Beginners Guide to Live Trader: Complete Review
Live Trader is a comprehensive trading bot platform that enables its members to make use of a wide range of automated trading bots and fine tune their crypto trading strategies.
The platform works via API connections and provides access to around 1,000 different trading bots which can be used to perform automated trades on popular cryptocurrency exchanges such as Binance, Bitfinex, Bitstamp, Kraken, KuCoin, and Poloniex.
The platform allows traders of differing experience levels to create unique trading strategies, while having access to extensive historical data, and a variety of popular technical indicators.
Users can backtest their strategies and customize them accordingly, and Live Trader also incorporates a marketplace which allows members of all levels to trade strategies. When signing up, the 7 day trial period means that anyone can fully test out the platform before committing to a paid monthly subscription.
Live Trader Overview
The Live Trader website doesn’t provide any information on the team behind the project, however, it does state that the project is owned and run by BOT Capital Pty Ltd which retains an Australian Company Number (ACN 630 223 620), and that their Terms of Service are governed by the laws of the State of Queensland, Australia.
In addition, emails from Live Trader contain the following address 155 Queen St, Brisbane City Queensland, Australia, 4000.
The platform allows anyone to automate their trading activity on around six leading exchanges, and incorporates features such as cloud hosting, extensive backtesting, and paper trading.
Live Trader also provides access to a wide variety of popular technical indicators such as MACD, RSI, MFI, STOCH, and SMA and provides its users with anywhere from 20 to 1000 different trading bots depending on their monthly subscription.
When signing up, new users are eligible for a 7 day free trial, and when this is over, the basic starter subscription costs $15 per month while the advanced and professional plans cost $39 and $79 per month respectively.
Live Trader suits more experienced traders as it supports algorithmic trading and allows users to fully customize their bots, however, the strategy marketplace enables anyone less experienced with building their own automated trading strategies to purchase an already existing strategy and to backtest their chosen strategies extensively before deploying them.
As a result, Live Trader is a fully automated crypto trading platform that provides it users with a wide variety of options and offers a more service than many of the automated crypto trading solutions currently on offer.
Key Features
- Functionality – Live Trader operates as a web-based solution and is generally well designed and features an intuitive user interface. The main dashboard is also cleanly designed and easy to navigate for users of all levels, and the platform can be accessed via desktop or by tablets and mobile devices.
- Technology – Anyone can set up automated trades via API integration with six leading cryptocurrency exchanges, and users can trade 24/7 automatically and take advantage of the platform’s cloud hosting capabilities. As a result, there is no need to perform any installations or upgrades, and Live Trader secures its users’ data with 2048 bit encryption.
- Range of Tools – The platform incorporates common market and limit order options and also includes stop-losses and trailing stop-loss orders. Subscribers can also enjoy access to up to 1000 trading bots, in addition to access to 21 technical indicators such as Bollinger Bands, the Moving Average Convergence/Divergence (MACD), the Relative Strength Index (RSI), and the Money Flow Index (MFI). Users can also make use of fundamental analysis as well as paper trade and backtest their chosen strategies.
- Flexible Subscription Plan – The free trial period allows anyone to sign up and practise getting used to the platform for up to 7 days. From then on a range of monthly subscriptions are available, which range from $15 a month to $79 and the service is available to all subscribers without any additional trading fees, with the core platform features being available to all subscribers.
- Customer Support – While there is little information on the people behind the platform, the Live Trader support team is on hand to deal with any issues. Users can contact the team by submitting a request in the support section. The team can also be contacted via their Twitter account, Discord group, and Facebook As expected the website also contains a number of FAQs and user guides in the Support Section, and the blog also explains how to use the platform effectively.
How to Get Started on Live Trader
To create an account, just click the “Try For Free” tab at the top right of the home page.
1) Create an Account
To register an account, you just need to enter an email address and create a password and then agree to Live Trader’s Terms of Service.
You will then need to verify your account by clicking the link in the email. You will then be prompted to let the team know your goals and level of trading experience, you are then able to experiment by backtesting strategies or move on to configure your own unique trading bots.
2) Test a Strategy
You can begin to backtest your first strategy by choosing the coin you would like to trade.
From here you can select the time interval that governs how often your strategy will run, and you can chose from intervals ranging from 5 minutes to a whole day (24 hours).
From here you can also select your preferred technical indicators.
You can select a number of indicators, and combine them in order to get the best results. After configuring your buy indicators, you can then follow the same process in order to configure your sell indicators.
After selecting your indicators, you can choose your preferred exchange and coin pairing before hitting “Run Backtest”. You can monitor you results from the Dashboard, and fine tune your strategies by adjusting your parameters.
You can also add price slippage and trading fee simulators by clicking on the setting icon next to the “Run Backtest” tab.
3) Create a Strategy
When you are ready to create your own strategies, you can access the “Strategies” section in the Dashboard, and select the coin, supported exchange, and trading pair you would like to use. If you would like to continue to practise you can select “Paper Trading” and move on to “Live Trading” when you want to deploy your bots on your live trading accounts.
You will again be prompted to select your preferred time intervals, and technical indicators and when engaging in paper trading your strategy place trades with “fake virtual money” and you can keep track of your progress from the Dashboard.
Live Trader Fees
The platform can be used free of charge for a period of up to 7 days, and when committing to a paid plan there are three monthly subscriptions to choose from.
The Starter plan costs $15 a month, the Advanced plan costs $39 a month, and the Professional plan costs $79 a month, and each plan incorporates the following features:
- Full Exchange Support
- Full Technical Indicator Support
- No Additional Trading Fees
- 24/7 Trading In The Cloud
- Premium Support
- Market Anomaly Detection
- Advanced Strategy Configuration
- Backtesting
- Paper Trading
The Starter plan provides access to 20 bots which grows to 250 for Advanced, and 1000 for Professional.
