the legitimacy of any cryptocurrency software or trading system carries challenges due to the unregulated nature of the industry. However, when examining company transparency, user feedback, and functionality, Centobot EA appears to be a valid automated trading platform, not a scam. Consider:

  • Active since 2019 with generally positive user reviews, showing product longevity.
  • Detailed About Us page clearly explains the company background, team, and contact info.
  • Works as advertised with verifiable automated trading capabilities as shown through various reviews and demo usage.
  • Does not overpromise guaranteed profits, clearly warning users of risks involved. Transparent with disclaimers.
  • No worrisome red flags found from background research into the company and key personnel.
  • Integrates with reputable exchanges in a read-only API manner focused on security.
  • Requires email and phone verification through website signup, showing KYC legitimacy procedures.
  • Provides a free trial allowing users to safely test system functionality with no risks.

Based on these factors, Centobot demonstrates far greater legitimacy than most unregistered offshore cryptocurrency schemes that attempt to defraud users under the guise of trading bots. While no guarantees exist, choosing established transparent platforms like Centobot greatly reduces the risks.

Centobot EA Review Conclusion – Powerful but Use With Caution

Centobot EA undoubtedly provides a powerful platform for automating cryptocurrency trading strategies. The ability to backtest and fine-tune algorithms tailored to your preferences and risk tolerance is a major advantage compared to manual trading. However, the technology does not guarantee profits, is not foolproof, and still requires active user involvement.

If considering Centobot, approach with reasonable expectations and utilize their risk management tools responsibly, especially with margins. Cryptocurrency markets remain extremely volatile. The platform simplifies automation but does not replace prudence and ongoing oversight by users.

Overall though, Centobot is a worthwhile option to potentially enhance trading results through customizable automation. For users who take the time to thoroughly learn the system, program prudent strategies based on backtesting, and implement safety measures, Centobot provides a strong toolset to explore algorithmic trading. Just use wisdom and moderate expectations.

Frequently Asked Questions

Let’s expand on some common questions about Centobot to gain additional insights.

Does Centobot work? How profitable is it?

Yes, Centobot functions as advertised in terms of automated trading capabilities based on user reviews and firsthand testing. However, profitability varies drastically based on your personal configurations and strategies. No returns are guaranteed. The platform merely executes your strategy automatically, for better or worse.

Is Centobot better than other trading bots?

Comparatively, Centobot stacks up well against platforms like Cryptohopper, 3Commas, NapBots, and TradeSanta. Its focus on automation and machine learning makes it very capable. However, every platform has pros and cons. The best solution depends on your specific needs and goals.

Can I test Centobot before paying?

Yes, Centobot offers a free 7-day trial so you can thoroughly vet the platform using demo trading and backtesting without risking funds. Be sure to cancel the trial before the 7 days ends if you decide not to continue using the service.

Is Centobot EA a robot for passive income?

No automated trading system enables truly passive crypto profits. While Centobot trades on your behalf 24/7, it still requires active monitoring, fine-tuning, and security measures by the user for best results. Passive income claims are exaggerated marketing. Due diligence is mandatory.

What is needed to start with Centobot?

To begin, you need a Centobot account, a supported cryptocurrency exchange account with sufficient capital, and API keys with permissions to trade only. Then connect your exchange account via API and configure your automated trading strategy. Refer to their setup guides for details.

How do I know my account is secure?

Centobot implements various measures like read-only API keys, 2FA login, and SSL encryption to improve security. However, you remain responsible for enabling all available safety and account access features through your connected exchange and Centobot account settings. Never share API keys.

Ready to Get Started With Centobot?

If you feel Centobot EA may align with your cryptocurrency trading goals, you can visit their website at Centobot.com to begin setting up a free account and trial. Be sure to thoroughly backtest strategies and implement prudent risk management for the best experience.

While algorithmic trading has risks and limitations, platforms like Centobot make it more accessible to average investors. Approach with reasonable expectations, dedicate time to properly learn its features, and implement safety measures. If used wisely, automated solutions like Centobot offer potent tools to potentially boost trading success.

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About Amelia Clarke

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