The amount of strategies that can be used range from 1 to 5 to 10 across the plans, while the concurrent exchanges range from 1 to 5 for the first two plans with the Professional plan allowing for an unlimited amount of exchanges.
The more expensive plans also allow for greater strategy complexity and shorter candle intervals.
Is Live Trader Safe?
The team behind the project do not give way a great deal regarding their security protocols, however, they do state that they provide cloud based trading hosted on secure servers, and that Live Trader makes use of 2048 bit encryption.
They also work to maintain appropriate technical and operational measures, internal controls, and data security routines that are devised to protect user data against accidental loss or change, unauthorised disclosure or access, or unlawful destruction.
User accounts are secured by standard email and password combinations while there is also the option to enable two factor authentication (2FA) in your account settings.
In the event of any unauthorised access or a breach of security, Live Trader will act to cancel and reset the relevant login IDs and passwords. However, the team do stress that users should strive to maintain the security of their own computing systems and personal data.
In order to foster greater transparency, Live Trader also provides its users with complete logs of their trading bots movements as well as their bots’ decisions, and users can keep track of the relevant details from inside their accounts.
In keeping with the methods used by the majority of trading bot platforms, Live Trader doesn’t require you to transfer any funds to your account, and the platform does not have access to your crypto holdings.
These are held on your exchange accounts and the platform simple connects via an Application Programming Interface (API) which allows it to interface with exchanges, collect price and account balance data, and most importantly, place buy and sell orders.
To avoid any issues users should disable withdrawals from inside their crypto accounts and continue to maintain their own personal security protocols.
How Beginner Friendly is Live Trader?
The wide variety of features on offer alongside the ability to customize trading bots makes the platform most suited to anyone already experienced in the practice of automated crypto trading.
As can be expected Live Trader takes some time to get used to for anyone new to using trading bots, however, the platform incorporates a marketplace which enables its members to browse readymade strategies, and after making a purchase, it’s possible to backtest them before going on to deploy them on your trading accounts.
Users can also engage in paper trading which allows them to trade without committing any real funds and the service can be fully tested during the 7 day free trial.
The ability to backtest strategies extensively as well as engage in the paper trading of the numerous pairs found on leading exchanges is highly beneficial to less experienced traders, and allows beginners to make use of a platform that also contains a number of features aimed at more advanced traders and trading bot users.
In addition, at just $15 a month, the Starter plan may allow newer traders to sign up and experiment with the platform for months before going on to let their bots engage in live trading.
The team also provide additional resources which help to explain how to use the platform and these include an FAQ section, written guides, and an official blog.
There is also a Discord group available, although the team seem to still be in the process of developing their online community.
Despite the additional support on offer, Live Trader is probably a more suitable choice for anyone looking for more advanced trading functionality, and features such as the 21 technical indicators on offer, 5 minute candle intervals, 20 strategy triggers, and access to up to 1000 bots will mostly attract more experienced crypto traders.
In addition, Live Trader allows its users to have multiple strategies running on different exchanges and access them from a single account, while also mixing and matching the strategies as they like. Members can also track all their trading positions and movements from their dashboard and run their strategies through historical data in order to evaluate exactly of how they performed in differing market conditions.
The platform also uses data from over 150 various trusted sources to enable its users to make informed decisions and to try and stay one step ahead of the market.
Pros
- 20 to 1000 Bots Available
- Extensive Backtesting and Paper Trading Features
- Strategy Marketplace
- 7 Day Free Trial
- Wide Range of Options for Advanced Traders
Cons
- Team not Visible
- Still Developing Online Community
- May be Complex for Beginners
Conclusion
Live Trader offers its users a wide range of choice ranging from its integration with leading exchanges including Binance, Kraken, and Poloniex to its provision of up to 1,000 unique trading bots when choosing the Professional monthly subscription plan. As a result, the platform is best suited to more experienced crypto traders who are looking for a fully automated trading platform that provides access to a wide range of customizable algorithmic trading strategies.
In addition, the platform also provides access to 21 technical indicators, 5 minute candle intervals, 20 strategy triggers, and lets you trade on different exchanges and use multiple automated strategies at the same time. This level of attention to detail is aimed at more advanced traders although Live Trader does incorporate features that will appeal to newer traders.
The platform’s cloud hosting structure means that there is no need to install any programs or perform any upgrades, furthermore, the marketplace allows users to purchase preconfigured strategies and this suits anyone less skilled in the art of configuring trading bots.
Additionally, anyone can backtest any of the available strategies before executing them, and also engage in paper trading and run numerous simulations with virtual funds without having to engage their live accounts.
The overall user experience is also quite pleasant, and the dashboard is laid out in a way that allows users of all experience levels to navigate it without great difficulty.
Some may feel that the 7 day free trial period may be too short for a complete beginner to get to grips with the platform, however, the base plan costs $15 per month which is reasonable enough to allow anyone interested to sign up for a few months to develop a greater understanding of how they can incorporate Live Trader into their trading activities.
As previously stated, the platform is still developing its online community and there are a number of features outlined in the development roadmap that are scheduled to be added over the coming months.
Therefore Live Trader is still growing as a crypto trading platform and despite the features aimed at newer traders it remains best suited to experienced traders looking for a deep selection of automated algorithmic trading bots that can be uniquely configured.
As a result, anyone looking for a platform with an extensive range of algorithmic trading bots that also supports many of the sector’s leading crypto exchanges will probably find Live Trader to be a trading solution worth checking out.
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